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news) ' update, while Wall Street struggled to get off the ground.
The FTSE 100 index closed up 35.8 points at 6,251.8, while the FTSE 250 (news) index ended 63.6 points higher at 10,338.9. On Wall Street, the Dow Jones Industrial Average was down just 0.2 points points at 12,898.2 at the UK close, with the Nasdaq Composite (NASDAQ: news) up 6.55 at 2,503.28 and the S&P 500 index added 2.93 at 1,411.59. U.S. stocks struggled to find direction, as investors digested a mixed bag of data reports as well as a speech from Federal Reserve chairman Ben Bernanke. Bernanke told commercial banks and other financial institutions that they need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, and also called for them to step up efforts to raise capital. In other U.S. economic news, the weekly jobs report showed a modest increase in jobless claims, the Philadelphia Federal Reserve showed a slowing in the contraction of regional manufacturing activity in May, and the Federal Reserve said industrial output sank for the second straight month in April. In London, BT Group (LSE: BT-A.L - news) was the top Footsie (news) performer as investors cheered its fourth quarter and full year results, which prompted both Nomura and Collins Stewart (LSE: CLST.L - news) to reiterate their 'buy' cases. BT closed up 12 pence at 235-1/4. A positive trading update also helped Cadbury take on 25 pence at 672 after the confectionery company said that following the demerger of its Americas Beverages, the new company is off to a strong start. SABMiller (LSE: SAB.L - news) ticked up 47 pence at 1,250 after it said its full-year pretax profit increased 15 percent to $3.64 billion, beating analyst expectations. J.P. Morgan (MGHL.PK - news) raised its price target to 1,583 pence from 1,525 in response and repeated its 'overweight' stance, while Credit Suisse said it believes the company's high-growth emerging market exposure makes it one of the best stocks in the brewing sector. Elsewhere among broker changes, Cairn Energy (LSE: CNE.L - news) rose 144 pence at 3,532, boosted in part by oil prices hovering around $123 a barrel as the weaker dollar continued to support buying, and also by UBS (Virt-X: UBSN.VX - news) upping its stance to 'buy' from 'hold' with a raised price target of 4,500 pence as part of a positive sector review. The review also gave Tullow Oil (Dublin: TQW.IR - news) a fillip, up 22 pence at 924-1/2, as the broker hiked its target to 1,050 pence from 690, while oil services firm AMEC (LSE: AMEC.L - news) took on 21-1/2 pence at 844-1/2, as UBS upped its target to 935 pence from 875. London Stock Exchange (LSE: LSE.L - news) added 7 pence at 1,088 after Sanford Bernstein upgraded the shares to 'market perform' from 'underperform', while cutting its target price to 1,100 pence. On the downside, banking stocks again dominated the casualty list, with Barclays down 8-1/2 pence at 418-3/4, after saying it hasn't ruled out a rights issue to bolster its capital reserves, as it reported a decline in its first quarter profit, held back by a further 1 billion pound hit from the global credit crunch. Other banking issues also performed poorly, with Royal Bank of Scotland (LSE: 91ID.L - news) down 43-1/4 pence at 276 -- a drop of 13.6 percent, as the stock traded ex-rights, while HBOS (LSE: HBOS.L - news) lost 5 at 465-1/4 and Lloyds TSB fell back 1-1/2 at 409. Shares in Thomas Cook Group lost 13-3/4 pence at 255-3/4 after the group reported first half results that Landsbanki said contained no surprises, adding that it continues to prefer TUI Travel (LSE: TT.L - news) . On the second line, DSG International (LSE: DSGI.L - news) was by far the worst mid-cap performer, slumping 5-1/4 pence to 64 after the electricals retailer said it will slash its total dividend payout by 50 percent and announced a reorganisation of its business, including the closure of some Currys stores. Seymour Pierce downgraded its stance on DSG to 'sell' from 'hold' in reaction. A broker downgrade also hit WH Smith, down 15-1/4 pence at 402-1/4, as Citigroup (NYSE: C - news) cut its recommendation to 'hold' from 'buy' on valuation. Bradford & Bingley (LSE: BB.L - news) was out of favour, off 9 pence at 135, as brokers moved to cut target prices following the mortgage bank's rights issue announcement Wednesday. Elsewhere, news Balfour Beatty (LSE: BBY.L - news) will place 43.32 million shares sent the shares 14-3/4 pence lower at 439-3/4. Uninspiring trading updates from Ferrexpo (LSE: FXPO.L - news) and Informa (LSE: INF.L - news) saw the two stocks lose 3-3/4 pence at 394-1/4 and 9-3/4 pence at 373, respectively. Not all was doom and gloom, however, with Invensys (LSE: ISYS.L - news) up 6.4 percent, or 19-1/2 pence, at 324 following robust full-year results and a bullish outlook statement, which saw Cazenove repeat its 'outperform' recommendation in reaction. Findel (LSE: FDL.L - news) also outperformed, 10 pence better at 289-3/4 as confidence in the stock returned amid director share-buying following weakness this morning on the back of disappointing full-year numbers.
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