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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 as Scots vote 'no' to independence UK stocks staged a relief rally on Friday morning in the aftermath of the Scottish referendum, which saw people north of the border vote convincingly to remain part of the Union.
Some 55.3% of Scots voted 'no' to independence from the UK while 44.7% voted 'yes', erasing concerns about a break-up which have weighed heavily on market sentiment in recent weeks.
The FTSE 100 was trading 0.5% higher at 6,856 in early deals, with share prices of Scotland-based companies rising strongly. The benchmark index has not closed above this level since 4 September.
With economic data thin on the ground for Friday's session, the focus is likely to remain on Scottish vote, as analysts and politicians continue to react.
Nevertheless, as economist Mark Gregory from the EY ITEM Club explained, a 'no' vote "does not necessarily mean we are back to business as usual" because of the political fallout and the devolution of powers across the UK.
"Today's result marks the start of negotiations around the terms of further devolved powers. Seen in the context of the upcoming election in 2015 and the possible referendum on the UK's membership of the EU in two years' time, this raises the question of whether investors will start to worry about the UK's political stability," Gregory said.
Scottish stocks rise, miners fall
Scotland-based RBS, Lloyds, Aberdeen Asset Management, Standard Life and SSE were all on the rise in morning trade.
RBS and Lloyds had warned shareholders last week that they would have to redomicile in England if Scots voted in favour of independence.
Oilfield services groups such as Petrofac, Wood Group, Enquest and Amec were also putting in decent gains after the Scottish referendum. An independent Scotland had the potential to make a big impact on the North Sea oil industry.
However, the heavyweight mining sector was limiting the upside on UK markets with Rio Tinto, Randgold Resources, BHP Billiton, Anglo American and Fresnillo among the worst performers early on.
Randgold and Fresnillo had fallen sharply the previous session after gold prices touched an eight-month low.
Inkjet, laser and thermal printing group Domino Printing gave a cautious outlook for 2015 but shares rose strongly as it reported that underlying growth in the core business was 9% in the 10 months to the end of August. |
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| Market Movers
techMARK 2,877.69 +0.96%
FTSE 100 6,856.37 +0.54%
FTSE 250 15,920.94 +1.26%
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 369.90p +3.56%
St James's Place (STJ) 722.50p +3.21%
Petrofac Ltd. (PFC) 1,082.00p +3.15%
Travis Perkins (TPK) 1,740.00p +2.53%
Babcock International Group (BAB) 1,090.00p +2.35%
Schroders (SDR) 2,498.00p +2.21%
Meggitt (MGGT) 490.30p +2.15%
Lloyds Banking Group (LLOY) 77.40p +2.02%
Hammerson (HMSO) 611.00p +1.92%
Aggreko (AGK) 1,637.00p +1.87%
FTSE 100 - Fallers
Rio Tinto (RIO) 3,181.50p -1.49%
Anglo American (AAL) 1,469.00p -1.38%
BHP Billiton (BLT) 1,793.00p -1.29%
Randgold Resources Ltd. (RRS) 4,374.00p -1.26%
Fresnillo (FRES) 775.50p -0.89%
Antofagasta (ANTO) 749.00p -0.53%
Glencore (GLEN) 356.40p -0.39%
Barratt Developments (BDEV) 402.90p -0.22%
Standard Chartered (STAN) 1,224.50p -0.20%
HSBC Holdings (HSBA) 660.80p -0.17%
FTSE 250 - Risers
Domino Printing Sciences (DNO) 589.50p +6.31%
Wood Group (John) (WG.) 770.50p +4.12%
Fisher (James) & Sons (FSJ) 1,349.00p +3.37%
Amec (AMEC) 1,113.00p +3.34%
Grafton Group Units (GFTU) 670.00p +3.16%
Aberforth Smaller Companies Trust (ASL) 1,072.00p +2.98%
esure Group (ESUR) 235.80p +2.97%
SIG (SHI) 185.60p +2.94%
Supergroup (SGP) 1,205.00p +2.90%
Mitchells & Butlers (MAB) 423.80p +2.89%
FTSE 250 - Fallers
Hochschild Mining (HOC) 156.60p -2.12%
Soco International (SIA) 425.20p -0.95%
Kennedy Wilson Europe Real Estate (KWE) 1,097.00p -0.63%
Millennium & Copthorne Hotels (MLC) 579.50p -0.60%
Centamin (DI) (CEY) 58.55p -0.59%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 570.50p -0.44%
Playtech (PTEC) 727.00p -0.41%
Synthomer (SYNT) 227.10p -0.39%
Fenner (FENR) 348.70p -0.37% |
| | UK Event-Calendar | | Friday 19 September
INTERIMS
BrainJuicer Group, IG Seismic Services GDR (Reg S), Songbird Estates
INTERIM DIVIDEND PAYMENT DATE
Amino Technologies, Baronsmead VCT 5, BlackRock World Mining Trust, Ferrexpo, First Quantum Minerals Ltd., Glencore , Henderson Group, IMI, LPA Group, National Express Group, Plus500 Ltd (DI), Secure Trust Bank, Telecity Group
QUARTERLY PAYMENT DATE
Barclays, BP, Duet Real Estate Finance Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Current Account (EU) (09:00)
Leading Indicators (US) (15:00)
Producer Price Index (GER) (07:00)
FINALS
CVS Group
SPECIAL DIVIDEND PAYMENT DATE
Elderstreet VCT
AGMS
Frontline Ld, Imagination Technologies Group, Poundland Group , Supergroup
TRADING ANNOUNCEMENTS
Investec
FINAL DIVIDEND PAYMENT DATE
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Downing One VCT , Eckoh, Falkland Islands Holdings, JPMorgan Brazil Inv Trust , SSE |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally after Scotland votes against independence European stocks gained on Friday as Scotland voted against independence from the UK.
