Spread Betting 8 Mar 2010
|
|
|
For today's update see Spread Betting.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 8 March 2010
Deal news and an overnight rally in Asia helped the FTSE 100 garner support above the 5600 level during the early morning session.
Stock market confidence began to wane by mid-morning, however, as investors grew more cautious about the domestic economy. This followed the reports from the British Chamber of Commerce (BCC) and the Confederation of British Industry (CBI).
Over the weekend, the BCC revised its UK GDP growth forecast for 2011 to 2.1% from 2.3%, saying it expects net public sector debt to increase to 'dangerous levels' in excess of 80% of GDP.
The BCC also claimed that the economic recovery could falter if banks and consumers continue to deleverage.
Separately, the Confederation of British Industry (CBI) urged the government to deliver a 'convincing' plan to balance public finances by 2016, two years sooner than planned, will the UK be the next Greece?
Elsewhere, Bloomberg News has reported that state-owned holding company Dubai World is in talks with banks to delay loan repayments on the $26 billion debt it owes.
By around 10:30am (London time), the blue-chip FTSE 100 index had pared all of its earlier gains, falling 16.33 points (-0.29%) below its previous close at 5583.43. In addition, the broader FTSE 250 was 2.47 points (-0.03%) lower at 9772.25.
In today's deal news, Royal Dutch Shell and PetroChina have made an offer to buy Australia's Arrow Energy, the country's biggest holder of coal-seam gas acreage, for more than A$3.3 billion.
Forth Ports rallied 23% to 1375p after announcing it had rejected a takeover bid from three companies.
Separately, American insurer AIG is said to be in talks to sell its foreign life insurance unit Alico to MetLife for around $15.5 billion ($6.8 billion in cash and $8.7 billion in equity). This deal could be formally announced later today.
Back home, insurer Prudential was up by 0.10% to 520.5p, after saying it plans to bring forward its share listing on the Hong Kong stock exchange. The company will now complete the move before it launches its $21 billion rights issue in May.
Meanwhile, oilfield services provider Petrofac rallied over 4% to 1116p, after unveiling a 33% surge in 2009 full-year net income, driven by a surge in oil and gas engineering projects.
In banking news, Royal Bank of Scotland (RBS) outperformed the sector, up 0.12% to 40.04p after announcing that it is in talks with a Chinese company to form an investment banking joint venture in the world's fastest-growing economy.
Separately, the Independent on Sunday reported that RBS will end business with some small firms and cut its coverage of certain companies outside the FTSE 250 in favour of larger ones.
Shares of Barclays, HSBC, Lloyds and Standard Chartered lost between 0.1% and 1.5%.
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 8 Mar 2010" last update by AG, 08-Mar-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.
|
|
