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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: Shire leads FTSE higher as investors eye Iraq - Shire jumps after £27bn AbbVie approach
- Mining stocks rise
- Obama sends 300 military advisers to Iraq
techMARK 2,851.07 +1.31%
FTSE 100 6,827.84 +0.29%
FTSE 250 15,745.93 +0.40%
A strong performance from mining stocks and more M&A activity in the pharmaceutical sector gave UK markets a boost on Friday, though gains were limited as investors continued to watch developments in Iraq.
The FTSE 100 was trading 0.3% higher at 6,828 early on after hitting a one-week high of 6,808.11 the day before.
With things looking light on the economic data calendar, investors will likely keep a close on Iraq today after US President Barack Obama sent 300 military advisers to help Iraq's government in its fight against Sunni militants.
Meanwhile, oil prices have remained at elevated levels as Islamist-led rebels continue to surround the Baiji oil refinery and Tal Afar airport in northern Iraq. Brent crude looks set to finish with its second weekly gain today amid supply concerns surrounding the OPEC producer.
Shire rebuffs AbbVie approach
Pharmaceutical group Shire rocketed 12% after the company rejected a £27bn takeover approach by AbbVie. AbbVie's third and latest proposal represented an offer of 4,626p per share, a 34% premium to Shire's closing price of 3,455p on May 29th.
Mining stocks were making gains this morning with precious metal producers Fresnillo, Randgold and African Barrick Gold rising strongly after gold prices hit a two-month high yesterday.
A later-than-usual start to Debenhams' summer sale meant that like-for-like sales at the high street department store took a knock in the third quarter. However, shares rose after the company said that its new strategy of reducing days on promotion has led to higher full-price sales and should help margins.
Drinks group Diageo was edging higher on reports that the company is near taking control of Indian liquor company United Spirits. |
| FTSE 100 - Risers
Shire Plc (SHP) 4,190.00p +12.09%
Fresnillo (FRES) 853.50p +2.22%
Smith & Nephew (SN.) 1,083.00p +1.69%
G4S (GFS) 265.70p +1.22%
Randgold Resources Ltd. (RRS) 4,786.00p +1.10%
Rio Tinto (RIO) 3,109.00p +0.94%
Aggreko (AGK) 1,618.00p +0.87%
ARM Holdings (ARM) 898.50p +0.84%
AstraZeneca (AZN) 4,481.50p +0.84%
InterContinental Hotels Group (IHG) 2,300.00p +0.83%
FTSE 100 - Fallers
Legal & General Group (LGEN) 223.90p -0.93%
Sainsbury (J) (SBRY) 318.90p -0.75%
Land Securities Group (LAND) 1,021.00p -0.68%
Centrica (CNA) 319.20p -0.68%
Sage Group (SGE) 388.60p -0.66%
Standard Chartered (STAN) 1,262.00p -0.59%
Rolls-Royce Holdings (RR.) 1,086.00p -0.55%
BG Group (BG.) 1,253.50p -0.52%
Tesco (TSCO) 289.40p -0.52%
Morrison (Wm) Supermarkets (MRW) 189.60p -0.47%
FTSE 250 - Risers
African Barrick Gold (ABG) 216.10p +5.62%
Centamin (DI) (CEY) 64.60p +3.03%
Bank of Georgia Holdings (BGEO) 2,398.00p +2.96%
BTG (BTG) 630.50p +2.85%
UDG Healthcare Public Limited Company (UDG) 342.10p +2.73%
Synthomer (SYNT) 241.20p +2.07%
Greencore Group (GNC) 272.70p +1.98%
Ocado Group (OCDO) 378.00p +1.94%
Evraz (EVR) 92.05p +1.94%
Carillion (CLLN) 346.60p +1.82%
FTSE 250 - Fallers
Northgate (NTG) 504.50p -2.79%
Infinis Energy (INFI) 233.20p -1.81%
Partnership Assurance Group (PA.) 124.10p -1.66%
Electrocomponents (ECM) 274.30p -1.51%
Telecom Plus (TEP) 1,345.00p -1.39%
Daejan Holdings (DJAN) 4,918.00p -1.36%
Countrywide (CWD) 533.50p -1.30%
JD Sports Fashion (JD.) 1,620.00p -1.22%
Premier Oil (PMO) 340.10p -0.96% |
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| | UK Event Calendar | | Friday June 20 INTERIM DIVIDEND PAYMENT DATE
Impax Asset Management Group, Matchtech Group
QUARTERLY PAYMENT DATE
BP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Consumer Confidence Indicator (EU) (10:00)
Current Account (EU) (09:00)
Producer Price Index (GER) (07:00)
FINALS
Charles Stanley Group, Polar Capital Holdings
ANNUAL REPORT
API Group, Caledonia Investments, Northern Investors Co
EGMS
Elephant Capital
AGMS
AssetCo, Charlemagne Capital Ltd., Cupid, Eland Oil & Gas, Lekoil Ltd (DI), Narborough Plantations, Public Power GDR SA (Reg S), Real Estate Investors, Slingsby H.C, W Resources
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Cayenne Trust, Central Asia Metals, Computacenter, Howden Joinery Group, Irish Continental Group Units, Maven Income & Growth 2 VCT, Menzies(John), Provident Financial, Ted Baker, Witan Pacific Inv Trust, Xaar |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed on Iraq - US to send military advisers to Iraq
- Eurozone consumer confidence report due
FTSE 100: 0.26%
DAX: 0.01%
CAC 40: -0.07%
FTSE MIB: -0.53%
IBEX 35: 0.02%
Stoxx 600: 0.11%
European stocks were little changed after the US said it would send up to 300 military advisers to Iraq and before the release of a report on Eurozone consumer confidence.
