Market report: Tuesday close

By MICKEY CLARK FOR MAILONLINE
Updated:

 

A LACK of major corporate news ahead of the long Easter weekend led to a lacklustre performance by the Footsie today.

The slow start to trading on Wall Street and a downbeat sales statement from telecoms giant Nokia sent the Footsie 7.9 points lower to 4472.8 by closing time.

Throughout the day the index drifted within a narrow margin of its opening mark as traders held out for this Thursday's interest rates decision from the Bank of England.

Analysts said mining stocks saw a drop in value due to a perception that there might be a global surplus of base metals and copper. Xstrata was near the top of the losers, off 24 1/2p to 719p, while Rio Tinto was down 19p to 1384p and BHP Billiton dropped 10p to 509 1/2p.

Telecoms companies were also pulling the market down after mobile phonemaker Nokia warned that first-quarter sales would be below expectations. Although its shares initially fell by 16% they recovered to close 6p down at 1145p.

Vodafone also dropped 1 1/4p to 131p, rival mmO2 lost 2 1/4p to 101 1/4p and Cable & Wireless fell back 3 3/4p to 128p.

However oil stocks were doing their best to prop up the Footsie, with Shell high on the risers board with a 4 1/4p hike to 368 1/2p. Rival BP also rose half a penny to 478 1/2p.

The Footsie's biggest risers today were GlaxoSmithKline, up 25p to 1095p, Man Group lifting 38p to 1815p, Imperial Tobacco cheering 24p to 1220p and Friends Provident 2 3/4p higher at 153 1/2p.

The heaviest fallers were Sage Group, off 7 1/2p to 178p, Antofagasta losing 36p to 1044p, Xstrata falling 24 1/2p to 719p and Hays down 4p to 125 1/2p.

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