FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES Featured Story |  Straight Talk |  The Stage | 

Flat in London and record highs locally

30 October 2006 Angelo Coppola

The London market was flat last week, with the key influences coming from the US, where early jitters were followed by new record highs for the Dow Jones as the Fed kept rates on hold.

The London market was flat last week, with the key influences coming from the US, where early jitters were followed by new record highs for the Dow Jones as the Fed kept rates on hold.

Quentin Smith, Investment Communications Manager at Old Mutual Asset Managers in the UK reports that during last week the All-Share Index and the FTSE 100 both rose 0.1%, while midcaps and smaller companies were unchanged.

The strongest sector performance came from telecoms, which benefited from positive sector news in Europe, while pharmaceuticals was the weakest sector on downgrades to GlaxoSmithKline and AstraZeneca.

Meanwhile BP (unchanged at 602p), Europe's largest oil company, reported a 3.6% decline in third quarter profit amid lost production in Alaska and a slump in refining margins.

Output growth was dented by shutdowns and delays at US fields, including the partial closure in August of Alaska's 400,000 barrel a day Prudhoe Bay site, the country's largest oilfield, because of pipeline corrosion. Equipment failures postponed the start of BP's Thunder Horse oil and gas platform in the Gulf of Mexico.

Locally, the Nedcor Economic Unit reported that the local equity markets were lower, pressured by weaker global markets and a strong rand. The FTSE-JSE all share index closed at a new record of 23 532,8 on Tuesday, before ending lower at 23 062,3 (down by 1,2%) on Friday from 23 337,7 at the end of the previous week.

Basic materials, financials and industrials were down by 1,5%, 0,6% and 0,6% respectively, closing the week at 24 675,6, 20 510,8 and 18 864,2.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now