StanChart & Greggs Stand Out on FTSE

MONDAY MARKET UPDATE: Companies such as Standard Chartered and Greggs grabbed headlines in the UK, but overall, the FTSE was relatively flat on Monday

Alanna Petroff 10 December, 2012 | 6:14PM
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The UK markets were generally quiet at the start of the week.

Both the FTSE 100 and FTSE 250 indices registered very little movement either into positive or negative territory on Monday. The FTSE 100 edged up by 7 points, or 0.1%, to close at 5,922. The FTSE 250 lost 9 point, or 0.1%, to close at 12,178.

On the FTSE 100 index, stocks generally stayed within a narrow trading range. There were no extreme winners or losers by the close of the day. Shares in Smith & Nephew (SN.) rose by nearly 2%, making it the biggest gainer on the large-cap index. Hargreaves Lansdown (HL.) registered the sharpest loss, with shares declining by 2.5%. 

Standard Chartered (STAN) confirmed late on Monday afternoon that it would pay an additional $327 million in fines after US regulators accused the bank of violating sanctions with Iran. This second payment is in addition to an earlier payment of $340 million related to the Iranian incidents. These fines were in line with recently released estimates from the bank. Shares in the global bank plummeted in August when regulators publicly accused StanChart of past dealings with Iran.

Meanwhile, on the FTSE 250 index, shares in the high-street bakery chain Greggs (GRG) fell by 3% after the company announced that CEO Ken McMeikan will be leaving the company to take up the CEO role at the privately owned Brakes Group.

McMeikan was the "architect of a material modernisation of Greggs including the development of a more efficient supply chain and a more fit-for-purpose and competitive retail estate," stated Shore Capital analysts Clive Black and Darren Shirley in a research report. "We cannot hide our disappointment for Greggs' shareholders on the announcement of Mr. McMeikan's resignation."

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Greggs PLC2,772.00 GBX0.22
Hargreaves Lansdown PLC1,089.50 GBX0.14
Smith & Nephew PLC963.00 GBX-0.39Rating
Standard Chartered PLC919.80 GBX0.66Rating

About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.

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