ABERDEEN Asset Management was the biggest loser in the top flight tonight after Credit Suisse sold its remaining 7 per cent stake in the Scottish firm.
Although shares were 3.7 per cent lower at 255p on the news, the move demonstrated solid demand for the stock. A source close to Aberdeen said around 80 million shares were sold on Monday afternoon, and that they were purchased within 15 minutes, reflecting strong demands from investors.
Banking shares struggled as the Libor-fixing scandal added further regulatory risks to the sector, but the Footsie built on recent gains to hit a two-month high at 5,687.7.
Angus Campbell, head of market analysis at Capital Spreads, said: “Investors are betting on the prospect of further stimulus coming from not only European central banks later this week but also from Asia, with China expected to reduce its reserve requirement giving a boost to bank lending in the world’s second largest economy.”
Hopes that building and manufacturing will be bolstered filled the risers’ board with miners. Vedanta Resources was up 55p at 961p, Antofagasta gained 42p at 1,139p, and Kazakhmys added 27p to 757p.
Oil services firm Petrofac gained 22p to close at 1,459 after Liberum Capital upgraded its rating on the stock to “buy”, while Weir Group also continued its strong run of form, as Nomura put out a broker note praising the prospects of specialist engineering companies.
The Glasgow-based firm added 3 per cent to end the day at 1,612p.
Outside the top flight, catalogue and online shopping group N Brown saw its shares jump after it announced a rise in like-for-like sales. Shares were up 10.5p at 259p.
NEW YORK: Wall Street climbed in an abbreviated holiday trading session after an encouraging report about US manufacturing. Energy stocks rose the most because of increased tension over Iran.
The Dow Jones industrial average gained 72.43 points, or 0.56 per cent, to end at 12,943.82 while the broaderStandard & Poor’s 500 Index rose 8.51 points, or 0.62 per cent, to finish at 1,374.02. The Nasdaq Composite Index climbed 24.85 points, or 0.84 per cent, to close at 2,976.08.
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Weather for Edinburgh
Tuesday 21 May 2013
Temperature: 7 C to 17 C
Wind Speed: 13 mph
Wind direction: North west
Temperature: 3 C to 12 C
Wind Speed: 23 mph
Wind direction: West