European Midday Update: Major Bourses Trade in Narrow Ranges
Invensys grabbed the spotlight after an early profit warning early, causing the shares to slump by 35.25% to 169p ($2.43) in very heavy volume. No doubt a few brave bargain hunters will be tempted to dip their toes in the water, but a word of warning: The technical outlook is bleak and the shares need to recover back above 200p in the near term for the picture to improve.
As few expected any move from the BoE, banks held relatively steady. Global giant HSBC (HBC) hit another historic high. The shares touched
Dixons slipped 7p to 234, following a bearish note from Credit Suisse First Boston. The broker downgraded the stock to "hold" from "buy" following Wednesday's annual general meeting.BP (BP) hit a new high of 682p, before slipping back to 672, a gain of 15p. Shell (SC) spurted up to a stratospheric 620p, before easing to 615.5, a rise of 9.5p. Although Footsie leviathan Vodafone (VOD) pushed higher, gaining 4p to 286, the telecom sector was weak. British Telecom (BTY) fell another 23p to 827. Traders were at a loss to explain the weakness, which looks like it was triggered by stop-loss selling as the stock fell back below 850p. Cable & Wireless (CWP) also found itself out of favor, as the shares slipped 61p to
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