FTSE 100 Index: Royal Dutch Shell A and B shares upgraded |
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Economy
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Written by Roberta Murray
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Tuesday, 09 February 2010 |
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The FTSE 100 is higher in morning trade. Once again the US market is dictating sentiment in London. The FTSE 100 Index (INDEXFTSE:.FTSE) is higher 0.48% at 5,116.91 points.
"A rise this morning in the US futures has offset the falls last night and as such European equity markets have opened broadly flat. Last night the US indices continued their recent declines, with the Dow finishing below 10,000 for the first time since November as concerns over the fiscal stability of Greece, Spain and Portugal continued.
"Banks and commodity producers were the laggards. On the currency markets, the yen and dollar were the main losers as the Euro rallied from a near year low against the Yen as speculation increased that the ECB will agree t assist Greece in helping tackle its debt," says Richard Griffiths, Senior Equity trader at Spreadex.
Royal Dutch Shell (LON:RDSA) is worth watching after HSBC Holdings offered a favourable rating review.
Royal Dutch Shell (A) was upgraded by HSBC with a price target up to 2016.71. Currently Royal Dutch Shell A shares are lower 0.20% at 1,739.50.
Royal Dutch Shell (B) was upgraded with a price target up to 1955. Royal Dutch Shell B shares are lower 0.54% at 1,671.0.
FTSE news:
SkyB has sold a 10.4% stake in struggling broadcaster ITV for £196m following a two year legal battle to hang onto the shares. It placed 404m shares at 48.5p each, but had bought the stake at 135p a share, crystallising a thumping loss.
British Land has boosted the property sector after it reported a ‘strong’ valuation growth across all types of its properties in the last three months of 2009. NAV rose 18% to 438p. Land Securities and Hammerson are up in sympathy.
Banks are ahead led by Lloyds and Royal Bank of Scotland, while miners are rallying with Xstrata up again after its upbeat comments and talk of a possible deal with main s hareholder Glencore.
Homeserve’s executive chairman Brian Whitty is stepping down after 14 years at the company just as the home maintenance specialist predicts ‘another year of strong growth’.
Chip maker Wolfson picked up even though it said fourth quarter losses widened after it lost business with Apple and as customers generally scaled back their orders. The Edinburgh based firm said fourth quarter pre-tax losses widened to £5.8m from £0.5m the same quarter a year before.
Online property agent Rightmove reports trading in January 2010 saw a substantial increase in average spend per advertiser.
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