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FTSE close: Sainsbury up, Autonomy down

By ADRIAN LOWERY
Updated: 12:08 EDT, 20 October 2009

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Barclays and Sainsbury's moved in opposite directions today after Qatari investors cashed in £1.3bn of share options in the bank.

The move sent Barclays down 18.3p to 363.75p or 5% - but pushed the supermarket 17.7p ahead at 347.8p amid speculation that the Qataris would use the funds to increase their 26% stake in the company.

The potential manoeuvring around the blue-chip pair provided interest for traders in an otherwise lacklustre session for the FTSE 100 index, down 38.1 points to 5,243.4 by the time the markets closed.

Despite more upbeat figures in the United States, including a strong third quarter result from technology firm Apple, the London market paused for breath after reaching a fresh 13-month high yesterday.

Technology firm Autonomy was the Footsie's leading faller, dropping 8.65% or 138p to 1,457p, after its third quarter update missed expectations and broker Panmure Gordon cut its target price on the stock.

But Penguin-to-Financial Times publishing group Pearson added 4% or 36.5p to 858.5p after raising earnings guidance for the full year. Its education business is performing ahead of expectations despite 'challenging conditions' in its US school publishing arm.

Meanwhile the revival of bid speculation over Sainsbury's also helped its rivals climb the leader board. Morrisons and Tesco were 0.9p better at 273.1p and 4.35p up at 383.5p respectively.

In the FTSE 250 index shares in Greggs were off almost 5%, or 17.3p to 448p, after it announced plans for a major expansion drive. The high street baker wants 600 new shops, but warned this will cost an additional £60m or more in capital expenditure.

Greggs shares were also unsettled by a trading update which showed a slowing in sales growth in recent weeks.

Party Poker owner PartyGaming was the heaviest faller in the second tier after the casino firm's founder, Anurag Dikshit, announced he was selling two-thirds of his 28% stake to institutional investors.

This will increase the liquidity of the stock, but investors were unsettled by the move and drove shares 15.6% or 44.4p lower at 240.1p.

Car dealership Inchcape headed the other way, gaining 2.28p to 35.15p or 6%, as the Government's cash-for-bangers scrappage scheme put the group on course for results 'significantly ahead' of expectations.

The rest of the sector benefited from the update, with Pendragon ahead half a penny at 34.25p and Lookers up 2.75p at 66p.

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