(MENAFN- ProactiveInvestors) The FTSE 100 first-footed into positive territory as traders looked to an increasingly likely stimulation of Europe’s economy.
European Central Bank president Mario Draghi in an interview with a German newspaper raised hopes of new Euro stimulation and stated the Eurozone would not split saying there is no ‘plan B’ for the currency union.
Draghi revealed the ECB is making technical preparations to adjust the “size speed and compositions” of its monetary measures in early 2015.
Blue-chip stocks edged just a few points higher on the first morning of trading in 2015 with the FTSE 100 trading below 6600 in early deals.
A US$350mln payment for Egyptian oil and gas sales helped () to a 1.3% gain whilst natural resource focussed engineering group Weir topped the FTSE 100 risers up 2%.
() and Mexican silver miner () also took a prominent spot among the day’s risers – up 1.5% and 1.2% respectively.
Moving the other direction was defence firm Meggit () and Dixons Carphone () down 2% and 1.4% respectively while house builders () and Barratt () dropped 2.7% and 1.55%.
() initially topped the FTSE 250 leader board with a short lived 9% rally after it revealed a settlement deal with its former executive management.
The Africa focussed oiler will receive just over US$20mln from former CEO Osman Shahenshah and former COO Shahid Ullah. Shahenshah and Ullah also granted a non-competition covenant in favour of while the company agreed to drop its legal case against the former bosses.
One of AIM’s biggest gainers in early deals was Quindell () another London listed firm under fire in 2014 due (partially) to turbulent management issues.
The cash-hungry outsourcing group Quindell () is in discussions to sell an operating division in order to raise some readies.
The insurance claims processor stated last month that cash generation remains a key focus of the group and on the first trading day of 2015 it confirmed that initiatives to boost working capital continue to be pursued.
One of those initiatives saw a significant development on the last day of 2014 with the company entering into exclusive discussions with a third party over the possible sale of a Quindell operation division.
Mining juniors Orogen () and Amadeo Resources () each gained some 30% without news.
The award of a commercial certificate for a new hydro-electric project in Peru sent () 13% higher.
And Oxus Gold () which continues to fight a legal battle was the morning’s biggest faller on AIM down 20%.
Elsewhere ‘rip off’ rail prices were among the day’s ‘most followed’ news stories as commuters count the rising cost of season tickets.
As a 2.5% price increase comes into effect today the Daily Mail reports that a record number of commuters now pay £50000 per year to travel into London for work.
Meanwhile the apparent good news for commuters – and anyone else for that matter – feeling the financial pinch in January is that payday lending is going to be ‘cheaper’.
New FCA rules come into effect today which cap interest and fees at 0.8% per day and limit penalty charges to £15 per late loan. The total amount of money made by payday lenders cannot exceed 100% of the loan as a result of the watchdog’s new regulations.
The Guardian claims 1mln Britons will benefit from the changes.
Elsewhere on Friday there was also the revelation that video-snippeter SnapChat had raised US$485mln on New Year’s eve. It is reported that the cash came from a pool of 23 investors.
The in-demand video messaging tech group last year snubbed a US$3bn takeover tilt from and was linked with potential deals with Yahoo and Alibaba.
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