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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London close: Stocks gain after quiet session, Barclays rises - Stocks at highest level since January 24th
- Markets awaiting Yellen, Draghi and Carney
- Precious metal producers jump, Barclays gains ahead of FY results tomorrow
- Energy companies come under criticism from MPs
techMARK 2,806.76 +0.59%
FTSE 100 6,591.55 +0.30%
FTSE 250 15,910.72 +0.29%
The UK stock market finished with small gains on Monday afternoon after a rangebound session, with little in the way of corporate earnings and economic data to direct stocks.
The FTSE 100 finished 19.87 points or 0.3% higher at 6,591.55, with just 30 points of so separating its intraday low and high.
Nevertheless, this was still the index's highest closing level since January 24th when it reached 6,663.74.
"Traders are slowing gaining confidence in equity markets as bullish behaviour returns in the wake of the emerging markets panic sell-off, but there is still a feeling that we are not out of the woods yet," said David Madden, Market Analyst at IG.
US stocks opened broadly flat this afternoon as investors showed caution ahead of Janet Yellen's first report on monetary policy as the new Federal Reserve Chair tomorrow.
Markets will be eager to gauge Yellen's thoughts on the Fed's staged withdrawal of stimulus after she took over from former Chair Ben Bernanke this month.
Speeches from central bankers Mario Draghi of the European Central Bank and Mark Carney of the Bank of the England later this week were also giving investors reason to tread lightly today.
Precious metals gain, Barclays leads banks higher
Mining stocks were among the best performers on the FTSE 100 on Monday with precious metal producer Fresnillo jumping nearly 10% as gold and silver prices advanced. African Barrick Gold and Randgold also rose strongly.
Barclays was making gains despite claims that confidential details of clients had been stolen and sold. Investors were also shrugging off a surprise statement from the bank this morning which said that adjusted pre-tax profits would total £5.2bn in 2013, below current consensus forecasts.
Banking peers Lloyds, RBS and Standard Chartered were also higher; though HSBC fell in afternoon trade.
British Gas owner Centrica was among the fallers after the UK's Energy Secretary, Ed Davey, raised concerns about profit margins at the country's largest energy companies. He has urged Ofgem to start an investigation into the sector and made a number of suggestions, including "a break-up of any companies found to have monopoly power to the detriment of the consumer".
Utilities provider SSE was also feeling the impact, following Centrica lower.
Securities solutions firm G4S was weighed down by a ratings cut by Panmure Gordon to 'sell', with the broker saying that the stock's current high valuation is unwarranted given its growth outlook.
Meanwhile, oilfield services company Petrofac rose after HSBC upgraded the stock to 'overweight', and set-top box maker Pace was also lifted to 'overweight' by Barclays Capital.
Technology company Smiths Group fell late on after saying that Srini Seshadri will step down as the President of its Medical division next month after years on the job. |
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FTSE 100 - Risers
Fresnillo (FRES) 862.50p +8.83%
Petrofac Ltd. (PFC) 1,232.00p +3.10%
Amec (AMEC) 1,073.00p +2.98%
Melrose Industries (MRO) 300.40p +2.49%
Randgold Resources Ltd. (RRS) 4,530.00p +2.40%
ARM Holdings (ARM) 916.00p +2.23%
Capita (CPI) 1,014.00p +1.86%
Pearson (PSON) 1,114.00p +1.83%
Resolution Ltd. (RSL) 363.90p +1.51%
Sainsbury (J) (SBRY) 356.20p +1.45%
FTSE 100 - Fallers
Hargreaves Lansdown (HL.) 1,304.00p -3.62%
G4S (GFS) 229.00p -2.59%
Babcock International Group (BAB) 1,342.00p -1.83%
Centrica (CNA) 308.90p -1.69%
RSA Insurance Group (RSA) 102.50p -1.63%
Associated British Foods (ABF) 2,810.00p -1.30%
Smiths Group (SMIN) 1,386.00p -1.21%
International Consolidated Airlines Group SA (CDI) (IAG) 423.50p -1.12%
Next (NXT) 6,235.00p -1.11%
easyJet (EZJ) 1,709.00p -1.10%
FTSE 250 - Risers
Pace (PIC) 385.50p +7.74%
African Barrick Gold (ABG) 238.50p +6.66%
Rank Group (RNK) 147.10p +4.70%
Catlin Group Ltd. (CGL) 560.00p +3.70%
Micro Focus International (MCRO) 744.50p +2.69%
Lonmin (LMI) 317.00p +2.59%
Wood Group (John) (WG.) 669.00p +2.45%
Countrywide (CWD) 594.50p +2.24%
Hellermanntyton Group (HTY) 298.90p +2.19%
Marston's (MARS) 149.60p +2.12%
FTSE 250 - Fallers
RPS Group (RPS) 307.40p -4.53%
Essar Energy (ESSR) 56.55p -3.17%
Perform Group (PER) 225.00p -3.02%
Bank of Georgia Holdings (BGEO) 2,230.00p -2.71%
Redrow (RDW) 320.70p -2.08%
BH Global Ltd. USD Shares (BHGU) 11.52 -1.96%
Grainger (GRI) 226.30p -1.95%
Petra Diamonds Ltd.(DI) (PDL) 146.00p -1.82%
ITE Group (ITE) 269.00p -1.57%
LondonMetric Property (LMP) 140.00p -1.55% |
| | The Fundamentals of Stock Market Highs | | How to Know when the Bull Market Ends - Given that the stock market rally has now lasted nearly five years and in view of new all-time highs, many market participants are faced with the question when will there be a top at the major share indexes. After all, everybody wants to exit the market near a high and lock in their profits before the market turns downwards again. Read more. |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed after mixed euro-area data - Eurozone investor confidence rises
- Industrial output falls in France and Italy
- Yellen to deliver first policy testimony
- Merkel and Cameron meet to discuss future of EU
FTSE 100: 0.30%
DAX: -0.13%
CAC 40: 0.21%
FTSE MIB: -0.05%
IBEX 35: -0.89%
Stoxx 600: 0.06%
European stocks were little changed as Eurozone investor confidence grew and industrial production in Italy and France declined.