President Barack Obama yesterday said he would send advisers to help train and support Iraq forces in their battle against the Islamic State of Iraq and Syria (ISIS).
The ISIS has taken over several cities in the north and west of Iraq.
Oil prices have surged on concerns that the turmoil will disrupt supplies. Brent crude futures eased back $0.148 to $114.890 per barrel, according to the ICE.
CMC Markets analyst Michael Hewson said trading today is "likely to be cautious as we head into the weekend, given what could unfold over the weekend in Iraq".
In the Eurozone, a report at 14:00 GMT is forecast to show the consumer confidence sentiment index in June rose to -6.5 from -7.1 the prior month.
Shire rallies on bid
Shire's shares surged after US drugmaker AbbVie confirmed it had made a bid to buy the firm.
Debenham's shares jumped after the UK department store chain said its underlying sales rose slightly in its latest trading period.
Gold slipped to $1,310.95 an ounce after earlier climbing to $1,322.12, the highest level since April 15th. The metal is heading for the longest run of weekly increases since March, after rising yesterday by the most since September, on expectations that US interest rates will remain low.
The euro rose 0.01% to $1.3609. |
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| | US Market Report | | US close: Stocks end at their best levels of the day - US to send military advisers to Iraq
- Initial unemployment claims slightly lower than forecast
- Stocks finish at their best levels of the day
Dow Jones Industrials: 0.09%
Nasdaq Composite: -0.09%
S&P 500: 0.10%
US stocks finished in a mixed fashion but at their best levels of the session after Federal Reserve Chair Janet Yellen delivered a 'dovish' message following the previous day's monetary policy meeting and a report showed the number of weekly jobless claims eased more than forecast.
The central bank yesterday announced it would maintain interest rates at 0.25% but cut a further $10bn off monthly asset purchases to $35bn. "Economic activity has rebounded in recent months," the Federal Open Market Committee said.
Policymakers reiterated that they will continue to reduce the pace of asset purchases in further measured steps, given the pick-up in the economy.
Acting as a backdrop, towards midday President Obama announced the US would send 300 military advisers to the country. The possibility also exists that targeted air strikes will be carried out in support of Baghdad.
Initial jobless came in at 312,000 in the week to June 14th after a revised 318,000 claims the previous week. Analysts had predicted 314,000 claims.
"Overall, this report is consistent with the steady improvement in the separations side of the labour market in the second quarter after a volatile first quarter in which continuing claims moved higher in January before resuming their downward trend in February," Barclays Research said.
BlackBerry, Red Hat
BlackBerry gained after reporting a narrower first-quarter loss than analysts had projected.
Red Hat jumped after the seller of Linux operating-system software increased its annual revenue forecast.
Starbucks edged higher after UBS boosted its rating on the world's largest coffee-shop chain to 'buy' from 'neutral'.
Treasury yields off a tad
The US 10-year yield fell two basis points to 2.57%.
West Texas Intermediate crude futures fell $0.236 to $105.720 per barrel, according to the ICE, amid concerns that the Iraq turmoil will disrupt oil supplies.
