London midday: Footsie tops 5,900
20th Dec 2010 12:00
Things turned around dramatically in the hour before lunch as the session came alive after a rather dull start, nudging a 2½-year high by midday. Defensive issues are still going well. National Grid, Scottish & Southern Energy and British Gas owner Centrica are expected to benefit from the cold sn
Read moreOsborne has to wait for bank bonus face-off
20th Dec 2010 08:53
The chancellor and business secretary's showdown with the banks has been postponed because of the weather. George Osborne, stranded in New York, and Vince Cable, had been due to threaten Britain's five largest banks with further taxation and regulation unless they water down this year's bonus round
Read moreMonday newspaper round-up: Bank bonuses, snow, BSkyB
20th Dec 2010 06:30
George Osborne and Vince Cable will today pile pressure on senior bankers by threatening tax rises and further regulations if they go ahead with another bumper round of bonuses. The Chancellor and the Business Secretary are meeting the chief executives of the five largest banks ? the Royal Bank of S
Read moreSunday newspaper round-up: Big freeze, Anglo American, 888...
19th Dec 2010 10:51
The big freeze shattered some retailers' hopes of a 'Super Saturday' as treacherous conditions kept shoppers away in some parts of the country. The Trafford Centre in Manchester reported high numbers of customers but Bluewater in Kent said numbers were down compared with last year. Brent Cross sho
Read moreLondon close: Banks hold back Footsie
17th Dec 2010 17:03
Shares failed to haul themselves into the blue on a busy day's trading, as worries over the Irish economy spooked banking stocks. Ratings agency Moody's has slashed its credit rating on Ireland by five notches to Baa1 from Aa2 citing concerns over banking liabilities and economic prospects. Lloyd
Read moreLloyds warns on Irish exposure
17th Dec 2010 15:06
Continuing difficulties in the Irish economy will result in further loan impairments at Lloyds by the year end, the part-nationalised UK lender has admitted. It said that it anticipates that compared to the mid-year point, about another 10% of its £26.7bn Irish portfolio will become impaired by the
Read moreLondon afternoon: Downbeat banks hold back Footsie
17th Dec 2010 15:05
Shares remain uncertain as the weekend approaches, with banks holding the leading share index back amid continuing eurozone worries. Ratings agency Moody's has slashed its credit rating on Ireland by five notches to Baa1 from Aa2 citing concerns over banking liabilities and economic prospects. Me
Read moreSector Movers: Astra drags down pharma sector
17th Dec 2010 14:57
The pharmaceuticals and biotechnology sector is the weakest sector Friday afternoon with AstraZeneca among the biggest fallers. AstraZeneca has tumbled after it suffered another delay in getting US approval for its potential blockbuster blood-thinning drug Brilinta after the US Food and Drug Admini
Read moreFTSE 100 movers: AstraZeneca disappointment
17th Dec 2010 12:58
AstraZeneca is the worst performer in the Footsie because the FDA has asked for more information about blood-thinning drug Brilinta. This represents a further delay is getting US approval for Brilinta. Gloomy comments by the Bank of England about potential bad debt provisions hit Royal Bank of Sco
Read moreLondon midday: Stocks retreat
17th Dec 2010 12:49
The leading index broke above 5,900 for a short time, but now finds itself stuck in the red as AstraZeneca and the banks offset gains in the property sector. The Bank of England has warned of more bad debt provisions for the banks and also expressed serious concerns for the bond markets if yields c
Read moreLondon open: Flat start for blue chips
17th Dec 2010 08:43
London has started slowly despite the late gains on Wall Street overnight with some gloomy comments from the Bank of England unsettling the mood. The Bank warned of more bad debt provisions for the banks and also expressed serious concerns for the bond markets if yields continued to rise. Lloyds an
Read moreBanks must retain more profits BoE warns
17th Dec 2010 08:27
UK banks should prepare for more financial turbulence ahead, especially in the eurozone, by retaining more profits, the Bank of England's latest financial stability report suggests. The Bank warns that the strong links between the UK and Europe would mean a knock on effect on British banks throug
Read moreBroker tips: UK banks, Serco, Misys
16th Dec 2010 14:29
Nomura highlights the attractive valuations of EU banks, but says the sector is volatile and its preference if for northern European commercial banks over those in the south. According to Peace, southern European banks are under a greater earnings risk than the northern sector due mostly to the imp
Read moreBroker snap: North European banks get nod over the south
16th Dec 2010 12:08
Nomura highlights the attractive valuations of EU banks, but says the sector is volatile and its preference if for northern European commercial banks over those in the south. Analyst Jon Peace says the sector valuation is low after recent macro-related underperformance, and ongoing uncertainty surr
Read moreTaxpayers to wash face on RBS and Lloyds
15th Dec 2010 12:03
The National Audit Office says that the UK government is unlikely to make a loss on bailing out the UK banks but it is paying £5bn a year in interest on cash used in the bail out. The final outcome depends on the cash raised from the eventual sales of the stakes in Royal Bank of Scotland and Lloy
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