News

Leading shares are recovering after the early wave of selling and Footsie has moved back above 4,000, but most stocks are still nursing heavy losses after last night's dive on Wall Street. Traders are currently forecasting that Wall Street will open lower again today, with the Dow Jones predicted to start about 187 points lower.

As stock markets across the globe plummet, fund manager Schroders is especially hard hit.

Banks and resource stocks are also in the firing line. Mortgage lender HBOS leads the High Street banks lower while Asia-focused Standard Chartered plunges after the overnight meltdown of Asian markets.

Slumping metal prices undercuts the likes of miners Rio Tinto, BHP Billiton, Xstrata and Fresnillo and oil giants BG Group and BP.

London Stock Exchange is one of the few stocks showing a rise this morning. The stock was initially marked sharply lower on news that rival exchange NYSE Euronext has chopped its prices for high frequency traders, but the stock has recovered as volume levels on the exchange soar in the current crisis.

Admiral is all at sea despite saying it is on track to "hit or exceed" analysts' consensus profit estimates for 2008 following a good third quarter, the car insurance giant claimed Friday.

Oil & gas facilities service provider Petrofac says demand remains robust over the past three months with a continuing positive outlook for new project awards. "Trading performance to 10 October has been in line with our expectations and cash balances at the end of September were in excess of $650m," it added.

Fallen High Street retail giant Woolworths is wanted on rumours that Sir Alan Sugar is building up a stake.

Indian outsource group Infosys will not raise its 600p offer for business software group Axon, seemingly leaving the way clear for a higher rival offer from HCL. Axon withdrew its recommendation of Infosys's offer after HCL trumped it with a 650p per share cash bid.

Abacus Group has agreed terms a recommended offer from Avnet Inc worth 55p a share in cash, valuing the electronic components distributor at £42.2m.

E2V's first half will show good progress with the good growth in electronic tubes offsetting slower growth from sensors and semiconductors.

Engineer Renishaw said trading for the three months to end September had been strong and while worldwide economic conditions are uncertain the group remains confident of prospects for the current year.