FTSE 100 steady on worries over global growth

The FTSE 100 was modestly up in early deals this morning, as a rally in natural resources and property stocks pulled the index higher, although worries over global growth and Spain’s economy continued to dampen stocks. Spain is due to present its draft budget plan for next year later on this week.

Property group Morgan Sindall consolidated gains this morning, adding 3.7 per cent in early trading on the back of several contracts it has recently been awarded.

Raven Russia, an investment company focusing on Russian commercial real estate, rallied 2.2 per cent.

Rig maker Lamprell and oil services firm Petrofac jumped 2.48 per cent and 2.11 per cent respectively.

Investment company Capital Gearing was top of the leaderboard this morning, adding 4.17 per cent.

This morning’s fallers were a mixed bunch.

Insurer CPP Group led the FTSE All-Share down this morning, shedding 6.85 per cent.

Troubled miner Bumi lost ground again this morning, down five per cent, after losing 25 per cent yesterday, as it announced it is to investigate its Indonesian unit over alleged financial irregularities.

Holding company Chesnara was off by almost 2.5 per cent, and Cable & Wireless fell more than two per cent.

Standard Chartered fell 2.06 per cent in early trading as it is reported Singapore’s state-owned investment fund is eyeing a sale of its 18 per cent stake in the UK bank.

Other UK financial stocks had a muted morning. HSBC was down 0.09 per cent, while RBS was up 0.24 per cent and Barclays rose 0.02 per cent. Lloyds Banking Group was trading flat.

In Asia, the Nikkei closed up 0.25 per cent as investors picked up stocks ahead of the deadline to qualify for mid-term dividends. In the US, the Dow Jones slipped to close 0.15 per cent down.