- China GDP grows
- UK jobless rate falls
- Yellen repeats testimony to House Committee
techMARK 2,807.44 +0.98%
FTSE 100 6,784.67 +1.11%
FTSE 250 15,600.23 +1.03%
London stocks finished the day on a high note after better-than-expected reports on Chinese growth and UK unemployment.
Chinese gross domestic product (GDP) grew at an annual rate of 7.5% in the second quarter of 2014, meeting the government's target and beating forecasts for it to remain unchanged from 7.4% in the first quarter.
The UK unemployment rate fell from 6.6% to 6.5% in the three months to May, its lowest rate since 2008 and two years before Bank of England Governor Mark Carney had targeted this level.
However at the same time, pay growth lagged inflation, which economists believe may ease the pressure on Carney's Monetary Policy Committee to raise interest rates in coming months.
Analyst Simon French from Panmure Gordon said that with wage growth still at "anaemic levels", rate will likely remain on hold until early 2015. "Our view is that continuing unemployment and underemployment in the UK labour market, as well as broader deflationary factors, will dampen any increases in wage and price growth over the next 12 months," he said.
In the US, Federal Reserve Chair Janet Yellen today reiterated comments to the House of Representatives Financial Services Committee that she made yesterday to the Senate Banking Committee. She said loose monetary policy was still needed as the US economic recovery remains incomplete with many Americans still unemployed.
US industrial production rose by 0.2% in June, less than the 0.3% expected and the previous month's 0.5% growth. Manufacturing output climbed 0.1% in June, missing the forecast for a 0.3% rise. It compared to May's 0.4% gain.
Meggitt, Rolls Royce higher
Aircraft parts group Meggitt saw shares
surge on reports that the company could attract a US bidder such as United Technologies. According to market chatter, speculation has emanated from the Farnborough Air Show this week.
Engine maker Rolls-Royce was also rising strongly today as the company continues to report contract wins during the Farnborough Air Show. Since the start of the week alone, the company has already announced orders from Kuwait Airlines, Air Lease Corporation, Airbus, CIT, Avolon, AirAsia X and MG Aviation.
Mining giant Rio Tinto impressed with a "very strong first half" with productivity gains across the business, particularly its large iron ore division which registered record shipments, production and rail volumes.
British Land rose after it reported a good start to the year as it continues to make the most of strong markets, with the occupational and investment markets in London and retail both strengthening.
Airline easyJet was also making decent gains ahead of its third-quarter statement on July 24th. Numis Securities analysts said they expect a "relatively reassuring" update from the group after industry concerns have pushed the stock sharply lower in recent months.
Postal group Royal Mail slipped on the news that it is facing a potentially "material" impact from a competition investigation in France.
Credit-checking firm Experian fell as shareholders at its annual general meeting today hit out over plans to appoint its Chief Executive as Chairman. The motion was voted through despite roughly 11% of votes in opposition.
FTSE 100 - Risers
Meggitt (MGGT) 537.00p +9.57%
easyJet (EZJ) 1,357.00p +6.26%
Aggreko (AGK) 1,738.00p +3.64%
Glencore (GLEN) 359.00p +3.64%
ITV (ITV) 183.80p +3.61%
Anglo American (AAL) 1,564.00p +3.30%
Persimmon (PSN) 1,267.00p +3.01%
Weir Group (WEIR) 2,720.00p +2.87%
Rio Tinto (RIO) 3,334.50p +2.77%
Marks & Spencer Group (MKS) 438.00p +2.55%
FTSE 100 - Fallers
Royal Mail (RMG) 479.50p -1.88%
Shire Plc (SHP) 4,786.00p -1.62%
Tullow Oil (TLW) 778.00p -1.52%
RSA Insurance Group (RSA) 463.70p -0.77%
British American Tobacco (BATS) 3,508.50p -0.67%
Diageo (DGE) 1,839.00p -0.35%
AstraZeneca (AZN) 4,371.00p -0.31%
Imperial Tobacco Group (IMT) 2,630.00p -0.30%
Severn Trent (SVT) 1,918.00p -0.21%
Experian (EXPN) 1,027.00p -0.19%
FTSE 250 - Risers
Petra Diamonds Ltd.(DI) (PDL) 205.00p +5.67%
COLT Group SA (COLT) 140.00p +5.66%
AO World (AO.) 243.90p +5.49%
Evraz (EVR) 102.60p +4.59%
Entertainment One Limited (ETO) 315.00p +4.20%
Taylor Wimpey (TW.) 114.00p +3.83%
Oxford Instruments (OXIG) 1,245.00p +3.66%
African Barrick Gold (ABG) 240.50p +3.57%
FirstGroup (FGP) 132.50p +3.35%
Senior (SNR) 271.10p +3.32%
FTSE 250 - Fallers
RPS Group (RPS) 265.60p -2.17%
Just Eat (JE.) 214.60p -2.10%
Genus (GNS) 1,074.00p -1.65%
Daejan Holdings (DJAN) 4,750.00p -1.55%
Pets at Home Group (PETS) 175.40p -1.46%
Foxtons Group (FOXT) 276.00p -1.43%
Telecom Plus (TEP) 1,320.00p -1.35%
WH Smith (SMWH) 1,108.00p -1.25%
Cineworld Group (CINE) 323.00p -1.25%
Euromoney Institutional Investor (ERM) 1,061.00p -1.03%
FTSE TechMARK - Risers
Phoenix IT Group (PNX) 94.75p +8.60%
Sarossa (SARS) 1.90p +4.11%
Torotrak (TRK) 19.75p +2.60%
Anite (AIE) 91.50p +1.67%
Promethean World (PRW) 31.12p +1.22%
Wolfson Microelectronics (WLF) 234.50p +1.19%
Kofax Limited (DI) (KFX) 414.75p +1.16%
XP Power Ltd. (DI) (XPP) 1,520.00p +1.00%
Dialight (DIA) 876.00p +0.92%
CML Microsystems (CML) 362.50p +0.69%
FTSE TechMARK - Fallers
Optos (OPTS) 175.00p -3.98%
Skyepharma (SKP) 252.00p -1.95%
Oxford Biomedica (OXB) 2.77p -1.77%
Gresham Computing (GHT) 126.00p -1.18%
BATM Advanced Communications Ltd. (BVC) 17.62p -0.70%
SDL (SDL) 340.00p -0.58%
Vectura Group (VEC) 136.75p -0.55%
Sepura (SEPU) 147.00p -0.51%
Ricardo (RCDO) 640.00p -0.31%
NCC Group (NCC) 194.00p -0.26%