Markets Up on Earnings News

The markets spent much of the day on tenterhooks, waiting for the results of voting in Italy

Morningstar.co.uk Editors 8 November, 2011 | 5:24PM
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As it was, Berlusconi lost his majority in parliament, making his resignation more likely. The markets were buoyed in the meantime by good corporate news with the FTSE 100 closing up 1.03% to 5,567. European markets were also higher.

Lloyds was among the day’s biggest gainers, despite updating the market that it was unlikely to meet its targets over the next three years due to the slowing economic climate. Total income fell from £5.5bn to £5.1bn, but its combined businesses made a pre-tax profit of £644m and loan impairments fell 22%. Investors were relieved that there were no more big surprises after the departure of the chief executive last week.  

The news dragged up the rest of the sector, with HSBC, Royal Bank of Scotland and Barclays all showing strong performance.  

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Morningstar.co.uk Editors  analyse and report on shares, funds, market developments and good investing practice for individual investors and their advisers in the UK.