FTSE 100 Climbs on Thursday

Thu, 27th Feb 2014

Following two consecutive days of losses, the FTSE 100 has finally started on its path back to an all time high. The UK’s top index rose by 0.2% of Thursday, partially recovering from a 0.5% loss earlier in the week.

One of the biggest gainers of the day was Rio Tinto PLC, who gained 1.5% thanks to Standard & Poor’s Rating Services upgrading their outlook for the mining company to stable, following strong credit metrics for 2013.

HSBC Holdings was also a big gainer on Thursday, increasing by 1.4% after it confirmed it was in discussions with Meezan Bank Ltd regarding the possibility of selling its operatins in Pakistan.

British American Tobacco PLC gained 1.4% after it reported a small increase in full-year profits, noting that it expected to see a gradual improvement in its business as the economy continues to improve.

The biggest losers of the day were the Royal Bank of Scotland, who lost 7.7% after it announced a plan to try to cut costs by several billion pounds over the next few years. RSA Insurance Group was also a major loser, after it announced plans to end its dividends and strengthen its balance sheet with a large rights issue.

Other major losers included WPP PLC, who dropped by 3.5% after missing their margin target for 2013, and Standard Life PLC, who slipped by 0.88% after reporting a fall in full-year profits of 30%. Aviva PLC slipped by 0.8% on the news that they had appointed Monique Shivanandan as their new Chief Information Officer.

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