The UK stock market opened on a flat note reaching 6,284.31 by noon rising less than 0.1%, after a decent run last week, with a marginal increase last Friday, as investors appeared to be cautious ahead of the US report on durable-goods orders, which is expected to increase by 2.0%, ahead of the 0.8% gain the month before.
The UK stocks were trading at an extremely narrow range this morning, with just 10 points separating its intraday high (6,289) and low (6,279). Impressive economic data from around the globe buoyed the UK stock market last week. Chinese and European manufacturing data coupled with lowering figures of US joblessness claims and better German sentiment edged the UK stocks higher last week. Since the beginning of 2012, the UK stock indices jumped 6.6%.
The flat performance this morning at the UK stock market pulled down Outsourcing group Capita, which lost heavily after Canaccord Genuity downgraded its rating for the stock from ‘hold’ to ‘sell’. The broker reasoned that the Capita stocks are no longer an attractive option. Tate & Lyle, the sweeteners and food products firm, was also lower after Investec reduced its ratings from ’buy’ to ‘hold’ following a 29% share-price jump since mid-September.
Drinks giant Diageo was in demand after announcing a joint venture with regards to United National Breweries’ traditional sorghum beer business in South Africa. Broadcaster ITV fell despite acquiring the freehold of London Television Centre for £56m. ITV explained that the acquisition gives ITV flexibility in its property strategy as it continues to regain balance in the business.
The top ten gainers in the UK stock market today Old Mutual (lon:OML) 189.60p +1.07%, HSBC Holdings (lon:HSBC) 717.10p +0.96%, Aberdeen Asset Management (lon:ADN) 419.30p +0.94%, Amec (lon:AMEC) 1,109.00p +0.82%, Prudential (lon:PRU) 955.00p +0.79%, Unilever (lon:ULVR) 2,553.00p +0.79%, Imperial Tobacco Group (lon:IMT) 2,439.00p +0.79%, Vodafone Group (lon:VOD) 171.50p +0.73%, Barclays (lon:BARC) 302.85p +0.71%, and Royal Bank of Scotland Group (lon:RBS) 368.50p +0.71%.
The top ten losers in the stock market today Evraz (lon:EVR) 291.60p -2.80%, Petrofac Ltd. (lon:PFC) 1,695.00p -2.02%, Capita (lon:CPI) 779.50p -1.83%, Tate & Lyle (lon:TATE) 821.00p -1.56%, Fresnillo (lon:FRES) 1,672.00p -1.53%, Aggreko (lon:AGK) 1,730.00p -1.37%, Tullow Oil (lon:TLW) 1,167.00p -1.35%, BG Group (lon:BG.) 1,150.00p -1.33%, InterContinental Hotels Group (lon:IHG) 1,856.00p -1.28%, and Kingfisher (lon:KGF) 273.90p -1.26%.