UK Mail shines as Royal Mail IPO looms
The parcel firm jumped 7.8 per cent or 40p to 555p after a trading update revealed that a surge in online shopping meant its first-quarter trading had been “well ahead” of expectations.
Royal Mail has also benefited from the growth in internet retailing, which is expected to be a factor in attracting investors to its initial public offering (IPO).
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Hide AdMeanwhile, the FTSE 100 index continued to set four-week highs during early trading, before closing up 63.01 points or just under 1 per cent at 6,513.08.
David Madden, a market analyst at IG Index, said: “The European Central Bank and the Bank of England have tried to neutralise the effects of Federal Reserve tapering with forward guidance and to a point it has worked, with equity markets in Europe surging higher on the loose liquidity premise.”
Royal Bank of Scotland was one of the biggest risers, up 5 per cent or 15.6p to 304.4p, after an upgrade by Goldman Sachs, who said a move to split the lender into a “good” bank and “bad” bank could benefit shares.
Fund manager Aberdeen Asset Management was in demand – up 13.7p at 399.6p – as investors looked to benefit from any further gains in equities.
Glasgow-based engineering giant Weir Group climbed 58p to 2,162p after Morgan Stanley analysts moved their rating on the stock to “equal weight” from “under-weight”.
Blur Group, the procurement website launched by Philip Letts, whose family used to own the eponymous Dalkeith-based diary publisher, jumped 20 per cent or 40p to 242.5p after it said its new clients included yogurt-maker Danone.
NEW YORK: Wall Street rose for the fourth session in a row last night as US investors bet that companies will be able to surpass the low bar set for earnings season, leaving room for better-than-expected results that could fuel the rally further.
The Dow Jones industrial average closed up 75.88 points, or 0.50 per cent, at 15,300.57 while the Standard & Poor’s 500 Index was up 11.86 points, or 0.72 per cent, at 1,652.32. The Nasdaq Composite Index ended up 19.43 points, or 0.56 per cent, at 3,504.26.