FTSE higher despite indecision in Greece
City Index November 2, 2011 2:35 PM
<p>European bourses tumbled amid confusion and indecision in Greece. The proposed referendum and threat of a snap election to dispose incumbent Prime Minister George Papandreou […]</p>
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- European bourses tumbled amid confusion and indecision in Greece.
- The proposed referendum and threat of a snap election to dispose incumbent Prime Minister George Papandreou lead the FTSE to close down 2.2% yesterday.
- The DAX closed down 5%, while in the US the DJIA closed down 2.5%.
- Despite heavy hitters like BP, Shell and GSK, amongst others, going ex-dividend and taking 12.8 points off the FTSE, we see it in positive territory this morning.
- The FTSE Index is currently up 15 points at 5436. With a recovery in copper prices and a bounce back from yesterday’s sell off, miners are leading the FTSE leaderboard, with Kazakhmys up 2% on the day.
- The biggest gainer however is Next, up 5%, after the retailer raised its first year profit target and sales to 4%.
- The biggest fallers unsurprisingly are GSK, down 1.55% and Shell, with both A and B shares down about 1%. Lloyds is trading down 3.5% today.
- Standard Chartered is also down 2.25% after results failed to impress, with fears that the bank’s Indian business will struggle.
- With the US FOMC meeting announcement scheduled for 5.30pm (UK time) and non-farm payrolls due on Friday, we expect to see some more fireworks later in the week.
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