FTSE 100 Movers: GDP data boosts Lloyds into top spot
Thu 22 Dec 2011
LONDON (SHARECAST) - Better-than-expected GDP data helped to boost financials into the top ten. Lloyds led the way, followed closely by RBS and Old Mutual as stocks rallied on news that the UK gross domestic product (GDP) grew by 0.6% in the third quarter in volume terms versus the previous three months, according to the latest data released this morning by the Office for National Statistics (ONS). Market consensus was for a reading of 0.5%.
Kazakhmys was on the up, most likely boosted by the rising price of copper which was up 0.8% by 14:00. Meanwhile, Rangold Resources was part of the handful of companies heading slightly lower, hit by the drop in the price of gold.
Evraz, the Russian-owned international firm, jumped on news it is to boost production at Pueblo's steel plant.
The company also plans to improve the quality of one of its top products as part of a major investment in its rail mill, chieftain.com reported.
International Airlines Group (IAG) also rose after beating rival Virgin in the battle to land the British Midland (bmi) airline. IAG, the company formed by the merger of British Airways and Iberia, is to pay £172.5m in cash for British Midland (bmi). Crucially, from IAG's point of view, the purchase gives it 56 additional daily slot pairs at London's Heathrow airport.
IAG's previous target of making an operating profit of €1.5bn by 2015 has now increased by €100m with the bmi acquisition expected to become earnings per share enhancing by 2014. However, IAG will be forced to incur restructuring costs (in regards to bmi) but these will be spread over three years and are said to be significantly lower than bmi's current annual losses.
FTSE 100 - Risers
Lloyds Banking Group (LLOY) 25.85p +3.67%
Evraz (EVR) 388.90p +3.62%
Kazakhmys (KAZ) 914.50p +3.27%
Royal Bank of Scotland Group (RBS) 20.46p +3.23%
Petrofac Ltd. (PFC) 1,445.00p +3.07%
Aviva (AV.) 299.70p +2.71%
International Consolidated Airlines Group SA (IAG) 149.00p +2.69%
Old Mutual (OML) 133.70p +2.69%
Barclays (BARC) 176.55p +2.68%
Legal & General Group (LGEN) 101.90p +2.57%
FTSE 100 - Fallers
Carnival (CCL) 2,112.00p -0.89%
Randgold Resources Ltd. (RRS) 6,655.00p -0.67%
United Utilities Group (UU.) 585.50p -0.59%
Vodafone Group (VOD) 172.25p -0.46%
Man Group (EMG) 125.40p -0.40%
Vedanta Resources (VED) 1,040.00p -0.19%