FTSE 100 sinks below 6,000 as banks and miners tumble May 11, 2011 COMMODITY and banking stocks dragged the FTSE 100 back below the 6,000 level yesterday, with these sectors pressured by Greece’s debt problems and uncertainty over global economic growth. London’s blue chip index closed down 42.89 points, or 0.7 per cent, at 5,976.00, having hit a one-week closing high on Tuesday. Atif Latif, director of trading [...]
HSBC drags FTSE back as investors eye inflation forecasts May 11, 2011 Banking giant HSBC sapped some of the confidence from the blue chip index today as it announced that it was aiming to slash costs by £2.1bn. The news followed a bruising start to the week for banks who have already earmarked billions for potential payouts over dubious insurance protection sales. HSBC fell 1.3 per cent [...]
Sir David Michels to quit M&S May 5, 2011 Marks & Spencer is undergoing a boardroom reshuffle, with deputy chairman Sir David Michels and non-executive director Lady Patten both stepping down. Michels, who has served five years on the board, will leave after his term ends in February while Patten, who has been with M&S since 2006, will go after the firm’s annual meeting [...]
The man to take the place of St James’s founder May 5, 2011 CHARLES Gregson (pictured), the chairman of money broker ICAP, is to succeed St James’s Place founder Mike Wilson when he steps down later this year. City grandee Wilson will relinquish his post as chairman almost 20 years after he founded the fund manager alongside Lord Rothschild and Sir Mark Weinberg. He will become a “life [...]
Rates held at 0.5pc by Bank of England May 5, 2011 ARCH hawk Andrew Sentance ended his term at the Bank of England yesterday unable to convince his colleagues to normalise interest rates. Historically low interest rates were kept on hold at 0.5 per cent for May, the monetary policy committee (MPC) announced. Today, coincidentally, marks 14 years since the Bank of England’s independence was announced [...]
Commodities drag on FTSE but high street names rally May 4, 2011 COMMODITY stocks pulled Britain’s top share index lower yesterday, ending the FTSE 100’s recent rally as disappointing US manufacturing data spoiled investors’ appetite for risk. The FTSE 100 closed down 98.81 points, or 1.6 per cent, at 5,984.07, with the FTSE volatility index up 11.4 per cent, hitting a near five-week high. The FTSE 100 [...]
Drugmaker deals buoy FTSE despite dragging miner shares May 3, 2011 DRUGMAKERS helped Britain’s top share index rise modestly yesterday, buoyed by deal activity in the United States, as traders mooted the possibility that a recent equity rally may falter. Miners hampered the FTSE 100’s progress though, hurt by easing metals prices on renewed fears about demand, with Rio Tinto off 1.6 per cent on talk [...]
Uniq narrows its losses but wary on future April 26, 2011 UNIQ’S full-year pre-tax loss narrowed, helped by an improvement in its desserts business following a restructuring, but its said raw material prices and increasing competition were taking their toll. The company, which sells desserts, sandwiches and salads to retailers, including Marks & Spencer and Costa, reported a pre-tax loss of £11.2m last year against £18.5m [...]
No rate rise in sight for King and his doves April 20, 2011 TWO thirds of the Bank of England’s monetary policy committee (MPC) still oppose moves to normalise interest rates, despite rising price pressures. The Bank expects inflation in the coming months to exceed its February predictions, it said yesterday. “There remained a significant risk that inflation would exceed five per cent,” the MPC’s minutes revealed. However, [...]
FTSE shares rebound but debt worries still dog bank stocks April 19, 2011 STRENGTH in oversold commodity issues fuelled a modest rally by Britain’s top share index yesterday, while sovereign debt worries continued to dog banking stocks. At the close, the FTSE 100 index was up 26.79 points, or 0.5 per cent at 5,896.87, having dropped 2 per cent on Monday to hit its lowest level since March [...]