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LLOY Lloyds Banking Group Plc

51.79
0.12 (0.23%)
Last Updated: 13:55:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lloyds Banking Group Plc LSE:LLOY London Ordinary Share GB0008706128 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.12 0.23% 51.79 51.79 51.80 52.43 51.57 52.23 71,044,330 13:55:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 23.74B 5.46B 0.0859 6.03 32.93B

LONDON MARKETS: London Stocks Fall After Mixed Global PMI Data

24/03/2014 7:36pm

Dow Jones News


Lloyds Banking (LSE:LLOY)
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By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- Stocks in London fell Monday, with mining shares among those that lost ground as weaker-than-expected data from China and Germany pressured equities across Europe.

The FTSE 100 Index lost 0.6% to 6,520.39, as copper producer Antofagasta PLC fell 1.2% and Rio Tinto PLC (RIO) moved 0.6% lower after HSBC's preliminary manufacturing Purchasing Managers' Index for China fell to an eight-month low at 48.1. The result missed a consensus forecast and showed further contraction in the sector.

The pullback for the FTSE erased the index's gain of 0.5% last week, the first weekly win in four weeks.

Lloyds Banking Group PLC shares, however, rose more than 1% Monday, landing among the session's top price performers.

Investors began the week sorting through PMI reports from the euro zone, with the overall composite index logging a ninth-consecutive month of expansion, though the 53.2 reading for March from market-research firm Markit was slightly down from February's result of 53.3.

Private-sector output in France this month expanded to a 31-month high, but activity in Germany -- Europe's largest economy -- unexpectedly slowed in March.

London stocks revisited session lows after Markit's initial PMI for the U.S. fell to 55.5 in March from 57.1 in February, although the report showed improving conditions for manufacturers. U.S. stocks reversed course and fell after the data, with the S&P 500 index (SPX) falling roughly 1%.

Combined with other data for the euro area, the PMI reports indicated economic recovery is underway, but there's limited scope for the recovery to gather pace, said RBC in a note.

"While the headwinds from the crisis are easing, the ongoing adjustment process will continue exerting a drag on growth, particularly via domestic demand," said Timo del Carpio, European economist at RBC Europe. "Moreover, against this backdrop of sluggish activity, today's PMI data also highlight the very limited inflationary momentum in the euro area."

Brown Brothers Harriman said key U.K. data coming this week will be consumer-price and retail-sales figures for February, with headline CPI expected to log its lowest print since October 2009.

Back to Lloyds, its shares rose 1.3% after a ratings upgrade to buy from hold as Investec said it sees "reasonable value for a low-risk stock."

Investec also noted confirmation of regulatory approval for the acquisition of fund manager Scottish Widows Investment Partnership by Aberdeen Asset Management, with the deal expected to close on March 31. "Already treated as a 'done deal' with inclusion in Lloyds' FY13 pro forma numbers, we are pleased to see this edge towards completion."

Meanwhile, Standard Life PLC said it's in exclusive talks to buy asset manager Ignis. Standard Life shares pared their advance, ending up fractionally higher.

In other U.K. developments, the embattled Co-operative Bank said it needs to raise 400 million British pounds ($659.48 million) after discovering that its capital position is weaker than it anticipated. Costs for the company have increased in part because of mis-selling of payment protection insurance. The company now expects a loss of GBP1.2 billion to GBP1.3 billion for 2013.

Off the FTSE 100, Carphone Warehouse Group PLC fell 4.8% after the mobile-phone retailer and Dixons Retail PLC said they've been given more time by a U.K. regulator to discuss a possible merger. Shares of Dixons had spiked higher after a Sky News report that the private equity group that owns Phone4u has approached electronics seller Dixons about a possible tie-up. But the shares ended with a modest 0.2% gain.

British Gas owner Centrica PLC fell 1.9%, and SSE PLC lost 2.3%, among those in the utility sector that saw their shares fall on news reports that a regulator may look into a break up of the U.K'.s "Big Six" energy companies.

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