UK share prices are finally rising for the first time in four days, led mainly by the catalogue and ...
UK share prices are finally rising for the first time in four days, led mainly by the catalogue and high street retailer Gus.
Having dropped again yesterday, the FTSE 100 has so far gained 22.9 points or 0.6% to 4051.7 and GUS is currently up around 8.75p or 1.3% to 695p thanks to an analyst from UBS who raised their share price forecast by 8% to 795p.
Another firm doing relatively well this morning but is not so well known is Chemring Group which makes military equipment. Their share price rose 5p or 1.4% to 366.5p after selling its paint and varnish division for $.3.7m in cash.
Other news is not so good. Retail sports chain JJB Sports saw its share price fall 1.5p or 0.8% to 193.5p within the first hour of trading after reporting its sales at shops open at least a year fell 3.4%. thanks to lower spending and increase competition.
Hilton Group, which owns the Hilton brand outside of the US, has also been downgraded by Merrill Lynch to "neutral", knocking its share price 3p or 1.5% to 193.25p.
And Capita, the company which among other things runs the payment system for London's congestion charging, is reported in the FT this morning to be losing the contract. This has knocked the share price down 9p or 4% to 215p.
In Asia, the Nikkei 225 index dropped to his lowest level in three months after reports from the US indicated its economic growth may not be as good as everyone had hoped.
If Americans have less money to spend, companies such as Canon and Sony see their profit potential drop, so selling on the Nikkei yesterday pushed the index down 3.2% to 9635.35.
Hong Kong's Hang Seng index also fell 0.7%, boosting the trend in Japan and putting pressure on companies which have divisions in the US, such as Johnson Electric Holdings.
The only index to really reverse the trend was South Korea's Kospi index which managed to gain 0.5%. This is largely because there are suggestions the government will lower taxes on cars to spark demand. This will obviously benefit companies like Hyundai Motor.
And in the US yesterday, trading didn't look healthy on the back of those government reports, and the Dow Jones closed down 120.17 points or 1.31% to 9,036.04 while the S&P 500 index closed down 13.51 points or 1.35% to 988.7 and the Nasdaq lost 31.60 points or 1.81% to 1,715.86.
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