The FTSE 100 index is just about managing to maintain any gains this morning, led in the main by banking group HBOS and Tate & Lyle, as the drop in oil price is now beginning to affect major stocks.
The FTSE 100 Index is currently up 8.3 or 0.1% to 6164.7, led HBOS, Britain's biggest mortgage lender, which has so far gained 10p or 0.9% to £10.86 and Tate & Lyle, the sugar refiner and sweetener manufacturer, has added 35p or 4.45% to 822p.
IN contrast, oil refiner BP has fallen 2.5p or 0.4% to 578p as the price of oil per barrel dropped again yesterday while Royal Dutch Shell B shares have fallen 3p or 0.17% to £18.00.
In Asia earlier today, major Japanese stocks such as Toyota, Sony and Canon saw their share prices climb as the euro hit a new high against the yen – at 155.23 yen to the euro - improving the potential export earnings of these three exporting giants.
Toyota, Japan's largest can manufacturer, rose 1% to 7,300 yen while Sony gained 1.9% to 4,880 yen and Canon added 1.1% to 6,540 yen as HSBC reports annual operating profit of such firms rises 4.3 billion yen ($36.8 million) for every 1 yen weakened against the euro.
And in the US yesterday, the Dow Jones closed almost flat at 12,315.5 with the S&P 500 index in roughly the same position, to close flat at 1,411.5 but the Nasdaq dropped a further 11.2 points or 0.46% to 2,431.6.IFAonline
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