Inspiring eurozone data and bid talks lift battered FTSE
The FTSE 100 has been given a welcomed lift this morning following a week of difficult trading for London stocks. Refreshingly positive data from two of the major Euro countries and speculation of a takeover bid for insurer Aviva (LON:AV) has fuelled gradual gains on the blue-chip index.
Kate Neilson
shareprices.com - Friday, August 13, 2010
Banking stocks, which have succumbed to growing pressure this week over global economy fears, have peaked on new data released from Germany and France.
Germany’s second-quarter gross domestic product rose 2.2 per cent - way ahead of forecast - and France also posted a 0.6 per cent GDP increase to complete a positive day for the eurozone economy outlook.
In previous sessions, investors have shunned high-risk stock including banks and miners who will be affected most dramatically by a slowing global economy and fears of a double-dip recession. However, today’s results have fanned the flames previous set alight by reports from China, the US and the Bank of England that showed an economy slowdown.
Barclays (LON:BARC) is the standout risk stock that’s on the upward move today, reclaiming much of the ground lost in yesterday’s session. The share price is currently up 1.15 per cent, adding over 3.5p to the price. However, Royal Bank of Scotland (LON:RBS) which posted gains in the previous session, is declining at the rate of 0.5 per cent and fellow part-nationalised bank Lloyds Banking Group (LON:LLOY) is trading flat.
Topping the blue-chips this morning is TUI Travel (LON:TT) after the group was upgraded by Goldman Sachs. The parent group of First Choice and Thomson Holidays had been at the bottom of the index earlier in the week after the firm said it expected full-year profit to be at the bottom of expectations. The share price is currently 4.6 per cent higher with a gain of 9p.
Following in close proximity is Aviva. The insurer is up almost four per cent after Sky News reported it had turned down an approach from RSA Insurance (LON:RSA) to buy it’s general insurance operations. RSA’s stock suffered on the news, declining 1.3 per cent. However, other FTSE 100 insurers posted strong gains on the back of the report with Prudential (LON:PRU), Standard Life (LON:SL) and Legal & General (LON:LGEN) all up as much as three per cent.
The FTSE 100 index as a whole is 0.1 per cent up, gaining four points to 5,270.72 at 10:45BST.
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