FTSE Shows Signs of Recovery

Thursday, July 30, 2009
By SHP

A combination in increased mortgage agreements in June and Morgan Stanley’s advice to buy Schroders shares has indicated that the UK market is showing some signs of recovery, albeit small. Those green shoots are still hard to find though. Home loans increased to 47,584 new agreements in June, prompting reports that the UK’s housing market is on the move once more.

Not all good news today, as shares in Rexam fell 8.1 percent to 253.75p after announcing a share sale to raise 351 million pounds, and also cancelled its first-half dividend payment.

Also in the news today was British Airways, who have decided to stop giving lunch on its shorts flights in an attempt to save £22 million a year. Many BA staff have taken pay cuts to help their company weather the economic storm.

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