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NEWS - ECONOMICS / MARKETS

Morning markets: Chinese data lifts FTSE

01 Apr 2010 | 09:30
Sitanta Ni Mathghamhna

Categories: Economics / Markets

Topics: Ftse | Nikkei | Dow jones

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The FTSE was up in early morning trading at 5717.92, rising 38.28 points (0.67%).

Miners performed well as sentiment was supported by a pick up in China's manufacturing sector and stronger metals prices.

Vedanta Resources, Rangold Resources and Xstrata all topped the winners' board.

Banks also did well with Lloyds topping the leaders' board at 64p, up 1.96%.

On the downside, Vodafone shares fell 1.10 points (0.72%) to 150p after the UK telecom regulator announced it wants to cut mobile termination rates.

Satellite communications provider Inmarsat was one of the worst performers after hopes faded Harbinger Capital, its largest shareholder, will be able to afford a takeover. Shares were trading down 3.50 points (0.46%) at 752p.

Meanwhile, the Dow Jones closed lower at 10,856.63, down 50.79 (0.47%), on the back of a surprise drop in private sector employment which hurt investor sentiment.

The ADP Employer Services data showed 23,000 private-sector jobs were cut in March, much worse than the expected 40,000 rise.

However, energy companies were boosted by the higher oil price and an announcement by the Obama administration of a new offshore drilling strategy, with Chevron high on the winners' board trading at $75.83, up 0.70%.

Financial components were also strong, with J.P. Morgan Chase trading at $44.75 which is a rise of 0.38%. Bank of America Corp topped the board at $17.85, up 1.24%.

In Japan, the Nikkei 225 index closed at an 18-month high for the third successive day, up 154.46 points to 11,244.40, as confidence in the economy gathered pace.

 

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Categories: Economics / Markets

Topics: Ftse | Nikkei | Dow jones

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