Lloyds predicts profit for 2010

Lloyds

Part-nationalised lender Lloyds will be profitable on a combined businesses basis in 2010, chief executive Eric Daniels claimed Friday. In a short statement ahead of a presentation at the Morgan Stanley European Financials Conference today, Daniels said trading in the first 10 weeks of 2010 had been “strong”. Costs are down and impairment provisions are trending at lower levels than forecast... Read More

Market overview: FTSE 100 up 8
Friday 19 Mar 2010

1520: Footsie has come back a little after its earlier buoyancy, but banks are keeping the leading share index in the blue. Lloyds leads the sector higher after predicting a profit for 2010 and saying trading recently had been strong. FTSE 100 up 8 at 5,651.

1410: A three-day strike by British Airways cabin crew will go ahead after last-ditch talks between the airline and the Unite union collapsed. Cabin crew will walk out for three days from tomorrow and for another four days from 27 March.

1340: Lloyds Banking is still way in front after predicting a profit for 2010 and saying trading recently had been strong. Charles Stanley is refusing to get caught up in the euphoria however. The broker is sticking with its ‘hold’ recommendation, having in the recent past been negative about the prospects for the group, especially in view of the ‘significant amount of wholesale funding that matures in the next couple of years that will potentially put the margin under strain.’ The shares are still up 10% though. FTSE 100 up 39 at 5,682.

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