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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 pare losses despite geopolitical jitters - US authorises Iraq airstrikes
- Fighting resumes in Gaza
- Banks, supermarkets, precious metals limit losses
techMARK 2,694.22 -0.58%
FTSE 100 6,567.36 -0.45%
FTSE 250 15,243.38 +0.02%
UK stocks had pared earlier losses by the close of trading although risk-averse traders remained on the sidelines in light of the heightened geopolitical tensions across the globe.
The FTSE 100, which closed Thursday at a four-month low of 6,597.37, traded down by another 0.45% to 6,567.36 at the end of trading, after bouncing back from an intraday low of 6,528.73.
To take note of, the Footsie is again threatening to move below its 200-day moving average.
Decent gains from financial and banking stocks helped limit the overall decline in London, while rising gold and silver prices helped support shares of precious metal miners.
Nevertheless, the news that the US has authorised airstrikes against Islamist militants in northern Iraq continued to weigh on market sentiment, even as ongoing concerns about the Ukraine crisis rumbled on in the background.
US President Barack Obama said that America could not turn a "blind eye" to what he called a "potential act of genocide" of the Yazidi people, as he announced targeted strikes on Islamic State fighters.
Brent crude futures ended the session around 0.6% lower at $104.86 a barrel after the authorisation of airstrikes in Iraq, the second-largest OPEC producer.
It remains to be seen whether they are correct but some observers have mused aloud recently that the lack of upward pressure on the oil price may indicate that markets are sanguine about the long-term impact of recent geopolitical tensions on the oil market.
Meanwhile, Israeli airstrikes in Gaza resumed on Friday morning, ending a three-day ceasefire, while Palestinian forces renewed rocket attacks. Militant group Hamas has said that Israel failed to meet its demands.
Schroders and Royal Mail lead gains
Shares in Schroders fell on Friday after the boss of sector peer Aberdeen said that investors were too bullish on UK fund managers. Aberdeen's chief executive Martin Gilbert was quoted as saying that the industry "has over-promised and under-delivered".
Royal Bank of Scotland (RBS) has decided to shut down its turnaround division, with the two most senior currently in charge of the department set to leave the bank, Reuters reported on Friday.
Postal group Royal Mail was in demand as the stock attempts to rebound from its recent losses - even including Friday's bounce, the shares are down 25% so far in 2014. The company was making headlines on reports that it has cut collection times at post boxes.
Miner Fresnillo was another high riser as gold and silver prices gained on the back of safe-haven demand. African Barrick Gold was also in demand, while Randgold Resources outperformed the wider market to trade flat.
Catlin Group's shares jumped on Friday after the insurance company was given a 'buy' rating by analysts at Espirito Santo Investment Bank Research following strong first half results. JPMorgan Chase & Co. reiterated an 'overweight' rating while Numis gave it an 'add' rating. |
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FTSE 100 - Risers
Hargreaves Lansdown (HL.) 1,084.00p +3.24%
Fresnillo (FRES) 1,012.00p +3.21%
Royal Mail (RMG) 426.50p +3.02%
Royal Bank of Scotland Group (RBS) 345.60p +2.43%
