Banking sector sees a rises
by Greg Secker on Sep.01, 2010, under Finance
UK Stock Market Report 1st September 2010
FTSE 100 rose 0.5% or 23.7 to 5,225.2. FTSE 250 advanced 0.5% or 45.2 points to 9,825.1
Yesterday, UK markets closed higher with the FTSE 100 index staging a late rally, after upbeat US economic data helped ease concerns over global economic recovery. Rio Tinto, was up 2.4%, leading the miners higher, after BofA Merrill Lynch Global Research upgraded the stock from “Neutral” to “Buy.” Precious metal miners, Fresnillo, Randgold Resources and African Barrick Gold, gained between 1.9% and 3.2%, which is in line with the rise in gold and silver prices. Banks, RBS , Lloyds Banking Group and Standard Chartered, gained between 0.8% and 2.5%, as risk appetite increased among the investors, after Credit Suisse’s positive review on the European banking sector. ARM Holdings witnessed its highest daily close since 2002, amid renewed takeover talk, boosting hopes of more merger & acquisition activity in the technology sector.
Due for release today is the GBP Manufacturing PMI.
