Markets: RBS tops risers on flat day for FTSE
ROYAL Bank of Scotland finished at the top of the Footsie risers’ board after positive analysts’ comments and a rally for European banking shares.
Brokers at JP Morgan Cazenove prefer the stock to rival Lloyds Banking Group, with RBS closing up 4.6 per cent, or 11.7p, at 264.7p, while Lloyds edged 0.4p higher to 37.06p. Sources said RBS could launch its £3 billion Direct Line float as early as tomorrow.
Barclays shared in the rise – up 2.8 per cent, or 5.75p, at 213.5p – after Deutsche Bank triggered a rally on European markets by reassuring investors it will not ask them for more cash. Reports later emerged that board member Sir John Sunderland will be chairman of Barclays’ pay committee, angering investors who wanted an external appointment.
The broader FTSE 100 index closed down just 1.01 points at 5792.19 as traders awaited today’s decision by Germany’s constitutional court over whether it will back a eurozone rescue plan.
Markets shrugged off a warning from Moody’s that it will downgrade the United States’ triple-A credit rating if it does not reduce its debt. Instead, investors are awaiting news tomorrow of possible quantitative easing from the Federal Reserve.
Tullow Oil fell 2 per cent, or 29p, to close at 1,357p after failing to find further gas in its well off Kenya, while Shell climbed 3p to 2,299.5p despite halting its Arctic drilling after only one day due to ice problems.
NEW YORK: The Dow Jones Industrial Average closed at its highest level in nearly five years, ending up 69.31 points, or 0.52 per cent, at 13,323.60. The Standard & Poor’s 500 Index was up 4.50 points, or 0.31 per cent, at 1,433.58. The Nasdaq Composite Index was up 0.50 points, or 0.02 per cent, at 3,104.53.
Search for a job
Search for a car
Search for a house
Weather for Edinburgh
Wednesday 19 June 2013
Temperature: 9 C to 18 C
Wind Speed: 16 mph
Wind direction: West
Temperature: 12 C to 20 C
Wind Speed: 8 mph
Wind direction: East