03/02/12 - 23:30
UK Research Team, IG Group
The FTSE rose above the 5800 level as UK PMI services data came in better than expected. At 12pm (London time), the FTSE 100 was up 0.5% at 5822, up 0.5%, and the FTSE 250 was trading at 11,100.
UK stocks rose convincingly as the FTSE finally broke 5800 to trade at a high of 5824, not seen since August last year. The index was boosted by higher-than-expected PMI data for the services sector, at 56, up from 54 last month.
Insurer Admiral Group’s shares were up more than 7% today after the firm declared it had extended its existing UK car insurance reinsurance partnerships until 2014, with the cost of its arrangements unchanged. BT gained more than 3%, as its Q3 earnings were in line with expectations, helped by an increase in broadband subscribers. The stock didn’t rise as much as expected due to worries about its pension deficits, which increased to £4.1 billion for the quarter through December, from £2.5 billion at the end of September.
Rio Tinto was down more than 2%, following doubts about the sustainability of recent gains for miners across the board.
To see what the Insight platform can offer you, visit our Insight page.
Regular Feeds
Chris Weston, Market Analyst, is the face of our video market updates and presents live from our trading floor daily. His expert commentary can also be seen regularly on Sky News Business Channel, plus Bloomberg, ABC2 and the Australia Network’s Business Today program.
Plan your day
More in-depth market news is available within our PureDeal platform, as well as a range of free charting and research tools.
Disclaimer: The above material does not contain (and should not be construed as containing) personal financial or investment advice or other recommendations. The information provided does not take into account your particular investment objectives, financial situation or investment needs. You should assess whether the information provided is appropriate to your particular investment objectives, financial situation and investment needs. You should do this before making an investment decision based on the material above. You can either make this assessment yourself or seek the assistance of an independent financial advisor. IG Markets Limited accepts no responsibility for any use that may be made of these comments and for any consequences that result.