Top index moving sideways as banks hold gains, others fall

A mixed performance from FTSE 100 stocks is leading the index of Britain's top stocks sideways. By 12:55 BST the FTSE 100 index was flat, trading up 0.05 per cent or 2.68 points at 5,315.30.

Chris Bradshaw
shareprices.com - Monday, July 26, 2010

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Barclays

Banks are holding on to this morning's gains. The results of EU-wide bank stress tests, released on Friday, have put investor jitters to rest for the moment. Barclays, Lloyds Banking Group and Royal Bank of Scotland are all holding on to early morning gains. Barclays is up 2.76 per cent so far, Lloyds Banking Group is up 2.33 per cent and Royal Bank of Scotland is trading around 1.81 per cent higher.

However miners and pharma stocks are dragging the FTSE 100 index down. Miners including Fresnillo, Vedanta Resources, Randgold Resources and Xstrata all lost between 2.4 and 0.8 per cent.

Tullow Oil is the best performer through morning trading. Up 3.73 per cent, Tullow Oil said that it found oil in a prospecting operation just off the shores of Ghana in which it has a 49.95 per cent stake. There are also gains for BP as investors are approving the pending departure of current chief Tony Hayward.

Connaught, the social housing manager, is still suffering losses as investors dump the stock – a prime example of biting government austerity measures. Having lost 75 per cent this morning the stock is now trading at 75.90p, compared to a 52 week high of 444p.

Broadly speaking the FTSE 250 mid-cap index is also trading sideways. International Personal Finance, owners of the Financial Times amongst other top publications, is showing a gain of 4.02 per cent as it lifted its outlook for the year, having posted top mid-year results.

 

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