London shares see mid-afternoon bump
FTSE 100 stocks held on to their early morning gains based on a solid performance from banks, insurers and miners. Around mid-afternoon London's top stocks saw renewed interest, receiving a solid bump to reach an intra-day high of 5,268.43. By 15:05 BST the FTSE 100 index traded at 5,257.99, up 1.23 per cent from yesterday's close.
Chris Bradshaw
shareprices.com - Monday, August 23, 2010
Insurance companies Old Mutual, Aviva and Standard Life are at the top of the list today. This after HSBC expressed interest in purchasing Old Mutual's stake in South African bank Nedbank. In late afternoon trading Old Mutual is trading up 3.72 per cent, Aviva is up 3.9 per cent and Standard Life is seeing a boost of 2.6 per cent.
Mining stocks are continuing their gains, with Petrofac Ltd. the top performer – up 3.7 per cent. Lonmin, Fresnillo, Anglo American, Xstrata, Rio Tinto, Kazakhmys and Antofagasta all gained over 2 per cent through the day. Eurasian Natural Resources however lost 0.98 per cent through the day.
BHP Billiton also gained, albeit much less than its counterparts as investors were less impressed by the possibility that its bid for Canadian fertiliser company Potash may become too expensive as competing bids from Chinese and other companies appear increasingly likely. BHP Billiton gained 1.6 per cent.
On the losing side today are Inmarsat, Pearson, G4S, Reed Elsevier and Compass Group, all down between 0.9 and 0.2 per cent.
FTSE 250 stocks are also posting solid gains, the index of mid-cap stocks are up 0.93 per cent, trading at 9,852.10 in the late afternoon.
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