| CATEGORY: MARKET OVERVIEW |
Market overview: Slight slip for FTSE 100 |
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Tue 10 Nov 2009
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LONDON (SHARECAST) - 1630: Close Footsie ended broadly flat on a busy day on the results front with banks at both ends of the spectrum.
Banking titan HSBC finished on top of the pile after it said underlying third quarter profit was “significantly” ahead of the same time last year. It’s also seeing some stabilisation in its bad debts picture, especially in the US.
In contrast, sector peer Barclays languished at the bottom even though it remains on course for a record-breaking year after third quarter profits came in close to market forecasts. For the three months to September, profits fell from £2.84bn to £1.56bn giving a nine-month total of £4.54bn (2008: £5,595m), a decrease year on year of 19% (£1,053m).
In other sectors,Imperial Tobacco burned bright after it boosted full-year profit before tax by 52% thanks to the acquisition of Franco-Spanish rival Altadis.
But gold miner Randgold Resources fell after gold sales in the third quarter showed little or no increase from those seen in the second quarter.
FTSE 100 closed down 4 at 5,231.
1550: Footsie is sitting slightly above the zero mark, in keeping with today's indecisive performance as company updates send stocks in both directions. HSBC leads the way after the bank said it is seeing some stabilisation in its bad debts picture, especially in the US, while elsewhere business generally remains strong. But fellow bank Barclays is the heaviest faller even after saying it remains on course for a record-breaking year after third quarter profits came in close to market forecasts. FTSE 100 up 14 at 5,249.
1445: Footsie sits in the red now following a flat start from US shares. Randgold Resources is the worst performer after the gold miner said sales of the yellow metal in the third quarter were in line with those seen in the second quarter. Silver miner Fresnillo is another faller. FTSE 100 down 7 at 5,228.
1325: Footsie is limping along in positive territory, with the 100 index still up 9 at 5,245. Results have been a mixed bag this morning with Randgold, Barclays and Vodafone the three worst performing index constituents after their trading updates while HSBC and Imperial Tobacco are the two best performers after releasing statements this morning.
1255: HSBC and Imperial Tobacco are currently vying for top spot in a FTSE 100 that still sits just above the zero mark. The giant global bank is seeing some stabilisation in its bad debts picture, especially in the US, while elsewhere business generally remains strong. The cigarette firm saw profits rise due to its acquisition of Franco-Spanish rival Altadis. FTSE 100 up 9 at 5,245.
1130: HSBC is now the best performing stock in the FTSE 100, helping to keep the leading share index in the blue. The giant global bank is seeing some stabilisation in its bad debts picture, especially in the US, while elsewhere business generally remains strong. FTSE 100 up 13 at 5,249.
1025: Footsie is looking for direction as results push the leading share index in both directions. Fund manager Schroders, tobacco firm Imperial and bank HSBC climb following updates, but numbers from Barclays and the mobile phone group Vodafone have been poorly received. FTSE 100 up 10 at 5,245.
0935: UK house prices fell by 4.1% in the year to September according to the Department of Communities and Local Government against expectations of 4.9%.
0905: Footsie has climbed higher following a sluggish start as company updates drive shares forward. Fund manager Schroders is ahead of the pack after a smaller than expected 19% drop in third quarter profit. Imperial Tobacco is lifted by a rise in profits, helped by its acquisition of Franco-Spanish rival Altadis. In banking, HSBC climbs after saying it is seeing some stabilisation in its bad debts picture, but Barclays falls back after reporting a rise in bad debts. FTSE 100 up 27 at 5,263.
0820: The FTSE 100 is unchanged at 5,235 as investors assess a slew of company results Tuesday. Schroders is ahead of the pack after a smaller than expected 19% drop in third quarter profit, but Barclays, Randgold and Vodafone are all weaker following their latest numbers. Barclays is on course for a record-breaking year after third quarter profits came in close to market forecasts, while Vodafone’s trading in-line after the first six months. But the market was unimpressed. Imperial Tobacco puffed higher as the acquisition of Franco-Spanish rival Altadis boosted full-year profit before tax by 52%. Yell rallied on news of a £660m rights issue. Miners are weaker across the board.
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