Technical Analysis: Banking sector testing resistance
24th Jul 2009 11:19
June 2007 seems a long time ago now, and it certainly has been a long time for the banking sector, because this was the last time that the value of the sector was above its 200 day moving average. It's certainly been a long hard slog but there does seem to be some light at the end of the tunnel, h
Read moreLondon close: Eighth day of gains
22nd Jul 2009 16:27
Footsie finished with gains for the eighth day in a row to sit just shy of 4,500 points after flitting between the red and the blue for much of the day. Mining stocks weighed down the market. BHP Billiton set the tone for the sector with its annual production report this morning. Quarterly (Apr-Jun
Read moreLondon afternoon: Treading water
22nd Jul 2009 14:18
The Footsie briefly moved into positive territory over the lunch time session before easing gently back into the red. Pharmaceuticals giant GlaxoSmithKline is marginally higher after a second quarter update in which it posted a fall in revenue in the second quarter as generic competition in the US
Read moreLondon midday: Shares pause for breath
22nd Jul 2009 12:07
Leading shares are mixed, with losses on miners and banks offset by gains on defensive favourites such as tobaccos and utilities. Mining giant BHP Billiton set the tone for the sector with its annual production report this morning. Quarterly (Apr-Jun) production increased for 12 major commodities
Read moreFTSE 100 movers: BHP hit by downgrades
22nd Jul 2009 10:48
Mining giant BHP Billiton's annual production report proved disappointing, especially the figures for iron ore says broker Investec. The South African broker has cut its recommendation on the stock from "buy" to "hold" after the output update. "While iron ore production (40% of 2009's estimated e
Read moreUK banks may need billions in extra capital
22nd Jul 2009 08:14
Tighter regulatory control over their investment bank arms could mean Royal Bank of Scotland and Barclays having to raise billions more in extra capital, banking analysts suggested yesterday, while Lloyds faces a mountain of bad debts. US broker JP Morgan calculates Barclays will need to find anot
Read moreWednesday newspaper round-up: UK debt, Barclays, Royal Bank of Scotland
22nd Jul 2009 06:19
The cash eaten up by interest payments on Government debt will more than double in the next four years as investors take fright at Britain's ballooning budget deficit, the country's leading independent forecaster has warned. Within four years, almost 9p in every pound of tax paid by British individ
Read moreSunday newspaper round-up: Lloyds Banking, Barclays, Thames Water
19th Jul 2009 09:38
Lloyds Banking could shock the market with its first-half results by announcing that accounting trickery has helped it scrape into the black. Despite enormous bad-debt provisions - estimated at £13bn - the bank is likely to post a modest headline profit for the first six months of the year. Some o
Read moreBarclays threatened with strike over pensions
17th Jul 2009 11:57
Barclays' staff are so angry at the bank's decision to close its final salary pension scheme they're preparing to vote on possible strike action. The Unite union will hold a ballot in August, with any strike action likely to take place the following month. Ninety-two percent of employees told the
Read moreBarclays names Broadbent Dep Chairman
16th Jul 2009 08:16
Shares in Barclays were up 0.7% after it confirmed the appointment of Sir Richard Broadbent as deputy chairman with immediate effect. Broadbent, who has been a non-executive director since 2003 and Senior Independent Director since 2004, succeeds Sir Nigel Rudd, who retired as deputy chairman in A
Read moreCommission consults on PPI reform despite Barclays appeal
8th Jul 2009 07:31
The Competition Commission has published a consultation document on its planned measures to crack down on Personal Protection Insurance (PPI) selling despite an appeal from Barclays still waiting to be heard. The Commission announced its draft proposals in January. Barclays appeal against them wil
Read moreTuesday newspaper round-up: Key plank of bank reform may be delayed
7th Jul 2009 06:16
The centrepiece of the Government's plan to overhaul financial regulation has been delayed, perhaps until after the election, it has emerged, the Telegraph writes. The long-awaited White Paper on financial regulation, due to be published on Wednesday, will offer no firm proposals on how authorities
Read moreMonday newspaper round-up: Royal Mail, Marks & Spencer, BAA
6th Jul 2009 06:18
The chairman of Royal Mail's pension trustees is considering plans to close its retirement scheme to existing members after legislation to part-privatise the postal service was shelved last week. It is understood that Jane Newell is mulling over whether the best option for postal workers is to clos
Read moreLondon close: Stocks tread water
3rd Jul 2009 17:12
A late swoon saw Footsie relinquish virtually all of its gains, with losses on resource stocks counter-balancing gains made by banks. Barclays, Royal Bank of Scotland, HSBC and Lloyds Banking were the pick of the banking sector, despite chancellor Alistair Darling firing a warning about the re-eme
Read moreLondon afternoon: Banks lead the fight back
3rd Jul 2009 14:30
Share prices are creeping higher after yesterday's heavy falls, with banking stocks leading the fight back. Barclays, HSBA and Lloyds Banking lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted. An exception to the general strength of insurers is Friends
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