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Share Price Information for National Grid (NG.)

London Stock Exchange
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Share Price: 882.00
Bid: 884.80
Ask: 885.00
Change: 9.20 (1.05%)
Spread: 0.20 (0.023%)
Open: 870.20
High: 886.20
Low: 869.20
Prev. Close: 872.80
NG. Live PriceLast checked at -

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FTSE 100 hits two-month low as banks stretch losses in SVB aftermath

Mon, 13th Mar 2023 17:13

HSBC falls after taking over SVB's UK arm

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British American Tobacco down after JPM downgrade

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Bank sector index hits over two-month low

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FTSE 100 down 2.6%, FTSE 250 off 2.8%

March 13 (Reuters) - London stocks fell on Monday as banks extended their losses on continued fears of contagion risks from the Silicon Valley Bank (SVB) fallout, while strength in the pound added to losses in the exporter-heavy FTSE 100.

The blue-chip FTSE 100 lost 2.6%, falling to an over two month low, while the FTSE 250 midcap index fell 2.8%.

Shares of Europe's largest bank HSBC slid 4.1% after acquiring the British subsidiary of SVB for one pound, rescuing a key lender for technology startups in Britain.

UK banks dropped 4.9%, hitting an over two-month low.

"It's contagion risk (SVB collapse) that is resulting in investors pulling out investments in case it does have a domino effect in the UK," said Giles Coghlan, chief market analyst at HYCM.

In contrast, Britain's finance minister Jeremy Hunt said Britain's banking system is extremely secure and that the rescue of SVB's British arm was necessary to help protect some of the UK's most strategic tech companies.

Earlier, U.S. authorities had announced plans over the weekend to limit the fallout from the collapse of SVB, while investors wagered that a rate hike by the U.S. Federal Reserve this month was no longer a certainty.

Prior to recent losses, British lenders started the year on steady ground as some positive earnings kept the sector ticking up in a high-rate environment.

The pound rose 1.1%, weighing on dollar earners including Burberry Plc and Ocado Group.

Bucking the sombre mood, precious metal miners gained 4.3% as gold prices edged higher against a weakening U.S. dollar.

Among other major movers, oil giants BP Plc and Shell Plc fell 4.8% and 4.1% respectively as oil prices dropped.

British American Tobacco, the manufacturer of Lucky Strike cigarettes, fell 3.2% after JP Morgan cut the stock's rating to "neutral" from "overweight."

Direct Line fell 4.8% after the motor insurer reported a 95% slump in 2022 operating profit.

Investor focus will now shift to UK's spring budget scheduled to be unveiled later in the week. (Reporting by Shashwat Chauhan and Shristi Achar A in Bengaluru; Editing by Sherry Jacob-Phillips, Dhanya Ann Thoppil and Angus MacSwan)

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13 Jun 2024 17:12

London stocks lose steam after Fed's rate cut outlook; Halma jumps

FTSE 100 down 0.6%, FTSE 250 off 1.5%

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12 Jun 2024 18:30

IN BRIEF: National Grid says buyers secured for rights issue rump

National Grid PLC - London-based electricity and gas utility company - Says buyers have been found for remaining 97.7 million shares under the GBP7.00 billion rights issue for which valid acceptances were not received at a price of 835 pence per share. Notes this equates to around 9% of the shares issued under the rights issue. Earlier Wednesday, National Grid said it received acceptances from shareholders for 987.4 million new shares, 91% of the total on offer in the 7-for-24 rights issue. The rights issue price was 645p per share, meaning the acceptances are worth GBP6.39 billion.

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12 Jun 2024 09:15

LONDON BROKER RATINGS: Goldman Sachs raises National Grid to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:

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12 Jun 2024 08:47

TOP NEWS: National Grid gets 90% acceptances for GBP7 billion raise

(Alliance News) - National Grid PLC on Wednesday said it received acceptances for more than 90% of the new shares on offer as part of its GBP7.00 billion rights issue.

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12 Jun 2024 07:49

LONDON BRIEFING: Stocks called up; UK economy comes to halt in April

(Alliance News) - Stocks in London are called to open higher on Wednesday, as investors shake off news that the UK economy stalled in April.

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6 Jun 2024 17:02

London stocks close higher on miners boost; ECB cuts rates

FTSE 100 up 0.5%, FTSE 250 adds 0.2%

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3 Jun 2024 09:23

LONDON BROKER RATINGS: Berenberg raises Ricardo; Goldman cuts LandSec

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and on Friday:

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3 Jun 2024 07:54

Citi upgrades National Grid, cites attractive risk/reward

(Sharecast News) - Citi upgraded National Grid on Monday to 'buy' from 'neutral' and lifted the price target to 985p from 920p as it cited an attractive risk/reward.

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31 May 2024 17:24

London stocks end higher for third month

FTSE 100 up 0.5%, FTSE 250 gains 0.3%

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31 May 2024 16:57

LONDON MARKET CLOSE: FTSE 100 rounds off decent May with gain

(Alliance News) - Equities in Europe ended higher on Friday, though stocks in New York were weaker, despite a key US inflation gauge landing in line with expectations.

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31 May 2024 10:34

Jefferies reiterates 'buy' on National Grid, trims price target

(Sharecast News) - Jefferies trimmed its price target on National Grid on Friday as it reiterated its 'buy' rating on the energy infrastructure firm.

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31 May 2024 09:15

LONDON BROKER RATINGS: RBC raises Centrica; Citigroup says buy BHP

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and on Thursday:

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30 May 2024 17:24

London stocks recover as yields retreat; Auto Trader hits record high

FTSE 100 up 0.6%; FTSE 250 climbs 1.2%

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30 May 2024 13:35

Britain's creaking power grid leaves green energy revolution adrift

PORTSMOUTH, England, May 30 (Reuters) - British ferry operator Wightlink wants to order a $60 million, state-of-the-art electric ferry to make its crossings cleaner and greener. But it can't commission the vessel until it gets a power upgrade.

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30 May 2024 13:14

Britain's creaking power grid leaves green energy revolution adrift

PORTSMOUTH, England, May 30 (Reuters) - British ferry operator Wightlink wants to order a $60 million, state-of-the-art electric ferry to make its crossings cleaner and greener. But it can't commission the vessel until it gets a power upgrade.

Read more

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