FTSE latest: ITV, Experian up; Wolseley down
Senior appointments at ITV and Marks & Spencer sparked life into the London market today.
M&S shot up the risers' board and Wm Morrison went into the doldrums after it was announced the former is poaching its rival's boss Marc Bolland to be its new chief executive.
Meanwhile ITV was also on the way up after it appointed former Asda boss Archie Norman as its new chairman.
The wider FTSE 100 Index closed 3.8 points lower at 5,342.1 as the market maintained a steady pace regardless of the revelation that Bank of England policymakers were divided over three possible paths for its money-boosting scheme this month.
Details of the proposed Financial Services Bill, which were outlined in today's Queen's Speech, also failed to set the market alight. Under the plans bankers will see excessive pay and bonuses contracts torn up if they promote undue risk-taking.
M&S shares soared more than 5% after its unexpected announcement that Mr Bolland will succeed executive chairman Sir Stuart Rose, who will continue at the firm as part-time chairman. The retailer rose 21.7p to 390p.
Mr Bolland, who joined Morrisons in September 2006 as chief executive, has been credited with reviving the fortunes of the supermarket chain. Bradford-based Morrisons lost more than 4% on the news of his departure, down 14.6p at 280.9p.
In the FTSE 250, ITV shares were 6% higher following its leadership announcement amid optimism over Mr Norman's 'turnaround' credentials.
Mr Norman, whose first job will be to find ITV a chief executive as part of the replacement of executive chairman Michael Grade, is well regarded in the City after turning Asda into the UK's second biggest supermarket chain and readying telecoms firm Energis for a sale to Cable & Wireless. ITV shares rose 1.8p to 53.75p.
Cadbury added almost 2% after confirmation from confectioners Hershey and Ferrero that they were considering their options over the firm. A possible counter bid would be a blow to Oreos and Toblerone maker Kraft, which went hostile with a £9.8bn offer for Cadbury last week. Shares rose 9.5p to 797.5p.
Miners dominated the top-flight risers board after losses yesterday left the FTSE 100 Index 37 points lower at the close. Gold traders continue to worry about the return of inflation in the US and other economic uncertainties, and that sent spot prices a whisker away from the $1,150-mark today.
Xstrata showed a gain of 52p to 1,127p, while Lonmin rose 61p to 1,744p. Randgold Resources was 99p up to 5,005p. A target price hike from UBS further spurred Vedanta Resource, which rose 62p to 2,452p.
Positive broker sentiment aided Cobham, with Morgan Stanley initiating coverage on the aerospace and defence electronics group with an 'overweight' rating. Shares were 6.2p higher to 236.2p.
Experian was unchanged on 589p after the credit information firm beat expectations with a 7% rise in first-half operating profit, boosted by its Latin American business and modest US growth, and said it remains on track to increase full-year profits.
Bovis Homes was 11.3p lower at 449.5p after it said it had seen further signs of an improving market and expects more price stability in 2010.
Shares in Wolseley fell 50p to 1,323p after chief executive Ian Meakins today warned: 'The overall trading environment continues to be extremely tough.'
The FTSE 250 plumbing and heating giant also warned that some of its markets had still not hit the bottom as first-quarter profits slumped by half.
The Reading-based firm, which trades as Plumb Center and Build Center in the UK, said pre-tax profits from continuing businesses fell 50% to £75m the third quarter.
Also in the FTSE 250, Ladbrokes rose 6.1p to 133.1p, hitting a four-week high, after Bank of America-Merrill Lynch upgraded the stock to 'buy' from 'underperform' and raises its price target to 160p from 140p.
The broker says the worst news is over after a run of punter-friendly football results impacted margins, causing the stock to hit an all-time low.
'Since the last trading update football results have normalised. The proportion of draws has risen through the season which should lead to a normalisation of margins,' said BoA / Merrill analysts in a research note.
Rival William Hill gained 3.2p to 190.5p.
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