By mid-morning the FTSE was comfortably holding its positive start, up 50 points at 5657.
With all the negativity in the markets last week the bears had been out in force, but on Monday morning they seem to have gone into hibernation. Traders have a considerably more bullish outlook to life, buoyed by encouraging noises made by US politicians over the weekend, which has increased the belief that they will be able to resolve fiscal cliff issue before deadlines are reached.
Also helping markets were a number of FTSE stocks perking up traders' interest. BP is up strongly as rumours that they will embark on a £3.7 billion share buyback programme sweep the markets. Also being heard are positive noises on a swift completion to the Glencore/Xstarta tie up.
HSBC have continued a trend of UK banks in re-focusing their business with the planned sale of its stake in Chinese insurance company Ping An likely to raise $9.3 billion. Fears for the food retailer Ocado had been sweeping the markets, but news that it has managed to extend its loan agreements has seen the price spike by 14p, or 23%, at 10am (London time).
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FTSE Comfortably Holds Positive Start Through Mid-Morning
Published 11/19/2012, 06:40 AM
Updated 01/01/2017, 02:20 AM
FTSE Comfortably Holds Positive Start Through Mid-Morning
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