The UK stock market is trading flatly this afternoon at 6,104.93, up 0.10%, rising 7.72 points, despite a decent Chinese trade data and thumping debt auctions in Eurozone as investors warmed up to Bank of England’s announcement of keeping the official Bank Rate unchanged at 0.5% and its asset purchase programme at £375bn. The UK stocks this afternoon fell marginally as compared to the previous close.
Marks & Spencer tumbled 3.6% to 357.8p, the most since November 7, after its quarterly results leaked showing like-for-like sales drop 1.8%. Tesco rose 2.4% to 357.35p, the most in five weeks, after beating sales forecasts for the six weeks ending January 5. Bunzl rose 3.8% to 1,054p, the most in almost 11 months, after it announced that it acquired Vicsa Safety SA in Chile, and Schwarz Paper Co. and Destiny Packaging Inc. in the US.
Industrial group Melrose rose after Citigroup raised its ratings on the stock to ‘buy’ and hiked its target price from 220p to 270p.Banking stocks RBS, Lloyds and Standard Chartered also made gains. Standard Chartered was upgraded to ‘buy’ by Societe Generale, which also hiked its target price for the shares from 1,530p to 1,900p.
The top ten gainers in the UK stock market this afternoon are Bunzl (lon:BNZL) 1,064.00p +4.83%, Melrose Industries (lon:MRO) 242.60p +3.45%, Wood Group (John) (lon:WG.) 798.00p +3.10%, ARM Holdings (lon:ARM) 849.00p +2.66%, Eurasian Natural Resources Corp. (lon:ENRC) 320.70p +2.36%, Tesco (lon:TSCO) 357.30p +2.33%, International Consolidated Airlines Group SA (CDI) (lon:IAG) 198.10p +1.75%, Reed Elsevier (lon:REL) 651.50p +1.72%, United Utilities Group (lon:UU.) 698.00p +1.60%, and WPP (lon:WPP) 919.00p +1.49%.
The top ten losers in the UK stock market this afternoon are Marks & Spencer Group (lon:MKS) 355.50p -4.18%, Associated British Foods (lon:ABF) 1,521.00p -1.62%, Intertek Group (lon:ITRK) 3,111.00p -1.55%, Tate & Lyle (lon:TATE) 769.50p -1.28%, Vedanta Resources (lon:VED) 1,200.00p -1.23%, Unilever (lon:ULVR) 2,364.00p -1.21%, Imperial Tobacco Group (lon:IMT) 2,443.00p -1.05%, Diageo (lon:DGE) 1,780.00p -1.03%, Whitbread (lon:WTB) 2,418.00p -0.98%, and Fresnillo (lon:FRES) 1,753.00p -0.96%.