Share Dealing
Market update (AM): Utilities slide after weak start for FTSE
Rob Langston, 19 August 2010
Infrastructure specialist United Utilities Group was the biggest faller in early morning trading, as its share price dropped 3.4 per cent to 569.5p.
The firm slid as analysts at J.P. Morgan downgraded the stock from an overweight to a neutral position.
Water company Severn Trent also dropped by 2 per cent to 1,296p, as utilities bore the brunt of a subdued start to trading.
Global satellite communications group Inmarsat fell 2.9 per cent to 704p after finishing the previous session on a high after announcing details of a large deal. The firm slipped after a downgrade to neutral from broker UBS, according to reports.
Essar Energy started the session as the strongest riser, as share price grew by 2 per cent to 319.9p, despite seeing pre-tax profits slide by 34 per cent to £98.8 million ($154.4 million) in the first half of the year.
The energy company entered the FTSE 100 at the beginning of the year, following an initial public offering.
Technology firm Arm Holdingsincreased ny 1.8 per cent to 319.9p. Engineering giant Rolls Royce Group saw a 1.4 per cent increase in share price to 575.5p. Temporary power firm Aggreko also rose 1.4 per cent to 1,557p.
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