The FTSE has managed to pull back a fraction this morning from yesterday's tumble, as ratings upgrades for MMO2, Lloyds TSB and Royal & SunAlliance lift their share performance.
Having dropped below the 4400 mark at the end of play yesterday, the FTSE 100 index is so far up 27.1 points or 0.6% to 4425, while the FTSE All-Share index has risen 13.19 points or 0.6% to 2212.
MMO2, the mobile phone operator, has received a ratings upgrade from Morgan Stanley, even though the firm last month turned down a takeover bid. MMO2 is up 3p or 3% to 102.5p.
Banking group Lloyds TSB has also advanced 4.5p or 1.1% to 415.25p after UBS shifted its holding to “overweight”. This has helped to lift the share prices of other banks, including HBOS which is up 0.7% to 727p and Royal Bank of Scotland which has risen 1p to £16.94.
Struggling insurer Royal & SunAlliance has received a ratings upgrade boost too this morning, lifting its share price 1.5p or 1.8% to 84.5p.
In Asia, most stock markets ended the day down as concerns about currency trading finally took their toll.
The Nikkei 225 index closed down 65 points or 0.57% to 11,418.5 and the Hong Kong Hang Seng index dropped 25 points or 0.2% to 12,790, but the Singapore Straits Times index managed to gain just under 4 points or 0.2% to 1,839.
In the US yesterday, markets fared better than expected, the huge currency movements against the dollar again.
The Dow Jones lost only a fraction by close of business, ending the day down at 10,295.78 but the S&P 500 index fell 0.13% to 1,122.3 and the Nasdaq Composite index dropped 14.32 or 0.72% to 1,962.44.IFAonline
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