Weak FTSE 100 Has Bright Spot in Utility Sector

FTSE 100 loses ground as morning session ends.

FTSE 100 loses ground as morning session ends.

National Grid rose 1.7%, United Utilities rose 5.3% and Seven Trent (water firm) rose 3.3% as a weak FTSE 100 saw gains mainly in the utility sector after this morning’s trading.  This occurred following an offer from Hong Kong based Cheung Kong Group for Electricite de France’s UK electricity distribution networks.

Other European shares were struggling and US stock futures were lower.

Economists at UBS said:  “US GDP is due, with the added excitement of benchmark revisions stretching back into the pre-crisis era.  This could alter expectations for annual growth rates this year.  We are consensus in looking for second quarter GDP at 2.5%.”

Lloyd’s GRP was the volume leader.  They were followed by Vodafone GRP, RBS, Barclays and BP, respectively.

The FTSE 100 is down 33 at 5281.

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