FTSE rallies amid Wall Street dip


The FTSE 100 was up 6.5 points at 6026.5

London’s FTSE 100 Index has fought back from earlier losses despite a downbeat opening on Wall Street as Egypt uncertainty hit stocks.

The Dow Jones Industrial Average fell more than 30 points soon after opening amid fears of a deepening crisis after Egyptian president Hosni Mubarak refused to step down.

But the Footsie clawed its way back to positive territory, up 6.5 points to 6026.5, as the US fall was better than feared.

High street giants Next and Marks & Spencer failed to see any turnaround, heading the FTSE 100 fallers board as investor nerves grew over the twin threat of rising prices and weak demand.

Next and M&S fell 66p to 1997p and 8.6p to 363p respectively, followed by B&Q parent Kingfisher not far behind, down 3p to 250p.

In the supermarket sector, Bradford-based Morrisons was the biggest faller with a drop of 1.8p to 276.2p.

Drinks giant Diageo put back some of Thursday’s post-results fall with a rise of 10p to 1205p.

Insurer Legal & General rose to the top of the Footsie risers board, adding 3.6p to 122.4p after a bullish note on the sector from Nomura, saying the market is underestimating the growth potential of L&G’s asset management operations.

Other insurers Standard Life and Resolution also made gains, up 2.5p to 239.6p and 6.9p to 272.3p respectively.

Support services giant Carillion was 6.7p dearer at 391.9p after announcing the acquisition of green support services business Eaga for £306.5 million.

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