Stock watch

The ftse 100 closed up 42.4 points last night at 5860.5.

The ftse 100 closed up 42.4 points last night at 5860.5.

On the upside commercial broadcaster ITV rose 4p to 102.5p after saying that its first half profit rose despite a fall in advertising revenue.

British Airways climbed 11p to 389.5p after a broker upgrade. Asian focused bank Standard Chartered jumped 29p to 1304p after announcing that it is to buy an 80.9% stake in Pakistan's Union Bank.

Meanwhile, media stock Reed Elsevier closed up 10.5p at 545p.

On the downside online gaming stock PartyGaming fell 6.5p to 112.25p on fears that an Austrian peer will lose its German betting licence. Miners Rio Tinto and BHP Billiton fell 31p and 8p to 2723p and 991p respectively after more industrial unrest in Chile.

Elsewhere supermarket Tesco finished down 2.75p at 361.5p.

Ian McElroy is an associate director and investment manager at Gerrard Investment Management

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