S&P 500 - Risers
Kroger Co. (KR) $49.66 +5.06%
Celgene Corp. (CELG) $168.31 +4.49%
Red Hat Inc. (RHT) $55.11 +3.79%
Coca-Cola Enterprises Inc. (CCE) $47.53 +3.46%
Newmont Mining Corp. (NEM) $24.54 +3.37%
Jabil Circuit Inc. (JBL) $20.63 +2.64%
Valero Energy Corp. (VLO) $57.09 +2.61%
Starbucks Corp. (SBUX) $77.23 +2.21%
Eog Resources Inc. (EOG) $115.80 +1.99%
Monster Beverage Corp (MNST) $72.75 +1.92%
S&P 500 - Fallers
Coach Inc. (COH) $35.69 -8.93%
Juniper Networks Inc. (JNPR) $24.21 -4.12%
SLM Corp. (SLM) $8.35 -3.80%
Keurig Green Mountain Inc (GMCR) $121.56 -3.59%
ConAgra Foods Inc. (CAG) $29.38 -3.58%
Expedia Inc. (EXPE) $77.88 -3.07%
Whole Foods Market Inc. (WFM) $40.54 -3.05%
E TRADE Financial Corp. (ETFC) $21.28 -2.70%
F5 Networks Inc. (FFIV) $109.52 -2.68%
Regeneron Pharmaceuticals Inc. (REGN) $297.69 -2.49%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $80.51 +1.64%
Chevron Corp. (CVX) $131.99 +1.31%
Johnson & Johnson (JNJ) $103.81 +0.97%
Procter & Gamble Co. (PG) $80.24 +0.56%
Coca-Cola Co. (KO) $41.79 +0.55%
McDonald's Corp. (MCD) $101.91 +0.55%
Intel Corp. (INTC) $30.09 +0.53%
AT&T Inc. (T) $35.36 +0.45%
Cisco Systems Inc. (CSCO) $24.71 +0.32%
United Technologies Corp. (UTX) $117.58 +0.30%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $57.30 -0.83%
Nike Inc. (NKE) $75.64 -0.75%
E.I. du Pont de Nemours and Co. (DD) $67.40 -0.72%
American Express Co. (AXP) $95.07 -0.51%
Visa Inc. (V) $210.32 -0.44%
International Business Machines Corp. (IBM) $182.82 -0.42%
Pfizer Inc. (PFE) $29.59 -0.40%
Microsoft Corp. (MSFT) $41.51 -0.34%
Home Depot Inc. (HD) $80.44 -0.33%
Caterpillar Inc. (CAT) $107.25 -0.21%
Nasdaq 100 - Risers
Celgene Corp. (CELG) $168.31 +4.49%
Nxp Semiconductors Nv (NXPI) $64.99 +3.29%
Starbucks Corp. (SBUX) $77.23 +2.21%
Monster Beverage Corp (MNST) $72.75 +1.92%
Vimpelcom Ltd Ads (VIP) $8.61 +1.65%
Wynn Resorts Ltd. (WYNN) $202.61 +1.61%
Altera Corp. (ALTR) $35.07 +1.04%
Illumina Inc. (ILMN) $172.70 +0.99%
Kraft Foods Group, Inc. (KRFT) $60.05 +0.89%
Symantec Corp. (SYMC) $22.14 +0.89%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $121.56 -3.59%
Expedia Inc. (EXPE) $77.88 -3.07%
Whole Foods Market Inc. (WFM) $40.54 -3.05%
F5 Networks Inc. (FFIV) $109.52 -2.68%
Vodafone Group Plc ADS (VOD) $32.93 -2.52%
Regeneron Pharmaceuticals Inc. (REGN) $297.69 -2.49%
Nvidia Corp. (NVDA) $19.14 -2.31%
Amazon.Com Inc. (AMZN) $327.00 -2.21%
Facebook Inc. (FB) $64.34 -1.92%
Western Digital Corp. (WDC) $91.28 -1.84% |
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| | Newspaper Round Up | | Friday newspaper round-up: Iraq, Shire, Pound President Obama is ready to use American air power in "targeted and precise military action" against Islamists who have captured vast swathes of northern Iraq and are now threatening the capital. Mr Obama made the dramatic announcement yesterday after meeting his national security advisers. He said that he was deploying an elite US special operations force to Baghdad to stiffen the spines of the Iraqi military, who crumbled in the face of advancing Islamic extremists. – The Times
Shire, the London-listed pharmaceutical company, has rejected a £27bn approach from US rival AbbVie, the maker rheumatoid arthritis drug Humira. AbbVie confirmed on Friday that it had first made an indicative cash and shares offer to merge with Shire in early May worth £39.50 per Shire share and had subsequently raised the value of its potential offer three times to £46.26. The US company said in a statement that discussions were "no longer ongoing" and "there can be no certainty that any firm offer will be made". Under takeover rules, AbbVie has until July 18 to make a firm offer for Shire or walk away. – The Daily Telegraph
A recovery in manufacturing on the back of rising exports could be in jeopardy after the pound broke the key $1.70 barrier for the first time in almost six years. Figures from the CBI's latest industrial trends survey yesterday showed order books at their highest since December, but the buoyant picture was undermined by fears over the impact of the strengthening of sterling. Katja Hall, the CBI's deputy director-general, said: "The recent rise in sterling could impact on the resilient export orders we have seen lately." – The Times
Lloyds Banking Group will sell a significantly bigger percentage of TSB than it had intended, after strong demand for shares in the challenger bank. Up to 38.5% of TSB will be floated today at a price of 260p a share, valuing the business at £1.3bn. The taxpayer-backed bank had originally intended to sell around 25% of the business. Sources said there had been strong demand for the shares from retail investors, who are likely to receive around 25% to 30% of the initial sale. There was also significant interest from institutional investors in the UK and US. – The Daily Telegraph
The Bank of England again warned that an interest rates rise is on its way as a senior official said it must not 'hold back too long'. Ian McCafferty became the latest member of the central bank's rate-setting monetary policy committee to suggest that the first hike since 2007 is fast approaching. He said a good reason 'not to hold back too long' was that 'it will be critically important that rises in bank rate are delivered, as far as we are able, at only a modest, gradual pace'. – The Daily Mail
The Bank of England should start moving away from its "emergency" approach to monetary policy by reining in support for the housing market and lifting interest rates "sooner rather than later", Standard Life Investments (SLI) has urged. Although the fund manager said the central bank should raise borrowing costs later this year if spare capacity in the economy continues to shrink, it noted that "difficult decisions" will have to be made in returning to a normal policy setting. - The Scotsman | | |
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