1630: Close Following yesterday's 100-point slump, the FTSE 100 rebounded (partially) on Tuesday and finished with decent gains, helped by forecast-beating results from heavyweight firms ARM Holdings and BP, and better-than-expected service-sector data in the UK and Europe. Hargeaves Lansdown was topping the risers list before the close ahead of its full-year results tomorrow. Meanwhile, banking stocks were also performing well, recovering after sharp falls yesterday when UK Chancellor George Osborne warned lenders that the government could separate retail operations from riskier activities if they break the rule. FTSE 100 finished up 36 points at 6,283.
1524: Analysts at Societe Generale have downgraded their view on shares
of Centrica to hold (from buy), even while at the same time raising their target price to 371p from 360p previously. FTSE 100 up 38 to 6,285.
1500: The ISM Institute's service sector purchasing managers' index for the month of January fell back to 55.2 points, after a reading of 55.7 for the month before, as was expected.
1431: Shares of Hargreaves Lansdown and ENRC are getting pushed higher ahead of their full year earnings and quarterly production report, respectively. Smith and Nephew on the other hand has fallen to the bottom of the pile after analysts at Panmure Gordon downgrade the stock to hold from buy. The broker says it expects the medical technology firm's full-year results on Thursday to be "largely positive" but doesn't think that the outlook statement will be as strong as consensus forecasts imply - consensus estimates are for 5.4% growth in 2013 revenues. FTSE 100 up 36 to 6,283.
1233: Shares of JKX Oil and Gas are registering a 4 per cent rise, on well above average trading volumes, after news that it is restarting its in-field drilling and appraisal programme on the Novo-Nikolaevskoye Complex in the Ukraine.
1127: Analysts at Credit Suisse are telling clients this morning that they are still 'constructive' on stocks. In their own words, US equities rose by 5 per cent in January. 92 per cent of the time in which equities gained 4 per cent or more in January, they have risen for the rest of the year, rising on average by a further 12.7 per cent. The only exception was 1987 (but even then equities did rise 23 per cent between end of January and August). We stay overweight of equities, the broker adds. FTSE 100 up 30 to 6,277.
1035: The Debt Management Office has sold 1.1bn pounds in inflation-linked debt maturing in 2014 at an average yield of -0.844 per cent, versus 0.583 per cent the last time around. As an aside, shares of RBS seem to be executing a pull-back towards the 340p area, previously technical support.
0928: UK service sector purchasing managers' index for the month of January has come in at 51.5, comfortably ahead of the 49.5 forecast by the consensus and the previous month's reading of 48.9.
0912: Broadcaster and broadband group BSkyB is out of favour this morning (-1.0 per cent) after rival Virgin Media confirmed that cable company Liberty Global is considering bid for the firm, which would put it in direct competition with the FTSE 100 market leader. Shares in Virgin Media are currently up 14.7 per cent.
0820: UK stocks are just slightly in the blue at the moment, despite yesterday´s sharp pull-back. Shares of ARM Holdings are leading gains on the Footsie. That after the company reported a 16% rise in profit before tax for the fourth quarter, boosted by demand for the company's processor technology for smartphones and tablet devices. BT is also doing well on the back of an upgrade out of Liberum. The broker has raised its price target on the company´s shares to 300p from 260p before. Hargreaves Lansdown can be seen moving up the leaderboard as well. All of the above ahead of the release of the key services PMI for January at 09:28 (Consensus 49.5). Retail sales started 2013 on a "moderately encouraging note", according to Barclays Research, with the value of total sales up 3.0 per cent year-on-year in January, according to the British Retail Consortium (BRC). FTSE 100 up 5 to 6,252.