| CATEGORY: RISERS AND FALLERS SECTOR: FINANCIAL SERVICES |
FTSE 100 movers: Man and Barclays steal show |
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Wed 17 Feb 2010
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LONDON (SHARECAST) - Hedge fund manager Man is the best of the risers today on rumours that the company is in the sights of US fund group BlackRock.
Fellow fund manager Schroders is also wanted after Morgan Stanley issued a note recommending its clients be overweight in the share, though it cut its earnings forecasts for Schroders by 3% to reflect the impact of lower markets.
Banks are still basking in the glow of good results from Barclays yesterday, with Lloyds Banking’s rise now outstripping Barclays’.
Lower than expected impairment charges were the main drivers behind Barclays strong set of results, Citigroup asserts
Revenues were broadly in line with expectations and costs were a little higher, Citi maintains, but impairments of £8.07bn were below the company’s guidance levels of £9bn to £9.6bn.
Fellow US bank JP Morgan Chase broadly agrees with Citi’s assessment. It rates Barclays as its favourite UK domestic bank, and following the full year results it has cranked up its sum of the parts valuation for Barclays from 280p to 305p.
The Royal Bank of Scotland’s broking arm, meanwhile, is upgrading Barclays to ‘buy’ from ‘hold’.
FTSE 100 - Risers
Man Group (EMG) 241.30p +5.93%
Eurasian Natural Resources (ENRC) 1,010.00p +4.50%
Lloyds Banking Group (LLOY) 51.20p +4.49%
Wolseley (WOS) 1,439.00p +4.43%
Kingfisher (KGF) 214.20p +3.83%
British Airways (BAY) 207.20p +3.81%
Barclays (BARC) 303.50p +3.32%
Home Retail Group (HOME) 266.80p +3.17%
FTSE 100 - Fallers
Scottish & Southern Energy (SSE) 1,149.00p -2.87%
BP (BP.) 576.00p -2.07%
Rexam (REX) 277.70p -1.52%
Smith & Nephew (SN.) 655.00p -1.28%
BT Group (BT.A) 117.40p -1.10%
Imperial Tobacco Group (IMT) 2,000.00p -0.20%
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