New bid speculation keeps FTSE afloat ahead of US job data
The UK’s top index is making steady progress in the final session of the week with an outbreak of new takeover talk diverting attention away from crucial US job data that’s due for release later this afternoon.
Kate Neilson
shareprices.com - Friday, September 03, 2010
The release of non-farm payroll figures due for release later is the main focus of today’s session. Experts have predicted a further loss of 100,000 jobs in August – if matched the US job data could cripple Wall Street with the US economy in a fragile and vulnerable state that would not welcome another sentiment-destroying data release.
With US investors bracing themselves for the release, UK stocks are still being helped by a raft of new bid talk involving London equities. Yell Group (LON:YELL) was the talk of the FTSE 250 yesterday, but it’s now the turn of Autonomy Corporation (LON:AU).
The software developer has hit news feeds this morning with talk of Microsoft, SAP and Oracle all showing interest in the group.
The share price has surged three per cent higher, gaining 57p.
Also helping edge the FTSE higher are commodity stocks.
The sector as a whole is still revelling from improved China manufacturing data released earlier in the week that has maintained strong positive sentiment in demand, most notably for miners.
Fresnillo (LON:FRES) recovered losses posted in the previous session to move 2.6 per cent ahead today with the broad mining sector adding 0.75 per cent as a whole.
Royal Dutch Shell (LON:RDSA) is heading the oil gains with an improvement in share price in the region of a single per cent, but it’s rival BP (LON:BP) that is grabbing headlines today.
The oil firm has added 0.5 per cent to its share price after it said the sealing of the damaged well that has been leaking oil and gas into the Gulf of Mexico in recent months is due for completion in a fortnight.
The wide banking sector is making good drives with a 0.6 per cent gain as a whole, headed by Barclays (LON:BARC) share price improvement of more than two per cent.
Other heavyweight banks aren’t fairing so well as investors avoid the risk assets ahead of the US data which will ultimately kick banks out of favour again if figures match analysts expectations.
Royal Bank of Scotland (LON:RBS) and Lloyds Banking Group (LON:LLOY) are experiencing tentative activity, down 0.2 per cent each.
At 11:15BSST, the FTSE 100 index has nudged above the 5,400 bracket, adding 31 points and 0.6 per cent to reach 5,402.01.
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