FTSE stuck in rut

The FTSE 100 ended the day up 0.01 per cent – as a long flat week continues.

At close of play today FTSE stood at 6090.40 up 3.10 points.

The biggest gains of the day were recorded by British Airways, after it was revealed the airline was in talks with American Airlines and Continental Airlines over co-operation, and Galiform.

easyJet also saw gains along with Rank – after government hints at aid to the bingo sector.

A cut in US interest rates failed to provide much of a boon for the market – as uncertainties remain over whether rates can fall further.

"There was very much ‘the day after the night before’ feeling to markets for much of the session," said Anthony Grech, market analyst at IG Index.

"The US cut interest rates on Wednesday as expected and many traders read into the comments that this may mean the Fed is done for a while."

He added traders were now looking at US employment data due tomorrow

"There is something of a feeling that stock markets at least may well have already priced in further economic slowdown in the US, limiting any real downside in the short–term but it is difficult to see what the catalyst is going to be for further impressive gains over the next few days - so we could well be stuck with range bound markets for a bit longer," he said.


Among the biggest losers of the day, wireless technology group CSR fell on news it was closing its software business which was bought three years ago.

Losses from the deal will be written off.

Property investment firm Capital & Regional saw its share price fall after a ratings cut, and implant maker Smith and Nephew lost out as sales targets were dropped.

In New York, both the Dow Jones and Nasdaq started higher after last night's rate cut.

In the currency markets, £1 now stands at $1.97479 and €1.27765.