ARM Holdings (ARM) 887.50p +1.95%
Glencore (GLEN) 365.00p +1.87%
Burberry Group (BRBY) 1,434.00p +1.70%
Anglo American (AAL) 1,551.00p +1.47%
Morrison (Wm) Supermarkets (MRW) 169.60p +1.37%
Tesco (TSCO) 247.00p +1.31%
FTSE 100 - Fallers
Schroders (SDR) 2,213.00p -2.68%
Smiths Group (SMIN) 1,248.00p -2.50%
Tullow Oil (TLW) 710.00p -2.41%
BG Group (BG.) 1,154.50p -2.33%
Vodafone Group (VOD) 191.90p -2.07%
BT Group (BT.A) 371.40p -2.03%
Associated British Foods (ABF) 2,686.00p -1.97%
Aviva (AV.) 492.80p -1.93%
AstraZeneca (AZN) 4,109.50p -1.90%
InterContinental Hotels Group (IHG) 2,199.00p -1.70%
FTSE 250 - Risers
Fidessa Group (FDSA) 2,195.00p +5.78%
Euromoney Institutional Investor (ERM) 1,088.00p +5.53%
Catlin Group Ltd. (CGL) 507.00p +4.26%
AO World (AO.) 200.00p +4.11%
Kazakhmys (KAZ) 313.30p +3.71%
Petra Diamonds Ltd.(DI) (PDL) 192.50p +3.49%
St. Modwen Properties (SMP) 376.00p +3.15%
Laird (LRD) 292.00p +2.96%
Hellermanntyton Group (HTY) 304.70p +2.87%
Rank Group (RNK) 165.40p +2.67%
FTSE 250 - Fallers
Dixons Carphone (DC.) 320.40p -4.93%
Enterprise Inns (ETI) 114.00p -2.90%
Thomas Cook Group (TCG) 115.20p -2.70%
Henderson Group (HGG) 222.60p -2.37%
Premier Oil (PMO) 311.20p -2.26%
Man Group (EMG) 109.80p -2.23%
Cobham (COB) 289.50p -2.10%
Pace (PIC) 305.70p -1.99%
Pets at Home Group (PETS) 186.50p -1.95%
IP Group (IPO) 177.50p -1.93%
FTSE TechMARK - Risers
Ricardo (RCDO) 625.00p +3.31%
Kofax Limited (DI) (KFX) 464.25p +3.28%
KCOM Group (KCOM) 100.75p +2.03%
Promethean World (PRW) 29.12p +1.30%
Optos (OPTS) 197.00p +0.90%
SDL (SDL) 337.50p +0.75%
E2V Technologies (E2V) 154.00p +0.65%
Skyepharma (SKP) 236.00p +0.32%
Wolfson Microelectronics (WLF) 231.75p +0.22%
Sepura (SEPU) 143.25p +0.17%
FTSE TechMARK - Fallers
Puricore (PURI) 33.50p -7.59%
Triad Group (TRD) 9.50p -5.00%
Filtronic (FTC) 25.00p -2.91%
BATM Advanced Communications Ltd. (BVC) 16.50p -2.22%
NCC Group (NCC) 204.50p -1.92%
Vectura Group (VEC) 132.75p -1.67%
Innovation Group (TIG) 31.50p -1.56%
Sarossa (SARS) 1.70p -1.45%
Anite (AIE) 90.50p -1.09%
RM (RM.) 162.38p -0.99% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks lower after trade data, woes in Iraq and Russia - German trade surplus narrows
- China trade surplus grows
- UK trade deficit expands
- US military air strike in Iraq
- Russian counter-sanctions to hurt EU
FTSE 100: -0.45%
DAX: -0.33%
CAC 40: -0.05%
FTSE MIB: 0.33%
IBEX 35: 0.26%
Stoxx 600:-0.63%
European stocks were mixed as investors weighed trade data in Germany, China and the UK and geopolitical tensions.
Germany's trade surplus narrowed to €16.2bn in June from €17.8bn a month earlier, as imports jumped 4.5% to offset a 0.9% increase in exports. Analysts had expected the surplus to grow to €18.9bn.
The data comes a day after European Central Bank president Mario Draghi warned the euro-area's recovery remained fragile and uneven as the monetary authority kept policy unchanged.
In China the trade surplus rose to $47.30bn in July from $31.56bn in June, surprising analysts who had expected a $24bn surplus. It was supported by a 14.6% surge in exports, compared to a 1.6% fall in imports.
The UK trade deficit grew in June by £2,459 from £2,364 a month earlier, missing the estimate for it to narrow to £2,050.
Iraq, Russia
The US on Friday started an operation to drop relief supplies to Yazidi refugees in northern Iraq and launched an air strike against militants from the Islamic State (IS) group in the middle-eastern country, the Pentagon said.
