FTSE takes a breather for Columbus Day

Investors in the UK were making no bold moves this morning as the FTSE 100 stood almost level, showing a 2 point, 0.03% rise to 5,659 points.

The FTSE will not be taking any leads from the US today as markets will be closed for the Columbus Day public holiday. The index had closed 0.1% lower on Friday at 5,657.61 but had gained 1.2% in total last week.

Investors are hoping global markets will continue rising tomorrow following the release of mixed jobs data in the US, which is being interpreted as more reasons for the Federal Reserve to mount a second round of quantitative easing (injecting cash into the economy by buying back government bonds and other assets).

In the UK the biggest movers were driven by analyst notes. Shares in the technology company, Smiths Group, gained 1.38% at £12.53 after analysts at UBS raised their price targets to £15.50 from £14.00.

Inmarsat shares were advanced 1.4%, or 9p, to £6.39 after Goldman Sachs upgraded the satellite communications company to a ‘buy’ from neutral.

BT Group led the fallers with its shares down 2% at £1.45. The company's rating was cut to 'underperform' from 'market-perform' by analysts at Sanford C Bernstein who said it was priced at a 15% premium to the rest of its sector.

Prudential fell 1.5% to £6.27 after JP Morgan downgraded the insurance company’s to ‘underweight’ from ‘neutral’.

Meanwhile gold was selling at $1,347 per ounce and oil was $84 per barrel.

The pound was worth $1.59 against the dollar and the €1.14 against the euro.