After an inauspicious start to the week the markets are looking somewhat healthier today
City Index June 13, 2012 2:29 PM
<p>After an inauspicious start to the week the markets are looking somewhat healthier today. The FTSE is up 0.5% that’s 28 points at 5497 and […]</p>
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- After an inauspicious start to the week the markets are looking somewhat healthier today.
- The FTSE is up 0.5% that’s 28 points at 5497 and the Cac and DAX are up 21 and 40 points respectively.
- Wall Street closed up 162 and ½ points or 1.3% with every stock in the index finishing positive save for United Technologies which was only down 0.3%.
- Back on home turf Sainbury’s is bucking the positive trend this morning being down 2.5% despite announcing that it had outperformed the market with a 1.4% increase in like-for-like sales and a welcome boost by Jubilee celebrations.
- Even though it slightly outperformed analysts expectations of 1 and ¼% growth the drop off could be explained by the more cynical investors comparing these results with the 2.6% growth experienced in the last quarter of last year.
- Oil exploration company Cairn energy also announced it would be buying Nautical Petroleum for £414m boosting its share price by 1.4% and Nautical’s by a hefty 55.4%.
- Important figures to keep an eye out for today are American retail sales and PPI at 1:30pm and reporting tomorrow we have WH Smith and Carphone Warehouse.
- Despite the apparently bullish state of the market Spanish and Italian bond yields are continuing to rise and the notion of a Grexit is really starting to seem like the best option, especially to an uncharacteristically curt George Osborne at a meeting of business leaders yesterday. Let’s just hope there’re no nasty surprises when the votes come in on Sunday.
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