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UK markets: Lloyds, Glencore splash the cash

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UK markets: Lloyds, Glencore splash the cash

UK markets: Lloyds, Glencore splash the cash

Britain's FTSE 100 rose as Lloyds gained after promising to return cash to billions of pounds to shareholders and optimism prevailed around the China-U.S. trade talks.

As David Pollard reports, commodities giant Glencore also announced its own share buyback scheme.


UK markets: Lloyds, Glencore splash the cash

World stock markets were upbeat on Wednesday ... Hopes of progress in Sino/US trade talks pushing some to a four-month high.

Britain's had their own boost - in the form of two major share buybacks.

First: Lloyds Bank ... Its shares up by around four per cent and among the biggest gainers on the FTSE 100.

Despite announcing weaker than expected annual profit growth, it also unveiled a dividend increase - and a 1.75 billion pound scheme to repurchase stock.

In total, the combined payouts add up, investors say, to a roughly four billion pound bonanza ... And strike a confident tone when compared to rivals RBS and HSBC .... Both have in the last week reported provisions against Brexit.

Glencore announced a share buyback programme worth an initial two billion dollars .... Which could be topped up with a further one billion from disposals.

The commodities giant's share price has underperformed rivals since the middle of last year ... And looked on Wednesday set to continue doing that - as it acknowledged that weaker cobalt prices had dented earnings.

Its shares edging into the red despite an eight per cent jump in core profit.

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