Eurpoean Indexes End Mixed
The FTSE 100 closed in the red as food producers weighed after TATE & LYLE (-27.80%) dished out a sour first half trading update. The sugar & sweetener maker said its sugars business will post a small loss and is cautious about the outlook. UNILEVER (-2.95%), AB FOODS (-0.31%) fell. There was a rumor of an emergency BoE rate cut, which traders said was 'total rubbish'. Also, Alan Greenspan and Freddie Mac CEO Richard Syron voiced concerns of a US recession. Wall Street was lower due to skyrocketing oil prices and profit-taking. Oil fired up over US$83/bbl helping energy majors. Mining stocks ANTOFAGASTA (-3.54%), VEDANTA (-1.31%), KAZAKHMYS (-3.44%), fell on UBS downgrades. RIO TINTO (+1.80%) shareholders approve Alcan buy. LONMIN (+7.39%) gained as platinum price gained. In company news, NORTHERN ROCK (-7.39%) has borrowed a further £5 billion from the BoE, bringing its indebtedness to the bank close to £8 billion, the FT wrote. Among other fallers, COMPASS (-2.82%) fell on a Panmure cut to sell. ENTERPRISE INNS (-1.17%) lost fizz after delaying refinancing, with REIT talks put on hold. In other news, Pearl said it has made no decision on an offer for RESOLUTION (-0.29%). ASTRAZENECA (+1.20%) appointed Simon Lowth as CFO. SMG (-6.29%) has received significant interest in Virgin Radio.
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