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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 open: UK stocks rise to 14-year highs - FTSE 100 at highest in 14 years
- Melrose, housing and mining stocks gain
- Travel peers easyJet and TUI Travel fall
techMARK 2,809.05 +0.52%
FTSE 100 6,875.58 +0.35%
FTSE 250 16,103.60 +0.77%
UK markets rose to their highest levels since early 2000 on Tuesday morning, helped by decent gains from Melrose, AstraZeneca, housing stocks and the heavyweight mining sector.
The FTSE 100 was trading 0.35% higher at 6,875.58 in early trading, setting a new 52-week intraday high of 6,877.39.
The index has now surpassed the 14-year closing high of 6,865.86 reached in February and the 14-year intraday high of 6,875.62 set in May 2013. It is now headed towards a mark not seen since the intraday record high of 6,950.6 registered on December 30th 1999.
"Now above 6,840 we look to 6,886 highs of Feb and all-time highs of 6,950 allowing the index to finally join its US peers making new records," said Mike van Dulken, Head of Research at Accendo Markets.
Both the Dow Jones Industrial Average and S&P 500 rose to all-time highs on Wall Street on Monday evening, as a bout of M&A activity helped to offset heightened tensions in Ukraine.
"Equities are showing remarkable resilience shrugging off the geopolitics of Eastern Europe and, it would appear, banking on softer Chinese data making it a given that Beijing weighs in with another batch of stimulus to keep the slowing world #2 economy growing in-line with its targets," van Dulken said.
Economic figures overnight from China showed that the annual rates of growth in industrial production, fixed asset investment and retail sales all slowed slightly in April.
Melrose, AstraZeneca, housing stocks, miners provide a lift
Manufacturing conglomerate Melrose rose strongly after saying that trading in the first quarter was in line with expectations with order intake since the start of 2014 up 3% year-on-year. Investors were largely shrugging off a cautious outlook from the firm, which also said that currency headwinds had recently worsened.
US pharmaceutical giant Pfizer is rumoured to be planning to raise its cash-and-shares offer for UK rival AstraZeneca again, causing shares in the latter to rise this morning.
Housing stocks were in demand this morning with Barratt Developments, Persimmon and Taylor Wimpey among the highest risers on the FTSE 350.
Miners were also performing well as risk appetite increased, including blue chips BHP Billiton, Glencore Xstrata and Anglo American.
Heading the other way was airline easyJet which was flying lower despite narrowing first-half losses by nearly 14% to £53m. The company said that revenue rose on the back of an increase in capacity and passenger numbers and lower-than-expected costs.
Travel and leisure peer TUI Travel was also lower as it said that the pre-tax loss widened 5% to £369m in the first half due to the timing of Easter.
Investment management and financial planning company Brewin Dolphin fell after saying that it will take a one-off charge of £32m this year after deciding to pull the roll-out of the JHC Figaro software across the group. |
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| FTSE 100 - Risers
Melrose Industries (MRO) 295.90p +3.03%
Barratt Developments (BDEV) 385.10p +2.89%
Persimmon (PSN) 1,388.00p +2.06%
BHP Billiton (BLT) 1,984.00p +1.85%
Glencore Xstrata (GLEN) 335.20p +1.71%
Royal Mail (RMG) 569.50p +1.70%
Babcock International Group (BAB) 1,245.00p +1.63%
Rolls-Royce Holdings (RR.) 1,020.00p +1.59%
Anglo American (AAL) 1,665.00p +1.43%
ITV (ITV) 189.40p +1.39%
FTSE 100 - Fallers
easyJet (EZJ) 1,656.00p -4.28%
London Stock Exchange Group (LSE) 1,820.00p -1.89%
TUI Travel (TT.) 435.00p -1.49%
Vodafone Group (VOD) 222.60p -0.82%
Barclays (BARC) 255.15p -0.58%
Tullow Oil (TLW) 892.50p -0.56%
InterContinental Hotels Group (IHG) 2,176.00p -0.46%
United Utilities Group (UU.) 836.00p -0.42%
SABMiller (SAB) 3,189.50p -0.39%
Ashtead Group (AHT) 863.50p -0.29%
FTSE 250 - Risers
Taylor Wimpey (TW.) 112.30p +5.64%
Polymetal International (POLY) 588.50p +3.79%
Pace (PIC) 385.10p +3.52%
Ocado Group (OCDO) 335.00p +3.08%
Enterprise Inns (ETI) 149.40p +3.03%
