Do you good people remember George Lazenby? – ‘The Big Fry’ – He had the lead role in one James Bond movie – ‘On Her Majesty’s Secret Service.” Well I tell you what – in terms of suave presentation he doesn’t hold a candle to Governor Mark Carney! What a cool dude!

It was the Threadneedle Street carnival at 10.30am this morning that added some colour to what might have been another listless and lack lustre session. Despite wholesale lack of clarity, the market made up its mind quite quickly that rates were unlikely to move up with any alacrity before the New Year. The 10-year gilt yield fell from 2.46% to 2.25%, Sterling fell quite sharply from $1.6808 to $1.6700 and bank and building shares girded up their loins – HSBC +1%, Lloyds Banking Group only up 0.5% as it became clear that there would be no sale of shares to retail investors before the election. Barclays was also up 1% and RBS was the standout performer – up 1.7%. Barratt Development caught the eye adding 3%. The herd added an average of 1%.

Of those companies that posted numbers today, they were nearly all losers – Admiral -5%, G4S -5% – a bear squeeze – Glencore -3% and Michael Page -0.8%. L&G served notice to leave the ABI. Car insurance may not be as cheap as has been the case recently. GSK must answer new bribery allegations in Syria. The Street of Dreams was up 32 points at 3.45pm. King’s Digital disappointed investors with its outlook. The stock has been larruped by 23% despite the company offering a sop in the form of a special dividend. The FTSE 100 was up 8 points at 6640. Conditions were painfully quiet. At least the inflation Report stopped the market entering another torpor period!
These are David Buik personal views

Twitter – @truemagic68

David Buik

Market Commentator

D +44 (0)20 7886 2775
Panmure Gordon & Co
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