FTSE closes up 35 points at 6,723
Fri 17 May 2013
16:30 Today's session ended firmly higher, up 98 points on the week. RBS led the risers after UBS lifted its rating for the global banking sector from 'underweight' to 'overweight', saying that the operating environment is beginning to improve. The other major news of the day was the finalisation of the tie-up between Morrison and Ocado, which will provide its technology, logistics and distribution operations to the supermarket chain. In economic news, BoE policymaker Martin Weale has dashed hopes that incoming Governor Mark Carney will implement further monetary stimulus to lift the economy.
14:55 The University of Michigan's preliminary reading on US consumer sentiment rose to 83.7 in May, from 76.4 in the month before and versus expectations for a reading of 77.5. Both the current conditions and expectations subindices registered large gains. FTSE 100 up 35 to 6,723.
14:01 Shares of Ocado continue to lead gains on the FTSE 350 after what the FT Alphaville is describing as a "linkup [that] is rather deeper than expected, and comes with a more hefty price tag." The well-known real time financial news blog is also highlighting the fact that today's moves are not as much a result of 'short-covering' as one might be inclined to think. FTSE 100 up 26 to 6,714.
13:23 The Chairman of Kazakhmys has reportedly reiterated that there is no definite bid for ENRC.
11:13 The FTSE 100 has extended gains and is looking like it will finish the week on a strong note, currently trading up 20 points at 6,708. Since the start of May the index has jumped by around 280 points, a rise of 4.3 per cent. Futures in the US are pointing to a decent start on Wall Street ahead of some key economic releases. The University of Michigan consumer confidence survey is due out this afternoon and is expected to rise from 76.4 to 77.9 in May; while the Leading Indicators index (a composite index which combines 10 different indicators to forecast trends in the overall economy) is expected to rise 0.2 per cent in April, compared with the 0.1 per cent decline seen in March.
10:09 The FTSE 100 has swung into positive territory (albeit only just) and is now trading up two points at 6,689. Banks are performing well in the UK after UBS lifted its rating on the global financial sector from 'underweight' to 'overweight' on the back of a better outlook for the global economy and stronger capital levels. 'The global economy is healing, capital has been rebuilt and the sector has moved from being a net issuer to a net distributor of cash,' the Swiss broker said. Part-nationalised peers Lloyds and RBS are the standout performers as speculation continues to ramp up over their potential reprivatisations next year.
London open: Stocks pull back after strong gainsThe FTSE 100 registered moderate falls in early trading on Friday in aftermath of a series of disappointing economic figures, as markets pulled back after a strong showing over the last two weeks.
08:20 The FTSE opened flat ahead of the latest reading on US consumer sentiment, this afternoon, as well as EU car registration data and the German wholesale price figures this morning. Intertek was in the bottom spot after admitting its operating profit margin in the first four months of 2013 was below the level seen last year following the impact of the sharp profit decline in the minerals business. In other news, Morrisons has confirmed its new partnership with Ocado.