Stock market live Jan 11: Top gainers – IAG, Aviva, Burberry

Written on:January 11, 2013
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British Airways-owned IAG stocks rise today

IAG stocks rise 3.91% today after UBS upgrades stocks to ‘buy’

The UK stock market edged up higher breaking into the 6,100-level this afternoon at 6,110.50, up 0.15%, with the announcement of Japanese economic stimulus package downplaying concerns over price rises in China and a downbeat reading of UK production. The UK stocks traded better this afternoon, following a flat performance in the previous close.

The UK stock market saw an upbeat mood as the newly-elected Japanese Prime Minister Shinzo Abe disclosed 10.3tn-yen (£0.07tn) stimulus package, to boost economic growth by 2%, while creating 600,000 new jobs. But Chinese inflation, which rose to 2.5% in December, limited the gains in the UK stock market.

Mining stocks fell on concerns over Chinese growth with BHP Billiton, Vedanta, Antofagasta and Rio Tinto stocks registering losses. British Airways and IAG were on a high this morning after UBS upgraded the stocks from ‘neutral’ to ‘buy’. Asset management firms received a boost from credit rating company Credit Suisse, which upgraded Schroders to ‘neutral’ and maintained its ‘outperform’ recommendation for Aberdeen. Citigroup upgraded insurance giant Aviva to ‘buy’, while its banking peers RBS, Barclays and Lloyds were treading on similar lines.

Oil giant Tullow was one of the big losers this afternoon at the UK stock market after achieving average working interest production of 79,200 barrels of oil per day (bopd) in 2012, which was below the forecast range of 80,000-84,000 bopd. Retailer Marks & Spencer continued its disappointing run following its low Christmas sales, with HSBC downgrading its shares from ‘buy’ to ‘neutral’.

The top ten gainers in the UK stock market this afternoon are International Consolidated Airlines Group SA (CDI) (lon:IAG) 204.60p +3.91%, Aviva (lon:AV.) 378.30p +2.80%, Burberry Group (lon:BRBY) 1,323.00p +1.93%, Aberdeen Asset Management (lon:ADN) 386.90p +1.79%, Barclays (lon:BARC) 299.80p +1.77%, Reed Elsevier (lon:REL) 660.00p +1.69%, Amec (lon:AMEC) 1,082.00p +1.69%, InterContinental Hotels Group (lon:IHG) 1,775.00p +1.43%, Sage Group (lon:SGE) 314.70p +1.42%, and ITV (lon:ITV) 109.20p +1.39%.

The top ten losers in the UK stock market this afternoon are Tullow Oil (lon:TLW) 1,158.00p -5.47%, BHP Billiton (lon:BLT) 2,074.00p -2.72%, Antofagasta (lon:ANTO) 1,298.00p -1.82%, Rio Tinto (lon:RIO) 3,450.00p -1.75%, Vedanta Resources (lon:VED) 1,185.00p -1.74%, Marks & Spencer Group (lon:MKS) 362.70p -1.65%, Tesco (lon:TSCO) 350.00p -1.52%, Johnson Matthey (lon:JMAT) 2,261.00p -1.48%, Kazakhmys (lon:KAZ) 814.00p -1.45%, and Randgold Resources Ltd. (lon:RRS) 5,865.00p -1.43%.

     

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