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Heading into the close the FTSE is down for the day.
It has been a day of steady drifting for UK blue chips, with the FTSE trading back to where it started the month. Early gains from Lloyds Banking Group helped to temper losses in other sectors, but these too have evaporated as the day has gone on. Imperial Tobacco has been the relative star performer on the day. First-half profits here were better than expected and today’s rise has gone some way to halt the slide that has been in place since early March. With a fair degree of uncertainty still nagging investors at the moment – the Greek deficit and the prospects of a hung Parliament for example - these Imperial numbers may well mark an upturn for the classically defensive shares.
