Market overview: Footsie clings on
Mar 19, 2010
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16:30 Close Footsie finished slightly higher after coming off earlier highs, with banks leading the way after an upbeat trading update from Lloyds Banking Group. Lloyds will be profitable on a combined businesses basis in 2010, chief executive Eric Daniels claimed Friday. Daniels said trading in the first 10 weeks of 2010 had been "strong", prompting UBS to lift is rating on Lloyds shares to 'buy' from 'neutral' while Deutsche Bank has resumed coverage of the stock with a 'buy' recommendation.
Sector peers Royal Bank of Scotland (RBS) and Barclays both shot higher in sympathy but HSBC, which has a more international focus than Lloyds, RBS and Barclays, was barely moved by the announcement.
Miners fell back, with Vedanta at the bottom of the pile and sector peers Randgold Resources, Anglo American and Xstrata also finishing lower.
FTSE 100 closed up 7 at 5,650.
15:20 Footsie has come back a little after its earlier buoyancy, but banks are keeping the leading share index in the blue. Lloyds leads the sector higher after predicting a profit for 2010 and saying trading recently had been strong. FTSE 100 up 8 at 5,651.
14:10 A three-day strike by British Airways cabin crew will go ahead after last-ditch talks between the airline and the Unite union collapsed. Cabin crew will walk out for three days from tomorrow and for another four days from 27 March.
13:40 Lloyds Banking is still way in front after predicting a profit for 2010 and saying trading recently had been strong. Charles Stanley is refusing to get caught up in the euphoria however. The broker is sticking with its 'hold' recommendation, having in the recent past been negative about the prospects for the group, especially in view of the 'significant amount of wholesale funding that matures in the next couple of years that will potentially put the margin under strain.' The shares are still up 10% though. FTSE 100 up 39 at 5,682.
12:40 Lloyds Banking is still the standout stock after predicting a profit for 2010 and saying trading recently had been strong. Peers RBS and Barclays are also going well. Electricity provider Scottish and Southern Energy, gas provider Centrica and water group Severn Trent are shunned are shunned as investors look to more exciting sectors. In the FTSE 250, shares in AG Barr are fizzing ahead of the soft drink maker's full year results on Monday. FTSE 100 up 36 at 5,679.
11:30 Banks hog the limelight in a buoyant FTSE 100. Shares in Lloyds are now nearly 10% higher, with fellow banks RBS and Barclays also posting gains. Defensive stocks are out of favour. Electricity provider Scottish and Southern Energy, gas provider Centrica and water group Severn Trent are shunned are shunned as investors look to more exciting sectors. FTSE 100 up 39 at 5,682.
10:35 Buoyancy in the banking sector has Footsie firmly in the blue. Shares in Lloyds are now nearly 10% higher, with fellow banks RBS and Barclays also posting gains. Elsewhere, DSG International is one of the top risers in the FTSE 250 after the electrical retailer behind Curry's and PC World said it is to undertake a huge expansion of its giant Megastore and 2-in-1 stores after gross profits at the new formats rose 20% on average over the past two years. FTSE 100 up 42 at 5,685.
09:15 Shares in Lloyds are up 7% after the bank predicted a profit for 2010 and added trading recently had been strong. Peers RBS and Barclays are in tow. Miners are weak, with Vedanta, which mines for copper in India, at the bottom of the pile. FTSE 100 up 16 at 5,659.
08:35 Banks are driving Footsie higher this morning after Lloyds predicted a profit for 2010 and added trading recently had been strong. Royal Bank of Scotland and Barclays are also sharply higher. Hopes of an end to the British Airways dispute have lifted the airline. FTSE 100 up 33 at 5,676.
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