FTSE little changed in early trading

Monday, 12 April 2010 11:31

By myfinances.co.uk staff

The FTSE 100 Index slipped 2.6 points, or less than 0.1 per cent, to 5,768.38 leaving stocks little changed in early trading as a rally among retail companies offset declines at raw-material producers.

Home Retail Group surged 5.2 per cent to 295p, the biggest intra-day gain since December, after the Mail on Sunday reported that Asda may be interested in making an offer for the owner of Argos stores.

Sainsbury rose 3 per cent to 348.5p, its fourth straight gain. The supermarket owner was raised to "buy" from "underperform" at Bank of America Merrill Lynch.

Sage Group increased 1.8 per cent to 254.8p, the highest intra-day level since 2007. The UK's largest software maker was raised to "buy" from "hold" at Citigroup Inc.

International Power was rated new "overweight" at Barclays leading to shares increasing 1 per cent to 334.2p.

Meanwhile, Xstrata lost 1.5 per cent to 1,279.5p and Antofagasta fell 1.2 per cent to 1,049p.

ARM Holdings slumped 2.2 per cent to 238.7p. The UK microchip designer whose products are used in Apple's iPhone was downgraded to "sell" from "hold" at Citigroup.

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