The FTSE100 saw marginal gains this morning buoyed mainly by mining stocks following an initially lower open. UK market sentiment was given a boost this morning in light of the upward revision to second quarter GDP from 0.6% to 0.7%
, putting us on a par for growth with the German economy.
In single stock news, Croda International
sits atop the FTSE 100
leaderboard as the proud owner of a shiny new buy recommendation from Deutsche Bank who value the stock at 2,850p.
shares got a gentle slap on the wrist in early trading on the announcement that they have received a letter from the Office of Fair Trading regarding the groups pricing practices. The share price continues to tread water for the year and trades down 2% on the day following the news.
Shares in Rockhopper
have lost further ground today as investors digest yesterday’s full year results. The oil exploration firm shed almost 10% on Thursday after reporting full year losses of $75 million, with a $122 million tax bill from the Falklands the main contributor. Rockhopper remains in discussions with the government over the total amount payable, and without the impairment posted pre-tax profits of $47 million.
Another one of yesterday’s losers, New World Resources
, has bounced back this morning aided by an increased price target from Jefferies Group. Thursday’s move was again triggered by an impairment charge, with a 307 million Euro hit on its coal assets. The firm expects to sell its OKK coking plant to help counter the recent drop in coal prices.
Traders of US tech stocks will be hoping for somewhat more from the Nasdaq exchange this afternoon following yesterday’s 3 hour trading halt, explained by the firm as a result of a problem distributing stock prices - which must pose as a bit of a stumbling block for a stock exchange.
Key drivers for equity markets this afternoon are likely to come in the form of scheduled New Home Sales data and Eurozone Consumer Confidence at 15:00
and also any meaningful murmurings out of Jackson Hole. However expectations are relatively low for any insight into the taper timeline particularly given the lack of central bank clout at this year’s annual economic conference.
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