FTSE climbs as Japan launches QE

The top share index in the country bounced back during the midweek session after Japan unexpectedly joined the list of nations opting for a quantitative easing programme. By the end of the day, the FTSE 100 was higher by 0.35 per cent to close at 5888.

Chris Bradshaw
shareprices.com - Thursday, September 20, 2012

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Markets were given a lift by the unexpected announcement from Japan that it would be starting its own monetary stimulus programme, a move that sent banking stocks higher. HSBC was the top riser in the sector, higher by 1.71 per cent whilst Lloyds were just behind with an increase of 1.66 per cent.

After the release of the latest Bank of England minutes, many economists were speculating that the UK would see a further ramping up of its QE initiative before the end of the year although opinion is still divided over whether interest rates would be cut further.

After a relatively quiet summer, there was plenty of bid talk circulating amongst investors on Wednesday with United Utilities at the centre of much speculation. The energy giant is believed to be the target for a possible takeover from a Middle Eastern consortium, with a buyout price of approximately 900p. The current share price at the close of trade was 727p, a rise of 2.76 per cent.

The accountancy group Sage has also been the subject of a takeover rumour, with the possibility that it is selling off its US outfit.

In the meantime, the Glencoe and Xstrata saga continues unabated with no resolution yet in sight for the possible takeover.


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