Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a245637

Thursday Lunchtime Market: banks bounce

by Andrew Zilouf on Jan 30, 2003 at 13:33

The late recovery in Wall Street last night continues to boost investors morale and supports a strong showing from financials.

Shaking off fears of the huge pension scheme deficits faced by several blue chip employers, the FTSE 100 had climbed 66 points to 3,550 approaching 1.30pm, while the techMARK lifted 11 points to 620.

Economic news was benign with UK December net new consumer credit rising to £1.92 billion in December and UK December M4 money supply up 0.9% on a seasonally adjusted basis to give a 7% rise on a year-on-year basis.

The US economy will probably generate more excitement this afternoon with fourth quarter GDP and weekly jobless claims data expected. The Dow Jones closed 22 points up at 8,110 last night but indications from the futures market suggest it lose these gains in early trading.

The supermarket bidding war came back into focus with news of solid trading at William Morrison and reports that an intermediary has offered substantial stakes in Safeway held by US fund managers to three of the food retailer's potential bidders.

William Morrison (MRW) climbed 6p to 165p as it reported like-for-like growth at an appetising 6.3% for the four weeks to 26 January.

Sainsbury (SBRY) lifted 10.25p to 237.25p and Safeway (SFW) perked up 1.5p to 306.5p.

Gathering opinion that solvency concerns are overdone following a reassuring statement from troubled life assurance group Britannic continue to support insurers.

A JP Morgan downgrade for the UK life assurance sector was shrugged off by Aviva (AV.), up 21.5p to 394.5p, Prudential (PRU), up 18.75p to 375.5p, Friends Provident (FP.), up 4.5p to 90.5p, and Britannic (BRT) rebounded 6p to 107p.

Solid results from Northern Rock (NRK), up 22.5p to 600.5p, yesterday and some favourable reaction from brokers have made a stronger impression on banks today with Barclays (BARC), up 15.75p to 344.5p, the main beneficiary.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Morrison (Wm) Supermarkets PLC (MRW)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Sainsbury (J) PLC (SBRY)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Safeway PLC (SFW)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Aviva PLC (AV.)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Prudential PLC (PRU)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Friends Provident PLC (FP.)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Brightside Group PLC (BRT)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Northern Rock PLC (NRK)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Barclays PLC (BARC)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • AstraZeneca PLC (AZN)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • GlaxoSmithKline PLC (GSK)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Rio Tinto PLC (RIO)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Xstrata PLC (XTA)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Hays PLC (HAS)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • (EXL)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • BAE SYSTEMS PLC (BA.)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • British American Tobacco PLC (BATS)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Rank Group (The) PLC (RNK)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • MTL Instruments Group PLC (MTI)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet