23/10/13 Market Movements





Markets closed down, 21.18 points at 6,674.48 yesterday.

Stock Prices

Stock Movement Detail
RSA Insurance Moved within 5% of TSP Current price = 127p, TSP = 133p
Laird Moved within 5% of TSP Current price = 243.9p, TSP = 250p

Reuters reported that Zurich and Aviva could be potential bidders in a takeover deal with RSA Insurance.  The deal could total 7 billion pounds ($11.35 billion), traders say and the share price rose as a result.

Laird released its interim management statement yesterday which showed growth as expected, investor confidence in the stock rose and the share price rose by circa 8%.

Market Movements
Data has shown that Spain has emerged from two years of recession as GDP grew by 0.1% between July and September.  The country has shown strong export growth.

In addition to the above, the ECB who will be taking over the supervision of banking in the Eurozone next year said that lenders with capital shortfalls may require stronger balance sheets and stress tests would reveal possible risks.

Elsewhere in the UK, minutes from the Monetary Policy Committee have shown that the committee has decided to keep interest rates on hold at 0.5% which was as expected.  The MPC also mentioned that business confidence and consumer confidence was continuing to grow.   The MPC stated that it “seemed probable that unemployment would be lower, and output growth faster, in the second half of 2013 than expected at the time of the August Inflation Report”, which was what most investors had already anticipated.