Technical Analysis: Banks still finding upside difficult
2nd Jun 2009 16:33
Since the beginning of March, the turnaround in the fortunes of the banking sector has been quite remarkable. The lows of 1,877 seem a distant memory now after a rise of over 100%, but this rally needs to be set into the context of the decline before it. Since the beginning of May the banking sec
Read moreLondon afternoon: Shares stuck in the red
2nd Jun 2009 14:40
Shares remain in the red after failing to find inspiration on Wall Street, which opened sluggishly. Bank Barclays is nursing a double-digit percentage decline after news of the impending sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represen
Read moreLondon midday: Profit takers move in
2nd Jun 2009 11:55
Profit taking was the theme of the morning as investors reduced equity exposure after yesterday's sharp rise while Barclays tumbled on the revelation that Abu Dhabi's International Petroleum Investment Company (IPIC) is to bank profits on its Barclays stake. Barclays is nursing a double-digit perce
Read moreLondon open: Barclays divestment sinks Footsie
2nd Jun 2009 08:33
London has opened lower in the wake of the decision by Abu Dhabi's International Petroleum Investment Company to bank profits on its Barclays stake. Barclays is down by 13%. Khadem Al Qubaisi, managing director of IPIC, adding that the sale did not represent a lack of faith in Barclays, its managem
Read moreSunday newspaper round-up: General Motors, Vauxhall/Opel, BSkyB
31st May 2009 10:25
General Motors, once the largest company in the world, is expected to file for bankruptcy in a New York court tomorrow. Executives and politicians on both sides of the Atlantic are spending the weekend finalising details ahead of the historic capitulation that comes after months of talks and billion
Read moreLloyds offer deadline may be sooner than you think
29th May 2009 17:10
Lloyds Banking Group shareholders have less than a week to make up their minds whether to participate in the group's open offer, or in some cases less than a day. Officially, the deadline for shareholders wishing to take up the open offer is noon on 5 June, but some some online dealing services ha
Read moreWeek Ahead: Lloyds Banking, Carphone Warehouse, BoE meeting
29th May 2009 11:16
Friday is the date of the AGM for Lloyds Banking Group and it is also the deadline for the group's open offer. Shareholders will have until noon on 5 June to decide whether to participate in the bank's placing and compensatory open offer. Qualifying shareholders, i.e. those who acquired shares bef
Read moreLondon close: US sparks Footsie recovery
26th May 2009 16:29
Footsie finished higher Tuesday after a strong performance by US shares, lifted by consumer confidence figures, hauled London's leading share index out of the red. The mining sector summed up the volatility seen on the markets today. Rio Tinto climbed after it said it had agreed a 33% cut in contra
Read moreLondon afternoon: Defensive stocks back in favour
26th May 2009 14:42
Hopes that Wall Street might provide a fillip to UK shares have been dashed as US markets open in a similarly dull fashion to London. Mining stocks and financials are the worst performers while defensive sectors such as tobaccos and supermarkets have returned to favour. Mining giant Rio Tinto is lo
Read moreLondon midday: Equities drift lower
26th May 2009 12:07
It was a dull morning session for London's leading shares, with the market following Asian markets lower after the news broke concerning North Korea's nuclear bomb test. Mining stocks and financials are the worst performers. Mining giant Rio Tinto is lower after it agreed a 33% cut in contract fin
Read moreSunday newspaper round-up: Land Securities, Brixton Estates, Lloyds
24th May 2009 09:22
The chief executive of Land Securities, Francis Salway, has been given six months to come up with a radical business plan for the FTSE 100 property giant - or face being sacked. Alison Carnwath, the new chairwoman, has laid down the gauntlet after a set of shocking results this month, which saw th
Read moreLondon close: Downgrade threat sinks Footsie
21st May 2009 16:35
Footsie closed with triple-digit fall as investors got spooked by fears that the UK may lose its triple-A credit rating. Credit-rating agency Standard & Poor's said: 'We have revised the outlook on the UK to negative due to our view that, even assuming additional fiscal tightening, the net general
Read moreLondon afternoon: Decline picks up pace
21st May 2009 14:36
The Footsie is nursing a triple-digit fall as investors bail out of equities, spooked by fears that the UK may lose its triple-A credit rating. Credit-rating agency Standard & Poor's said: 'We have revised the outlook on the UK to negative due to our view that, even assuming additional fiscal tigh
Read moreMore job losses at Lloyds
21st May 2009 13:37
Staff at Lloyds Banking Group were dealt another blow today as the part-nationalised lender announced a further 211 full-time jobs will go by January 2010. Lloyds, 43% owned by the taxpayer, continues to streamline the business following last year's takeover of rival HBOS. The latest cuts come abo
Read moreThursday newspaper round-up: Lloyds Banking, RBS, Clinton Cards
21st May 2009 06:12
The British taxpayer would make a £17.6bn loss if the Government sold out of Lloyds Banking Group and Royal Bank of Scotland at today's prices. The figures, compiled by analysts at Exane BNP Paribas, make even a partial sale of the Government's stake in either bank before a general election next sp
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