UK’s PMI Manufacturing in August unexpectedly fell to 54.3
by Greg Secker on Sep.02, 2010, under Finance
UK Stock Market Report 2nd September 2010
FTSE 100 gained 2.7% to 5,366.4 and the FTSE 250 advanced 2.4% to 10,060.9.
Yesterday, the UK markets rallied with the FTSE 100 index showing its biggest daily gain in almost two-months, as miner, oil producers and banks recorded gains, after upbeat manufacturing data from US and China. Miners, Kazakhmys, Vedanta Resources, and BHP Billiton, climbed between 3.9% and 6.9% and copper prices rallied to its four-month high along with other base metals prices. Oil producers, Royal Dutch Shell, Tullow Oil and Petrofac, all up between 0.9% and 3.1% and they benefited from a rise in oil prices. Banks, Barclays, Royal Bank of Scotland and HSBC, gained between 1.3% and 4.3% due to risk aversion retreating among investors. Investor sentiments were also boosted by various m&a news among travelling & telecom stocks such as TUI Travel and Cable & Wireless Worldwide. Positive broker reviews helped Land Securities and Intercontinental Hotels to close higher.
Due for release today is the GBP Nationwide HPI m/m.
