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Market report.

BANKING stocks took another pounding today amid continued fall-out from the pounds 12 billion rights issue by Royal Bank of Scotland.

The fund-raising exercise has turned the spotlight on other lenders, with Alliance & Leicester down 38.75p at 491.75p and Halifax Bank of Scotland off 15p at 505p after an hour of trading on the London market.

Royal Bank of Scotland was also down 10.5p to 347.5p, but the wider market held firm as higher commodity prices powered the FTSE 100 Index to a gain of 26.3 points to 6061. Lonmin led the way with an improvement of 136p to 3418p, while Antofagasta added 24p to 854p.

GlaxoSmithKline, which is due to post results later today, rose 24p to 1126p.

Oil prices of nearly EUR120 a barrel impacted on cruise ship operator Carnival, which fell 77p to 1933p, a drop of almost 4%.

The same factor meant British Airways dipped 4.5p to 205.5p.

The biggest gain in the FTSE 250 Index came from sub-prime lender Cattles, which rose 6% after announcing a cash call to shareholders.

The pounds 200 million rights issue will fund a diversification into retail deposits, a move backed by investors as shares rallied 13.25p to 232.75p.
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Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:Apr 23, 2008
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