London midday: Stocks fall back after flat start
2nd Aug 2011 12:16
Stocks are in negative territory now as investors digest a raft of company statements against a backdrop of ongoing worries about the debt situation in the US and in Europe. Investors are also digesting news that the US House of Representatives has voted through a bill to raise the debt ceiling in
Read moreUPDATE 2: Barclays cost to income ratio comes in at top end of expectations
2nd Aug 2011 11:46
Barclays is to cut 3,000 jobs this year, blaming a "lacklustre" economic environment for hitting many of the bank's major markets. The bank has already cut 1,400 positions this year, according to chief executive Bob Diamond. The news follows an announcement by HSBC, yersterday, that it will cut
Read moreLondon open: Barclays boosts FTSE 100 but miners suffer
2nd Aug 2011 08:28
The top share index has edged higher amid a mixed reception for today's stream of company results. Investors are also digesting news that the US House of Representatives has voted through a bill to raise the debt ceiling in the first stage of a two-step process designed to avoid the country default
Read moreLondon pre-open: Footsie spinning its wheels
2nd Aug 2011 07:36
Stocks are set for an indecisive start, with bears pointing to weaker than expected US manufacturing data and bulls focussing on the successful passage through the US House of Representatives of the budget deficit reduction bill last night. City traders expect the FTSE 100 will open a couple of poi
Read moreUPDATE: Barclays cuts jobs as profits fall
2nd Aug 2011 07:08
Barclays is to cut 3,000 jobs this year, blaming a "lacklustre" economic environment for hitting many of the bank's major markets. The bank has already cut 1,400 positions this year, according to chief executive Bob Diamond. The news follows an announcement by HSBC, yersterday, that it will cut
Read moreTuesday preview: Barclays, Weir, Moneysupermarket.com
1st Aug 2011 16:34
Having had time to digest the results from HSBC, next up on the banking results menu is Barclays. It has been just over three months since the bank updated the market, and last we heard, trading in April had seen a continuation of the trends seen in the first quarter. Broker Charles Stanley forecas
Read moreLondon close: Late recovery not enough, Footsie ends 1% lower
29th Jul 2011 16:33
While the blue chip index still closed with moderate losses, a late partial recovery assured that the Footsie finished firmly above the 5,800 level - after dipping below at in the early afternoon - on reports that US politicians had drawn up a "rough agreement" in regards to the debt ceiling and def
Read moreSector movers: Lloyds drags banks lower after downgrade
29th Jul 2011 16:26
The banking sector was out of favour on Friday, dragged lower by FTSE 100 giant Lloyds. RBS downgraded Lloyds from buy to hold, saying that there appears to be a lack of catalysts for the shares in the near-term. "Given what looks to us like an overambitious top-line strategy, a tough economic back
Read moreFTSE 100 Movers: RBS kettle calls Lloyds pot "black"
29th Jul 2011 12:38
Vodafone's share price was heading north after the company announced it will receive a dividend worth £2.8bn from US associate company Verizon Wireless. Lloyds Banking Group saw its share price take a nose dive after RBS downgraded the UK lending giant from "buy" to "hold", saying that there appea
Read moreLondon midday: Stocks stuck lower amid US worries
29th Jul 2011 12:03
Shares are deep in the red as the ongoing political wrangling over how to deal with the US deficit overshadows a raft of trading updates, several of which get the thumbs up. Banking trio Lloyds, RBS and Barclays are in negative territory. RBS has laid into its peer Lloyds, downgrading the UK lend
Read moreBroker tips: Rolls-Royce, Wolseley, Banks
28th Jul 2011 12:51
"Trading is now improving" at Rolls-Royce, according to RBS, which keeps its positive stance on the aerospace, power systems and defense group with a buy recommendation. "Our impression of the 1H11 result and the outlook comments is that Rolls-Royce is essentially on course," said analyst Sandy Mor
Read moreBroker snap: Credit Suisse cuts its targets for three UK banks
28th Jul 2011 09:38
At a moment when, "the market is preoccupied with concerns over sovereign debt, and ring fencing in the UK," analysts at Credit Suisse have today decided to mark down their price targets on three banks for the following reasons: Barclays: Analysts have lowered their 2011 and 2012 EPS estimates for
Read moreFTSE 100 Movers: Banks friendless as Eurozone concerns grow
27th Jul 2011 09:21
The oil and gas giant BG has seen its share price rise 0.81% after yesterday announcing its underlying second-quarter net income came in a shade ahead of expectations at $1.15bn, up from a restated $918m the year before. After a sudden 3% rise on Friday 22, Aviva's share price has today dropped ba
Read moreLondon close: US debt uncertainty persists, Footsie finishes under
25th Jul 2011 16:42
The Footsie trimmed earlier gains as markets in the US recovered after a weak start. Despite falling as low as 5,893 on Monday, London's blue chip index finished firmly above the 5,900 mark, as giants BP, ARM, BG and GlaxoSmithKline rose ahead of their interim results due tomorrow. While stocks on
Read moreSector movers: Melrose, Charter boost engineering sector
25th Jul 2011 16:18
Sector peers Melrose and Charter International were rising on Monday, helping the industrial engineering sector higher. Engineering conglomerate Melrose said today that it is thinking over whether or not to up its bid for Charter after the target dismissed its first two offers. "Melrose is willi
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