The UK stock market fell 18.95 points, or 0.3%, to 5,757.1 this morning, due to a number of reasons such as Greek bailout delay, Fitch ratings that warned that US might enter recession if it did not tackle fiscal cliff, and contraction of French industrial production.
By mid-day, the UK stocks fell further to 5,749.48, despite receiving better-than-expected Chinese economic data, as it failed to offset concerns regarding Greek austerity package.
Car insurance giant Admiral was the highest riser of the day today after Bank of America hiked its rating on the stock by two notches from ‘underperform’ to ‘buy’.
IAG shares surged after revealing details of a restructuring plan to get its loss-making Spanish airline Iberia back on track, resulting in 4,500 job cuts.
ENRC, EVRAZ and Xstrata pushed resources lower, and Barclays, Aviva, and Lloyds were also tanking. Drinks giant Diageo climbed after announcing that it is to acquire a majority stake (53.4%) in Indian spirits firm United Spirits for £1.3bn.
Rolls-Royce scaled higher after maintaining its outlook for the full year despite lowering its assumptions for underlying growth in the Marine division.
Real estate investment trust Hammerson fell after saying it remains “cautious” about the economic outlook in the UK and Europe, even as it diversified from office landlord to retail landlord.
The UK stock market top gainers today include Admiral Group 1,055.00p +3.53%, Croda International 2,266.00p +2.53%, International Consolidated Airlines Group SA 171.80p +2.26%, Tate & Lyle 745.50p +2.12%, BG Group 1,057.50p +1.29%, Rolls-Royce Holdings 872.00p +1.28%, Smith & Nephew 649.00p +1.01%, British American Tobacco 3,201.00p +0.85%, SABMiller 2,673.00p +0.68%, and Diageo 1,800.50p +0.64%.
The UK stock market top losers today include Evraz 235.40p -2.89%, Aviva 321.00p -2.82%, Barclays 230.10p -2.75%, Eurasian Natural Resources Corp. 287.50p -2.41%, Lloyds Banking Group 43.10p -2.05%, Royal Bank of Scotland Group 269.20p -1.90%, Old Mutual 165.90p -1.60%, G4S 255.30p -1.50%, Xstrata 963.50p -1.48%, and United Utilities Group 650.00p -1.37%.