FTSE 100 movers: Lloyds given boost by Goldman

29th Jun 2009 11:05

US bank Goldman Sachs gave Lloyds Bank a boost by adding it to its conviction buy list.The US bank claims Lloyds shares represent the cheapest option among the major large-cap European banks and upgraded Lloyds from "neutral" to "buy". GS expects Lloyds to be a "key beneficiary" of the concentration of market share in the UK banking market, as it uses its 30% market share to boost efficiency and exercise pricing power. Car insurer Admiral has moved back towards the bottom of the trading range it has occupied since August of last year, prompting Credit Suisse to recommend dipping back into the shares. The Swiss bank believes Admiral's shares may be supported at around its current level by its dividend; the shares are currently yielding around 5.92%.Aero-engine developer Rolls-Royce has bought a 33% holding in ODIM, a provider of specialist marine handling systems to the offshore oil and gas industry. Rolls-Royce is paying NOK 700 (£66m) cash to Aker Solutions for 15.5m ordinary shares in ODIM, equivalent to NOK 45 per share. FTSE 100 - RisersLloyds Banking Group (LLOY) 71.42p +7.41%Prudential (PRU) 418.75p +4.88%BG Group (BG.) 1,039.00p +4.32%Rolls-Royce Group (RR.) 368.00p +4.25%Schroders (SDR) 846.00p +3.61%Aviva (AV.) 342.00p +3.56%Admiral Group (ADM) 886.50p +3.56%Legal & General Group (LGEN) 57.94p +3.45%FTSE 100 - Fallers3i Group (III) 236.50p -2.47%Thomas Cook Group (TCG) 200.00p -1.84%GlaxoSmithKline (GSK) 1,064.00p -1.39%Anglo American (AAL) 1,783.00p -1.16%Associated British Foods (ABF) 762.50p -0.85%Shire Plc (SHP) 830.00p -0.72%Cadbury (CBRY) 524.00p -0.66%Pearson (PSON) 605.50p -0.57%