FTSE ticks up to end worst quarter since Q3 2002

Mon Mar 31, 2008 6:06pm BST
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By Dominic Lau

LONDON (Reuters) - The top share index ticked up on Monday to end its worst quarterly performance in more than five years, as gains in oil shares and bid target Friends Provident FP.L offset losses in Vodafone (VOD.L: Quote, Profile, Research).

The FTSE 100 .FTSE closed up 9.2 points, or 0.16 percent at 5,702.1, after falling as much as 1.9 percent earlier.

The UK benchmark index has lost 11.7 percent in the first three months of the year, its worse quarter since the third quarter of 2002 and its third consecutive quarter of losses.

Index heavyweight Vodafone was the heaviest drag on the index, down 1.7 percent after Morgan Stanley downgraded the stock to "underweight" from "overweight" and cut its price target.

Analysts expected the market would remain quiet in the run-up to the release of U.S. non-farm payrolls data on Friday.

"In the absence of any newsflow here, we will have to wait and see what happens in America," said Tim Whitehead, head of portfolio services at Redmayne-Bentley.

"I wouldn't expect to see a great deal of activity before that comes out."

Broadcaster ITV (ITV.L: Quote, Profile, Research) shed 6.8 percent to top the losers' list on the FTSE 100 after UBS downgraded the stock to "sell" from "neutral" and lowered its price target.  Continued...

 
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