The UK stock market remained in the positive territory today at 6,266.72, rising marginally by 0.03% from yesterday, despite worse GDP figures that threaten to push Britain back into recession. The stock market index which crossed the 6,200-mark, sustained yesterday’s high which was achieved due to better-than-expected European and Chinese economic data.
Today’s GDP figures reveal the stark reality of the UK economy which dreads falling into a triple-dip recession if fourth quarter results turn out to be disappointing. UK economy contracted by 0.3% during the fourth quarter of 2012, worse then the 0.1% GDP decline forecast.
Evraz (EVR) fell 1.9% to 301.2 pence as brokerage cut its recommendation on the stock to ‘underweight’ from ‘buy’. BP lost 1.1% to 462.8 pence, halting a two-day rally for Europe’s second-biggest oil producer. Miners Rio Tinto and BHP Billiton were also in the red this morning, while diversified miner Anglo American shares dropped after the company admitted that strikes held back production of platinum and iron ore in the fourth quarter.
EasyJet surged 3.2% to 927.5 pence after UBS AG raised the stock to ‘buy’ from ‘neutral’, saying that the airline’s first- quarter results led the brokerage to raise its earnings per share forecasts for 2013 and 2014. International Consolidated Airlines Group SA (IAG) soared 2.2% to 223.2 pence after it was raised to ‘overweight’ from ‘neutral’ at JPMorgan Chase & Co. Polymetal International Plc (POLY) gained 1.7% to 1,108 pence as the stocks were raised to ‘buy’ from ‘neutral’ at UBS.
The top ten gainers in the UK stock market today are TUI Travel (lon:TT.) 291.00p +3.19%, Sage Group (SGE) 325.40p +2.29%, International Consolidated Airlines Group SA (CDI) (lon:IAG) 222.70p +1.97%, Polymetal International (lon:POLY) 1,111.00p +1.93%, Aberdeen Asset Management (lon:ADN) 412.70p +1.78%, CRH (lon:CRH) 1,365.00p +1.71%, Smiths Group (lon:SMIN) 1,247.00p +1.46%, Johnson Matthey (lon:JMAT) 2,386.00p +1.40%, Intertek Group (lon:ITRK) 3,133.00p +1.29%, and ITV (lon:ITV) 116.20p +1.13%.
The top ten losers in the UK stock market today are Evraz (lon:EVR) 299.40p -2.44%, Eurasian Natural Resources Corp. (lon:ENRC) 332.30p -2.03%, Antofagasta (lon:ANTO) 1,253.00p -1.73%, Rio Tinto (lon:RIO) 3,521.00p -1.51%, Hargreaves Lansdown (lon:HL.) 715.00p -1.45%, Fresnillo (lon:FRES) 1,679.00p -1.41%, BHP Billiton (lon:BLT) 2,108.50p -1.40%, Kazakhmys (lon:KAZ) 759.50p -1.36%, Weir Group (lon:WEIR) 2,012.00p -1.18%, and Babcock International Group (lon:BAB) 1,010.00p -1.17%.