Afternoon markets: Growth concerns fail to dent FTSE 100

Concerns from the recently-knighted Bank of England governor Mervyn King failed to have a large effect on the FTSE 100 index at trading’s close.

King’s comments in the Inflation Report revised the central bank’s expectations for UK growth and hinted at further quantitative easing. The FTSE 100 index dropped 0.15% to 5,509.

The biggest climber was testing company Intertek Group, which saw its share price rise 3.5% higher to 1,952p, after reporting revenue growth of 26% between January and November.

B&Q owner Kingfisher rose 2.5% to 254.3p, while Cairn Energy and engineer Meggitt both increased by 2.4% to 295p and 391.9p, respectively. Broadcaster ITV also saw its share price rise by 2.3% to 67p.

The biggest faller was Essar Energy, down 5.3% to 258.9p. It was followed by British Sky Broadcasting, which dropped 4.9% to 716p, and interdealer broker ICAP, down 4.7% to 349.9p.

Vodafone Group dropped 3.7% to 173.9p, while insurer Admiral slipped 3.6% to 800.5p.

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