Market overview: Top index holds above 5,800

17:33, Thursday 9 December 2010

LONDON (ShareCast) - 1630: Close The FTSE 100 finished up 13 at 5,807, but that was towards the bottom end of the day's range. It had been up as high as 5,837 at the start of the session. Wall Street struggled early on, falling around 25 points by the time London closed. Over here, it was the banks that kept the index higher. Barclays (LSE: BARC.L - news) , Lloyds, HSBC (LSE: HSBA.L - news) and RBS (LSE: RBS.L - news) were all ahead. BG also pitched in with a 3.6% jump after predicting its share of the Tupi and Guará fields in Brazil to be 600 million barrels of oil equivalent (boe). But Standard Chartered was hard hit on news it expects cost growth to exceed income growth.
1600: UK shares have lost some of their gains after Wall Street went into reverse. However, BAE Systems (LSE: BA.L - news) has recovered nearly all of its share price fall after it said that it was cutting 1,300 jobs. FTSE 100 (VFTSE.NX - news) up 14 at 5,808.
1425: Stocks have picked up slightly amid expectations of a good start on Wall Street following some decent economic data, including a bigger than expected weekly fall in jobless claims. Hedge fund manager Man Group (LSE: EMG.L - news) leads the risers. FTSE 100 up 29 at 5,824.
1315: Footsie (news) is little changed although there has been a shift in the mining sector's fortunes. Miners were dominating the risers earlier on and, while platinum group Lonmin (Berlin: LRH.BE - news) is still going strong, Xstrata (XTAF.EX - news) and Vedanta are now among the fallers. Banks (SBK.NX - news) are also mixed. RBS and Barclays are going well, but Standard Chartered (Xetra: 859123 - news) is under the cosh. The Asia-focused group says it is on course for another record year of profit and income as it continues winning market share, but the cheer was tempered by a warning on costs. FTSE 100 up 16 at 5,811.
1130: Banks and miners are boosting Footsie though Standard Chartered is bucking the trend. The Asia-focused bank says it is on course for another record year of profit and income as it continues winning market share and enjoying its position in markets with strong growth prospects. But it added that cost growth is expected to exceed income growth as the bank invests in both its businesses, opening new branches, hiring new staff and investing in the brand. FTSE 100 up 20 at 5,815.
1000: Footsie lost some early gains but still remains in the blue led by the banks with RBS and Barclays performing well. Oil and gas giant BG is also among the risers after reporting low technical costs at its Tupi and Guará fields in offshore Brazil. Smith & Nephew (LSE: SN.L - news) continues to see its share price fall. FTSE 100 up 11 at 5,806.
0840: Footsie is higher in early dealings, with miners dominating the top risers. Platinum specialist Lonmin is the top riser. Medical devices group Smith & Nephew gives back some of the gains it posted yesterday on bid chatter. FTSE 100 up 28 at 5,823.