- Eros 227.50
-7.50 - Forbidden Tech. 22.50 -2.50
- Flowgroup 13.75 0.00
- Greka (Di) 21.50
+3.50 - Interbulk Grp 7.38 -0.25
- Insetco 0.98 -0.28
- New Brit. Palm 517.50 +37.50
- Photon Kathaas 0.19 0.00
- Soco Intl. 364.20 -8.30
- Smith(ds) 239.20 -2.60
FTSE modestly higher in early deals on oil company strength
Thursday, 9th February 2012
MORNING REPORT: Headline shares were modestly higher in early deals, as investors anticipate a fresh round of QE from the Bank of England, with a strong performance from oil producers driving gains.In early trade, the FTSE100 was up 11.25 points at 5,887.18 with the FTSE250 ahead 33.3 points at 11,195.2 and the FTSE Smallcaps 6.4 points higher at 3,031.16.
US & ASIA
In the US last night, the Dow rose 6 points at 12,884, the Nasdaq gained 12 points at 2,916 and the S&P500 added 3 points at 1,350.
In Asia today, the Nikkei closed down 13 points at 9,002, while the Hang Seng was recently off 8 points at 21,010.
LONDON MARKETS
Investors in London were wary on the absence of a deal in Greece and ahead of the latest decision by the BoE Monetary Policy Committee on UK interest rates and QE, while absorbing a flurry of blue chip earnings news.
A revival in crude prices helped boost the oil producers, with BG Group the best blue chip of the morning after reporting full-year operating profits rose by 19% to $8.2bn in 2011. BG shares jumped 40.5p at 1,486.5p, while BP added 6.98p at 496.73p, Shell rose 12.5p at 2,339.5p and Cairn Energy gained 4.75p at 353.35p.
Retailers staged something of a rally, with luxury brand Burberry gaining 24.5p at 1,427.5p and frock shop chain Next adding 12.5p at 2,734.5p.
The pharmaceutical groups also provided support, with GlaxoSmithKline up 4.75p at 1,397.25p, AstraZeneca ahead 10p at 3,020p and Shire 12p higher at 2,186p.
Banks trended lower, although Lloyds managed a modest gain of 0.015p at 35.8p. Barclays dropped 0.92p at 232.68p, ahead of numbers tomorrow, and Royal Bank of Scotland dipped 0.13p at 28.71p.
Mining shares were under pressure, with Rio Tinto sliding 66.25p at 3,807.25p after revealing that record underlying earnings in 2011 were blighted by a $5.8bn impairment charge relating to its aluminium business. Elsewhere, Xstrata dropped 4.75p at 1,193.25p and BHP Billiton lost 7.75p at 2,122.25p.
Mobile phone giant Vodafone eased 0.22p at 173.38p after a mixed trading update, highlighting weakness in southern Europe.
Aero-engine maker Rolls-Royce fell 13.75p at 771.25p, despite reporting a record order book of £62.2bn in 2011, with record underlying profit before tax of £1.16bn, up 21%.
Drinks giant Diageo lost 17.5p at 1,444p, although reporting that growth in emerging markets was offsetting weakness in Europe and North America. Sugar refiner Tate & Lyle weakened 7.75p at 687.25p after a mixed performance in Q3, with rising corn prices causing concern.
Commercial property group British Land slipped 11.2p at 496.8p after reporting that pretax profits rose by 6.3% to £68m, while admitting the current economic outlook is uncertain.
Story provided by StockMarketWire.com
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