London shares close higher off lows; NY remains firmer; Yell Group gains |
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Mon, 10 Dec 2007 17:32
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LONDON (Thomson Financial) - UK blue chips closed higher recovering from earlier lows on a quiet day ahead of the Federal Reserve rate meeting tomorrow as Wall Street remained firmer, and with Yell Group up on the back of Friday's investor day.At close, the FTSE 100 was 10.5 points higher at 6,565.4, recovering from a low of 6,523.7 and off a high of 6,596.7, while the FTSE 250 index was down 2.6 at 10,630.3.'The FTSE has been spending the day wobbling either side of zero in a quiet day. All eyes are on the Federal Reserve interest rate meeting tomorrow with a rate cut already expected, the only question is whether it will be a quarter or a half,' said Jim Wood-Smith, head of research at Williams de Broe.In the US, Wall Street rose in early trading as expectations for an interest rate cut from the Federal Reserve helped offset concerns about another round of subprime mortgage-related losses.At London's close, the Dow Jones industrial average was ahead 95.4 points at 13,720.5, while the Standard & Poor's 500 index was up 11.33 points to 1,515.96 and the Nasdaq composite index gained 16.1 points at 2,722.26.Back in London, Yell Group was the top riser, moving 23-1/2 higher at 419-3/4 after Friday's reassuring investor day, with Merrill Lynch reiterating its 'buy' stance and 520 pence price target.tf.TFN-Europe_newsdesk@thomson.comjf/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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London shares close higher after volatile session; miners in demand; NY rally 