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BG Drags FTSE

British blue chips slipped on Tuesday, pulled down by oil and gas group BG <BG.L> after a strong run as well as mortgage bank Abbey National <ANL.L>, which fell on the back of a negative analyst note.

Shares in oil giant BP <BP.L> also stumbled, down one percent even after it revealed profits towards the top end of forecasts. Analysts said they were pleased with the result but cautious about rising costs facing BP and its industry rivals.

The FTSE 100 <.FTSE> share index was down 15.7 points at 4,556.1 by 1123 GMT, taking back some of last week’s 0.7 percent gain. Oils and drugs exerted the most pressure on the market but volume was a modest 930 million shares and market watchers remained broadly positive.

"There’s not a lot of selling pressure. Most of the results that have come out like British American Tobacco and BP have been okay, nothing to shake the market," said Stuart Fraser, investment director at private client fund manager Brewin Dolphin.

"It may just be that the famous ‘sell in May and go away’ is coming towards us because there’s nothing to really drive the market on either," he added.

The FTSE is currently up around four percent so far this month.

Read the entire article at: Forbes 

2004 Online Casino News Archive

 

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