This Morning's Top FTSE Movers

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LONDON -- The market boost provided by the Spanish banking bailout lasted less than a day, as Spain's 10-year bond yields rocketed to a record 6.8% yesterday. After rising then falling yesterday, the FTSE 100  (INDEX: ^FTSE) hasn't really moved this morning and is stuck around 5,480.

But perhaps surprisingly, Spain's IBEX 35 (INDEX: ^IBEX) put on 90 points this morning to 6,610, and the other main European markets remained steady.

Company results
After first-quarter figures from Tesco disappointed the market earlier in the week, an update from J Sainsbury  (ISE: SBRY.L) sent its shares down 7 pence, or 2.5%, to 284 pence, despite like-for-like sales improving a little.


Market research expert Creston has seen its share price struggle, having fallen from around 120 pence last year to the 50 pence level. Results today saw revenues growing, even if earnings per share remained flat, and better cash flow helped wipe out net debt. The dividend was raised by 17% to 3.5 pence. The shares put on 3.5 pence for a 6% rise to 57 pence.

An interim update from JD Sports Fashion told us all was going as expected, and that was enough to blip the shares up 1% to 616 pence. Shares in Lonrho, which invests in Africa, saw its poor fortunes reversed a little after its shares gained 8.8% on news of the disposal of its aviation division. That added 0.8 pence to 9.9 pence, but they're still 50% down on the year.

Other FTSE movers
Yell Group
 has been up and down of late, bouncing back up this morning by nearly 4% to 1.35 pence. SSE put on 23 pence for a 1.7% rise to 1,383 pence.

FTSE 100 morning fallers included Dixons Retail, which lost a quarter of a penny to fall 2% to 13 pence. B&Q owner Kingfisher fell 5.5 pence to 269 pence, a 2% loss. Woes at Man Group continue as the fund manager struggles to retain investors -- an early fall of 1.5 pence to 73 pence knocked 2% off the price.

Metals and minerals
Natural resources were in the news again, after Cairn Energy  (ISE: CNE.L)  announced an agreed offer to acquire Nautical Petroleum. The offer instantly boosted the Nautical price by 50% to 460 pence, but the Cairn price fell 5 pence to 187 pence.

Jubilee Platinum recovered 1.2 pence, or 12%, to 11.6 pence after it was awarded an African contract to recover platinum, and Coal of Africa jumped 2.5 pence to 37 pence, up 7%. Both shares are still way down on recent highs, though.

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At the time this article was published Alan Oscroft does not own any share mentioned in this article. The Motley Fool owns shares of Tesco. Motley Fool newsletter services have recommended buying shares of Tesco. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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