Online Stock Trading - FTSE Index higher - Banks and Miners Rising
The FTSE 100 Index is higher by 95 to 4216 - thanks to banks and miners. The DOW Index is 103 points higher at 8316. But no-one is too optimistic that this latest rise will last.Rio Tinto (RIO) is bes performer after CEO Tom Albanese said there will be no rights issue. Cost-cutting and asset sales will enable he co. to reach debt-reduction targets.
Xstrata (XTA) is also strong after it said it suspended another 6 ferrochrome furnaces.
The end of the shorting ban in the UK has passed without incident. Banks are up (after being down heavily this week) even though RBS's broking arm has downgraded its banking bandit chums HSBC, Standard Chartered and Barclays - all downgraded from "hold" to "sell" - Lloyds TSB on the other hand has gone from "sell" to "hold".
The sector has reacted with nonchalance to the bail-out of Bank of America and the collapse of Anglo Irish Bank, its all so passé - who needs all these banks anyway?
Ireland's government has taken over control of Anglo Irish Bank and criticized its management - will it pocket their bonuses?
Dori Media, maler of TV programmes, slumped on a profit warning for Q4 which is usually its strongest quarter. 2008 pre-tax profits are expected to be between $4 and $6m.
Invocas, which provides personal debt solutions, said it is in "early-stage takeover talks" after its shares rose sharply yesterday. It is "in very preliminary discussions" that may or may not lead to an offer.
Stobart, transport, said it was resilient despite the economic downturn, but said results across its divisions from October 24 were mixed. Road transport and warehousing have outperformed expectations, and volumes have increased at the rail freight division.
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