London opened lower, but not by as much as expected despite the disappointment with ECB president Mario Draghi’s stimulus measures yesterday.
FTSE 100 dipped 10 points to 6,264 matching with similar–sized falls in France and Germany.
US markets had seen a near rout overnight as the ECB clipped its deposit to minus 0.3%, from minus 0.2%, in the latest attempt to get eurozone banks lending again.
Markets had been expecting a lot more. Today attention switches back to the US, where non-farm payrolls data for November is forecast to be the final dot on an interest rate rise in two weeks. Around 200,000 new jobs is the consensus.
London housebuilder Berkeley Group (LON:BKG) bucked the trend with another bumper set of results, but it was the 26% increase in its dividend projections for the next six year that caught the eye.
Berkeley raised the amount it will pay out by 2021 to £16.34 from £13, due to the underlying fundamental strength of the London market it said.
Shares rose 8% to 3,608p, with fellow housebuilder Persimmon (LON:PSN) 1% higher to 1,950p in sympathy.
Oil companies were flat ahead of the latest OPEC meeting.
Companies will be hoping for a cut in production to boost the oil price, but commentators said that looked unlikely. Shell (LON:RDSB) rose 12p to 1,641p even so.
Elsewhere, accountancy software group Sage (LON:SGE) rose 3% to 599p after an upgrade to ‘outperform’ from JP Morgan.
JD Sports (LON:JD.) also did well among the 250 member after it issued a surprise and upbeat trading statement late afternoon yesterday.
Like Berkeley, business at the sportswear and trainer retailer is booming. Shares rose 30p to 1,038p.
News that its new knee ligament replacement had been used in two thirty-something patients sent Tissue Regenix (LON:TRX) up 7% to 15.5p.
Small cap movers included zinc recycler Zincox Resources (LON:ZOX), up 20% after heavy falls recently on refinancing worries.
A profit warning sent Escher Group (LON:ESCH) tumbling 30% to 155p. The point of service software provider warned that profits will be lower than expected as a result of a shortfall in revenues.
Bulletin board favourite Motive Television (LON:MTV) dipped 28% to 0.022p even though it said talks on extending the deadline for conversion of its loan notes are progressing.