London stocks steady after morning losses

This morning FTSE shares moved own as UK economic data increased uncertainty about the global economic recovery. Risk-sensitive banks and commodity stocks are again seeing losses. However through midday trading stocks stabilised with signs of an uptick around 14:20 BST as the FTSE 100 traded down 0.5 per cent at 5,175; up from a morning low of 5,130.

Chris Bradshaw
shareprices.com - Tuesday, August 31, 2010

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Barclays

US concerns are wiehging heavily on the FTSE as Barak Obama failed to address US economic concerns during a speech yesterday. A sell-off on banking stocks saw Barclays down 1.8 per cent, Standard Life down 1.6 per cent and Schroders down 1.4 per cent.

Mining and energy stocks also posted losses, Tullow Oil moved down 1.7 per cent and Eurasian Natural Resources saw a drop of 2 per cent. InterContinental Hotels Group are the worst off so far, seeing a drop of 3.4 per cent. Serco is also posting substantial losses after a broker downgrade.

Top performers include ARM Holdings and Reckitt Benckiser Group, up 4.5 and 2.0 per cent respectively. ARM Holdings has been a subject of merger speculation for some time, word has been that US company Apple might interested. ARM Holdings also benefited from Intel's acquisition of German company Infineon AG, a chipmaker.

Mid-cap stocks are performing slightly better, with the FTSE 250 index seeing a smaller decline of 0.33 per cent by 14:20 BST.

Even though corporate earnings has been positive over the past couple of weeks the concerns over the global economic recovery is so far centre in investor's minds.

 

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