| | Friday 23 November 2012 QUOTE OF THE DAY The glow of one warm thought is to me worth more than money
- Thomas Jefferson
THIS MORNING IN LONDON FTSE 100 5,798.28 
7.25 0.13% FTSE 250 11,856.07 
-5.67 -0.05% FTSE 350 3,092.88
3.15 0.10% FTSE All Share 3,028.40
3.13 0.10% AIM 100 3,113.77
7.57 0.24% AIM All Share 692.95
1.55 0.22% 12:51 pm
Stocks edge higher after German data London's FTSE 100 index was making gains by Friday lunchtime after some better-than-expected data from Germany, though stocks were trading within a tight range on light volumes with just 18 points separating the benchmark's intraday high and low.
"Financial markets are attempting to build gains at the moment, although price-action is rather choppy given the lack of volumes as the US observes Thanksgiving," said market strategist Ishaq Siddiqi from ETX Capital.
"US markets were closed yesterday, leading to a slump in overall trade volumes; we see US investors return today, however the majority will likely stay away from their desks until Monday next week," he said.
The IFO Institute's widely followed gauge of German business confidence rose in November to the 101.4 point level, from 100 in the previous month. That was only the first improvement after six successive months of decline. The consensus estimate had been for the headline index to retreat to 99.5.
The euro strengthened to a three-week high this morning of $1.2911 following the data.
However, the mood continued to be cautious ahead of the Eurogroup meeting on Greece scheduled for Monday. Financial trader Shavaz Dhalla from Spreadex said that investor's patience is "nearing the end of its tether" with Monday's meeting being the third of its kind without an agreement. "A lack of agreement on Monday could prove 'three strikes are out' for investor's tolerance regarding Greece's negotiations with its international lenders," he said.
A summit of European Union leaders overnight to discuss a new seven-year budget was adjourned in the early hours of this morning and kicked off again this morning.
Speaking to reporters after the first day of meeting, German Chancellor Angela Merkel said that "position remains too far apart". She said: "Probably there will be no result at the end of this summit. There may be some progress but it is probable that we will need to meet again at a second stage."
Miners put in a mixed performance
Xstrata was higher after saying that its nickel division has completed the construction of the first production line at the Koniambo project has been completed, with first metal anticipated in January.
It was announced yesterday afternoon that Xstrata's merger with commodities giant Glencore has won the blessing of the European Commission. Both stocks were making gains this morning.
After rising early on, sector peer ENRC slipped slightly by lunchtime after announcing that it is putting more on its Chairman's plate in order to let its Chief Executive Officer focus more on operations, "notably cost and operational efficiencies across the group's assets."
FTSE 250 precious metals group Hochschild Mining was also lower but had pared losses after saying that it now expects to get the construction permits for its Inmaculada and Crespo projects in the second half of 2013 following delays by the Peruvian government.
RBS was out of favour as rumours continue to do the rounds regarding the sale of 316 of its branches. Private equity group AnaCap Financial Partners is among the suitors that is being rumoured to be interested, according to Bloomberg. Citing people close to the matter, Bloomberg said that RBS sent sales documents to potential buyers last week. Meanwhile, The Times reported this morning that Corsair Capital, led by former StanChart Chairman Lord Davis of Abersoch, is also interested.
Drinks giant SABMiller was on the up after releasing its first-half results yesterday. The stock was raised from 'reduce' to 'neutral' by Nomura this morning, which cited alleviated concerns about the company's margins. Meanwhile, Credit Suisse reiterated its 'outperform' rating on the shares today, saying that while the stock is trading at a 6% premium to the wider consumer staples sector, it believes it can "re-establish a c10% premium rating".
Utilities giant Severn Trent was lower after voicing concerns with Ofwat's proposed water price controls in response to a statement by the regulator this week which welcomed "constructive" criticism.
FTSE 100 - Risers
IMI (IMI) 1,015.00p +1.50%
Kingfisher (KGF) 281.10p +1.48%
Aggreko (AGK) 2,191.00p +1.15%
Marks & Spencer Group (MKS) 382.00p +1.06%
Xstrata (XTA) 1,024.50p +1.04%
Croda International (CRDA) 2,325.00p +0.96%
GKN (GKN) 216.30p +0.89%
RSA Insurance Group (RSA) 114.50p +0.88%
WPP (WPP) 846.00p +0.83%
Wolseley (WOS) 2,812.00p +0.79%
FTSE 100 - Fallers
Polymetal International (POLY) 1,091.00p -1.53%
Morrison (Wm) Supermarkets (MRW) 259.80p -1.37%
Evraz (EVR) 234.40p -1.22%
Burberry Group (BRBY) 1,227.00p -0.97%
Rio Tinto (RIO) 2,985.00p -0.83%
Associated British Foods (ABF) 1,440.00p -0.76%
Severn Trent (SVT) 1,558.00p -0.76%
Kazakhmys (KAZ) 687.50p -0.72%
Tesco (TSCO) 315.50p -0.58%
Vedanta Resources (VED) 1,068.00p -0.56%
FTSE 250 - Risers
Home Retail Group (HOME) 110.30p +3.18%
New World Resources A Shares (NWR) 230.60p +2.99%
BBA Aviation (BBA) 203.70p +1.95%
Supergroup (SGP) 620.00p +1.81%
Petropavlovsk (POG) 366.30p +1.78%
Inchcape (INCH) 421.20p +1.57%
Senior (SNR) 191.30p +1.43%
Dunelm Group (DNLM) 636.50p +1.43%
Catlin Group Ltd. (CGL) 475.90p +1.38%
Regus (RGU) 97.30p +1.35%
FTSE 250 - Fallers
Dialight (DIA) 1,080.00p -2.88%
Savills (SVS) 425.90p -2.76%
Shanks Group (SKS) 79.75p -2.68%
COLT Group SA (COLT) 102.50p -2.19%
Grainger (GRI) 111.10p -2.11%
Lonmin (LMI) 293.10p -2.01%
Man Group (EMG) 75.95p -2.00%
Interserve (IRV) 352.00p -1.95%
Micro Focus International (MCRO) 570.50p -1.89%
RPS Group (RPS) 211.80p -1.81%
WHAT THE BROKERS SAY
THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Enterprise Inns Nokia Optos Sepura The Running Trading Thread
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BOOK OF THE WEEK  By Niall Ferguson
A book review by James Faulkner of WatsHot.com One could be forgiven for lifting an eyebrow at the title of Niall Ferguson's book (and television series) exploring the development of global finance - surely a more apposite title given the current climate would be The Descent of Money, or something along those lines? But the really great thing about historians is that they take a much more eclectic and measured view of present circumstances than most of us can afford by the very nature of our own professions and preoccupations. The recent G20 Summit in London demonstrated how angry many people are at their own financial plight, the apparent greed of bankers and financiers, and the great gulf between the haves, the have-nots and the 'have-yachts' as Ferguson puts it. Yet Ferguson shows us that the problems of today aren't products of the financial system itself, rather they are the products of our own tendency to lurch from irrational exuberance to excessive pessimism.
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