London afternoon: Cautious response to Pre-Budget
9th Dec 2009 14:27
London's blue chips have reacted cautiously to the chancellor's pre-Budget speech even though the big numbers were better than feared. The government's borrowing forecast for this year came in ahead of market predictions with a slight upward revison to £178bn, while Alistair Darling stuck to his fo
Read moreBroker tips: Lloyds, British Land, Micro Focus
9th Dec 2009 12:59
UBS has adjusted its price target for Lloyds Banking Group to account for its ex-rights status. The Swiss broker said forecasts are largely unchanged since its last look at the end of November, which followed confirmation of the cash call and enhanced capital note (ECN) conversion terms. It keeps
Read moreLondon midday: Shares hold steady
9th Dec 2009 12:06
With less than half an hour to go before the Chancellor's pre-Budget Report speech, leading equities are back to square one, as investors wait to see what the Chancellor has in store. Speculation is he'll announce the biggest squeeze in public spending for a generation, with only schools, hospital
Read moreBroker snap: UBS still hot on Lloyds
9th Dec 2009 12:05
UBS has adjusted its price target for Lloyds Banking Group to account for its ex-rights status. The Swiss broker said forecasts are largely unchanged since its last look at the end of November, which followed confirmation of the cash call and enhanced capital note (ECN) conversion terms. It keeps
Read moreLondon open: Better than expected
9th Dec 2009 08:52
London has opened stronger than expected despite three-figure losses in the US overnight and a trickle of bad news on Greece and Dubai. UK investors also have Chancellor Alistair Darling's pre-Budget speech to look forward to at lunchtime. Speculation is he'll announce the biggest squeeze in publi
Read moreStrong demand for Lloyds' US bond exchange
8th Dec 2009 11:27
Lloyds Banking Group says it enjoyed "strong investor demand" for its US bond exchange, part of the lender's £22.5bn fundraising. It received offers to exchange $2.7bn of existing securities for new enhanced capital notes (ECN), or CoCos (contingent convertible core Tier 1 securities), way above th
Read moreFTSE 100 movers: RBS remains a concern
8th Dec 2009 11:20
It has been a mixed day for banks. Royal Bank of Scotland tops the worst performers and Standard Chartered is also in decline but Lloyds Banking Group is one of the best performers. The prospect of the inclusion a windfall tax on bonuses in tomorrow's pre-budget report is worrying the sector, but
Read moreLondon close: Lower finish for FTSE 100
7th Dec 2009 16:59
Footsie staged a recovery after a poor start early on and edged into positive territory in the afternoon but closed slightly lower. Rumours of a windfall tax in Wednesday's pre-Budget report rattled the banks. Royal Bank of Scotland, Lloyds Banking, Barclays and HSBC fell on suggestions that the Ch
Read moreFTSE 100 movers: Banks worried by tax talk
7th Dec 2009 15:15
Blue chips have recovered a little as US markets have opened brightly. Travel groups are doing well after an upbeat note form Panmure Gordon. The broker reduced its share price target for TUI Travel to 325p (from 360p) but with c32% upside potential "we retain our buy recommendation," it added. Ba
Read moreLondon afternoon: Banks slide on tax fears
7th Dec 2009 14:39
Leading shares recouped some of their losses over the lunchtime trading session but the Footsie remains in negative territory, largely due to the weakness of banks and miners. Rumours of a windfall tax in Wednesday's pre-Budget report has rattled the banks. Royal Bank of Scotland, Lloyds Banking, B
Read moreLondon midday: Footsie rally fizzles out
7th Dec 2009 12:07
Footsie is going nowhere at present with the banks and miners sending the leading share index lower. Miners are under pressure with the improvement in the dollar. Better than expected US non-farm payroll figures last week have sparked speculation that the US could start to tighten monetary policy s
Read moreLondon afternoon: Stocks bounce into the blue after US jobs
4th Dec 2009 14:20
Share prices have surged higher as the keenly watched US monthly jobs figures showed a big drop in the number losing their jobs and an unexpected drop in the level of US unemployment. Miners are leading the rally with Rio Tinto the best performer. Other gainers include ENRC and oil explorer Cairn E
Read moreBroker tips: Lloyds Banking, Miners, Kingfisher
4th Dec 2009 12:47
Societe Generale (SocGen) reckons the faster than expected stabilisation of the net interest margin at part-nationalised lender Lloyds Banking has been overlooked, and sees further scope for margin improvement as the company reduces its reliance on government funding. 'Looking ahead, while Lloyds c
Read moreBroker snap: Lloyds confident of passing tests
4th Dec 2009 12:45
Societe Generale (SocGen) reckons the faster than expected stabilisation of the net interest margin at part-nationalised lender Lloyds Banking has been overlooked, and sees further scope for margin improvement as the company reduces its reliance on government funding. 'Looking ahead, while Lloyds c
Read moreLondon midday: Stocks treading water
4th Dec 2009 12:17
Share prices are stabilising at lower levels as investors wait on the big US jobless announcement due at 1:30pm. Banks are on the back foot after a lukewarm note on the sector from JP Morgan. The US bank is particularly down on part-nationalised bank Royal Bank of Scotland, which it advises its cli
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