London close: Stocks gain as US economic data impresses
28th Feb 2013 16:23
An upwards revision to US economic growth estimates prompted an afternoon rally in London, with markets extending gains after some dovish comments from central bankers in the US and Europe. Concerns about a recession in the States proved premature, as the initial estimate of a 0.1% contraction in U
Read moreFTSE 100 movers: Kazakhmys in red on plans to slash divi
28th Feb 2013 15:21
Copper giant Kazakhmys was the worst performer of the day after saying that it would be slashing its dividend for 2012 to reflect falling profits. The company also said that its CFO would step down in May, when its Chairman is also due to retire. UK lender RBS slumped in morning trade despite core
Read moreLondon midday: RBS, miners limit gains on the Footsie
28th Feb 2013 11:45
Markets were lifted higher on Thursday morning by upbeat comments about central bank stimulus, though heavy losses from RBS and a number of miners were limiting gains for the FTSE 100. Speaking to Senate's Banking Committee on Capitol Hill over the last two days, US Federal Reserve Chairman Ben Ber
Read moreBroker tips: RBS, IAG, Howden
28th Feb 2013 10:59
Nomura has reiterated its 'reduce' recommendation and 300p target price for UK lender Royal Bank of Scotland (RBS), citing a decline of earnings power. Shares are trading at 9.2 times current Core EPS, improving to 8.2 times by 2014. "Given that we still see non-core headwinds for the group in 2014
Read moreBroker snap: RBS is losing earnings power, says Nomura
28th Feb 2013 10:56
Nomura has reiterated its 'reduce' recommendation and 300p target price for UK lender Royal Bank of Scotland (RBS), citing a decline of earnings power. Profit before tax (PBT) before exceptions came in at £3.462bn in 2012, a touch below the consensus estimate of £3.5bn, causing shares to fall sharp
Read moreDirect Line beats profits forecasts with maiden results
28th Feb 2013 09:27
Direct Line Group, the insurance company which floated in London back in October, managed to beat consensus expectations with its maiden set of full-year results, causing shares to edge higher on Thursday. The insurer, spun out of UK lender Royal Bank of Scotland (RBS) last year, proposed a final d
Read moreLondon open: Stocks gain as central bankers back stimulus
28th Feb 2013 08:28
Stocks were making solid gains on Thursday morning after the heads of central banks in the US and Europe defended their current easing policies. Speaking to Senate's Banking Committee on Capitol Hill over the last two days, US Federal Reserve Chairman Ben Bernanke defended the Fed's asset purchase
Read moreLondon pre-open: FTSE to track US markets higher
28th Feb 2013 07:27
City sources predict the FTSE 100 will open up 37 points from yesterday's close of 6,326, tracking gains seen in Asia and the US overnight. US markets traded higher on Wednesday after bullish economic data indicated that the nation's housing sector is gaining momentum. January pending home sales c
Read moreRBS blames legacy issues for loss - UPDATE
28th Feb 2013 07:07
Royal Bank of Scotland boss Stephen Hester said Thursday there was 'important work still to do' after the company posted an annual pre-tax loss amid a LIBOR scandal. The bank lost £5.2bn,compared to a deficit of £1.19bn in 2011, blaming "legacy issues". RBS was hit by fresh provision of £450m to c
Read moreLondon close: Stocks rebound after upbeat US housing data
27th Feb 2013 17:08
Continuing upbeat data from the US housing sector boosted the FTSE 100 in afternoon trade on Wednesday, as stocks tracked Wall Street indices higher. Stocks sank yesterday (FTSE 100 down 1.3%, Cac 40 down 2.7% and FTSE MIB down 4.9%) in the wake of the Italian elections which revealed growing suppo
Read moreThursday preview: RBS releases annual results amid restructuring
27th Feb 2013 16:00
The Royal Bank of Scotland (RBS) is expected to make waves Thursday as it releases its full-year results amid a LIBOR scandal and plans to cut back on its branches. Nomura reiterated its 'reduce' rating and 300p target price for the UK lender ahead of the interim statement. The broker expects cor
Read moreSector movers: UK banks gain despite FSA plan to increase competition
27th Feb 2013 15:46
Banking stocks in London were performing well on Wednesday afternoon, rebounding slightly after a political impasse in Italy hammered markets (especially cyclical stocks) the day before. RBS, Lloyds, Barclays and HSBC were in positive territory despite the news that the Financial Services Authority
Read moreBroker snap: Investec upgrades HSBC as disposals continue
27th Feb 2013 10:05
Investec has upgraded its recommendation for global banking giant HSBC from 'hold' to 'add' after the stock's recent underperformance. "After RBS (rated 'sell'), HSBC has been the worst performing UK bank year-to-date," according to Investec analyst Ian Gordon. Including Wednesday's 1.26% gain (to
Read moreLondon close: Stocks tank on political instability in Italy
26th Feb 2013 16:38
Upbeat economic data from the States wasn't enough to give markets a boost on Tuesday as a political impasse in Italy dampened the demand for cyclical stocks, such as banks. The centre-left party led by Pier Luigi Bersani appears to have won the lower house by a narrow margin though the there was a
Read moreSector movers: GKN lifts autos; RBS leads banks lower
26th Feb 2013 16:16
Engineering giant GKN gave the automobile sector a lift on Tuesday afternoon following its well-received full-year results, while banks were leading the downside as cyclical stocks were hammered in the wake of the Italian elections. GKN, which makes technologies and products for vehicles and aircra
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