Despite pressure on some of the biggest players in the market over recent months, the UK benchmark index is performing relatively well this morning as GlaxoSmithKline and Shell had good news to report.
The FTSE 100 index has so far climbed 18.9 points or 0.39% to 4808 after Royal Dutch/Shell Group announced its profits are up 28% thanks to the rising price of oil, from $4.33bn to $5.55bn.
Surprisingly, however, Shell’s share price is actually flat at present, standing still at 468p.
But GSK has seen gains of 35p or 2.82% to £12.76 after announcing one of its profitable drugs is likely to be back on the market again in the very near future.
And Allied Domecq, the drinks producer, has also risen 20.5p or 3.05% to 693.5p, on the back of its takeover potential by Diageo, and Pearson Group, the publisher which owns the FT, is up 7.5p or 1.19% to 637.5p.
At the other end of the scale, mining stocks are still suffering after an EU report revealed demand for ore products is down 10%.
As a result, all mining firms have seen their shares prices fall, as BHP Billiton is off 14.5p or 2.24% to 631.5p while Rio Tinto has lost 31p or 1.94% to £15.67.
Xstrata has also dropped 13p or 1.43% to 899p and Antofagasta is down 14p or 1.24% to £11.13 but Corus Group, the steel manufacturer is now up 0.75p or 1.73% to 44p.
In Asia, there were no major developments as Japan’s Nikkei 225 index closed relatively flat at 11,008.9 and Hong Kong’s Hang Seng index gained 59 points or 0.43% to 13,898.8.
In the US, all three main indices made gains, as the Dow Jones added 47 points or 0.47% to 10,198 and the S&P 500 index earned 4.6 points or 0.4% to 1,156 while the Nasdaq Composite index rose almost 3 points or 0.16% to 1,930.IFAonline
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Square Mile’s series of informal interviews
Fine reduced to £60,000
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