LONDON (ShareCast) - Royal Bank of Scotland, Lloyds Banking and Barclays were all sent soaring on Friday after banks reacted positively to the initiatives from the the UK government and the Bank of England to help banks grease the wheels of British commerce. Chancellor George Osborne said the plan, which reports have valued at between £80bn - £140bn, showed the UK was "not powerless in the face of the eurozone debt storm". A second scheme, called Extended Collateral Term Repo (ECTR) Facility, will give banks access to short-term money to manage "exceptional market stresses".
The news also pushed the riskier mining stocks higher, with Vedanta Resources, Kazakhyms and Eurasian Natural Resources all making strong gains.
Meanwhile, temporary power and temperature control specialist Aggreko is getting a shoeing despite highlighting the boost it expects to get in the second half of the year from the London Olympics. The problem is that in the first half of the year, revenue growth has slowed down in the second quarter. The group said it expects first half underlying group revenue will grow by around 15% and trading profit by around 20%, indicating a slow-down from the first quarter performance when both its International Power Projects and Local divisions delivered underlying revenue growth of more than 20%.
Also getting chopped down inside the box are pay TV operators BSkyB and BT in the wake of the eye-watering sums paid by both to the Football Association for the rights to televise live matches from the Premiership.
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 246.00p +7.24%
Vedanta Resources (VED) 946.00p +4.76%
Weir Group (WEIR) 1,463.00p +4.50%
Lloyds Banking Group (LLOY) 31.00p +4.20%
Evraz (EVR) 265.60p +3.87%
Man Group (EMG) 71.80p +3.83%
Barclays (BARC) 200.00p +3.76%
Kazakhmys (KAZ) 717.50p +3.16%
CRH (CRH) 1,142.00p +2.88%
Eurasian Natural Resources Corp. (ENRC) 401.10p +2.64%
FTSE 100 - Fallers
Aggreko (AGK) 2,059.00p -4.68%
ARM Holdings (ARM) 486.40p -3.11%
British Sky Broadcasting Group (BSY) 650.50p -3.06%
Severn Trent (SVT) 1,750.00p -2.56%
Reckitt Benckiser Group (RB.) 3,376.00p -1.86%
United Utilities Group (UU.) 668.50p -1.76%
Admiral Group (ADM) 1,120.00p -1.75%
Intertek Group (ITRK) 2,569.00p -1.61%
Centrica (CNA) 307.70p -1.54%
SSE (SSE) 1,369.00p -1.51%
Email this article to a friend
or share it with one of these popular networks: