London stocks up on US earnings reports, mining stocks recovering
Strong earnings reports from U.S. microprocessor company Intel and from JP Morgan, the U.S. bank, reinforced hopes for economic recovery and helped lift commodity prices. This lead to mining stocks reversing losses from previous sessions, pushing the FTSE 100 index past 5,800 points. By 13:20 BST the index of top shares was up 0.85 per cent at 5,810.73.
Chris Bradshaw
shareprices.com - Wednesday, April 14, 2010
BT Group is the top blue chip winner so far, up nearly 4 per cent as Morgan Stanley suggested that the company is undervalued compared to its U.S. counterparts such as AT&T. Other tech stocks also performed well, including ARM Holdings, the chipmaker, up almost 0.5 per cent. BAE Systems climbed by 1.6 per cent in response to a Daily Telegraph article suggesting that the defence company has been awarded a £25m government contract.
In contrast to yesterday mining stocks dominated the leader board as Eurasian Natural Resources shot up by 4.01 per cent. Other mining stocks including Xstrata, Kazakhmys, Antofagasta and Rio Tinto all gained over 2 per cent. The JP Morgan earnings report is boosting banks substantially. By mid-day Standard Chartered was up 2.56 per cent, Barclays by 2.31 per cent and Lloyds Banking Group by 1.93 per cent.
Stellar performers on the FTSE 250 index include Homeserve and International Personal Finance. Homeserve, the residential maintenance specialist, is up 7.63 per cent so far after it announced its acquisition of the service contract business of U.S. firm National Grid Energy Services and also benefited from a buy recommendation by Seymour Pierce. International Personal Finance, who provides short term loans to customers in Eastern Europe and Mexico, is up 4.5 per cent as it moved back into the black for Q1, benefiting from more customers and an improved economic outlook.
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