Investor confidence in the Eurozone rose to the highest level since April 2011. Sentix said its sentiment index jumped to 13.3 in February from 11.9 in January, surprising analysts who had predicted a drop to 10.7.
Another report showed Italian industrial production fell in December by 0.9% from November in seasonally adjusted terms. Economists had expected output to have held stable.
French industrial production dropped 0.3% in December from November, missing the consensus forecast for a 0.1% decrease.
Yellen's first policy testimony looms
Federal Reserve Chairman Janet Yellen will deliver her first testimony on monetary policy tomorrow.
Yellen, who took over the reins from Ben Bernanke this year, may shed further light on the Fed's decision last month to cut monthly bond purchases by a further $10bn to $65bn.
"Global investors are eagerly awaiting the hotly anticipated speech by Federal Reserve chief Janet Yellen tomorrow to see if they can find any signs that the Fed are to raise its main near-0% interest rate in the near future," said Spreadex trader Sam Fox.
Back in the euro-area, German Chancellor Angela Merkel will discuss the future of the European Union with Prime Minister David Cameron on a visit to London on February 27th.
While he is yet specify his plans, Cameron has said he wants to curb immigration from new member states, cut red tape and improve competition.
Telekom Austria, Barclays
Telekom Austria rallied as Erste Group Bank raised the company to 'hold' from 'reduce', citing a possible increase in profit margin.
Barclays was up despite announcing its 2013 pre-tax profit fell by a quarter from the year before to £5.2bn, below forecasts, ahead of its full figures tomorrow. Investec issued a 'buy' rating, saying despite pre-tax profits missing consensus, it was 1% above its own predictions and the stock "remains our preferred UK domestic bank".
Nestle advanced after signalling its intention to reduce its stake in L'Oreal. L'Oreal also edged higher.
Nokia Oyj gained following news the company and HTC Corp. have agreed to collaborate after ending a patent-infringement dispute.
Securitas slumped as the world's second-biggest guarding-services provider posted fourth-quarter net income that missed analysts' estimates.
Centrica declined as UK Energy Secretary Ed Davey asked regulators to look at whether the company's British Gas unit was too profitable and should be broken up.
The euro rose 0.08% to $1.3646.
Brent crude futures dropped $0.449 to $109.080 per barrel, according to the ICE. |
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| | US Market Report | | US open: Stocks fall ahead of Yellen speech US stocks declined as investors awaited Federal Reserve Chairman Janet Yellen's first report on monetary policy tomorrow.
Yellen, who took over the reins from Ben Bernanke this year, may shed further light on the Fed's decision last month to cut monthly bond purchases by a further $10bn to $65bn.
"Global investors are eagerly awaiting the hotly anticipated speech by Federal Reserve chief Janet Yellen tomorrow to see if they can find any signs that the Fed are to raise its main near-0% interest rate in the near future," said Spreadex trader Sam Fox.
A weaker-than-expected jobs report from the Labor Department on Friday raised speculation over whether the Fed will hold back on another round of stimulus tapering at its next meeting in March.
US employers added 113,000 jobs in January, falling short of the 180,000 forecast.
However, the unemployment rate dropped to 6.6%, the lowest level since October 2008.
Fed policymakers have been closely monitoring the labour market in weighing whether the US is strong enough to handle another reduction in quantitative easing.
Hasbro declined as the maker of Nerf and Transformers toys posted fourth-quarter earnings that fell short of analysts' estimates.
Yelp gained following news Yahoo will include its rating of local businesses in its search results.
Sohu.com slumped as the owner of China's third-largest search engine posted quarterly revenue that missed market forecasts.
Green Mountain Coffee Roasters was higher after the company agreed to sell coffee from Krispy Kreme Doughnuts for its Keurig single-cup brewing system by the end of 2014. |
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| | Broker Tips | | Broker tips: Admiral, G4S, Vodafone, Hyder Consulting Goldman Sachs has downgraded its rating for Admiral from 'buy' to 'neutral' ahead of the car insurance group's annual results next month after the stock's recent outperformance.
The bank said that Admiral's share price suffered excessively from negative sentiment in the third quarter of 2013. "Since then, Admiral shares have risen 19%, outperforming the broader European insurance index by 16%. We now see only limited upside potential, and downgrade Admiral to 'neutral' from 'buy'."
Panmure Gordon has lowered its rating for security solutions group G4S from 'hold' to 'sell', saying that the stock's current high valuation is unwarranted given its growth outlook.
Analysts Mike Allen and Paul Jones said there are "too many dark clouds on the horizon" for G4S and have cut their forecasts ahead of the firm's results next month.
Analysts at Goldman Sachs substituted their 'not rated' designation on shares of Vodafone with a recommendation to 'buy' due to the current undervaluation of the shares and scope for the telecommunications carrier to be taken over.
Vodafone is one of the few "substantial" assets available for purchase to a rival seeking to build global scale, with the added benefit of £106bn of long-lasting agreed tax losses. Furthermore, Goldman has identified $2-7bn of potential annual synergies should Vodafone combine with a leading global operator.
A whole host of analysts lowered their recommendations for Hyder Consulting on Monday after the surprise profit warning from the design and engineering consultancy group.
Brokers Panmure Gordon, Investec and Numis Securities all downgraded their respective ratings on the stock after Hyder warned that full-year results are expected to be materially below current market expectations. | | |
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