FTSE 100 steady as Dow stems falls

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A steady finish to Wall Street business, with the Dow Jones Industrial Average only marginally lower, meant investors were able to call a halt to Thursday night's losses and hunt down some cheap looking stocks.

The Footsie stood 80.3 points higher at 5939.2 in the first hour of business, representing around a third of the losses seen in the previous session.

Some of the casualties from Thursday featured on the Footsie risers board, led by Northern Rock after a gain of 5%. The banking stock has been battered by funding concerns, but recovered 35.5p at 694.5p.

Elsewhere in the financial sector, 3i Group put back 46.5p to 1026p, Icap gained 16p to 471p and Man Group cheered 15.25p to 462p.

On the corporate results front, advertising and marketing group WPP gained by almost 2% after revealing a 7% rise in half-year profits.

With prospects for 2008 also looking bright, shares were 10.5p higher at 691p.

Outside the top flight, air conditioning firm Worthington Nicholls dived 64%, or 32.5p to 18p, after it said turnover and profits were set to be materially below market expectations.