Mon, 29th Apr 2013
The leading share index in the UK crept higher on Wednesday as speculation built that the ECB would take some action over the poor economic data from the eurozone. By the end of the midweek session, the FTSE 100 was higher by 0.4 per cent, closing at 6431.
Keeping in the same frame of mind as Tuesday's market, investors took news from Europe surprisingly well, choosing to interpret it as a positive income and one which could ultimately influence the ECB to change their current economic strategy, especially with Germany starting to particularly struggle. And with Deutsche Bank, RBS and UBS all leading calls for an interest rate cut, the ECB is coming under increasing pressure to review its current approach.
However, although the market performance was firmly in the blue, investors were a little bit cautious, perhaps understandably so with the UK and US GDP updates due to be announced in the next few days.
On the leaderboard, Standard Life was the stand out performer, hiking higher by 8.14 per cent. The bank was boosted by beating all predictions for sales as well as assets under administration. A 24 per cent rise in long term saving sales was announced whilst long term savings net flow increased by 26 per cent.
Not all banks performed quite as well after Barclays tumbled after confirming a 25 per cent reduction in adjusted net profits. Lloyds was well received by the market after revealing that its stock market flotation of the 630 branches will still go ahead, despite the cancellation of the sale from Co-op.