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Share Price: 696.00

Bid: 696.00

Ask: 696.10

Change: -1.00 (-0.14%)

Spread: 0.10 (0.014%)

Open: 696.10

High: 697.90

Low: 694.80

Prev. Close: 697.00

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Sector movers: Banks rise as Lloyds impresses with first-quarter profits

Thu, 01st May 2014 14:05

Well-received results from Lloyds gave the UK-listed banking sector a boost, as the domestic lender reported that underlying profits jumped by over a fifth in the first quarter.Underlying profits rose by 22% in the first three months of the year to £1.8bn, helped by a 10% rise in net interest income, as well as a fall in costs and a drop in impairment charges.The company also pleased investors by reiterating its aim to apply to regulators in the second half to restart dividend payments. "Lloyds is often seen as a proxy for the UK economy, and although they are inextricably linked, both are beginning to prosper after a long period of austerity," said Richard Hunter, Head of Equities at Hargreaves Lansdown Stockbrokers.Lloyds, which is now 24%-owned by the state, also said it plans to float its TSB business in London before the end of June as part of stipulations set out by the EU when the bank was bailed out in 2008.The company's shares were 4.8% higher at 78.95p by 14:21, their highest since late March.Part-nationalised peer Royal Bank of Scotland was also on the rise, up 2.9%, ahead of its own first-quarter report due out on Friday.The bank is expected to delivering an underlying pre-tax profit of £570m, according to analysts at Numis, down from £747m from a year earlier. Cost and impairment reductions are estimated to be offset by a 17% fall in income to £4.26bn.HSBC, Barclays and Standard Chartered were also on the rise today.Top performing sectors so far todayIndustrial Transportation 3,136.73 +2.18%Fixed Line Telecommunications 4,331.52 +1.65%Banks 4,535.35 +1.52%Industrial Metals & Mining 1,200.28 +1.46%Media 6,043.53 +0.91%Bottom performing sectors so far todayMobile Telecommunications 4,916.50 -2.20%Food & Drug Retailers 3,741.59 -2.11%Mining 16,626.15 -1.39%Electronic & Electrical Equipment 4,036.72 -1.03%Industrial Engineering 10,639.62 -1.00%BC

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