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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Markets Market 2008 Lloyds, Barclays up on FTSE

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Lloyds, Barclays up on FTSE PDF Print E-mail
Written by Gary Howes   
Monday, 29 June 2009 10:10
FTSE News: London’s blue chips are still ahead with banks pushing on and insurers making gains.

The FTSE 100 is up this morning by 0.19% at 4,249.18 by 10:57am. (See INDEXFTSE:.FTSE).  

The index is however approaching the line, but it is unlikely to lose much more ground should today's fundamentals remain unchanged.

Lloyds Banking Group (LON:LLOY) and Barclays (LON:BARC) are both ahead with the new government paper on regulation of the sector likely soon and expected to see a defeat for the ideas of Bank of England governor Mervyn King.

Lloyds Banking is also riding high courtesy of Goldman Sachs who raised its recommendation on the stock to “buy” from “neutral,” saying the lender will be a “key beneficiary” of higher market share concentration in the UK.

Outsource giant Serco (LON:SRP) said it remains on track to deliver on its 2009 guidance and continues to see significant opportunities in the current challenging economic environment.

Vodafone is steady despite reports it is poised to buy the T-Mobile business in the UK if it can get it past the regulatory authorities.

National Express is another on the up after a reprot this morning it has received a bid from rival FirstGroup, though again regulatory issues could prove a handicap to any tie-up.

Hovis to Branston Pickle maker Premier Foods's trading this year has continued on track, with sales of bread especially described as excellent. The heavily indebted group, which raised £379m through a cash call in March, said sales in May and June were in line with the trends in the first four months of 2009.

Aero-engine developer Rolls-Royce has bought a 33% holding in ODIM, a provider of specialist marine handling systems to the offshore oil and gas industry. Rolls-Royce is paying NOK 700 (£66m) cash to Aker Solutions for 15.5m ordinary shares in ODIM, equivalent to NOK 45 per share.

Informa warned that half-year organic revenues at its Events and Training unit will be 'considerably' lower as the group continued to reduce volume to protect profitability in the face of weak demand. Despite this, the high variable cost base will mean that the impact on adjusted operating profit margin will be limited.

The stock market recovery since March has boosted the fourth quarter performance of investment management firm Hargreaves Lansdown, which now expects full-year results to be ahead of market expectations.

Defence group Cobham has landed a big contract to provide communication systems to the US Army. A Cobham-Northrop Grumman team has been selected to provide the VIS-X Vehicular Intercommunication System Expanded for the US Army's Communications and Electronics Command.

Online fashion retailer Asos produced another year of eye-popping growth, with sales doubling and profits up 93%, though it cautioned its rate of growth could be starting to slow.