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UK Market Update : 
Record Libor Rate, Kingfisher Down
Author: 123jump.com Staff
123jump.com
Last Update: 6:19 PM EDT March 27 2008

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Money markets remained tight as interbank interest rare rose to near record high for the year. Banks remain unwilling to extend loans to other banks despite several auctions by central banks in the UK and Europe to ease the liquidity. Separately, Man Group said earnings will be higher than expected and Compass Group reported better than expected earnings. Kingfisher, home supplies retailer reported 20% decline in earnings.

 
Cairn Energy increased after crude oil prices rose on turmoil in Iraq.

Wolseley Plc gained 2.5% after Goldman, Sachs & Co. raised its recommendation for the stock to ``neutral'''' from ``sell.''''

Kingfisher led decliners in the FTSE 100 index shares with a fall of 3.48% followed by losses in Kazakhmys Plc of 2.43%, in Experian Group pf 1.12%, in National Grid Plc of 1.12%, and Intercontinental of 0.96%.

Kingfisher fell after reporting profit in the year ended February 2 slumped 20% from 2006 to £272 million. Also the retailer also slashed its final dividend and annual dividend by 50% to 3.4 pence and 35% to 7.25 pence.
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