Stock market news Sept 11: Barclays, Burberry, Betfair

Written on:September 11, 2012
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FTSE 100 rose 0.3% to reach its strongest peak in four months

Contrary to the expectations, after Monday markets reported the index closed down at 5,793.20, the FTSE 100 index rose 0.3% to hit £0.9993 ($1.6026), close to Friday’s peak of £0.9999 ($1.6035) which marked its strongest since May 15.

The FTSE 100 index closed down 1.60 points, or 0.03% at 5,793.20 on Monday, after seeing a lot of ups and downs in a tight range around the psychologically important 5,800 level as weakness in defensive shares balanced against strength in risk-sensitive cyclicals, such as miners and energy. London copper prices eased on Tuesday from four-month peaks hit in the previous session.

Barclays was hit by the PPI mis-selling offences, and controversial tax structuring unit, right at the time when it was trying to clean up its image. Burberry Group reported retail sales growth at constant exchange rates of 6% in the 10 weeks to September 8.

Ashmore Group, the emerging markets fund manager, reported a slight dip in pre-tax profits, after it produced a big rise in management fees to offset poorer performance in its fund products.

SuperGroup, the fashion firm, said total group sales for the first-quarter increased by 10% to £59.7 million and it is encouraged by the level of the wholesale order book for the full autumn/winter season, although adding that trading conditions remain volatile and unpredictable.

Betfair, the betting exchange group posted 13% rise in core revenue to £91.6 million in the three months to end-July, with year-to-date revenues in line with expectations after slower revenue growth in August.

Stock market news Sept 10: Xstrata, Vedanta Resources, BP


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