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Market Update

Bank of England on Hold, Spanish Debt Auction Exceeds Target

Author: Nigel Thomas
Last Update: 3:44 PM ET May 09 2013

5:00 PM Frankfurt – Bank of England left its interest rate and bond buying program intact. Spanish treasury sold more than its maximum target in bond auction today. UK industrial production increased more than expected.

European market indexes traded lower in the morning but managed to recover most of the gains in the late afternoon trading.

In London trading, FTSE 100 index gained 0.4%, in Frankfurt the DAX index rose 0.7% and in Paris, CAC 40 index increased 0.7%.

Bank of England left its bond purchase target at 375 billion pounds and left its key lending rate at 0.5%.

Spanish treasury also exceeded its maximum target at a bond auction and sold 4.57 billion, Bank of Spain said.

Stocks in Review

Experian Plc climbed 4.9% to 1,229.36 pence after the UK based personal financial data provider reported revenue in the year ending in March jumped 5.3% to $4.73 billion. Profit for the year plunged 43.4% $406 million compared to $718 million and 36.4 cents from 65.1 cents.

Old Mutual Plc jumped 2.8% to 221.50 pence after the UK based investment and insurance company stated gross sales in the first quarter climbed 14% to £5.60 billion in the life.

Total non-covered sales grew 5% to £3.32 billion and savings businesses and funds under management jumped 7% to £288.4 billion.

The financial group directive surplus was £2 billion at the end of March and group’s exposure to French sovereign debt was £4.7 million.

Snam SpA declined 4.4% to €3.68 after the Italy based oil company Eni SpA completed the sale of 395.25 million shares or 11.69% stake in the company for €1.46 billion at a price of €3.69 per share.

Eni will hold 8.54% of the company underlying the €1.25 billion convertible bond placed in January 2013 and due on January 18, 2016.

Wm Morrison Supermarkets Plc dropped 2.8% to 288.08 pence after the UK based food retailer reported total sales in the first quarter rose 0.6% to and like-for-like sales slipped 1.8%.

The retailer said total sales for the fiscal 2013 grew 2.6% to £18.12 billion and profit for the year dropped 6.2% to £647 million compared to £690 million and diluted earnings per share increased 27.17 pence from 24.93 pence.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc