Stock market report at 10:00 : BAE Systems, Astra Zeneca, BT, proposed government spending cuts
Stock market report at 10:00 : BAE Systems, Astra Zeneca, BT, proposed government spending cuts
2010/07/29 by ukcitymedia.co.uk about : Stockmarket Reports - 0 Comments - 241 words
An indecisive start has seen the FTSE 100 rise 0.68% to 5,356 with the FTSE 250 and FTSE 350 both rising as well. Government spending cuts are the talk of the market with BAE Systems stating that they expect to post good results despite spending cuts and VT claiming that they are in talks with the government over the proposed cuts. AstraZeneca has outstripped everybody else so far this morning seeing their shares rise over 4%. Rolls Royce Group has also seen a decent stock price rise.
Despite the proposed government spending cuts BAe Systems say they expect to post good results in terms of revenue growth for the year. Sales grew 9% in the first half of the year while tax and amortisation improved by 14%. On the back of these results, BAE Systems shares have risen 2.02% to reach 323.40p.
AstraZeneca shares have seen the biggest rise this morning following the news that drug Brilinta has received US government backing. They also increased their earnings targets for the second time this year citing emerging markets and key drugs as being the key drivers in this move. Stock is up 4.12% to 3,334.50p.
BT was another company to post strong results showing a 17% rise in profits. This helped them confirm their yearly target and having said that they are currently in talks with the government over proposed government spending, BT share prices rose 1.64% to 142.20p.
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