UK stocks rose as the Royal Bank of Scotland and Standard Chartered reported profits that beat analy...
UK stocks rose as the Royal Bank of Scotland and Standard Chartered reported profits that beat analysts' forecasts.
The FTSE 100 was up 1.6% to 4197.60 when markets opened this morning, building on yesterday's 3.4% climb.
RBS shares increased by 50 pence, or 3.3%, after the British bank announced first-half profits rose by 21%. Shares for rival Standard Chartered rose by 7.8% (up 47.5 pence) after announcing first-half profits rose by 3%. Profits for both banks exceeded analysts' expectations.
Mining company BHP Billington saw its share price increase by 5 pence, or 1.9%, after reporting full-year net income rose by 10.5%. EasyJet and Compass Group were also winners. Shares for Europe's biggest no-frills carrier climbed 15.75 pence, or 4.4% to 375.75 pence. EasyJet has increased its passenger capacity by 62%, and additional routes attracted customers from larger rivals. The world's largest caterer, Compass, saw its shares increase by 7.75 pence, or 2.7%, following its decision to acquire the rest of Seiyo Food Systems - Japan's fourth largest restaurant operator - it doesn't already own.
Good news for the FTSE 250, which opened at 4616.8 this morning, up 43.2. Among the winners is Africa's biggest computer company, Dimension Data, which saw its shares rise by 35 cents, or 8.9%. This follows the announcement that Cisco Systems fourth-quarter sales grew. Dimension Data sells and installs Cisco products in Africa, Europe and Asia.
The S&P 500 yesterday closed 3% up, rebounding from three days of losses. Major Wall Street firms, including Lehman Brothers, are predicting the Federal Reserve will cut interest rates to shore up the weakening economy.
US stocks in Europe surged after Cisco Systems said its quarterly net profit increased and it planned to buy back an additional $5 billion of its shares. Cisco rose $1.09, or 9% to $13.16 in Germany.
Juniper, the manufacturer of gear for directing Internet traffic, also benefited, adding 27 cents to its shares in Germany.
In Asia, Japan's Nikkei 225 Stock Average experienced its biggest gain in six weeks, following speculation that the US Federal Reserve will reduce interest rates. The Nikkei rose 3.5%, to 9835.40 at 3pm close in Toyo. Sony led the gains.
In other Asian markets, Hong Kong's Hang Seng Index rose by 2.9%, its biggest gain in six months. HSBC and Cheung Kong Holdings accounted for two-fifths of the gains.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till