The UK stock market made small gains this morning landing at 6,167.96, up 0.22% by afternoon, despite the absence of trading on the Wall Street. The afternoon saw the UK stocks rise after Republicans declared that they would hold a vote to extend the US government’s authority to borrow.
This afternoon the UK stock market saw insurance giant Admiral surged 5.3% to 1,215 pence this morning, which is its biggest gain in three months, after Goldman Sachs raised its recommendations from ‘neutral’ to ‘buy’. Sector peer Aviva was close on heels rising 1.77% to 372.70 pence.
Contrarily, luxury brand Burberry fell heavily as did sector peer Richemont dropped in Paris after missing revenue forecasts. Aerospace engineer Meggit shares fell after it emerged that one of the group’s products could be linked to the grounding of Boeing 787 Dreamliners.
Barclays scandals refused to die down as the bank’s stocks were in the red after its wealth COO quit after admitting that he had destroyed a damning report which exposed Barclays’ culture. Drinks giant Diageo was lower after UBS cut its ratings to ’neutral’. Rival SABMiller was also down after announcing that it plans to sell its Panama-based milk and juice business to narrow the focus of the Cerveceria Nacional division.
Learning firm Pearson shares tanked after it issued a profit warning saying that 2012 operating profits would be flat at £935m. Gold miner Randgold surged after saying that production has returned to normal at its Tongon mine after a fire mishap occurred in the mills section of plant three weeks ago.
The top ten gainers in the UK stock market today are Admiral Group (lon:ADM) 1,215.00p +5.29%, Aviva (lon:AV.) 372.70p +1.77%, GlaxoSmithKline (lon:GSK) 1,400.00p +1.74%, Royal Bank of Scotland Group (lon:RBS) 365.00p +1.73%, International Consolidated Airlines Group SA (CDI) (lon:IAG) 211.80p +1.63%, National Grid (lon:NG.) 693.50p +1.46%, GKN (lon:GKN) 246.80p +1.44%, Resolution Ltd. (lon:RSL) 267.80p +1.44%, Evraz (lon:EVR) 308.70p +1.41%, and Centrica (lon:CNA) 343.00p +1.30%.
The top ten losers in the UK stock market today are Pearson (lon:PSON) 1,198.00p -3.23%, Meggitt (lon:MGGT) 428.20p -2.06%, Aggreko (lon:AGK) 1,800.00p -1.64%, Burberry Group (lon:BRBY) 1,364.00p -1.59%, Diageo (lon:DGE) 1,815.00p -1.52%, Kingfisher (lon:KGF) 269.80p -1.14%, SABMiller (lon:SAB) 2,952.00p -1.09%, British Land Co (lon:BLND) 563.00p -0.88%, Land Securities Group (lon:LAND) 809.50p -0.80%, and Wood Group (John) (lon:WG.) 820.00p -0.79%.