Senin, 11 Juni 2012

FTSE LIVE: Footsie opens up after Asian shares rise on Monday

FTSE LIVE: Footsie opens up after Asian shares rise on Monday

By This Is Money Reporters

PUBLISHED: 02:20 EST, 11 June 2012 | UPDATED: 05:58 EST, 11 June 2012

11.45: The Footsie's charge slips slightly once more - the index is up 50 points now, or 0.9 per cent, at 5,485.

'The new week has gotten off to a flying start in London, and it appears the bank rescue for Spain (since the Spanish PM insists it is not a bailout) has cheered investors,' said David Jones, chief market strategist at IG Index.

'Of course, it would be a mistake to think everything is fixed. Spain's economy remains mired in recession, and the big worry for now is that the lack of stringent austerity conditions will cause anger in Greece and hand the anti-bailout Syriza party a clear victory.'

Trading places: The Footsie followed Asian shares up this morning

Trading places: The Footsie followed Asian shares up this morning

Joshua Raymond, chief market strategist at City Index, said: 'A Spanish bailout is not a solution to the euro problem, or even the Spanish banking problem. It is a plaster made of bank notes at a time when the heart of the Spanish banking system requires serious surgery.

'This is why we are seeing equity markets rally strongly today yet the longevity of this rally remains in doubt.'

Regional airline Flybe saw shares rise 4.7p (7.5 per cent) to 66.7p despite the fact it posted an annual loss of £2.2million.

The high cost of fuel hit the airline, but this is projected to come down now, and the carrier did gain a larger share of the domestic market. Read more on this here.

10.00:

The Footsie drops a little, but remains up a healthy 74 points (1.35 per cent) at 5,509.

Lloyds Banking Group was the biggest riser in London, up 6 per cent or 1.85p to 29.9p, while Barclays was 9p higher at 9.05p to 199.4p and Royal Bank of Scotland cheered 10.85p to 233.85p.

Insurer Aviva, which has a large presence in Spain, was up 11.35p to 282.75p and International Airlines Group - the owner of British Airways and Madrid-based carrier Iberia - surged 4 per cent or 5.35p to 151.45p.

In corporate news, Tesco shares were slightly higher after the grocer spared investors another profits warning. Underlying sales were still 1.5 per cent lower in the first quarter of the financial year but Tesco said it had gained share of a declining market. Shares were 1.15p higher at 303.95p.

08.05:

The Footsie has indeed opened up 96 points (1.8 per cent) to 5,531 points in immediate trading after large gains in Asia overnight.

07.45:

The FTSE 100 index is seen opening up 99 points, or 1.8 per cent today, according to financial bookmakers, rallying after eurozone finance ministers agreed to lend Spain up to $125billion to help its battered banks, and Chinese trade data beat predictions.  

The blue-chip Footsie closed down 0.2 per cent, or 12.71 points, at 5,435.08 points on Friday, falling after a two-day rally earlier in the week, as heavyweight mining stocks were hit by fresh fears over the global economy and traders sold off positions ahead of the possible weekend bailout deal in Spain.   

Oil and copper posted their biggest rally in months today as investors trooped back to riskier assets after Europe threw Spanish banks a lifeline, calming worries about the euro zone debt crisis.     

No important economic data is due for release in the UK.    

Across the Atlantic, investors will watch import prices for May, which are expected to fall 1.1 per cent, after having recorded their largest drop in 10 months in April as energy costs tumbled.   

Stocks to watch

GLAXOSMITHKLINE - an experimental drug in development by the drugmaker could be a lifesaver for patients with severe anaemia, but it could also be a race winner for athletes desperate to perform better.    

SCOTTISH SOUTHERN ENERGY - Families will be forced to pay higher energy bills to fund subsidies to the French for a radical overhaul of the power market, the boss of one of the country's largest energy companies has warned.    

VODAFONE - Vodafone is facing fresh controversy over tax after it emerged that the mobile phone giant did not pay any corporation tax in Britain last year.    

TUI TRAVEL, THOMAS COOK - Rival tour operator Rewe Touristik is planning further acquisitions or stake purchases following its recent deal to buy Czech firm Exim, an executive told German business weekly WirtschaftsWoche.     

TESCO issues its first-quarter trading update.    

LAURA ASHLEY holds its AGM.    

FLYBE GROUP issues full-year results.    

FIRST PROPERTY GROUP releases full-year results.    

HANSTEEN HLDG has its AGM.    

LATCHWAYS posts full-year results.    

WILLIAM SINCLAIR HLDG unveils first-half results.    

UBC MEDIA GROUP reports full-year results.

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