Standard Chartered Reports Record Year
The FTSE 100 index recovered from a slow start on Wednesday afternoon, reflecting gains on Wall Street to close up 49.15 points or 0.9% at 5,553.21, the first time it had closed above 5,500 points since January.
Dominic Turner
shareprices.com - Wednesday, March 03, 2010
Standard Chartered which focuses on emerging markets was the only FTSE 100 constituent company to report results on Wednesday. The bank reported a 13% rise in profits to $5.2 billion, or £3.5 billion, in 2009, slightly above market expectations and said that it would be paying bonuses – estimated at £750 million – to its staff, despite an announcement by Chief Executive Peter Sands that he was donating his own bonus, worth £2.1 million, to charity. Standard Chartered's share price closed up 84p or 5.28% at 1,647p.
ITV, the largest commercial television broadcaster in the UK and a FTSE 250 constituent company, reported a return to profit of £25 million last year compared with a loss of £2.7 billion. Revenue from television advertising fell by 9% to £1.29 billion during the year, but this was less than the market as a whole, which fell by 11%.
ITV predicted a 7% rise in advertising revenue for the first three months of 2010, with a further increase of between 15% and 20% in April, although it warned of tougher market conditions later on in the year. Chairman Archie Norman said that ITV gains nothing from the proposed cutbacks at the BBC and its share price closed down 0.1p or 0.18% at 55p.
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