With all the interesting stuff – specifically a testimony from new Fed chair Jerome Powell – happening this afternoon, the European indices couldn’t manage much after the bell.
The FTSE rose 0.1% as Tuesday got underway – a meagre open, no doubt, but one that allowed the index to keep above 7300. Now it just needs to make a go of escaping the orbit of that key level, especially if it wants to start in earnest the process of regaining early February’s hefty losses.
It’s actually surprising the FTSE didn’t see a more robust performance as the day got underway given the moves made by some of its constituents. A colossal 25% surge in annual pre-tax profit to £977 million was enough for investors to put aside their interest rate fears, however briefly that may be, and send Persimmon (LON:PSN) more than 11% higher. Standard Chartered (LON:STAN) wasn’t quite so explosive; still, after a return to profit and the resumption of its dividend the bank managed to eke out a 1.2% increase.
The biggest mover, however, was Sky (LON:SKYB). For months Rupert Murdoch’s takeover of the media company has been mired in regulatory doubt. Well now the aging political puppet master has another thing to worry about: Comcast (NASDAQ:CMCSA)have swooped in with a fresh offer for Sky, a £12.50 per share all-cash offer that stands at a 16% premium to that currently offered by Fox (MX:FOX). Obviously Sky went doolally at the news, rocketing up 18% to sit above £13 for the first time in 18 years.
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