FTSE 100 watch: Footsie steadies after China data

on Nov 11, 2013
Updated: Oct 21, 2019
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iNVEZZ.com, Monday, November 11: Britain’s blue-chip index has advanced today, rebounding from last week’s loss following upbeat industrial production data from China. Broadcaster BSkyB has been among the top Footsie losers after rival BT Group won the exclusive rights to broadcast Champions League football from 2015.

**Footsie edges higher after China data**
As of 11:57 UTC, Britain’s benchmark index had climbed 10.83 points to be 0.16 percent up at 6,719.25 after having shed 0.4 percent last week. In China, the National Bureau of Statistics reported that in October the nation’s industrial production had climbed 10.3 percent year-on-year. The news followed last week’s US data showing that the world’s largest economy had created 204,000 new jobs last month with the news fuelling speculation that the US Federal Reserve might reduce its monthly asset purchases sooner rather than later.

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“Finally, markets are reacting rationally to economic data,” analysts at Credit Agricole CIB said in a note, as quoted by Reuters. “While the data added further weight to the potential for Fed tapering in December or January it was also recognised as evidence of a growing economy, and one that barely flinched in the wake of the government shutdown.”

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**Top FTSE 100 winners and losers**
Among the top Footsie losers today has been British Sky Broadcasting Group whose shares had slumped 9.58 percent to 840.88p as of 12:42 UTC. BSkyB lost ground with rival BT Group winning the exclusive UK live rights for the Champions League and the Europa League for three years from 2015. (BT’s share price: ₤900 million deal to show Champions League games). Shares in BT are currently trading 0.40 percent higher at 373.60p, whereas ITV has lost 1.78 percent to 187.10p.

“The most action that we’ve seen this morning has been from BT and Sky, with BT paying an extraordinary amount of money to get the right to show Champions League and Sky losing those rights,” Vinay Sharma, trader at Gekko Global Markets, told Reuters.

RSA Insurance Group has been another standout loser after suspending three executives at its Irish unit. As of 12:51 UTC, the company’s shares had plunged 9.19 percent to 109.69p. (RSA’s share price set to fall on Irish probe announcement).
The top Footsie performer today has been Shire, whose shares are currently trading 3.72 percent higher at 2,900.00p. The drugmaker today announced that it would acquire the outstanding shares of the rare disease company ViroPharma, with the deal giving Shire access to Cinryze, a medicine for the inflammatory condition hereditary angioedema, which complements Shire’s Firazyr product. Shares in AstraZeneca added 0.46 percent to 3,293.00p, whereas GlaxoSmithKline was little changed at 1,649.50p.
The FTSE 100 was 0.30 percent up at 6,728.76 points as of 12:56 UTC on 11 November 2013.

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