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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: FTSE ends with slight dip after Yellen speech - FTSE closes down 2.41 points at 6,775.25
- Yellen says still slack in labour market
- ECB president due to speak after close
techMARK 2,823.22 +0.12%
FTSE 100 6,775.25 -0.04%
FTSE 250 15,881.08 +0.27%
After a relatively quiet day, much of which was spent waiting for a speech from Fed Chair Janet Yellen, the FTSE 100 closed down 2.41 points at 6,775.25.
The index suffered a sharp dip late morning, although this was largely recovered by early afternoon.
"With minimal data, most of the day was spent waiting for Jackson Hole in case Fed Chair Janet Yellen in her speech decided to rock markets with overly dovish or hawkish rhetoric, as it turned out she walked the line between the two," CMC market analyst Jasper Lawler said.
"The FTSE 100 was trading just beneath the three week high made on Wednesday and despite the brief wobble over the Russian aid convoy stayed there up until and Yellen's speech and dipped going into the close."
Yellen: Jobs market still sees slack
Yellen said that there continued to be "remaining slack in the labour market", which she said needs to be "more nuanced" due to the "considerable uncertainty" in the employment level.
Addressing her audience at Jackson Hole, Yellen said labour resources were underutilised, something she believes "remained significant" to economic growth.
"The initial reaction to Yellen's speech was higher stocks, higher dollar and higher short-dated treasury yields," Lawler said.
"This could show a divergence in opinion across asset classes as to what the speech means for monetary policy, but more likely means nothing much was said and asset prices just maintained existing trends."
Meanwhile, European Central Bank (ECB) president Mario Draghi is also a guest speaker at Jackson Hole. He will be closely watched by the market given recent calls for the ECB to act to boost growth in the Eurozone, although he is not due to speak until after the close.
That came amid reports of renewed tensions along the border of Ukraine and Russia after the Russian aid convoy entered Ukraine without authorisation from Kiev nor escorts from the International Red Cross.
Ukrainian state security chief Valentyn Nalivaychenko has been quoted as saying that the move is a "direct invasion by Russia of Ukraine".
Critically, Ukraine's state security chief has reportedly said that it will not use force against the Russian aid convoy which has entered its territory.
Vodafone continues to rise on bid speculation
Telecoms group Vodafone was extending gains made on Thursday on the back of rumours that advisers of US giant AT&T are working on a cash bid worth more than 300p a share, compared with current prices of just over 200p. AT&T ruled out an offer back in January, meaning that it is now free to revisit an approach under UK takeover 'cooling off' rules.
The London Stock Exchange was also higher after it reported a boost to profits from a surge in flotations in its first quarter but shares fell as it unveiled details of a £938m rights issue to bankroll its proposed acquisition of US financial index business Frank Russell.
Royal Mail was once again rising strongly, having had a rather turbulent week amid concerns about its outlook.
Banking groups Lloyds and HSBC were also top performers.
Meanwhile, mining groups extended Thursday's losses, with BHP Billiton continuing to fall following Tuesday's underwhelming plans for a demerger. Fresnillo, Anglo American and Rio Tinto were all in the bottom 10 on Friday afternoon. |
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FTSE 100 - Risers
Royal Mail (RMG) 449.80p +2.16%
Hargreaves Lansdown (HL.) 1,154.00p +1.85%
Vodafone Group (VOD) 205.85p +1.60%
Lloyds Banking Group (LLOY) 76.25p +1.34%
London Stock Exchange Group (LSE) 2,029.00p +1.20%
ARM Holdings (ARM) 952.00p +1.17%
Travis Perkins (TPK) 1,740.00p +1.16%
Reckitt Benckiser Group (RB.) 5,265.00p +1.15%
Tesco (TSCO) 248.00p +1.02%
Barclays (BARC) 222.80p +0.91%
FTSE 100 - Fallers
Fresnillo (FRES) 921.50p -1.76%
CRH (CRH) 1,379.00p -1.57%
SSE (SSE) 1,497.00p -1.51%
Rolls-Royce Holdings (RR.) 1,022.00p -1.45%
BHP Billiton (BLT) 1,944.00p -1.37%
Rio Tinto (RIO) 3,392.50p -1.18%
Anglo American (AAL) 1,556.50p -1.08%
Mondi (MNDI) 1,007.00p -1.08%
Weir Group (WEIR) 2,607.00p -0.95%
Burberry Group (BRBY) 1,429.00p -0.90%
FTSE 250 - Risers
Fidessa Group (FDSA) 2,338.00p +3.91%
Thomas Cook Group (TCG) 125.20p +3.47%
Essentra (ESNT) 853.50p +3.08%
Premier Oil (PMO) 344.50p +2.93%
Hellermanntyton Group (HTY) 309.70p +2.86%
COLT Group SA (COLT) 144.00p +2.86%
ITE Group (ITE) 200.60p +2.82%
Brewin Dolphin Holdings (BRW) 286.90p +2.54%
DCC (DCC) 3,461.00p +2.46%
Bovis Homes Group (BVS) 874.50p +2.46%
FTSE 250 - Fallers
IG Group Holdings (IGG) 598.00p -3.31%
Perform Group (PER) 195.00p -2.50%
Vedanta Resources (VED) 1,005.00p -2.14%
African Barrick Gold (ABG) 235.60p -1.67%
Oxford Instruments (OXIG) 1,188.00p -1.66%
Computacenter (CCC) 618.00p -1.59%
Halfords Group (HFD) 488.50p -1.45%
Senior (SNR) 288.70p -1.27%
BlackRock World Mining Trust (BRWM) 491.20p -1.21%
Soco International (SIA) 424.90p -1.19% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks, euro fall after reports of Ukraine tensions - Russian aid trucks enter Ukraine
- Russian artillery firing from inside of Ukraine
- Euro slightly lower
FTSE 100: -0.04%
Dax-30: -0.66%
Cac-40: -0.93%
FTSE Mibtel: -0.46%
Ibex 35: -0.53%
Stoxx 600: -0.23%
The main European equity benchmarks closed in the red on Friday as the newsflow coming out of Ukraine took a turn for the worse.
