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In early trading blue chips in London are down from yesterday’s close, but Lloyds Banking Group is the big gainer on the day.
The share price of Lloyds is up to its best levels in 16 months as the company confirmed this morning that the business has turned a profit in the first quarter of this year. It did not put a figure on the profit but was upbeat for the outlook for the rest of the year - which all represents a turnaround much sooner than was expected. But this hasn’t been enough to lift sentiment for the wider market and some reasonable losses for the share price of the miners have pulled the FTSE down.
Looking ahead to the US, at the moment we are expecting the Dow to start off slightly weaker for today’s open, down around 10 points from last night’s close. Yesterday saw this index once again hit fresh recovery highs so despite the slightly downbeat start to the day in London so far, it just looks like a slight pause in recent positive sentiment rather than the beginnings of a rout for share prices.
