Christmas Stock picks: Vp 22/12/2011
Benefits of past investment will benefit Vp, suggests Les Copeland
Keeping the faith
Harmut Graf, chief executive of STOXX, the Zurich-based stock market indices supplier, has launched a ‘faith-based’ Christian index for European shares.
Oil giant BP, banking group HSBC, Swiss foods combine Nestlé, Vodafone, drug colossus GlaxoSmithKline and miner Rio Tinto are among the heavyweights leading the new index – choices that might intrigue some Christian activists.
Graf claims the index provides ‘a broad representation of European companies which act responsibly on an ethical, environmental, social and economic level and are therefore in line with Christian values’. On the day of its launch, the index had gained nearly 7 per cent by lunchtime, suggesting God and Mammon sometimes move in the same direction, though it remains to be seen how the hedge funds will handle it.
It is a far cry from the stock market in Hong Kong in the old days. Then, the exchange’s chief executive declared ‘to most of our people, ethics is a county in England’.
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