LONDON -- The FTSE 100 (INDEX: ^FTSE) started today's trading session on track to regain some of losses it suffered last week, when global economic growth worries saw the index shed 98 points, or 1.5%. However, by 10:10 a.m. EDT the index had given up the morning's gains and then some, down 0.26% despite strong gains in bank stocks owing to renewed G20 support for the Bank of Japan's aggressive monetary stimulus.
But which individual stocks are likely to outperform the FTSE 100 index today, and why? Let's look at three stocks on the rise this morning.
Lloyds Banking (LLOY -1.12%) (LYG)
The shares of Lloyds Banking have jumped 2.7% to 49 pence after the bank successfully issued 713 million new shares to raise 350 million pounds. Rumors continue to circulate that the group could dispose of the Menzies hotel chain it inherited from HBOS for about 100 million pounds or sell fund management division Scottish Widows Investment Partnership for close to 820 million pounds, with Ameriprise Financial mentioned as a potential suitor.
Ocado (OCDO -0.63%)
Shares in online grocer Ocado have risen a startling 120% since October, and although they've fallen 14% from their recent high, the shares are up 4.4% today to 146 pence as the market continues its struggle to value the company's prospects. Ocado's shares rocketed 31% in just two days in mid-March after the firm announced a tie-up with Wm. Morrison Supermarkets to assist in Morrison's online expansion. In February, Ocado reported an adjusted annual pre-tax profit of 2 million pounds despite broker expectations of a small loss.
Betfair (BET)
Betfair, which claims to serve the world's biggest online betting community, has seen its shares surge 5.6% to 850 pence this morning after rebuffing an 880 pence per-share takeover proposal from CVC Capital Partners. Last week the companies revealed that a possible deal would be discussed, but Betfair confirmed today that the proposal has been rejected, as the terms were not deemed attractive enough.
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