London midday: Aggreko leads markets higher, data comes in mixed

16th Dec 2013 11:33

- Aggreko leads risers in London after decent update- Chinese manufacturing eases in December- Eurozone business activity picks up speedtechMARK 2,667.87 +0.16%FTSE 100 6,470.25 +0.47%FTSE 250 15,279.52 +0.30%After a slow start, stocks in the UK were making moderate gains by Monday lunchtime as the FTSE 100 bounced off a two-month low with Aggreko in the lead after a reassuring trading update.The FTSE 100 was trading at around 6,470 by midday, 0.5% higher than its close of 6,439.96 on Friday. This was its worst finish since October 10th after a poor showing for global indices last week.The Footsie in particular lost 1.7% last week, while the Dow Jones and S&P 500 on Wall Street had their worst weekly performance since August, as risk appetite declined ahead of a possible reduction of stimulus by the Federal Reserve this week. A budget deal in the US, although ending years of fiscal uncertainty and spending battles in Washington, added to bets that the central bank will begin to taper its asset purchase programme when its policy meeting concludes on Wednesday.Markets got off to a slow start this morning after the release of a HSBC/Markit report that showed Chinese manufacturing activity eased in December. A flash reading of purchasing managers' index (PMI) fell to 50.5 from 50.8 in November, missing the 50.9 estimate. A reading above 50 signals expansion.However, buying picked up slightly by mid-morning after data showed that manufacturing growth drove Eurozone business activity to its second-highest level since mid-2011 this month, according to Markit. The composite PMI, which tracks both the manufacturing and services sectors, rose to 52.1 from 51.7 in November, ahead of the 51.9 forecast.Aggreko jumps, RSA extends lossesTemporary power and temperature control group Aggreko said it now expects full-year results to be slightly higher than previous expectations, causing shares to jump this morning. Recently the stock has slumped on concerns it would issue a profit warning as it struggles with the weaker dollar, mixed trading at its two main divisions and a dearth of recent contract, impacting trading in 2014.Analysts at Investec said investors "should be able to sleep slightly easier tonight" after a "welcome" trading update.RSA Insurance fell, extending losses after a heavy sell-off on Friday after a profit warning and the surprise exit of its Chief Executive Simon Lee. According to the Financial Times, Chairman Martin Scicluna is to hold "urgent talks" this week with rating agencies in an attempt to avert a credit rating downgrade.Mining stocks, which had fallen sharply early on after the China data, largely erased losses by midday. Precious metals group Randgold Resources, however, was still firmly in the red as gold and silver prices edged lower. Digital sports media firm Perform Group was a high riser as it continues to recover following a sell-off last week following a profit warning.Healthcare outsourcing group Synergy Health impressed investors after winning a total of six new contracts in the Americas, adding £230m to its order book.RPC Group rose after acquiring personal care, healthcare and food packaging business Maynard & Harris (M&H) for £103.5m.Media and events company UBM declined despite saying said it expects full-year trading to be in line with expectations after fourth-quarter trading came in as anticipated.FTSE 100 - RisersAggreko (AGK) 1,605.00p +5.87%Mondi (MNDI) 936.50p +3.14%CRH (CRH) 1,463.00p +3.10%Vedanta Resources (VED) 796.50p +2.77%Royal Bank of Scotland Group (RBS) 322.30p +2.03%TUI Travel (TT.) 391.10p +1.93%Coca-Cola HBC AG (CDI) (CCH) 1,640.00p +1.86%Rolls-Royce Holdings (RR.) 1,224.00p +1.75%Resolution Ltd. (RSL) 327.10p +1.62%Kingfisher (KGF) 369.10p +1.43%FTSE 100 - FallersRSA Insurance Group (RSA) 88.50p -4.32%Aberdeen Asset Management (ADN) 447.00p -2.00%Persimmon (PSN) 1,117.00p -1.67%Randgold Resources Ltd. (RRS) 3,925.00p -0.98%Tate & Lyle (TATE) 765.50p -0.91%ITV (ITV) 181.00p -0.88%Hargreaves Lansdown (HL.) 1,277.00p -0.62%Experian (EXPN) 1,067.00p -0.56%British Sky Broadcasting Group (BSY) 799.50p -0.56%Standard Chartered (STAN) 1,292.00p -0.46%FTSE 250 - RisersSynergy Health (SYR) 1,100.00p +6.49%Perform Group (PER) 226.00p +5.12%AL Noor Hospitals Group (ANH) 962.50p +4.51%Imagination Technologies Group (IMG) 176.70p +3.88%RPC Group (RPC) 547.50p +3.30%Bank of Georgia Holdings (BGEO) 2,300.00p +3.09%Cable & Wireless Communications (CWC) 48.67p +3.05%Carillion (CLLN) 311.50p +3.04%Kier Group (KIE) 1,822.00p +2.65%Smith (DS) (SMDS) 324.60p +2.40%FTSE 250 - FallersUBM (UBM) 650.00p -3.70%Crest Nicholson Holdings (CRST) 352.70p -2.49%Close Brothers Group (CBG) 1,323.00p -2.36%Renishaw (RSW) 1,811.00p -1.95%Wood Group (John) (WG.) 709.00p -1.87%Spirent Communications (SPT) 98.20p -1.75%Partnership Assurance Group (PA.) 269.70p -1.68%Redrow (RDW) 276.60p -1.57%NMC Health (NMC) 435.30p -1.52%FirstGroup (FGP) 116.30p -1.44%BC