UK Index Down 1.1%; Tullow Raises

123jump.com Staff
27 Jan, 2010
New York City

Stocks in London closed lower as commodities declined. Global market worries and the prospect of early stimulus withdrawal affected trading sentiment. Tullow Oil completed

[R]4:00 PM London, 11:00 AM New York – Stocks in London closed lower as commodities declined. Global market worries and the prospect of early stimulus withdrawal affected trading sentiment. Tullow Oil completed £1 billion. WH Smith sees sales drop. International Power completes financing for its power project in Thailand.[/R]

Stocks in UK closed lower tracking losses in commodities prices and worries that governments around the world may withdraw stimulus earlier than expected.

In London FTSE 100 Index closed lower 59.38 or 1.1% to 5,217.47 and the pound edged lower to close at $1.614 and edged lower to close at €1.147.

Gainers & Losers

Britvic plc added 3.95 to 420.50 pence after the soft drinks firm today reported total revenues of £242.7 million for the 12-weeks to 20th December 2009, an increase of 11.0% on the prior year. UK and International revenues grew by 15.2% during the period; representing UK carbonates growth of 20.1%, UK stills growth of 9.6%, and Britvic International growth of 5.1%.

Charles Stanley Group PLC added 2.0% to 245.00 pence after the stockbroker said funds under management rose 4.3% in the third quarter from the previous quarter.

Greene King plc rose 1.6% to 440.00 pence after the brewer like-for-like sales rose 4.3%. In the 35-week period like-for-like sales increased 5%, slightly ahead of previously reported trends.

International Power plc rose 0.2% to 318.80 pence after the company announced that it has signed a power purchase agreement an engineering procurement and construction agreement and has successfully completed the financing for Thai National Power 2, a new 110MW gas-fired cogeneration project in Thailand.

Johnson Matthey Plc fell 0.7% to 1,496.00 pence and the company indicated offered cautiously optimistic views.

Mitchells & Butlers plc the pub group fell 0.2% to 273.90 pence.

Plant Health Care plc the natural plant supplement supplier fell 7.1% to 207.00 pence.

Renishaw plc the high-tech precision tool maker rose 2.3% to 614.00 pence.

System C Healthcare PLC increased 4.8% to 51.90 pence.

Tullow Oil plc dropped 4.8% to 1,157.00 pence after crude oil prices declined and the company sold 80.4 million shares at 1,150 pence each.

Vedanta Resources plc fell 0.3% to 2,514.00 pence after the mining giant achieved its highest ever zinc and lead mined metal production of 200,000 ton. During the same period, refined zinc and lead metal production was stable at 169,000 tons, whilst silver production was up 48% at 1.38 million ounces.

WH Smith PLC rose 0.5% to 492.50 pence and group total sales were down 2% with like- for-like sales down 4% for the 21 weeks.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 22 increased, 80 declined and none were unchanged.

Man Group Plc decliners in the FTSE 100 index with a loss of 6.50% followed by losses in The Royal Bank of Scotland Group Plc of 5.20%, in Tullow Oil Plc of 4.61%, in Fresnillo Plc of 3.72%, and in Wolseley Plc of 3.55%.

Resolution Limited led gainers in the FTSE 100 index with a rise of 2.39% followed by increase in SABMiller Plc of 1.56%, in British American Tobacco Plc of 1.22%, in Cobham Plc of 1.13%, and in ICAP Plc of 1.13%.