The UK stock market registered moderate gains this morning trading at 5,785.13, up 0.27%, as Greece announced its 2013 budget last night, with investors being cautious ahead of the Eurogroup meeting. Eurogroup is composed of the finance ministers from Eurozone countries, who are expected to meet this afternoon at 16:00 London time, when they are expected to discuss current developments in Greece and Spain.
The Greece parliament approved of its 2013 budget as 167 members approved the bill, 128 voted against, four voted ‘present’ and one member was absent. Japan’s economy contracted at an annualised rate of 3.5% in the third quarter, slightly lesser than the 3.4% decline expected by analysts.
UBS raised its target price for Lloyds from 44p to 46p due to the bank’s solid performance in third quarter, boosting shares of Lloyds. Diageo was also being helped by broker Nomura which raised its target price from 2,000p to 2,100p and retained its ‘buy’ recommendation, following last week’s deal to buy a stake in Indian group United Spirits Limited.
Mining stocks were broadly lower after Japanese economy’s contraction. Anglo American, Antofagasta, Xstrata and Kazakhmys were all registering losses this morning. Reversing the trend was Polymetal which rose after extending the life-of-mine projections for its Khakanja and Omolon mines in Russia by two years.
G4S fell after Morgan Stanley downgraded its rating on the stock to ‘equal weight’ and cut its target price from 320p to 280p.
The UK stock market’s top gainers today are Admiral Group 1,091.00p +3.51%, Lloyds Banking Group 45.11p +3.44%, Polymetal International 1,146.00p +2.87%, Burberry Group 1,244.00p +2.22%, Vedanta Resources 1,110.00p +2.12%, Royal Bank of Scotland Group 274.30p +1.56%, WPP 819.00p +1.36%, Evraz 239.50p +1.31%, Hammerson 473.60p +1.30%, and Tullow Oil 1,400.00p +1.30%
The UK stock market’s top losers today are G4S 249.40p -1.58%, Amec 1,037.00p -1.14%, Rolls-Royce Holdings 869.00p -0.91%, BAE Systems 306.30p -0.87%, Croda International 2,253.00p -0.79%, Randgold Resources Ltd. 6,990.00p -0.78%, Meggitt 368.90p -0.73%, Serco Group 550.50p -0.72%, Xstrata 963.70p -0.68%, and BG Group 1,050.50p -0.61%.