The FTSE closed higher today after the top share index fell sharply on Wednesday, as fears spread of possible human-to-human bird flu transmission in Indonesia may curtail travel and begin to spread worldwide.
The FTSE100 was 90.6 points higher at 5,677.7 with the FTSE250 up 136.5 points at 9,190.95 and the FTSE Smallcaps also up 25.5 points at 3,379.1.
Volume was good with 2.740 billion shares traded in 327,602 deals.
The DJIA was 55.10 points higher at 11,172.40, while the Nasdaq Composite was up 12.75 points at 2,181.92 helped by the GDP report, aided by broker upgrades for Wal-Mart Stores and internet sector bellwether and eBay.
Today’s look at individual Stocks:
Tate & Lyle shares topped the FTSE100 as the biggest riser today, up 30p at 564p, after a pleasing set of full-year results, helped by higher sugar prices. Tate & Lyle reported a 16% rise in pre-tax profits before exceptionals of £295 million versus £254 million a year ago, and above expectations of £265 million - £274.3million.
In reaction to this, Panmure Gordon upgraded its recommendation for Tate & Lyle to buy from hold and placed its 590p target under review.
AB Foods also gained, adding 19.5p at 746.5p, boosted by an upgrade to buy from neutral by Merrill Lynch on valuation grounds following a recent sell-off.
Antofagasta gained 73p at 2,068p after posting a 35% rise in first quarter earnings, reflecting strong copper prices, which offset the decline in production. The rest of the sector followed suit, with Kazakhmys up 55.5p at 1,076p, Anglo American up 58p at 2,074p and Rio Tinto up 89p at 2,924p.
In food Morrison Supermarket shares climbed 5p higher at 194.75p following a positive trading update, which prompted Seymour Pierce to upgrade the stock to outperform from hold. In response, or rather copying Seymour Pierce Citigroup reiterated its buy advice and said the statement should be received positively, with sales growth moving in the right direction.
Gallaher was up 19p at 838p, Imperial Tobacco was also up 49p at 1,650p after UBS upgraded both stocks to neutral from reduce and to buy from neutral, respectively.
BAA remained a major casualty today, losing 46.5p at 787.5p on news the OFT is considering investigating the UK airports market, casting doubts over the prospects of an increased bid from a consortium led by Spanish infrastructure group Grupo Ferrovial.
The airport operator said the announcement came as a 'complete surprise'. I bet it did! UK brokerage Collins Stewart described the OFT's move as 'the ultimate poison pill', adding the news has 'crystallised massive regulatory uncertainty, leaving BAA shareholders vulnerable'.
Cable & Wireless shares lost 2.5p at 97.5p today. The UK telecoms group unveiled EBITDA of £411 million, down from £424 million last year, and announced plans to cancel its £250 million share buyback programme. Merrill Lynch said EBITDA guidance for the unit was 'disappointing', as were the profit margins achieved by the recently purchased Energis business during the fiscal full year.
The London Stock Exchange shares fell 110p to 1,079p as better than expected full year profits were offset by concerns over news this morning that the London Investment Banking Association could launch an investigation into Nasdaq's interest in the LSE. LSE posted profits up 42% year-on-year at £120.1 million, ahead of the £118.7 million consensus forecast.
The Portfolio:
Wolfson (WLF) - The stock closed down 1.61% at 412.25p
