Market Wrap, Friday 21st November 2008

The FTSE closed down 94.03 points at 3,780.96, whilst the the FTSE 250 closed down 87.22 points at 5,491.46, and for those that are interested the FTSE Small Caps closed up 7.12 points at 1,751.82. There was a late sell off, meaning the larger stocks pulled the FTSE down. The miners bucked this action, helping to damage limitation.

Over the pond, by the time London closed the DJI was up 34.32 points to 7,586.61, the S&P500 had added 3.24 points to 755.68 and the Nasdaq Composite gained 3.79 points to 1,319.91. US stocks opened higher as investors studied a Wall Street Journal report that Citigroup might consider options including a sale.

Back here in London, the mining shares did well as metal prices rose. Vedanta had the best day, closing up 62.25p at 450p, whilst Rio closed up 53p at 2,075p, Antofagasta up 35.75p at 354.75p, Anglo American closed up 78p at 1,132p, and Lonmin closed up 23p to close at 757p.

On to the banks, where some slight belief may be returning. Belief that the floor surely can't be lower, maybe? Barclays closed up 5.5p at 133.2p after significant shareholder Legal & General said last night that it would be voting for the bank's planned £7 bln fund raising, which includes £5 bln input from the Middle East. RBS closed up 1.4p at 47.4p after its shareholders approved a hand out for the government's bail-out box, whilst HBOS closed up 1.3p at 73.3p, and Lloyds TSB closed slightly down, 0.6p off at 124.7p.

Staying with financials, insurance companies were mixed. Norwich Union closed up 1.5p at 294.25p, and Standard Life closed up 2.25p at 226.75p, but The Pru closed down 1p to close at 245p, and Admiral closed down 2p at 995p.

On to the High Street, where Marks & Sparks closed down 2.25p at 204.25p despite an apparent rush to their one-day 20% off sale today, whilst B&Q owner Kingfisher closed up 5.7p at 108.6p.

On to leisure, where Thomas Cook closed down 10.2p at 127.6p and TUI Travel closed down 2.6p at 174.8p as investors showed concern that the usual rush to book a summer holiday during the Xmas season wouldn't materialise this year.

Airline British Airways closed up 5.3p at 129.5p after Citigroup gave the recetnly pressured airline the thumbs up.

On to the Utitlies, where the National Grid closed down 49p at 631p, Centrica closed down 18p at 267.75p, Drax was down 31.5p at 515p, and Severn Trent closed down 72p at 1,117p.

On to the pharmas, where GlaxoSmithKline closed down 80p at 1,072p, and AstraZeneca closed down 214p to 2,245p.

And on to beer, which we all feel like having now, we can tell you that Fuller Smith & Turner closed up 35.25p at 351p after announcing H1 pre-tax profit was down 6% to £12m, whilst revenue was up 1% at £94.4m (up £1.1m from last year), and EPS was up 1% to 15.29p per share. The pub and brewer operator raised its interim divvy with an upbeat statment attached.