Towards midday Ukraine announced that part of the Russian aid convoy which had been stationed on its border had actually crossed inside.
That was followed by statements from NATO officials, after the close of trading, that Russian artillery units inside of Ukraine were firing against that country's Ukrainian forces.
In the morning equities had already been trading in a mixed fashion despite the fresh record highs reached overnight on Wall Street and ahead of speeches from several global policy makers this afternoon at Jackson Hole, Wyoming, at the US Federal Reserve's annual economics symposium.
A speech from Fed chair Janet Yellen is particularly awaited. She is expected to deliver 'dovish' remarks which will help to offset the more hawkish than expected tone of the last Fed minutes.
In a recent article in the Financial Times ex-Monetary Policy Committee member Adam Posen argued that central bankers should err on the side of reducing unemployment much as in the early-80s Fed chairman Paul Volker carried out a very restrictive monetary policy aimed at quashing inflation.
LSE announces fund raising
The LSE has decided to raise £938m to partially finance the acquisition of Frank Russell Company.
The German economics ministry has authorised RWE to sell its oil and gas unit DEA to a group of investors headed by Russian financier Mikhail Fridman, despite the current geopolitical backdrop, Reuters reports citing two persons familiar with the matter.
From a sector standpoint the biggest losses on the DJ Stoxx 600 were being incurred by the following industrial groups: Basic resources (-0.73%), Utilities (-0.65%) and Automobiles&Parts (-0.59%).
Single currency moves slightly higher
The euro/dollar fell by 0.32% to the 1.324 mark.
Front month Brent crude edged lower by 0.42% to $102.2 per barrel on the ICE. |
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| | US Market Report | | US open: Ukraine tensions weigh on stocks - Stocks slip on Russia-Ukraine tensions
- Launch of iPhone 6 may be delayed
- Oil futures slip lower
Dow Jones Industrials: -0.18%
Nasdaq Composite: -0.02%
S&P 500: -0.27%
US stocks were holding slightly lower in the early going in New York trading despite Fed chair Janet Yellen having indicated at the Jackson Hole symposium on economics that there remains slack in the labour market, while emphasising the depth of the damage which the last financial crisis had provoked.
That came amid reports of renewed tensions along the border of Ukraine and Russia after the Russian aid convoy entered Ukraine without authorisation from Kiev nor escorts from the International Red Cross.
Critically, Ukraine's state security chief has reportedly said that it will not use force against the Russian aid convoy which has entered its territory.
All eyes are now on whether the S&P 500 manages to break above the psychologically-important level of 2,000 points for the first time in history.
Comments from Philadelphia Fed president Charles Plosser were also being closely watched after he said that the central bank should change its forward guidance on interest rates owing to a stronger-than-expected recovery. "We need to signal to the market that rate increases may come earlier," he said.
In corporate news, Apple shares were lower on the back of reports that the tech giant's iPhone 6 could face delays.
According to Reuters, suppliers are struggling to get enough screens ready for the iPhone 6 launch after panel production was disrupted. The news agency said it's unsure whether disruptions will delay the launch or just limit the number of smartphones available when the gadget is unveiled next month.
Sportswear and footwear retailer Foot Locker gained after second-quarter results topped analysts' estimates.
Front month West Texas crude futures were off by 0.96% to $93.05 per barrel on the NYMEX.
10-year US Treasury yields edged higher by 2 basis points to 2.43%.
