FTSE largely unchanged in early trading

Wednesday, 03 March 2010 11:41

By myfinances.co.uk staff

The FTSE 100 Index lost 4.42 points, or less than 0.1 percent, to 5,479.64 in early trading leaving stocks largely unchanged as declines at Wolseley offset a return to profit at ITV.

ITV climbed 2 per cent to 56.2 pence after the UK's biggest private television company predicted advertising revenue will rise as clients increase marketing budgets. Advertising sales may rise 15% to 20% in April after an increase of 7 per cent in the first quarter, the company said in a statement today. Net profit was £91 million in 2009 after a loss of £2.55 billion a year earlier.

Meanwhile, Wolseley declined 1.9 per cent to 1,588p after cement maker Holcim said a recovery in demand will take time. Net income at Holcim rose to 271 million Swiss francs from 43 million francs a year earlier, the Swiss company said today.

Standard Chartered climbed 2.3 per cent to 1,627p after the British bank that makes more than 90% of pretax earnings in Asia said full-year profit increased as company lending rose.

International Personal Finance tumbled 10 per cent to 187p. The UK lender that makes unsecured loans to low-income households overseas said net income dropped to £32.8 million from £50.6 million a year earlier. Impairments on loans climbed 29% to £164.3 million.

Unite Group dropped 12 per cent to 252p, the biggest drop since February last year. Net asset value per share was 13% lower at 265p after the company sold additional shares last year.

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