The UK stock market’s rally came to a halt today as the FTSE 100 dropped from yesterday’s high this morning but recovered slightly to 5,805.17, up 0.23% by afternoon, eased by Greece’s parliamentary voting on austerity measures.
In Greece, 153 policymakers voted in favour of the proposed austerity measures, while just 151 votes were needed, against the backdrop of severe revolt and unrest in Athens, which prompted 18 policymakers to abstain from voting. Meanwhile, Bank of England announced that the bank rate is maintained at 0.5%, and its asset management program at £375bn.
The inability of US lawmakers to tackle the fiscal cliff combined with a deteriorating economic outlook for Germany, affected the global stocks adversely today.
Burberry and Randgold, recovered drastically from yesterday’s worst session after reporting results,to become the top gainers today, as Barclays Capital raised target price on the Burberry stock from 1,100p to 1,200p.
Insurance group Aviva rose after reporting a slight rise in net asset value. Experian gained after hiking its dividend and reporting strong revenue grout in the first half.
Security group G4S emerged as top loser after reports of the company losing the contract to operate the Wolds prison as the jail returns to public-sector management next year.
Mining group ENRC fell after reporting declining revenue in the first nine months of 2012 due to lower selling prices for its principal commodities.
The top gainers in the UK stock market today are Burberry Group 1,225.00p +2.17%, Randgold Resources Ltd. 7,085.00p +1.94%, Johnson Matthey 2,298.00p +1.55%, Tullow Oil 1,413.00p +1.44%, BT Group 226.70p +1.30%, Croda International 2,209.00p +1.28%, Compass Group 698.00p +1.23%, Tesco 326.00p +1.15%, ARM Holdings 712.50p +1.06%, and British American Tobacco 3,166.00p +1.00%.
The top losers in the UK stock market today are G4S 257.20p -3.89%, Eurasian Natural Resources Corp. 294.80p -3.34%, Land Securities Group 799.00p -1.48%, Tate & Lyle 725.50p -1.16%, SSE 1,416.00p -1.12%, Pennon Group 685.00p -1.08%, WPP 807.50p -0.98%, Serco Group 563.00p -0.97%, Lloyds Banking Group 44.12p -0.81%, and Sage Group 312.50p -0.76%.