Fresh signs of a global economic slowdown and fading hopes of imminent stimulus measures left world markets subdued today.
The FTSE 100 Index had been down much of the day but benefited from a late rally to close flat at 5,776.6 points, helped by a 4% surge in Marks & Spencer shares amid rumours of a private equity buyout.
The retailer’s shares rose 15.2p to 371.7p after speculation that CVC Capital Partners was eyeing an £8billion bid.
Miners were again under pressure, with Eurasian Natural Resources dropping 12.6p to 338.9p.
Aga Rangemaster was 9% lower after the firm behind the iconic cast iron cookers announced half-year pre-tax profits dropped to £1.6million from £4.2million a year earlier as customers were delaying the purchase of big ticket items. Shares were 5.8p lower at 61.3p.
Transport group Stobart saw its shares decline 4% after it warned that profits at its transport arm would come in lower than City expectations. Shares fell 4.2p to 114.9p.
Among the biggest Footsie risers were Smith & Nephew ahead 10p at 668p, Reckitt Benckiser up 53p at £36.15 and Standard Chartered ahead 18.5p at £14.13.
The biggest Footsie fallers included Ashmore down 15p at 331.5p, Evraz down 7.8p at 246.8p and Kazakhmys off 20p at 660.5p.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Xcite jumped 3.4% to 91.875p, Wood Group added 1.2% to 821.5p and Hunting strengthened 0.7% to finish the day at 794p.
On the fallers board, Petrofac weakened 1.7% to £14.67, AMEC dropped 0.7% to £11.04 and EnQuest closed 0.4% lower at 115.35p.
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