Market update

With the Scottish independent vote occupying everyone’s mind from HM to David Cameron to the bus driver on No: 14 to Warren Street, equity markets adopted a calm though slightly negative serenity today. At 4.00pm the FTSE 100 was down 13 points at 6821. Volumes were slightly disappointing with 375 million shares having been traded on the LSE. From Panmure’s perspective it has been much busier since the start of September with an increased appetite from our customers to get involved. The perceived illogical attitude of the ‘YES!’ campaign, which now has a real shout, does not seem to have dulled enthusiasm too much to be involved in the right areas.

The standard bearers today were Persimmon +2.5%, Wm Morrison ahead of Thursday’s update +2.5% and Lloyds Banking Group +1.5% regaining some poise from yesterday’s machinations. Coca-Cola HBC was 2% light and Royal Dutch Shell, Anglo American and SSE were all down 1.6% – energy, mining and Scottish related stocks remaining unappetising. Dixons Carphone remained somnolent – up 0.2% on a decent trading statement. Whitbread surrendered an early 2% gain after an excellent trading statement and was flat at the time of writing. Those who dabbled in Quindell early on the back of a court case victory, which saw the shares leap like a grilse – +11%, could well have had their fingers burnt – only 2% up at 4.00pm.

The Dow is down 55 points having been down 90 points. Everyone waits with nervous anticipation on Apple’s presentation by CEO Tim Cook of iPhone 6 and the iWatch.

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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