THE London market slipped back today after hitting a 21-month high last night amid renewed recovery hopes for the world’s biggest economy.
World markets were higher on Wednesday after US and Japanese central banks signalled plans to maintain low borrowing costs to help foster economic growth.
The gains in London proved short-lived as the FTSE 100 Index dropped 10.6 points to 5633.9 in a lacklustre session for trading.
GlaxoSmithKline led the risers board with a gain of 28p to 1252p, while the battle between British Airways and its unions continued to have little impact on the airline’s share price, which climbed 2% or 4.8p to 245.6p.
In the FTSE 250 Index, bakery chain Greggs lifted 23p to 460p after it announced an 8% rise in annual profits to £48.8 million. The company also stuck by plans for accelerated expansion in the next few years and said it would achieve modest sales growth this year, despite economic conditions.
Insulation group SIG moved in the opposite direction, down 7% or 7.9p to 119.5p, after it said it had lost £30 million in sales due to the recent cold weather. It warned that profits would be weighted towards the second half of the year.
