FTSE 100 slips back despite Wolseley spike

By Rachel Cooper Published: 12:40PM GMT twenty-three February 2010

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Wolseley

Liberty International

AstraZeneca

Man Group

ICAP

The association peaked some-more than 10pc to �16.21 after it pronounced full-year distinction prior to well-developed equipment were set to kick forecasts after slicing costs. The certain distinction notice stirred analysts at Bank of America-Merrill Lynch to lift their estimates and repeat their "buy" rating.

AstraZeneca ticked up 27p to �28.37 after augmenting the earnings-per-share aim for 2010. The proclamation came as Britain"s second-largest drug builder concluded to compensate �505m to solve a taxation dispute.

FTSE 100 slips on staid mercantile opinion Wolseley soars after upgrading increase Budget and White House nerves clap FTSE Lenders scrutinize Lupus change piece Barclays rises for a second day, bank shares stand Talk of Aviva offered the behind book commercial operation

But clever showings from Wolseley, AstraZeneca and Liberty International, that put on 9 to 482.1p after Credit Suisse lifted the aim price, were not sufficient to keep the large caps in certain territory.

By late morning, the blue-chips had incited disastrous as investors battened down the hatches following a notice from Mervyn King, Bank of England governor, that the UK"s mercantile liberation was fragile.

Also boring down the blue-chips was Man Group, that slipped some-more than 2pc to 231.62p after Stanley Fink, the sidestep account tycoon, suggested that he is set to representation himself opposite his former commercial operation with the launch a "black box" version of Man"s flagship AHL account at his new company, ISAM. Interdealer attorney ,ICAP, additionally slipped behind some-more than 2pc to 331.2p.

Among the second-liners, Mondi, the paper-maker, shot to to the tip of the leaderboard, rock climbing some-more than 6pc to 386.5p after it foresee a liberation in the entrance year as direct rises.

At the alternative finish of the table, Drax slipped behind 16.5 to 400.3 after the energy hire user reported a unemployment in full-year profits, driven by low energy prices and demand.

Despite full-year earnings-per-share plunging 44pc due to reduce sales and prices, the association pronounced it approaching a liberation a solid alleviation in sequence volumes total with the organisation restructuring put the association in a great on all sides to perform well in the year ahead.