UK bank stock values were dragged down on the FTSE 100 today after French Bank, Societe Generale, re...
UK bank stock values were dragged down on the FTSE 100 today after French Bank, Societe Generale, reported first-quarter profits were short of analyst forecasts.
France's third largest lender pulled HSBC down, as Europe's largest lender, and subsequently knocked its rivals Lloyds TSB and Standard Chartered.
HSBC fell 1% or 8.5p to 5248.5, Lloyds lost 4p to 773p and Standard Chartered, which takes 90% of its business from Asia, dropped 2% to 864p, to leave the FTSE 100 down 10.6 points at 5248.5.
That said, BT saw an incredible 23p or 9% climb today to 279p after revealing that its loss for the first quarter ending March 31 narrowed to £2.6bn from £2.95 in the previous year.
Easyjet, which earlier today confirmed it is buying Go Fly Ltd, owned by BA, saw its share price rebound from a 6.5% drop to an 11% rise to close up at 510p. Easyjet will pay £374m for the fleet, which is much lower than analysts had expected and will make Easyjet the biggest budget carrier in Europe.
Movement in the UK pales into insignificance against activity in the US today, which is fluctuating wildly because house purchase figures were not as good as analysts had hoped.
Housing starts fell more than expected in April and new claims for unemployment benefits rose, dragging the Dow Jones down 9.75 points to 10,233.44.
Activity was looking good earlier, however, the gains seen by King Power International, owner of duty-free stores in Thailand, of 50% in early trading are being eliminated elsewhere as investors react to poor economic figures.
Edison Schools, a public schools operator, missed its deadline for filing quarterly financial report because the SEC is reviewing its corporate accounting, and reports that it has lost a contract with a Boston school on the back of falling grades. Edison subsequently fell 36c or 16% to $1.89.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress