Home Business NewsBusiness Markets pick up pace

Markets pick up pace

by LLB Reporter
30th Mar 23 9:58 am

Investors continued to bid up stocks as worries about the banking system faded away, with the FTSE 100 having risen nearly 3% since the start of the week.

The market was lifted by a broad range of sectors including retail, banking, travel and property.

Russ Mould, investment director at AJ Bell, said: “That suggests confidence is rebuilding among investors who have been shaken by the rapid unfolding of issues concerning a handful of US and European banks, and as expectations for interest rates once again swerved in a new direction.

“Petrofac soared by more than 60% after winning a place on a framework agreement to help expand offshore wind capacity in the Dutch-German North Sea. Judging by the previous share price trend, Petrofac needed all the good news it could get, as the stock had slid from circa 600p in 2018 to 50p last week.

“The wooden spoon went to Drax after the government said its BECCS (biomass project with carbon capture and storage) had not been selected for Track-1 development.

“Quite a few companies saw their share prices dip as they traded without the rights to the next dividend, including Aviva, Taylor Wimpey, Mondi and Moneysupermarket.”

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]