Workspace Group (WKP) 575.00p +2.68%
Foxtons Group (FOXT) 312.50p +2.46%
Laird (LRD) 289.90p +2.26%
BlackRock World Mining Trust (BRWM) 478.50p +2.20%
Fisher (James) & Sons (FSJ) 1,349.00p +2.20%
FTSE 250 - Fallers
Brewin Dolphin Holdings (BRW) 318.10p -2.84%
Ladbrokes (LAD) 145.90p -1.42%
Domino's Pizza Group (DOM) 525.50p -0.66%
Lonmin (LMI) 269.50p -0.63%
Daejan Holdings (DJAN) 4,769.00p -0.58%
Balfour Beatty (BBY) 227.80p -0.48%
Countrywide (CWD) 571.00p -0.44%
COLT Group SA (COLT) 143.70p -0.42%
Domino Printing Sciences (DNO) 795.50p -0.31% |
| | UK Event Calendar | | Tuesday May 13
INTERIMS
Cambria Automobiles, easyJet, Enterprise Inns, TUI Travel
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:45)
Retail Sales Inventories (US) (15:15)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Speech President US Atlanta Fed
Speech President US Richmond Fed
Fixed Asset Investment (China)
Retail Sales (China)
Industrial production (China)
FINALS
Lombard Risk Management, Mopowered Group , Speedy Hire
IMSS
esure Group, Interserve, Paddy Power, Melrose, XChanging
AGMS
Africa Oilfield Logistics Ltd, Agriterra LD, Catlin Group Ltd., Cello Group, Downing Planned Exit VCT 2011 (General A Shares), Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured A Shares), Downing Planned Exit VCT 2011 (Structured Shares), EG Solutions, esure Group, Fox Marble Holdings, Futura Medical, Glanbia, Henderson Global Trust, Henderson High Income Trust, HGCapital Trust, HGCapital Trust, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 1 G Shs, Ingenious Entertainment VCT 1 H Shs, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Ingenious Entertainment VCT 2 G Shs, Ingenious Entertainment Vct 2 H Shs, Interserve, IP Group, JSC KazMunaiGaz Exploration Production GDR (Reg S), Melrose Industries, MyCelx Technologies Corporation (DI), Paddy Power, Sable Mining Africa Ltd. (DI), Sportech, Standard Life, Stock Spirits Group , Volkswagen AG, Xchanging
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Q1
Telecom Egypt SAE GDS (Regs) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of German and US data - German economic confidence data out
- US retail sales figures to be released
- German Foreign Minister in Kiev to address Ukraine crisis
FTSE 100: 0.31%
DAX: 0.57%
CAC 40: 0.23%
FTSE MIB: 0.175
IBEX 35: 0.11%
Stoxx 600: 0.28%
European stocks advanced ahead of reports on German economic confidence and US retail sales.
A gauge of German investor and analyst expectations is expected to have fallen this month to 40 from 43.2 in April, economists forecast ahead of the ZEW Center for European Economic Research's index data.
Later on in the session a report on US retail sales is projected to have risen by 0.4% in April following a 1.2% gain the previous month.
German Foreign Minister arrives in Kiev
Germany's Foreign Minister Frank-Walk Steinmeier has arrived in Kiev to help resolved the unrest in Ukraine.
Donetsk and Luhansk have backed plans to separate from Ukraine. Kiev, the US and EU said the referendums illegal.
Steinmeier, who attended a meeting of European Union foreign ministers in Brussels on Monday, also considers the referendums illegal. "We cannot, and must not, take it seriously," he said.
Airbus, RBS
Airbus advanced after the French plane-maker reported first-quarter earnings that beat analysts estimates.
Royal Bank of Scotland gained after its Citizens Financial Group Inc. filed for a $100m initial public offering in New York.
ThyssenKrupp jumped as the steelmaker said 2014 profit excluding one-time items will almost double from last year's €586m as it reported a rise in first-quarter earnings.
The euro rose 0.07% to $1.3766.
Brent crude futures fell $0.074 to $108.330 per barrel, according to the ICE. |
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| | US Market Report | | US close: Deal activity sends Dow and S&P 500 to all-time highs - Deal activity gives sentiment a boost
- Dow, S&P reach record highs
- Allergan, Pfizer, Pinnacle, Fox in focus
Dow Jones: 0.67%
Nasdaq: 1.77%
S&P 500: 0.99%
US markets rose strongly on Monday with two of the three main equity benchmarks on Wall Street finishing at their highest ever levels, as sentiment was boosted by a bout of M&A activity.
