Stronger stocks as more positive news supports end in sight to recession

London Stock Exchange Group beat analyst's expectations in their first quarter results announced on July 15th, but revenue still fell by 8% following weak trading.

Chris Bradshaw
shareprices.com - Friday, July 17, 2009

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Barclays

New Chief Executive Xavier Rolet has announced plans to introduce new tariffs and cut costs.

Oil producers have shown the most positive movement in recent days following a climb in oil prices above $60 per barrel and the announcement of a 60 day ceasefire in its actions against oil and gas installations. Tullow Oil was the leading stock gainer in the sector with a 5.27% increase to 938p following additional news that it had received approval for its Ghanaian Jubilee Phase 1 project.

Banks are heading for a strong finish to the week following positive news from the US. All major high street banks showed gains with Barclays up 4.08% to 312.25p, HSBC up 4.16% to 531.95p and Lloyds Banking Group up 3.31% to 67.98p.

Prospects that the commercial property market may have bottomed out were reinforced when Land Securities (up 3.58% to 456p) confirmed that it was preparing for new acquisitions. As a result, KBC Peel Hunt has raised it outlook to 'buy' from 'hold'.

Miners have continued to build on the early week's strong sentiment with higher metal prices pushing stocks in the sector higher. 2 – 4% gains were experienced by all the major producers including Kazakhmys, Lonmin and Xstrata. Rio Tinto showed good growth to 2094p following news that iron output for the second quarter was up 8% on the previous year.

 

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