13.09.07
Uncertain Footsie on busy day for second line reports
13.09.07
Uncertain week with value buying and oil sector gains
12.09.07
Mixed opening on Footsie after the huge rise seen yesterday
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Yesterday’s jitters on world markets resulting from the problems at BNP Paribas led to another heavy markdown in London, with the FTSE 100 index down over 100 points. The financial sector was hit hard with Man Group and Standard Chartered amongst a raft of big fallers on rumours that Man would delay the public offering of one of its hedge funds, while Standard is thought to be interested in South African bank Nedbank.
After three good days, shares in London hit the buffers this morning with the FTSE 100 index down 50 points mid-morning. Most of the earlier analysis featured another string of important corporate results.
3rd August – FTSE runs into a bout of selling despite more good corporate news London shares ran into a bout of selling after rallying well yesterday, with the FTSE 100 index down 28 points mid-morning as the oil majors drifted back on falls in crude prices. Again though there was big volume in some of this morning’s reporting stocks, with Royal Bank of Scotland initially up on figures that were above expectations, but then drifting back with the market. Operating profit was up 11% to £5.1bn for the six month to 30 June, while pre-tax profit rose 20% to £3.7bn on income up 8% to £14.7bn.
Yesterday’s good showing by the financials continued into today’s session in London as the market enjoyed another good opening. By mid-morning, the FTSE 100 index was up 22 points, led by Standard Life, whose results yesterday impressed the market. Second on the list was Royal Sun Alliance after it announced a better than expected H1 operating profit of £403m, despite the impact of the floods in June and July of £120m. At the bottom end of the index, the mining sector saw a little profit taking with Kazakhmys and Xstrata down on further consideration of the latter’s figures yesterday.