The Dow Jones Industrial Average finished 0.7% higher at an all-time high of 16,695 and the S&P 500 jumped 1% to a record 1,897. Meanwhile, the Nasdaq surged 1.8% to 1,897, helped by a strong performance by internet stocks.
Market Strategist Ishaq Siddiqi from ETX Capital said: "the risk tone remains broadly supported by the price-action across the world while deal activity continues unabated."
Gains followed a decent showing by indices in Europe earlier on as investors shrugged off tensions in Ukraine where regional referendums were held to vote on a declaration of 'self-rule'.
M&A
Allergan was closely watched after the drugmaker rejected an unsolicited $47bn offer from Valeant Pharmaceuticals, saying that it undervalued the company. The stock finished slightly lower, following a 32% jump over the past month.
Sector peer Pfizer edged higher after defending its proposed takeover of AstraZeneca following a slate of criticism surrounding the proposed deal. The pharma giant also questioned AstraZeneca's ability to stand alone for much longer as the group's Chief Executive Pascal Soriot faced a grilling from MPs over the plan.
Shire was in focus paying an initial consideration of $260m for San Diego-based Lumena Pharmceuticals in an effort to expand its rare disease portfolio.
Pinnacle Foods surged after receiving a $6.6bn cash-and-stock bid from Hillshire Brands.
21st Century Fox rose after it was confirmed that the media giant is in talks with BSkyB to sell-off its interest in Sky Deutschland and Sky Italia. The deal is thought to be worth around €10bn.
RadioShack Corp edged higher after Standard General LP disclosed a higher stake in the retailer.
It is also thought that the recent sell-off among tech stocks could pave the way for a new bout of takeover bids in the sector.
Every member of the Dow Jones Internet Index posted gains today, with Salesforce.com, Netflix and TripAdvisor among the best performers. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Ukraine, RBS, AstraZeneca Separatist leaders in Ukraine's volatile Donetsk region formally asked to become part of Russia on Monday, going beyond the simple independence question raised in a referendum and advancing the threat of Ukraine's break-up. The declaration bore some resemblance to the referendum and annexation scenario that played out in Crimea earlier this year, but signs of a different approach by Russia are starting to emerge. – The Wall Street Journal Europe
Citizens Financial, the US retail bank owned by Royal Bank of Scotland, filed for its initial public offering, restoring momentum to a process that looked threatened in March when the unit failed the Federal Reserve's annual stress tests. Morgan Stanley is running a dual-track process on behalf of RBS that could result in a stock market listing for Citizens or its sale. – Financial Times
The public overwhelmingly opposes Pfizer's takeover of AstraZeneca according to polls showing the scale of the challenge faced by the US drugs company in overcoming doubts about its £63bn offer. As the bosses of Pfizer and AstraZeneca prepared for a showdown in front of MPs today, several prominent business leaders, including Mike Lynch, the former boss of Autonomy, stepped forward to speak out against the buyout. – The Times
Consumer groups and MPs have accused Centrica and the other "big six" energy companies of making huge profits while failing to cut bills when wholesale gas and power prices fall. Outside the meeting in Westminster protesters demonstrated over issues ranging from excessive profits to the environmental impact of fracking. The group warned on annual profits last week but forecast higher earnings in 2015. Chairman Rick Haythornthwaite told investors that Centrica understood calls for cheaper power and gas prices. – The Daily Express
The Conservatives recorded their first opinion-poll lead in more than two years, boosting their hopes that the economic recovery is beginning to deliver a political benefit. Separate surveys placed the Tories two points ahead of Labour, whose lead has been narrowing in recent months. A telephone poll carried out by Lord Ashcroft indicated that 34% of people backed the Tories, with Labour on 32%, Ukip on 15% and the Lib Dems fourth with 9%. – The Times
What many believe is a growing divide between London and the rest of the country has been underlined by a study from the Centre for Cities and the Centre for London. Published on Tuesday it concludes most people who live outside the capital strongly believe it gets a much better deal than the rest of the UK. Only a quarter of non-Londoners feel the capital benefits the economy where they live while almost two-thirds say the location of central government in Westminster means political decisions favour the city over everywhere else. – The Guardian | | |
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