MARKET UPDATE – 26th August 2014

At 3.30pm the princely sum of 290 million shares had changed hands on the LSE – Ladies & Gentlemen, get real, that is disgraceful – perhaps not quite as embarrassing as the ill-natured rhetoric that fell from the lips of the loquacious Alex Salmond, but close! The holidays are surely over; its shoulders to the wheel or is it really true that funny money (QE) is underwriting equity values? Certainly the spurt shown yesterday by the CAC and the DAX, which added 2.1% and 1.8% respectively, courtesy of Draghi inspired QE rumour, gave the FTSE 100 a modest fillip today.

At the time of writing the FTSE 100 is up 40 points at 6815. The main gainers were MONDI +2.3%, AB FOODS & EASYJET +2%. WPP added 1.7% after decent numbers and a veiled warning about the future from CEO Sir Martin Sorrell. BUNZL fell from its high of +3% to +0.75%. Regus had a shocker after dispiriting numbers. Banks were popular – RBS +1.4%, HSBC +0.75%, BARCLAYS +1.2%. House builders were also in demand with BARRATT DEVELOPMENT in the vanguard +1.%. ASTRA was up 1% – but not enough to think that Pfizer diseased ridden mind was working overtime to launch another bid. The main losers were ANTOFAGASTA, whose shares travelled and arrived after satisfactory results were down 2%. PETROFAC and RIO were easier by 1.5%.

The Street of Dreams was up 50 points at 17128 and the S&P 500 breached through the record 2000 barrier at 2001 – up 0.25%

These are David Buik personal views

Twitter – @truemagic68

David Buik

Market Commentator

D +44 (0)20 7886 2775
Panmure Gordon & Co
One New Change | London | EC4M 9AF | United Kingdom
http://www.panmure.com – The information in this e-mail and any attachments is confidential and may be legally privileged. It is intended solely for the addressee(s). If you are not an intended recipient, please delete the message and any attachments and notify the sender of miss-delivery: any use or disclosure of the contents of either is unauthorised and may be unlawful.

David Buik
Market Commentator

D +44 (0)20 7886 2775
Panmure Gordon & Co
One New Change | London | EC4M 9AF | United Kingdom
http://www.panmure.com

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