American aircraft targeted artillery that was being used to attack Kurdish forces currently defending the city of Irbil.
On Thursday, President Barack Obama gave the green light to air strikes, claiming the US government was determined to avoid "a potential act of genocide" in the previously stable region of Northern Iraq.
In other geopolitical movements, European Union ambassador to Russia, Vygaudas Usackas, said Moscow's ban on agricultural food imports could cost the EU $16bn (£9.5bn) and plunge the region into a crisis.
On Thursday the Russian government signed a decree banning the import of beef, pork, poultry, meat, fish, fruits and vegetables, cheese, milk and dairy products from the EU, Australia, Canada, Norway and the US.
Tod's, Allianz
Tod's sank after the luxury-good maker's first-half sales and profit missed estimates.
Allianz SE gained after Europe's biggest insurer reported a rise in second-quarter income that beat forecasts.
Afren slid after the oil explorer said it is temporarily suspending operations at its Barda Rash field in the Kurdistan region of Iraq and is withdrawing personnel due to security concerns.
Nokian Renkaat Oyj edged lower after the Finnish tiremaker reported a fall in Russian revenue and posted quarterly profit that fell short of market expectations.
Banca Monte dei Paschi di Siena slumped after the Italian lender increased its provisions for bad loans and reported a wider-than-forecast second-quarter loss.
The euro rose 0.37% to $1.3413.
Brent crude futures fell 0.57% to $104.87 per barrel, according to the ICE. |
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| | US Market Report | | US open: Stocks rise as initial jobless claims fall US stocks gained at the opening bell on Thursday after a report showed weekly jobless claims fell.
Jobless claims dropped to 289,000 in the week to 2 August, the Labor Department reported. It was down from a revised 303,000 the week before and better than the 304,000 expected by analysts.
The four-week moving average dropped to 293,500, the lowest since February 2006.
"Overall, this report shows that layoffs remain subdued and is consistent with solid job growth," said analyst Dean Maki from Barclays.
It comes after the government's monthly employment report last Friday showed companies in the US added more than 200,000 jobs for a sixth straight month in July, the longest such period since 1997.
Strong labour market data has increased speculation that the Federal Reserve may be prompted to hike interest rates sooner than expected.
21st Century Fox, Keurig Green Mountain
21st Century Fox advanced as X-Men: Days of Future Past and Rio led to a jump in income at its film business.
Keurig Green Mountain declined after the coffee brewer's profit forecast for the current period disappointed analysts.
Centurylink was a high riser as high-speed internet connections helped second quarter sales to grow.
Carnival Corp. rallied after Bank of America raised its rating on the cruise ship operator.
The 10-year Treasury yield fell two basis points to 2.45%.
West Texas Intermediate crude futures rose 0.1% to $96.93 per barrel, according to the ICE. |
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| | Broker Tips | | Broker tips: RSA, Catlin, Afren Berenberg said it has taken a more positive outlook at RSA, but has trimmed its target for the insurance stock from 477p to 444p, saying it stills sees "material external pressures".
Berenberg said: "In our view, RSA provided a credible operational turn-around plan with its H1 2014 results yesterday, which we expect will deliver improvements to both the quantum and quality of earnings over the next few years. Likewise, capital now appears to be on a firm footing."
Insurer Catlin produced a "strong first-half result", according to Numis Securities, which kept an 'add' rating and 585p target on the stock.
Analyst Nick Johnson said that the shares are "currently under-valued [with] good potential upside". Pre-tax profits of $318m in the first six months of 2014 were over double last year's and "significantly ahead" of consensus estimates of $237m, Johnson said.
Afren's share price was under pressure on Friday after the company announced that it had suspended operations at the Barda Rash field in the Iraqi region of Kurdistan.
However, analysts at Canaccord Genuity played down the market's concerns, repeating a 'buy' recommendation, saying the suspension shouldn't have a big impact on the stock. "If anything, this may have a tendency to save some of this year's capex that might have been allocated to this asset in Kurdistan." | | |
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