New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Saudi Arabia urges stronger global action to protect children in cyberspace at UN    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Saudi Arabia posts SR49.8 billion travel surplus in 2024 as visitor spending hits SR153.6 billion    911 emergency centers handle over 2.8 million calls in March    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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FTSE up 0.8% as banks, commods rally
Published in The Saudi Gazette on 16 - 02 - 2010

Britain's top share index gained 0.8 percent by midday on Monday, as banks and commodities rallied following the previous session's falls and British Airways climbed on hopes of a global alliance.
By 1154 GMT, the FTSE 100 was up 40.36 points at 5,182.81, having finished 0.4 percent lower on Friday, although trade was thin with Wall Street and most Asian markets shut for respective public holidays on Monday.
Anthony Grech, market analyst, at IG Index said with US and Asian market's closed we may have already seen the biggest moves in the stock market today.
“There is always the potential for the Greece situation to add in a little bit of short-term volatility but for now it would not be a surprise to see sideways trading for the rest of the session,” he said.
Banks, which have been hit recently with uncertainty over the European Union's Greek rescue plan, were back on the front foot.
Barclays, which is due to report full-year results on Tuesday, Lloyds Banking Group and Royal Bank of Scotland added 1.2 to 3.1 percent, also helped by a bullish note from Citigroup, which raised its earnings forecasts and target prices for UK domestic banks.
HSBC and Standard Chartered gained 1.5 and 0.6 percent, respectively.
EU leaders promised to help Greece at a summit on Thursday, but did not give details on what they could do to support the Mediterranean state in tackling a deficit and debt crisis.
Appetite for perceived riskier assets returned as worries over China's monetary tightening policy faded, with miners Vedanta Resources, Xstrata and Kazakhmys, Antofagasta up between 1.3 and 3 percent.
Rio Tinto was a strong performer, up 3.1 percent as Merrill Lynch issued an upbeat note on the global miner, adding it to its “Europe 1 list”. Energy stocks were also higher with BG Group, BP and Royal Dutch Shell up between 0.5 and 1.2 percent.
British Airways was the top FTSE riser, up 3.7 percent after the U.S. Department of Transportation gave its tentative approval to grant antitrust immunity to American Airlines and its four oneworld partners, including BA to form a global alliance.
Drugmaker GlaxoSmithKline was 0.6 percent higher after JP Morgan upgraded its recommendation on the stock to “neutral” from “underweight”.
Peers AstraZeneca and Shire also gained, up 0.1 and 0.7 percent, respectively.
Legal & General rose 2.3 percent. The life insurer is scheduled to report its fourth-quarter new business figures on Wednesday. Selected defensive issues were among the fallers. British American Tobacco and Imperial Tobacco fell 0.4 and 0.6 percent respectively.


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