Tuesday Update
DB Live: Markets rise; Persimmon divi; Norwegian cash call
REFRESH PAGE FOR UPDATES
4.30pm: Markets rise sharply again
Stock markets defied expectations of profit taking following Monday’s surge as investors continued to buy into the optimism around the coronavirus vaccine. The FTSE 100 closed 110.56 points (1.79%) higher at 6,296.85 and is up more than 500 points — £125 billion of market value – in a week.
2pm: Refinery jobs at risk
Nearly 190 jobs are under threat at Grangemouth oil refinery after its owners announced plans to scale back operations at the site.
1.30pm: More Covid restrictions
Three Scottish council areas will be subject to tougher coronavirus rules as calls grow for change in alcohol rule.
9.30am: Norwegian in fresh cash call
Norwegian Air’s cash crisis could force the struggling budget airline to halt operations early next year, the company warned as it issued another plea for rescue funding.
The pioneer in low-fare transatlantic flights has seen problems from its debt-fuelled expansion compounded by the Covid-19 pandemic. It is now serving domestic routes only, with six of its 140 aircraft flying.
The Norwegian government said on Monday it will not provide additional financial support for the airline.
8am: Market up again
The FTSE 100 defied expectations of a pull back by edging up in early trade. In the first minutes it was trading about 12 points higher at 6,197.87.
7.15am: UK jobless up, in Scotland no change
The UK’s unemployment rate rose to 4.8% in the three months to September, from 4.5% in the previous quarter.
The number of people in work fell by 247,000, the largest annual decrease in more than a decade, the Office for National Statistics (ONS) said.
Scotland’s unemployment rate estimate was unchanged over the quarter at 4.5%.
7am: Persimmon robust
Dean Finch, group chief executive, of house builder Persimmon said: “Persimmon continues to perform robustly despite the significant challenges presented by the Covid-19 pandemic and we are currently on course to deliver a good result for 2020.”
Reflecting the group’s continuing strong performance, a further interim dividend of 70p per share will be paid on 14 December, which together with the interim dividend of 40p per share paid in September, replaces the previously postponed 110p per share final dividend declared for 2019
Strauss to chair Brewin Dolphin
Wealth manager Brewin Dolphin has appointed former Scottish Widows executive Toby Strauss as chairman and non-executive director.
Markets
The FTSE 100 index is expected to fall as investors take some profits from yesterday’s vaccine-boosted surge.
IG Index sees the index opening around 80 points lower at 6116.2, a 1.3% reversal of yesterday’s gains. Travel, leisure, pubs, restaurants and other hospitality stocks are among those likely to pull back.
Wall Street is also likely to see a reversal after the Dow Jones Industrial Average rose 2.95%, the S&P 500 gained 1.17%, while the Nasdaq Composite fell 1.53% as tech firms found themselves among the losers.
Japan’s Nikkei 225 rose 1.1% after reaching a 29-year high in early trade and Australia’s S&P/ASX 200 rose 1.6%.
Today’s agenda
First Minister to review lockdown restrictions (2.20pm)