Scots voted 55% in favour of keeping its 307-year union with England alive, which sent the pound higher against the euro. The euro was down 0.55% to £0.78.
Holger Schmieding, chief economist at Berenberg, described the result as a "sigh of relief" for the European Union (EU).
"Europe can breathe a sigh of relief. A problem avoided. The EU does not have to deal with a possibly contentious case of divorce within its ranks and does not have to ponder a membership application from a country just breaking away from one of its key members," he said.
Royal Bank of Scotland and Lloyds Banking Group, which had said they would move their headquarters to England from Scotland if the referendum voted 'yes', advanced on the news.
In other corporate news, Vivendi rallied after agreeing to sell its Brazilian broadband unit GVT to Telefonica.
SAP slumped after the maker of business-management software agreed to buy Concur Technologies. |
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| | US Market Report | | US close: Markets end higher as investors await Alibaba IPO Markets finished higher on Thursday, amid renewed optimism generated by the less aggressive than expected policy statement from the US Federal Reserve on Wednesday. That helped to compensate for mixed economic data releases.
The Dow Jones Industrials advanced 0.64% to reach 17,266 points while the S&P 500 was ahead by 0.47% to 4,593 at the closing bell.
Construction started on new US homes plummeted 14.4% in August, according to data the US Commerce Department released on Thursday.
The annual rate of housing starts fell from 1.12m in July, the fastest pace in the last seven years, to just over 950,000, a figure slightly below the 1.03m consensus.
Despite August's fall, the pace of overall construction increased 8% year-on-year, though analysts warned that the slowdown signalled some weakness in the housing market's recovery.
There was positive news from the Labor Department however, as the number of people applying for unemployment benefits hit its lowest level since July in the week ended 13 September, as it fell 36,000 to 280,000, way below the 305,000 level that had been forecast.
Alibaba IPO eagerly awaited
Alibaba was to begin trading on the New York Stock Exchange on Thursday at an opening price of $68, in an initial public offering that could raise over $25bn, making it the biggest ever and giving the firm a market capitalisation of $160bn.
Nevertheless, some commentators have issued warnings over the last few days regarding the ownership structure of the company.
Stock in Rite Aid crumbled after the drugstore chain lowered its outlook.
After the close of trading software giant Oracle unveiled quarterly earnings per share of 62 cents, which came in below the 64 cents expected by analysts. The company also announced the exit of its iconic chief executive officer, Larry Ellison.
From a sector stand-point the best performing industrial groups were: Gambling (1.82%), Airlines (1.79%) and Investment services (1.66%).
Sharp drop in crude futures
The dollar reached a six-year against the yen, but was in retreat against the euro and the pound, despite the uncertainty surrounding the outcome of the Scottish independence referendum, with the latest Ipsos MORI poll suggesting the 'no' movement was ahead 53% to 47%.
Yields on the US 10-year note were up by two basis points to 2.62%, while gold steadied at $1,223.60 an ounce, while Western Texas Crude fell 1.5% to hit $93 a barrel.
