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Tuesday, January 11, 2011

FTSE 100 closes up 58 - Market overview

FTSE 100 closes up 58 - Market overview : 1630: Close Footsie finishes comfortably above the 6,000 mark with stocks lifted higher on the news that Japan would buy euro-area bonds to join China to ease European debt troubles.

Japan lifted sentiment in the banking sector, sending Barclays, HSBC, Lloyds and RBS higher. Chipmaker ARM Holdings surged higher as takeover rumours excited investors. Capital Shopping Centres finished lower after US mall owner Simon Property Group dropped its bid for the company. M&S also saw shares fall despite a 4% rise in group sales in the final quarter. The cautious outlook on 2011 trading is thought to have put some investors off.

FTSE 100 finished up 58 at 6,014.

1525: Price target hikes from two brokers have sent shares in building supplies group Wolseley higher. Citigroup raises its price target to 3,000p from 2,125p, Deutsche Bank to 2,425p from 1,950p. Chip-makers are strong today, with ARM, which has been busy securing deals at the Consumer Electronics Show in Las Vegas, going well and bluetooth chip group CSR leading the FTSE 250 higher after settling a patent infringement case. Smith & Nephew is the heaviest faller in the FTSE 100, giving up some of the gains the artificial joint specialist saw yesterday after reports Johnson & Johnson had made an offer. FTSE 100 up 68 at 6,025.

1410: Miners and banks are driving gains in the FTSE 100 today, helping push the leading share index well ahead of 6,000 points. Wolseley is the top riser after Citigroup and Deutsche Bank upped their price target on the builder supplies group. Barclays leads the banking sector higher, while Kazakhmys is the strongest miner. FTSE 100 up 72 at 6,029.

1245: The FTSE 100 has built on earlier gains and is now up 73 points at 6,030. Plumbing parts group Wolseley leads the way. Chip-makers are strong today, with ARM, which has been busy securing deals at the Consumer Electronics Show in Las Vegas, going well and bluetooth chip group CSR leading the FTSE 250 higher after settling a patent infringement case. Smith & Nephew is the heaviest faller in the FTSE 100, giving up some of the gains the artificial joint specialist saw yesterday after reports Johnson & Johnson had made an offer.

1100: FTSE 100 is up 65 at 6,021. ARM tops the blue chip risers followed by plumbing parts group Wosleley. Miners are also going strong. Smith & Nephew is weaker as the market waits for news on the rumoured approach from Johnson & Johnson. A trading update from M&S has failed to impress. Futures prices indicate a 30-point gain when Wall Street opens later.

0910: The FTSE 100 is back above 6,000 points as banks move higher on the government's climbdown on bonuses. Barclays is best performer ahead of chief executive Bob Diamond's appearance before the Treasury Select Committee today. Lloyds and HSBC are also wanted. Marks & Spencer is lower after seeing group sales rise 4% in the final quarter of 2010, though like for like sales growth on the food side was a tad below expectations. FTSE 100 up 51 at 6,008.

0830: Banks are leading the market higher on the government's climbdown on bonuses. Barclays is best performer ahead of chief executive Bob Diamond's appearance before the Treasury Select Committee today. Lloyds and RBS are also higher. Capital Shopping Centres has dipped after Simon withdrew its indicative 425p offer, while Marks & Spencer has got a lukewarm response to its latest trading update. FTSE 100 up 50 at 6,007. For the latest updates PRESS CTR + D or visit Stock Market news Today

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