| CATEGORY: MARKET REPORT - MIDMORNING SECTOR: BANKS |
London mid-morning: London loves Lloyds lift |
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Fri 19 Mar 2010
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Market Movers
techMARK 1,656.71 +0.65%
FTSE 100 5,667.30 +0.44%
FTSE 250 10,067.26 +0.63%
LONDON (SHARECAST) - The banking sector is driving London higher this morning after the boss of part-nationalised lender Lloyds Banking Group gave an impromptu and upbeat trading update ahead of a presentation at the Morgan Stanley European Financials Conference today.
Lloyds will be profitable on a combined businesses basis in 2010, chief executive Eric Daniels claimed Friday. Daniels said trading in the first 10 weeks of 2010 had been “strong”, prompting UBS to lift is rating on Lloyds shares to ‘buy’ from ‘neutral’ while Deutsche Bank has resumed coverage of the stock with a ‘buy’ recommendation.
Sector peers Royal Bank of Scotland (RBS) and Barclays both shot higher in sympathy but HSBC, which has a more international focus than Lloyds, RBS and Barclays, was barely moved by the announcement.
Emerging markets-focused bank Standard Chartered is similarly becalmed after its shares were downgraded to ‘neutral’ from ‘buy’ by Goldman Sachs
Miner Rio Tinto and Chinese-run aluminium firm Chinalco have signed a memorandum of understanding (MoU) to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea. The deal is the latest sign that the two companies have patched up the differences caused by last year’s collapse of their planned tie-up.
British Airways is higher on hopes that last minute talks with the Unite trade union may yet avert the three-day strike due to start tomorrow.
Electricals retailer DSG has given a bullish update on its revamp plan, saying gross profits at its new format stores are up by 20% on average and trading has been strong in the reformatted stores into the second year.
Chip designer Imagination Technologies said it has continued to see growing interest in its technologies across many partners and markets in the period from 1 November 2009 to 19 March 2010. So far this financial year, the group has concluded a number of licensing agreements and is currently progressing a ‘significant’ number of ‘sizable’ agreements with both existing and new partners.
Blacks Leisure has rejected an indicative 62p bid from rival sportswear group Sports Direct and is to revive its fund raising plans. In a statement, Blacks said the offer for Sports Direct contained a number of pre-conditions, which included a unanimous board recommendation. The board, though, considers the offer to be "wholly inadequate".
Syria-focused oil explorer Gulfsands has rejected a bid approach from an unnamed group saying it is highly conditional and subject to due diligence and other material pre-conditions.
Electrical engineering and contracting company T Clarke is looking to the future with “cautious optimism” and believes the group is in “good shape” despite watching profits halve during 2009.
Profits nearly halved last year at flooring specialist Headlam though sales picked up in the second of the year and moved forward in the last three months.
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| LLOY - Lloyds Banking Group |
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| Latest Prices |
| Name |
Price |
% |
| Lloyds Banking Group |
74.49p |
+3.00% |
| Barclays |
322.20p |
+4.61% |
| Blacks Leisure Group |
32.50p |
0.00% |
| British Airways |
230.70p |
+1.32% |
| T Clarke |
133.00p |
-0.75% |
| Dillistone |
145.00p |
0.00% |
| Gulfsands Petroleum |
283.00p |
+0.09% |
| Headlam Group |
297.75p |
+0.25% |
| HSBC Holdings |
661.00p |
+0.95% |
| Imagination Technologies |
342.00p |
+0.44% |
| Rio Tinto |
3,529.50p |
+1.70% |
| Royal Bank of Scotland Group |
47.98p |
+4.69% |
| Sports Direct International |
123.60p |
+2.23% |
| |
| FTSE 100 |
5,494 |
+1.19% |
| FTSE 250 |
10,326 |
+1.07% |
| FTSE 350 |
2,898 |
+1.17% |
| FTSE AIM 100 |
3,333 |
+1.54% |
| FTSE AIM 50 |
2,964 |
+1.03% |
| FTSE AIM All-Share |
726 |
+1.15% |
| FTSE All-Share |
2,834 |
+1.14% |
| FTSE Fledgling |
4,146 |
+0.33% |
| FTSE Small Cap |
2,861 |
-0.03% |
| FTSEurofirst 300 |
1,082 |
+0.96% |
| techMARK |
1,714 |
+0.66% |
| techMARK 100 |
1,893 |
+1.11% |
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