The UK stock market rose 30.78 points, or 0.5%, to 5,813.48 today and by noon reached 5,820.81, up 0.66%, as Chinese economic data exceeded market expectations triggering gains in BT Group, Lloyds, BSkyB and Legal & General.
BT, the telecom giant rose sharply following a solid second quarter results which saw profits before tax grow 7% despite a 9% fall in adjusted revenue. Banking firm LLoyds charted upward course after meeting estimates in third-quarter.
BSkyB, the media group, advanced after seeing decent growth across the board in the first quarter, owing to high-profile sporting events such as the Olympic Games, the US Open, and Ryder Cup.
Oil major Shell stocks rose after it said its third-quarter net income was well ahead of expectations. Legal & General, the investments and insurance group, was in demand after recording thumping revenues in the third quarter. Wood Group, oilfield support services company, also climbed after announcing a series of management changes today, including the retirement of its Chairman Sir Ian Wood.
Commodities trader and mines owner Glencore was steady after saying its third quarter was a good one, despite generally weaker commodity prices. Oil and gas firm BG Group continued to fall after cutting back production guidance yesterday.
The UK stock market’s top ten gainers today include BT Group 226.20p +6.45%, Lloyds Banking Group 43.15p +6.35%, British Sky Broadcasting Group 744.50p +5.01%, Legal & General Group 139.10p +3.81%, Royal Bank of Scotland Group 284.90p +3.22%, Barclays 233.85p +2.79%, Next 3,646.00p +2.24%, Burberry Group 1,191.00p +2.14%, ARM Holdings 675.50p +1.58%, and Rolls-Royce Holdings 867.50p +1.52%.
The UK stock market’s top ten losers today include BG Group 1,097.00p -4.40%, Croda International 2,143.00p -2.64%, Tullow Oil 1,387.00p -1.21%, Old Mutual 170.00p -1.16%, Smith & Nephew 648.00p -1.07%, Petrofac Ltd. 1,593.00p -0.69%, Randgold Resources Ltd. 7,350.00p -0.68%, Meggitt 383.70p -0.60%, Serco Group 563.50p -0.53%, and Morrison (Wm) Supermarkets 266.50p -0.52%.