S&P 500 - Risers
ConAgra Foods Inc. (CAG) $33.48 +4.59%
CME Group Inc. (CME) $82.96 +3.87%
Akamai Technologies Inc. (AKAM) $64.35 +3.52%
E TRADE Financial Corp. (ETFC) $24.13 +3.30%
KLA-Tencor Corp. (KLAC) $80.86 +3.30%
Vertex Pharmaceuticals Inc. (VRTX) $97.35 +3.02%
Sandisk Corp. (SNDK) $103.22 +2.99%
E.I. du Pont de Nemours and Co. (DD) $71.20 +2.82%
Wynn Resorts Ltd. (WYNN) $187.83 +2.58%
Broadcom Corp. (BRCM) $41.44 +2.50%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $13.49 -4.93%
Adobe Systems Inc. (ADBE) $67.91 -3.99%
Marathon Oil Corp. (MRO) $39.32 -2.50%
Bed Bath & Beyond Inc. (BBBY) $63.99 -2.34%
CONSOL Energy Inc. (CNX) $37.98 -2.29%
Chesapeake Energy Corp. (CHK) $24.78 -2.25%
QEP Resources Inc (QEP) $31.49 -2.05%
EQT Corp. (EQT) $94.80 -2.02%
Denbury Resources Inc. (DNR) $15.70 -1.88%
Range Resources Corp. (RRC) $71.87 -1.83%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $71.20 +2.82%
JP Morgan Chase & Co. (JPM) $61.32 +1.67%
Goldman Sachs Group Inc. (GS) $187.89 +1.66%
Travelers Company Inc. (TRV) $94.78 +1.21%
American Express Co. (AXP) $90.09 +1.15%
Johnson & Johnson (JNJ) $107.35 +1.09%
3M Co. (MMM) $146.85 +1.02%
Verizon Communications Inc. (VZ) $49.69 +0.98%
Home Depot Inc. (HD) $92.09 +0.95%
Pfizer Inc. (PFE) $30.59 +0.79%
Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $96.61 -0.48%
Chevron Corp. (CVX) $124.14 -0.47%
General Electric Co. (GE) $26.21 -0.23%
McDonald's Corp. (MCD) $93.48 -0.05%
Wal-Mart Stores Inc. (WMT) $76.22 -0.03%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $228.52 +6.01%
Akamai Technologies Inc. (AKAM) $64.35 +3.52%
KLA-Tencor Corp. (KLAC) $80.86 +3.30%
Nxp Semiconductors Nv (NXPI) $72.93 +3.11%
Vertex Pharmaceuticals Inc. (VRTX) $97.35 +3.02%
Sandisk Corp. (SNDK) $103.22 +2.99%
Illumina Inc. (ILMN) $177.92 +2.83%
Wynn Resorts Ltd. (WYNN) $187.83 +2.58%
Broadcom Corp. (BRCM) $41.44 +2.50%
Dollar Tree Inc (DLTR) $57.11 +2.48%
Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $67.91 -3.99%
Bed Bath & Beyond Inc. (BBBY) $63.99 -2.34%
Activision Blizzard Inc. (ATVI) $21.77 -1.98%
Catamaran Corp (CTRX) $46.69 -1.73%
Kraft Foods Group, Inc. (KRFT) $57.44 -1.56%
Garmin Ltd. (GRMN) $53.06 -1.27%
Yahoo! Inc. (YHOO) $42.08 -1.19%
Alexion Pharmaceuticals Inc. (ALXN) $161.56 -1.13%
Amazon.Com Inc. (AMZN) $325.00 -0.84% |
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| | Newspaper Round Up | | Friday newspaper round-up: Scottish referendum, Diageo, Alibaba... "Alex Salmond's dream of Scottish independence was dashed today after voters threw their support behind the United Kingdom in a result that promises to bury the separation issue for at least a generation," reported The Times on Friday morning. The paper highlighted that 31 of the 32 council areas had been declared with 55.4% voting 'no' to independence and 44.6% voting 'yes'. The Telegraph has said that the UK economy, most businesses and the markets "will likely all heave a huge sigh of relief that the Scots have rejected independence". The paper said there would have likely been "serious adverse near-term repercussions" in the event of a 'yes' vote.
The pound appreciated strongly on Friday as Scotland voted in favour of the Union, according to The Times, "erasing traders' fears that had arisen over the uncertainty of a breakup of the UK". The paper noted that Sterling had hit a high of $1.6525 after hitting a 10-month low last week, and rose to €1.2768, its highest agains the euro in over two years.
"David Cameron is preparing to announce a major devolution of powers to England following the Scottish independence referendum result," writes The Independent. The paper said that the Prime Minister is expected to call for a fresh review of whether only English MPs can vote on English issues.
The board of beverages group Diageo was met with "mooted shareholder rebellion" about excessive pay for its directors, according to The Scotsman. Some shareholders expressed surprise at "lavish" bonuses to the group's chief executive and finance director, but a revolt by larger institutional investors "failed to materialise", the paper said.
Alibaba is poised to break records on its market debut on Wall Street on Friday, according to The Times, after the Chinese e-commerce company priced its initial public offering at $68, the top of its expected range. The price values the group at nearly $170bn, the paper said.
The potential break-up of bankrupt retailer Phones 4U is now a high probably after the administrator rejected a debt-for-equity proposal, writes The Telegraph. PwC is said to be in "active talks" with three potential buyers of parts of the business, the paper said.
Monitise's board has denied any impropriety, The Time has said, after the deputy chief executive of the mobile payments firm cashed in over £6m of shares just three days before Visa said it was considering selling a big stake. Visa said it had appointed JPMorgan with a view to selling its 5.5% stake, sending shares in the London-listed stock to a two-year low. | | |
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