Euroepan Indexes Turn Lower
The FTSE 100 switched into reverse in late session, ending lower as Wall Street gives up its early gains. Concerns regarding the US economy weighed on banks, while lower crude oil futures saw oil stocks fall: BP (-0.36%). Leading the FTSE gainers was ITV (+2.02%), pushed up by a Times report that advertising revenues on the flagship channel are up by an estimated 4-5% in September, due to interest in the Rugby World Cup. Bob Diamond of BARCLAYS (-0.43%) said BarCap profits YTD are well ahead of the same period in 2006. In broker action, SMITHS GROUP (+0.62%) was supported by an upgrade at Morgan Stanley. KELDA (+1.55%) attracted a trading buy from Credit Suisse as the broker anticipates positive read-across from an upcoming Southern Water sale. SAINSBURY (-0.55%) was subject of another Times report, which says Delta Two is understood to have been given the green light from Qatar to increase the cash component of its £10.6 billion bid. NORTHERN ROCK (-0.77%) was in the spotlight after The Telegraph said it could be subject of a bid. AB FOODS (-3.41%) revealed a mixed trading update, with Primark margins looking a bit lower than expected due to discounting. Elsewhere, BOVIS HOMES (-0.94%) unveiled interim pretax profit of £58.4 million. SPORTS DIRECT (+0.92%) stuck to its fiscal guidance.
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