Financial News

LONDON (ShareCast) - 1630: Close Footsie (news) closed in positive territory, but only just, as weaker commodity prices dragged down resource stocks. Friends Provident was the day's biggest faller after the demerger of its 52% stake in F&C Asset Management went through. British Airways (LSE: BAY.L - news) moved higher despite another year-on-year slide in passenger figures. Investors reacted positively to the announcement of a new business plan for the airline. Capacity for the current summer period is now expected to be down 3.5% (previously 2.5%), with capacity in the winter down 5% (previously 4%). FTSe 100 was up 2 at 4,236.

1530: London's top stocks are trading in the same range. Banks and other financials are doing well to keep the market in the blue. Barclays (LSE: BARC.L - news) , Legal & General Group, Lloyds Banking Group (LSE: LLOY.L - news) and Aviva (LSE: AV.L - news) are all doing well. FTSE 100 up 20 points to 4255.

1412: After dithering for most of the morning London seems to have decided on climbing higher, though gains remain modest. British Airways is flying high after announcing June passenger figures. Passenger capacity, measured in Available Seat Kilometres, was 1.7 per cent below June 2008. Traffic, measured in Revenue Passenger Kilometres, fell by 3.8 per cent. Tfe FTSE 100 is up 22 at 4,256.

1233: Footsie is marginally higher with media stocks getting a lift from Credit Suisse, which has upgraded the European media sector to overweight. Publisher Reed Elsevier is currently the best performer. FTSE 100 is up 8 points at 4,242.

1143: The market continues to drift along in quiet trading. Oil related stocks fall back in line with the oil price, with Petrofac (LSE: PFC.L - news) and Cairn Energy (Virt-X: CNE1.VX - news) the worst performers. FTSE 100 is down 8 at 4,226.

1014: It's back to square one for the Footsie with losses on resource stocks and properties offset by gains on banks and pharmaceuticals. Friends Provident remains the weakest performer as the demerger of its 52% owned asset management subsidiary, F&C, becomes final today. Publisher Reed Elsevier tops the risers after Credit Suisse issued a positive research note on European media shares. Fellow media stocks Pearson (LSE: PSON.L - news) and BSkyB (LSE: BSY.L - news) are also in positive territory. FTSE 100 is up 1 at 4,236.

0930: The FTSE 100 index has slipped below last night's closing level and is down 4 at 4,229. Friends Provident is the worst performing blue-chip. The demerger of the group's stake in F&C Asset Management and the related reduction of capital of Friends Provident was approved by the courts yesterday. Miners have made a dull start to the day but banks are on the rise.

0840: Footsie has made early gains with banks in demand despite a warning from chancellor Alistair Darling this morning not to return to their old ways. Lloyds and Royal Bank of Scotland (LSE: RBS.L - news) are both higher, though best performer is Wolseley (LSE: WOS.L - news) . Friends Provident is lower ahead of its demerger of FCAM. FTSE 100 up 10 at 4,245.