Market overview: Smiths Group leads gains after reiterating guidance
May 24, 2013
12:14 Stocks continue to trade lower despite soothing words on the global monetary policy front from the Bank of England's Paul Fisher and US St.Louis Fed President James Bullard. Smiths Group is now leading gains on the Footsie after earlier on having reiterated its earnings guidance. Next has been knocked lower by a downgrade out of analysts at Morgan Stanley, to underweight. FTSE 100 down 45 to 6,651.
10:15 The FTSE has edged into negative territory, extending yesterday's heavy losses. Miners provided a drag as they tracked metal prices lower, while on the second tier index Ocado has continued to weigh heavily, after its head, Tim Steiner, reportedly said Waitrose boss, Mark Price, has given him the cold shoulder after the online grocer made a deal with rival Morrison Supermarkets. The FTSE is down 10 points at 6,687.
09:30 The BBA has reported that gross mortgage borrowing in April totalled 7.8bn pounds, falling slightly short of the recent monthly average.
09:20 The FTSE is currently flat, with sentiment still fragile following a plunge the day before as traders reacted to concerns about stimulus measures in the US and a slowdown in China. Today's spotlight will shine on economic data, which includes mortgage lending figures from the BBA and US durable goods orders. Company wise, Next is leading the fallers after Morgan Stanley downgraded the stock to underweight with a target price of 3,920p.