London open: Markets lack direction early on

11th Feb 2013 08:37

The FTSE 100 opened flat on Monday morning with volumes thin as Asian markets close for the Lunar New Year holidays.Market strategist Ishaq Siddiqi from ETX Capital said that there was "a lack of direction from Asia overnight" with Japan's Nikkei and Hong Kong's Hang-Seng indices both closed."At the same time, no meaningful economic data due in Monday leaves the market without a clear catalyst to energise direction."Eurozone finance ministers are to meet today to discuss the current crisis at the monthly meeting of the Eurogroup. This will be followed by the Ecofin gathering tomorrow that includes the rest of the European Union (EU) finance ministers. One of the main topics on the agenda will be the Cyprus bailout, but no final decision will be made as policymakers have already indicated that they prefer to wait until after the February 17th presidential elections. Cyprus is estimated to need approximately €17.5bn to wade through its current financial sector crisis and EU officials have expressed that a final agreement probably won't come through until some time in March.FTSE 100: Barclays rises ahead of resultsBanking group Barclays was making gains ahead of its full-year results and conclusion of its strategic review out tomorrow. Media reports suggest that the lender plans to reduce costs by at least £2.0bn and cut 2,000 jobs in investment banking.Supermarket giant Tesco was on shopping lists early on after Exane BNP Paribas upgraded the stock to 'neutral' and lifted its target price from 320p to 375p. Oilfield services group Petrofac also rose after Oriel Securities raised its rating to 'hold'.Power systems company Rolls-Royce was in demand after saying that it has been awarded a contract worth nearly £100m from the US Air Force.Mining firm Rio Tinto was in the red despite the Australian Competition Tribunal ruling that its Hamersley and Robe rail network should not be opened up to other users.Real estate firm British Land edged higher after expanding its London portfolio with the purchase of a number of properties from Dutch group Weraldhave for £183.8m, including the Ealing Broadway Shopping Centre.FTSE 250: Fidessa up despite flat resultsTrading systems developer Fidessa gained despite reporting that profits and revenues were hardly changed during 2012 due to tough market conditions. Third-quarter power generation at Essar Energy almost doubled, causing shares to rise this morning. Power generation rose 93% to 2,862m units compared to 1,481m units in the same quarter a year earlier. Utilities services prover Telecom Plus edged higher after saying that it plans to increase its total dividend by 15% to 31p per share in the current financial year.FTSE 100 - RisersEvraz (EVR) 293.00p +1.56%Barclays (BARC) 302.70p +1.37%Eurasian Natural Resources Corp. (ENRC) 382.40p +1.24%Tesco (TSCO) 365.85p +0.90%British Sky Broadcasting Group (BSY) 839.50p +0.78%Polymetal International (POLY) 1,058.00p +0.76%Antofagasta (ANTO) 1,139.00p +0.62%Kazakhmys (KAZ) 750.00p +0.60%Resolution Ltd. (RSL) 256.90p +0.59%Morrison (Wm) Supermarkets (MRW) 251.50p +0.56%FTSE 100 - FallersARM Holdings (ARM) 894.00p -2.72%Aggreko (AGK) 1,563.00p -1.57%International Consolidated Airlines Group SA (CDI) (IAG) 216.30p -1.01%Tullow Oil (TLW) 1,166.00p -0.85%Wood Group (John) (WG.) 811.50p -0.79%IMI (IMI) 1,188.00p -0.75%Hammerson (HMSO) 475.00p -0.71%WPP (WPP) 1,012.00p -0.69%Sage Group (SGE) 328.50p -0.64%Vedanta Resources (VED) 1,264.00p -0.63%FTSE 250 - RisersFidessa Group (FDSA) 1,605.00p +5.11%Petra Diamonds Ltd.(DI) (PDL) 116.00p +2.93%Hansteen Holdings (HSTN) 85.55p +2.89%Essar Energy (ESSR) 144.10p +2.20%Daejan Holdings (DJAN) 3,270.00p +2.19%Perform Group (PER) 397.52p +1.93%Aegis Group (AGS) 238.00p +1.58%BH Macro Ltd. EUR Shares (BHME) € 19.80 +1.54%ICAP (IAP) 359.40p +1.30%Alent (ALNT) 342.00p +1.18%FTSE 250 - FallersMenzies(John) (MNZS) 735.00p -2.65%Centamin (DI) (CEY) 59.80p -2.29%Bumi (BUMI) 370.00p -2.12%Playtech Ltd. (PTEC) 521.50p -1.97%IP Group (IPO) 128.00p -1.92%Brown (N.) Group (BWNG) 378.70p -1.71%Telecity Group (TCY) 851.00p -1.50%Redrow (RDW) 181.36p -1.43%Filtrona PLC (FLTR) 565.00p -1.40%Bwin.party Digital Entertainment (BPTY) 134.00p -1.33%BC