S&P 500 - Risers
Keurig Green Mountain Inc (GMCR) $129.09 +9.79%
Salesforce.Com Inc. (CRM) $60.04 +7.77%
GameStop Corp. (GME) $42.86 +5.85%
Ross Stores Inc. (ROST) $73.02 +5.44%
eBay Inc. (EBAY) $55.74 +4.39%
Gap Inc. (GPS) $45.00 +4.21%
Gilead Sciences Inc. (GILD) $104.64 +3.82%
E*TRADE Financial Corp. (ETFC) $22.30 +2.29%
Southwest Airlines Co. (LUV) $31.93 +2.21%
Fossil Group Inc (FOSL) $101.49 +1.93%
S&P 500 - Fallers
Intuit Inc. (INTU) $83.07 -2.58%
AvalonBay Communities Inc. (AVB) $152.85 -1.66%
Diamond Offshore Drilling Inc. (DO) $43.28 -1.64%
Transocean Ltd. (RIG) $38.05 -1.61%
Hess Corp. (HES) $98.59 -1.48%
Iron Mountain Inc. (IRM) $35.64 -1.44%
Cabot Oil & Gas Corp. (COG) $33.02 -1.43%
Deere & Co. (DE) $85.01 -1.39%
Allegheny Technologies Inc. (ATI) $41.51 -1.38%
Goodyear Tire & Rubber Co. (GT) $25.11 -1.37%
Dow Jones I.A - Risers
Intel Corp. (INTC) $35.11 +1.77%
Cisco Systems Inc. (CSCO) $24.93 +0.89%
Merck & Co. Inc. (MRK) $59.29 +0.75%
Goldman Sachs Group Inc. (GS) $176.45 +0.74%
Wal-Mart Stores Inc. (WMT) $75.96 +0.54%
JP Morgan Chase & Co. (JPM) $58.76 +0.45%
Nike Inc. (NKE) $79.26 +0.41%
Pfizer Inc. (PFE) $28.93 +0.40%
Visa Inc. (V) $216.55 +0.37%
Walt Disney Co. (DIS) $90.71 +0.37%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $106.89 -1.00%
Exxon Mobil Corp. (XOM) $98.38 -0.91%
Chevron Corp. (CVX) $126.80 -0.88%
AT&T Inc. (T) $34.37 -0.78%
General Electric Co. (GE) $26.25 -0.70%
E.I. du Pont de Nemours and Co. (DD) $65.89 -0.62%
Verizon Communications Inc. (VZ) $48.61 -0.53%
Home Depot Inc. (HD) $90.74 -0.45%
Johnson & Johnson (JNJ) $103.75 -0.42%
United Technologies Corp. (UTX) $109.63 -0.40%
Nasdaq 100 - Risers
Keurig Green Mountain Inc (GMCR) $129.09 +9.79%
Ross Stores Inc. (ROST) $73.02 +5.44%
eBay Inc. (EBAY) $55.74 +4.39%
Gilead Sciences Inc. (GILD) $104.64 +3.82%
Nxp Semiconductors Nv (NXPI) $65.66 +2.55%
Applied Materials Inc. (AMAT) $22.32 +1.92%
Intel Corp. (INTC) $35.11 +1.77%
Vodafone Group Plc ADS (VOD) $34.05 +1.64%
Adobe Systems Inc. (ADBE) $72.07 +1.48%
Whole Foods Market Inc. (WFM) $38.47 +1.45%
Nasdaq 100 - Fallers
Intuit Inc. (INTU) $83.07 -2.58%
Baidu Inc. (BIDU) $216.11 -1.33%
Alexion Pharmaceuticals Inc. (ALXN) $166.91 -1.08%
Dollar Tree Inc (DLTR) $54.41 -1.07%
Comcast Corp. (CMCSA) $54.07 -1.04%
Monster Beverage Corp (MNST) $86.59 -1.04%
PACCAR Inc. (PCAR) $62.67 -1.03%
Akamai Technologies Inc. (AKAM) $60.33 -1.02%
F5 Networks Inc. (FFIV) $121.41 -0.95%
Amazon.Com Inc. (AMZN) $332.86 -0.87% |
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| | Broker Tips | | Broker tips: Rightmove, Henry Boot, Hyder Consultancy, London Mining Take profits at Rightmove, Westhouse Securities recommended investors on Friday after the recent rally in the stock, downgrading its rating from 'add' to 'neutral'.
While analyst Roddy Davidson was "encouraged" by recent positive trading momentum and Rightmove's confident outlook, he said: "We remain cautious on the sustainability of recent housing market strength and believe competition within the online property market will intensify over the medium-term, capping valuation upside."
Numis Securities has upgraded Henry Boot from 'add' to 'buy' after the housebuilder said on Friday that full-year results would beat forecasts.
The broker said Henry Boot's trading is "positive on all fronts" as pre-tax earnings before interest surged 79% to £14m in the first half. Numis reckons that the 6% year-to-date fall in Henry Boot's shares is out of kilter with the 3% increase seen across the Numis Housebuilders Index.
Broker Liberum Capital says Dutch engineering consultancy Arcadis may have delivered a knockout blow to its Japanese rival in a takeover battle for UK engineering group Hyder Consultancy.
Liberum said the 7% increase in the Arcadis bid over Nippon's offer "may not look convincing". But the broker said the Dutch firm's stake in Hyder, the directors' commitment to sell their shares and concerns about the potential impact of the deal on Nippon's credit rating "limits the prospect of a successful counter".
Credit Suisse still sees substantial upside to shares of Sierra Leone-focused iron ore miner London Mining (LM) but has slashed its target for the stock by 29% from 140p to 100p and reduced its profit forecasts.
The bank kept an 'outperform' rating, but said that "high interest costs and necessary capex to extend the mine life will keep free cash flows negative for the foreseeable future, resulting in a continual climb in debt levels and financial risk, on our numbers." | | |
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