Spreadex Market Update
FTSE struggles with 7300 despite Barclays nearly trebling annual profit
"Barclays posted figures closer to the Lloyds than HSBC (and likely RBS) end of things"
As has been the case for most of the week, the main focus this Thursday was on the banking sector, with Barclays the latest to reveal its annual report. The company posted figures closer to the Lloyds than HSBC (and likely RBS) end of things – full year pre-tax profit nearly trebled to £3.2 billion, thanks to the fact that its conduct charges more than fell to more than third of what they were in 2015, from £4.4 billion to £1.4 billion. Elsewhere Barclays’ performance wasn’t quite so perky, with revenue dropping 3% to £21.5 billion and dividends slipping from 6.5p to 3p; however the surge in profit was enough for investors, who sent the bank 3.3% higher to a fresh 15 month high.
Over in the Eurozone there wasn’t much going on. The DAX started the day flat – though flat at 12000, and only 400 points from an all-time high, isn’t a bad place to be. The German index likely would have been a bit livelier after the bell if it wasn’t for a weaker than forecast Gfk consumer climate figure, which fell to 10.0 from 10.2 last month.
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