Spread Betting 25 Feb 2010
|
|
|
For today's update see Spread Betting.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 25 February 2010
It has been a rather mixed morning for the FTSE, with concerns of a Greek debt rating downgrade weighing on the heavyweight mining sector and better than expected results from Royal Bank of Scotland spurring a rally across banking shares.
Banks seemed to shrug off talk of a potential Greek debt rating downgrade today and rallied on the back of encouraging report from Royal Bank of Scotland (RBS).
The bank, which is predominantly owned by the government, today reported a narrower than expected pro forma net loss of £3.6 billion for 2009, confounding analysts who predicted a loss of £6 billion.
RBS unveiled an improvement in non-performing loans and margins. Its investment banking division also outperformed, as Barclays did, producing an operating profit of £5.7 billion in 2009 compared with an operating loss of £1.8 billion the year before.
Shares in RBS rallied 7.3% to 38.77p this morning while Lloyds Banking Group, which is scheduled to unveil its results tomorrow, climbed 3.2% to 55.22p.
Standard Chartered advanced 1.1% to 1575p while Barclays and HSBC were both up by 0.85% to 312.6p and 723.9p respectively.
In contrast, miners were the biggest drag on the blue-chip index. The sector was weighed down by falling commodity prices, which in turn fell on the back of a stronger US Dollar. Losses across the mining sector ranged between 0.05% and 1.4%.
The safe-haven Dollar appreciated after credit-rating agency Standard & Poor's said it may slash Greece's BBB+ rating by one or two notches within a month.
This development would make it more expensive for Greece to replenish the health of its economy and also threatens to derail the growth across the Eurozone region.
Elsewhere, British American Tobacco slid 2% to 2,186.5p after unveiling net income of £2.71 billion, missing the £2.95 billion average estimate shown in a Bloomberg survey.
Recruiter Hays tumbled 9.7% to 102.3p after saying that its net fees fell 35% on a comparable basis to £264.8 million in the six months ending December 31.
Outsourcing group Capita was also in the red today, down 2.5% to 725.5p after unveiling lower number of new contract wins than in the previous year.
Bucking the trend, however, was British gas supplier Centrica, which rose 3% to 280.3p after unveiling better than expected full-year results after arctic winter conditions helped its British Gas unit overcome recent price reductions.
By around 11.15am (London time) the FTSE 100 was up by a meagre 0.68 points (+0.01%) to 5343.60 while the broader FTSE 250 was 43.8 points (-0.47%) below its previous close at 9315.38.
Looking ahead, March Dow and S&P 500 futures traded lower, suggesting the market expects Wall Street to open lower this afternoon.
Investors should continue to follow Ben Bernanke’s testimony today and keep an eye out for this afternoon’s US durable goods orders and jobless claims data, which are scheduled for release at 1.30pm (London time).
The above comments do not constitute investment advice and neither IG Index nor SpreadBets.org.uk accept any responsibility for any use that may be made of them.
Advert:
IG Index Spread Betting - No Fees, No Commissions, Free Charts and Live Prices.
Spread Bet on Indices, Forex, Commodities, Shares and more. For details see IG Index.
|
"Spread Betting 25 Feb 2010" last update by AG, 25-Feb-2010
Warning: Financial spread betting carries a high level of risk. You can lose more than your initial investment or stake. Financial spread betting may not be suitable for all investors. Only trade with money that you can afford to lose. Make sure you fully understand the risk involved. If necessary, seek independent financial advice.
Similar articles:
Spread Betting Daily - last update: 10-Feb-2012
Your daily spread betting update from the insiders. A look at the FTSE 100 and a range of other spread betting markets from Crude Oil to Shares to Gold to . . . read more Spread Betting Daily.
Spread Bets Daily Markets - last update: 09-Feb-2012
Spread Betting Daily News - A daily trading update from IG Index. Every weekday the experts offer their view of the markets . . . read more Spread Bets Daily Markets.
US Spread Betting Markets Trade Lower on Weak Home Sales Data - last update: 27-Jan-2012
In US trade, markets retreated from early highs after home sales data came in weaker than expected. The move saw US spread betting markets shed some of the . . . read more US Spread Betting Markets Trade Lower on Weak Home Sales Data.
FTSE 100 Spread Betting Market Rallies after US Intererst Rate Comment - last update: 26-Jan-2012
The Fed's decision to keep interest rates low for at least another two years while signalling the possibility of further QE reinstated the rally on the FTSE 100 . . . read more FTSE 100 Spread Betting Market Rallies after US Intererst Rate Comment.
Shares Spread Betting: Greek Concerns Calmed by Outstanding Apple Performance - last update: 25-Jan-2012
Very rarely will a single stock have such control on sentiment, but the numbers from Apple seem to have arrested the declining goodwill . . . read more Shares Spread Betting: Greek Concerns Calmed by Outstanding Apple Performance.
UK Shares Trading: Cheming Stocks Fall Despite Announcing Profit Growth - last update: 24-Jan-2012
Defence firm Chemring dropped 14% today despite announcing further profit growth, as UK shares trading investors fretted about possible additional reductions in defence . . . read more UK Shares Trading: Cheming Stocks Fall Despite Announcing Profit Growth.
Indices Spread Betting: FTSE 100 Opens Higher on Mining Stock Performances - last update: 23-Jan-2012
The FTSE 100 moved slightly higher this morning, held up by mining stocks, but the overall atmosphere remained nervous due to the absence of any . . . read more Indices Spread Betting: FTSE 100 Opens Higher on Mining Stock Performances.
Vodafone Spread Betting Market Rallies on Favourable Legal Ruling - last update: 20-Jan-2012
In UK shares spread betting, telecoms giant Vodafone rose 1.8% to 177.7p after reports that a court in India had overturned an earlier ruling against the company. The legal . . . read more Vodafone Spread Betting Market Rallies on Favourable Legal Ruling.
Shares Spread Trading: ASML Holdings Stocks Surge on Higher Q1 Order Forecasts - last update: 19-Jan-2012
The tech stocks were a standout after ASML Holdings, Europe's largest semi-conductor company, forecast higher first quarter orders and circuit . . . read more Shares Spread Trading: ASML Holdings Stocks Surge on Higher Q1 Order Forecasts.
Tullow Oil Sees Shares Plummet as Investors Ignore Positive Reports - last update: 18-Jan-2012
Tullow Oil dropped 6.6% this morning to 1358p, as investors ignored the report of a good 2011 and focused on delays to production at . . . read more Tullow Oil Sees Shares Plummet as Investors Ignore Positive Reports.
Spread Betting Daily Index - An index of Mid-Morning Daily Spread Betting Reports covering the key Index, Forex, Shares and Commodities markets.
|
|
|
Free Financial Email: Latest Spread Betting Offers and where to find narrow spreads.
Click here to sign up.
|
|
