Stock market report: Tuesday close
House prices continued falling last month, piling on the gloom for the big UK builders. The value of the average home fell 1.9% to £161,883, stretching the annual rate of loss to 12.2%.
Movers: Latest from the Stock Exchange
Property sales slumped to 48,599 from 115,697 a year earlier. The news left Persimmon 2¾p lower at 233¾pp, Bovis Homes off 14p at 380½p and Berkeley 8p cheaper at 886½p.
Improved demand for raw materials and a positive final trading session of 2008 in Tokyo propelled share prices toward a year-end flourish that may go a small way to reducing the heavy losses suffered by investors this year.
Rising tension in the Middle east has focused attention back on the oil price, which was a touch softer today, and generated fresh demand for the big oil companies.
BG Group jumped 34½p to 969p, BP added 5¾p at 520p and Tullow Oil put on 15½p at 662p.
An expected resurgence in demand for raw materials also brought in the buyers for the big mining companies. In thin trading, Eurasian Natural Resources rose 16p to 339¼p, and BHP Billiton added 35p at 1278p.
Their heavyweight listing combined to help drive the FTSE 100 index 73.3 higher to 4392.6 on the last full day of trading in London.
There was little let-up in the selling pressure for retailers as the sales season moved into full swing. Next fell 6p to 1093p, Ted Baker dropped 8¾p to 331¼p and Kesa Electricals was down 2½p earlier in the day but rose to 88¾p.
HBOS dipped 1.6p to 69p on the back of reports claiming the bank's pension scheme trustees may decide to block the proposed merger with Lloyds TSB, off 1½p at 126½p, until it receives guarantees that the fund will be backed by the enlarged group.
The shotgun merger has its fair share of critics among Lloyds TSB shareholders. They are far from sure of the benefits expected to accrue from the deal, and have already lost their dividend payments following pressure from the Government.
Bargain-hunters continued to support subprime lender Cattles, up 1½p at 16p. the shares have slumped from around 50p since the start of the month. only last week, Merrill Lynch slashed its target from 135p to 50p, worried by the group's banking-licence application.
Imperial Energy jumped 175p to 1205p with the deadline for ONGC's £1.3bn bid expiring this afternoon. ONGC offered 1250p a share in August when the oil was almost $140 a barrel. It has since slumped to below $40, but efforts by the Indian company to wriggle out of the deal or renegotiate the terms have failed.
ONGC demands 90% acceptances, or it will walk away. several big institutional investors are expected to commit to the deal.
On AIM, shares of Bella Media were suspended at 0.35p pending an announcement. The company, which made large-format cameras, this month announced a change of strategy, and is now classified as an investment company.
Also on AIM, shares of Bakery Services were suspended at 0.025p pending an announcement.
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