FTSE 100	5599.76, +72.6	Dow	10566.20, +122.06
FTSE 250	9774.72, +109.43	Nasdaq	2326.35, +34.04
FTSE All Share	2861.06, +36.36	S&P 500	1138.69, +15.72
Nikkei	10585.92,+216.96	Hang Seng	21196.87, +408.90
Oil (Crude)	$81.50, +$1.29	Gold	$1135.20, +$2.10
Base Rate	0.5%	10 Yr Gilt	4.07%
£/$	1.519	£/€	1.1111
1 month LIBOR	0.54	3 month LIBOR	0.644

 

Markets

London - The FTSE 100 climbed 72.6 points higher to 5,599.76 on Friday. Investors cheered the jobs data from the US, sending the index its highest level since September 2008. Xstrata led miners higher, advancing 5.6%, while Rio Tinto rose 2.7%. Prudential gained 1.4% after saying 30 additional lenders have agreed to underwrite the $20 billion rights offer to fund its purchase of AIG’s Asian unit. This morning the FTSE has risen 5.28 points to 5,605.04 after French President Nicolas Sarkozy said the euro region is ready to rescue Greece should the government struggle to fund its budget deficit. Petrofac leads the risers’ board after pleasing investors with its full year results. Higher metal prices push miners higher.

New York - US stocks surged higher on Friday following continued signs that the pace of job cuts is slowing. The government report showed that employers cut a net total of 36,000 jobs last month, while expectations had been for 68,000. The Dow Jones jumped 122.06 points to 10,566.20, the S&P 500 gained 15.72 points to 1,138.69 and the Nasdaq rallied 34.04 points to 2,326.35. Gains were broad based with American Express and Boeing leading the Dow higher following the jobs report. Alcoa followed close behind as metal prices increased. Elsewhere, Apple drove the Nasdaq higher after announcing that it would release its much-awaited iPad computer on April 3rd.

Tokyo - The Nikkei rallied 216.96 points to 10,585.92 this morning, its highest level in six weeks. Nissan Motor was among the top performers after the yen fell against the euro to its lowest in two weeks. Mitsubishi Corp gained 2.6% after oil and metals prices climbed.

Hong Kong - The Hang Seng jumped 408.90 points to 21,196.87.

Economics

No major economic data to report

Corporate

Oil services company Petrofac said Monday its 2009 full-year net profit rose 33% following a record intake of new business driven by contracts from the Middle East and North Africa. Following such a strong performance in a challenging year for the oil industry, "we remain well-positioned to benefit from ongoing investment in oil & gas projects by our key customers in our core markets," said Chief Executive Ayman Asfari. "This will underpin strong growth in our business in 2010 and over the medium-term." Net profit for 2009 was $353.6 million, compared with $265.0 million in 2008. This was above the median forecast from 12 analysts of $312.0 million. Total revenue was up 9.8% to $3.66 billion, from $3.33 billion in 2008. Diluted earnings per share were 103.19 cents, compared with 77.11 cents in 2008.

Prudential said today that it plans to list on the Hong Kong Stock Exchange before it launches in May the $20 billion rights issue needed to help fund its acquisition of American International Group Inc.’s (AIG) Asian life-insurance business. The so-called listing by introduction will be alongside its primary listing in London, and means that no new shares will be offered, the company said. The move will make it easier for Asian investors to purchase shares in Prudential. Last week, Prudential announced the $35.5 billion acquisition of AIG’s Asian life-insurance business, AIA, in a deal that would make Prudential an Asian insurance giant. It said at the time that it planned to have a dual-primary listing in the U.K. and in Hong Kong after completing the AIA deal in the third quarter. Separately, Prudential said it has entered into foreign-exchange hedgings as it will have to convert proceeds from the rights issue in British pounds into U.S. dollars, which is the currency it will use to pay for AIA.

The above details are provided for information only and are not intended to be construed as solicitation for the sale or purchase of any particular investment nor as specific investment advice.

 

Posted: March 8th, 2010 under Asset Management.
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