Making headlines this morning was the news that Bob Diamond has called its quits at Barclays, bowing in to political pressure following last week's news that the bank was involved in Libor manipulation. Marcus Agius, who said yesterday that he would resign as Chairman, is to become a full-time Chairman while the board searches for a new CEO. Shares advanced after this morning's announcement.
Also providing a lift on the blue-chip index were the miners as metals prices firmed on stimulus speculation. Vedanta, Rio Tinto, Kazakhmys, Fresnillo, ENRC and BHP Billiton were all making gains in spite of Deutsche Bank cutting target prices across the sector.
Deutsche Bank also reduced its target price for oil titan BP this morning, which was one of the worst performers of the day.
In other broker news, hedge fund manager Man Group was hit with a downgrade by Credit Suisse from 'outperform' to 'neutral', with the broker estimating that assets under management have fallen by 12% in the second quarter owing to a "tough" market environment.
Aberdeen Asset Management is leading fallers on the benchmark index after reports in the FT´s Alphaville blog that Credit Suisse has carried out a placement in the company´s shares.
The FTSE 100 jumped one per cent higher to a seven-week high on Friday afternoon with stock markets rejoicing as the US jobs report smashed forecasts in April and previous months' data was revised higher. [3 May '13]
Investment management firm Man Group jumped after it said that 2013 earnings per share (EPS) would be helped after a change in its regulatory status boosted surplus regulatory capital, allowing it to call/redeem certain debt securities. The strong rise came despite it saying that flows in the first quarter were "disappointing". [3 May '13]
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