Headline shares made solid gains during the final morning trading session of the week, lead by a resurgent BP (LON:BP., NYSE:BP) which rallied after heavy recent losses, and buoyed by gains on Wall Street yesterday. As midday approached, the FTSE 100 stood at 5174.66 up 42.16 points
LONDON MARKETS
Those shares on the rise included BP up 8.73% at 397.4p, Home Retail Group Plc (LON:HOME) Group Plc (LON:HOME), up 3.68% at 236.7p and British Airways (LON:BAY), up 2.93% at 200.5p. Those seeing losses included Lloyds, down 1.73% at 52.94p, Standard Chartered (LON:STAN), down 1.7% at 1621p, Invensys (LON:ISYS) down 1.36% at 275.3p.
A £780m US takeover bid has been rejected by the Brit Insurance (LON:BRE) Group. The Board confirms that it recently received an unsolicited indicative proposal from a private equity group regarding a potential cash offer but that this was rejected. The bidder was informed that the offer significantly undervalues the Group and was advised that it did not represent a basis on which the Board is prepared to engage in any further discussions.
British Airways (LON:BAY) boss, Willie Walsh has opted not to take an annual performance bonus of £334,000 - the second year running that he has rejected a bonus. Unite assistant general secretary, Len McCluskey comments: "There would have been uproar if Mr Walsh had pocketed a bonus this year. There should be no bonus and no mega-pot of shares until BA sorts the cabin crew dispute."
UK manufacturing output rose by 2.1% for the three months to April 2010 compared to the previous quarter. On a month-by- month basis output fell 0.4% in April. Compared to the same month a year ago, manufacturing output in April was 3.4% higher. Compared with a year ago, output increased in 11 of the 13 manufacturing sub-sectors and fell in two sub sectors.
The input price index for materials and fuels purchased by manufacturing industry fell 0.6% between April and May. This was due to a fall in the price of crude oil, partially offset by price rises of chemical, and home produced food products. Compared to a year ago the input price index for manufacturing industry was 11.2% higher in May. The input price index for manufacturing industry excluding the food, beverages, tobacco and petroleum industries rose 6.8% in the…
