Stock market live Jan 22: Top gainers – Kingfisher, Petrofac, Next

Written on:January 22, 2013
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Kingfisher stocks rise today

Kingsfisher shares rise after its price target is increased from 320p to 350p

The UK stock market remained under weather at 6,173.59, falling 0.12% today, owing to the unimpressive policy announcement from Japan. After a two-day meeting, the Bank of Japan set a 2.0% inflation target and pledged to adopt the US-based Federal Reserve-style unlimited asset purchase programme.

The tentative start to the UK stock market today was also prompted by central bank’s postponement of promised increase in asset repurchases, which will not come until January 2014. The central bank retained benchmark rate unchanged at the prior range of zero to 0.1%.

By mid-morning a rumour that Bundesbank President Jens Weidmann had resigned circulated through the stock markets, sending the stocks into red. The German central bank denied the speculations. The UK stocks recovered thereafter due to the better-than-expected reading from the German ZEW survey, which revealed that economic sentiment had increased from 24.6 points in January to 31.5 points, reaching highest level since May 2010.

Shares of drinks giant SABMiller edged higher after announcing that trading in the third quarter was in line with expectations with revenue growth accelerating from the first six months of the year. Smiths Group and Shire rose after Credit Suisse highlighted that they would benefit as inflation expectations rise.

Contrarily, precious metals miner Fresnillo fell heavily despite exceeding production forecasts in 2012. Sector peer Polymetal was also lower. Kingfisher shares surged after Exane BNP Paribas raised its target price from 320p to 350p and kept an ‘outperform’ rating.

The top ten gainers in the UK stock market today are Kingfisher (lon:KGF) 273.80p +1.82%, Petrofac Ltd. (lon:PFC) 1,693.00p +1.38%, Next (lon:NXT) 4,024.00p +1.36%, Shire Plc (lon:SHP) 2,094.00p +1.11%, Weir Group (lon:WEIR) 1,970.00p +1.03%, Associated British Foods (lon:ABF) 1,643.00p +0.86%, BG Group (lon:BG.) 1,129.00p +0.85%, Experian (lon:EXPN) 1,094.00p +0.83%, Capita (lon:CPI) 804.00p +0.81%, and Eurasian Natural Resources Corp. (lon:ENRC) 342.50p +0.76%.

The top ten losers in the UK stock market today are Fresnillo (lon:FRES) 1,705.00p -3.94%, Polymetal International (lon:POLY) 1,040.00p -3.26%, Royal Bank of Scotland Group (lon:RBS) 361.60p -1.44%, GKN (lon:GKN) 244.70p -1.37%, Vodafone Group (lon:VOD) 160.15p -1.29%, Standard Chartered (lon:STAN) 1,643.00p -1.26%, Legal & General Group (lon:LGEN) 149.90p -1.25%, Pearson (lon:PSON) 1,187.00p -1.25%, Standard Life (lon:SL.) 341.80p -1.16%, and British Land Co (lon:BLND) 560.00p -1.15%.


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