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Market overview: Reports on StanChart off the mark

1133: Weekend reports about differences of opinion amongst board members at StanChart, regarding a possible cash call, are ‘off the mark and inaccurate’ sources close to the lender are telling Sharecast. FTSE 100 down 11 to 6,541.

1050: HSBC has reportedly denied to Bloomberg an earlier newspaper report that it was eyeing a partial IPO of its UK arm.

1049: Senior Directors at StanChart are apparently debating the need, or not, of a rights issue, according to a report out over the weekend from The Independent. In a research note issued on Monday analysts at Credit Suisse explained to clients that: ‘We see risks to the guidance given at the recent investor day and our key concern is the limited organic capital generation of the group, which could see a Basel 3 fully loaded ratio go below 10 per cent in the first half of 2014 against a tougher regulatory backdrop.’

0840: Oil group Tullow has fallen as it plugged and abandoned its Tultule-1 wildcat well onshore Ethiopia after it failed to encounter oil. Kentz is sharply higher this morning after offering 435m dollars for the oilfield solutions business of US-based Valerus as it looks to expand its offering and increase its footprint in the Americas regions. The FTSE 100 is trading at 6,554.5, up just 2.51 points from Friday’s close.

0815: The FTSE 100 has opened flat after a strong surge on Friday following the better-than-expected US jobs report. Asia markets have performed well overnight after data from China which showed that export growth accelerated strongly in November. However, sentiment has been dampened slightly after Japanese GDP growth was revised down to 1.1 per cent in the third quarter, from the initial estimate of 1.9 per cent announced in November. HSBC is higher this morning on market chatter that it is looking to float its UK arm. The FTSE 100 is up 5.64 points at 6,557.63.

 

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