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LLOY Lloyds Banking Group Plc

51.76
0.09 (0.17%)
28 Mar 2024 - Closed
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
  0.09 0.17% 51.76 51.70 51.72 52.43 51.57 52.23 248,468,301 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Commercial Banks, Nec 23.74B 5.46B 0.0859 6.02 32.87B

LONDON MARKETS: FTSE 100 Up As Miners Advance; Lloyds Shares Sulk

09/06/2014 11:15am

Dow Jones News


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

LONDON (MarketWatch) -- U.K. stocks scaled higher Monday, with mining shares supporting a rise in the FTSE 100 as Chinese data soothed concerns about slowing growth in a key market for U.K. producers.

The U.K. FTSE 100 index rose 0.3% to 6,876.57, adding to Friday's advance of 0.7% that resulted in the index's breaking a three-day run of losses.

Top gainers on Monday included Randgold Resources Ltd. and Fresnillo PLC , rising 1.5% and 1.2%, respectively, after an overnight report that China's exports jumped 7% in May from the year-earlier period, in line with expectations.

Copper producer Antofagasta PLC. rose 1.3%, and Anglo American PLC picked up 0.9%.

But moving in the red were shares of Lloyds Banking Group PLC , down by 1.3% as Lloyds priced the initial public offering of its TSB unit between 220 pence ($3.69) to 290 pence. Lloyds expects to sell 125 million ordinary shares, and the offer represents around 25% of the TSB unit. The midpoint of the price range puts TSB's market capitalization at around GBP1.275 billion.

"The price is almost a third below book value, in an attempt to woo investors in an IPO climate that many believe is getting tougher," wrote ETX Capital in a Monday note. Final pricing of the IPO will be announced on or around June 20.

Turning to the broader economy, analysts at Morgan Stanley said Monday they now expect the Bank of England to raise interest rates in the first quarter of 2015, rather than in the second quarter as previously expected. By the first quarter of next year, recovery in the U.K. economy "will look even more embedded, and we expect it to be more obvious that underlying domestic inflationary pressures are picking up," the analysts said in a note. There is a possibility of a rate hike in 2014 as "the economy continues to do well, and business surveys suggest that there is little (if any) spare capacity within firms," the analysts said.

Morgan Stanley also raised its economic-growth forecasts for the U.K. It now expects 3.1% expansion in 2014, up from a previously expected rate of 2.8%. For 2015, GDP is forecast to grow by 2.7%, up from a 2.4% estimate.

More news from MarketWatch:

ECB's Coeure says rates to stay low

Spain's decline in home prices slows

China's real-estate market sees land sales plunge

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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