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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: Markets up on positive company news The London market closed in positive territory for the second time this week as traders weary of negative economic news took heart from upbeat corporate results. The FTSE 100 Index ended the session 27.4 points ahead at 6399.73 as drug group GlaxoSmithKline pleased investors with news of higher earnings per share despite US and European weakness. It also said it was launching a restructuring drive to cut costs and streamline its business. Glaxo's shares bounced 35p to 1,377p.
On the economic front, minutes from the Bank of England's most recent meeting showed no further urge by members to start thinking about raising interest rates, with the split between 'doves' and 'hawks' remaining unchanged from the last meeting at 7-2.
Capital Spreads dealer William Nicholls said: "Given the volatility in financial markets of late, there is unlikely to be any move on this sentiment since the meeting, if anything they are likely to become more accommodative."
Investors took cover in car insurers after the Automobile Association (AA) said price declines in the industry were over.
Admiral Group ticked up 42p to 1285p and Direct Line advanced 8.5p to 279.6p. But the AA itself reversed 2.25p or 0.72% to 310.25p.
Supermarkets were on the slide after Waitrose said the business model of the Big Four retailers was outdated and insolvency group Begbies Traynor forecast a bad Christmas unless they make changes.
Sainsbury was 8.4p off at 241.6p, Morrisons backtracked 4.2p to 157.9p and Tesco, which releases first-half results tomorrow, fell 2.9p to 183p.
British American Tobacco wafted 91.5p lower to 3375p after warning of a foreign exchange hit and weak European markets.
Fashion house Supergroup faded 54p to 975p as worries about the impact on sales of warm autumn weather eclipsed news that former Co-op boss Euan Sutherland was to become its new chief executive.
Market Movers
techMARK 2,674.09 +1.20%
FTSE 100 6,399.73 +0.43%
FTSE 250 15,170.06 +0.97% |
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| | FTSE 100 - Risers
Admiral Group (ADM) 1,285.00p +3.38%
Direct Line Insurance Group (DLG) 279.60p +3.14%
GlaxoSmithKline (GSK) 1,377.00p +2.61%
ARM Holdings (ARM) 827.00p +2.61%
Whitbread (WTB) 4,298.00p +2.33%
Old Mutual (OML) 181.90p +2.19%
Babcock International Group (BAB) 1,079.00p +2.18%
Smith & Nephew (SN.) 982.50p +2.13%
Dixons Carphone (DC.) 374.30p +2.10%
Royal Mail (RMG) 448.70p +1.98%
FTSE 100 - Fallers
Sainsbury (J) (SBRY) 241.60p -3.36%
Fresnillo (FRES) 784.00p -3.03%
British American Tobacco (BATS) 3,375.00p -2.64%
Morrison (Wm) Supermarkets (MRW) 157.90p -2.59%
Randgold Resources Ltd. (RRS) 4,170.00p -2.55%
Rio Tinto (RIO) 3,089.50p -1.61%
Tesco (TSCO) 183.00p -1.56%
BHP Billiton (BLT) 1,664.50p -1.48%
Weir Group (WEIR) 2,258.00p -1.44%
Anglo American (AAL) 1,356.50p -1.31%
FTSE 250 - Risers
Pace (PIC) 335.90p +9.20%
Zoopla Property Group (WI) (ZPLA) 214.00p +6.47%
esure Group (ESUR) 235.00p +5.90%
Croda International (CRDA) 2,215.00p +5.83%
Laird (LRD) 310.00p +5.19%
Playtech (PTEC) 737.50p +5.06%
International Personal Finance (IPF) 480.00p +5.03%
Keller Group (KLR) 797.50p +4.93%
Ophir Energy (OPHR) 209.50p +4.23%
Foxtons Group (FOXT) 205.30p +4.21%
FTSE 250 - Fallers
Supergroup (SGP) 975.00p -5.25%
Lonmin (LMI) 181.90p -2.83%
AO World (AO.) 173.00p -2.54%
Cairn Energy (CNE) 157.40p -2.36%
Senior (SNR) 268.90p -2.36%
Balfour Beatty (BBY) 161.80p -2.35%
EnQuest (ENQ) 74.85p -1.84%
Entertainment One Limited (ETO) 303.50p -1.78%
African Barrick Gold (ABG) 195.00p -1.71%
Poundland Group (PLND) 316.50p -1.71% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks stabilise further European equities ended the day higher, with periphery issues leading the way, as markets continued to regain their footing on optimism that the ECB will finally be moved to act - at some point. On Wednesday morning two Belgian dailies had reported remarks by ECB governing council member Luc Coene to the effect that: "If we limit ourselves to buying covered bonds and asset backed securities there is a risk that we would pay too high a price. We can prevent that by also buying corporate bonds," the central banker said, adding, "but there is no concrete proposal for that on the table."
At the closing bell the Dax Xetra was higher by 0.60% to 8,8940.14, Madrid's Ibex 35 had recovered from earlier weakness to end 0.96% up on the day and the FTSE Mibtel had managed to hold higher by 1.09%.
In related news, and perhaps helping to buoy sentiment, a German government source was cited by Reuters as saying that decisions on economic policy in Europe will be taken in December.
To take note of earlier reports had indicated the European Commission might decide as soon as today on whether France and Italy's budget proposals adhere to EU rules. That possibility weighed on market sentiment throughout the day.
No significant economic data releases were published on the Continent on Wednesday.
Heineken moves lower after weak sales figures
Swiss engineering group ABB reported better than forecast quarterly earnings of $734m.
Nordea, the largest of Scandinavia's lenders saw profitability improve to €938m in the third quarter, but that was nevertheless worse than estimated by analysts.
Shares of Heineken fell after reporting weaker than projected quarterly sales.
The largest gains on the DJ Stoxx 600 were to be seen in the following industrial groups: Healthcare (1.87%), Basic Financial services (1.47%) and Insurance (0.91%).
Crude continued to bounce back
The euro/dollar fell 0.45% to 1.2660. |
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| | US Market Report | | US open: Markets unchanged as investors weigh results from Boeing and Yahoo. US stocks were largely unchanged on Wednesday, as investors weighed results from Boeing and Yahoo.
At 10:36 New York Time, the Dow Jones Industrial average was up 18.30 points to 16,633.11, while the S&P 500 rose 0.15% to 1,944.25 and the Nasdaq was up 7.66 to 4,427.14.
Data released on Wednesday by the Labor Department showed the cost of living barely rose in September.
The headline consumer price index (CPI) rose by 0.1% month-on-month in seasonally adjusted terms in September, slightly above expectations, while the core CPI increased by 0.1%, in line with consensus.
Headline inflation was pushed down by lower energy prices, which declined by 0.7%, while the 0.3% rise in food prices offset some of the softness in energy. On a year-on-year basis, the overall and core CPI were unchanged from the previous month at 1.7%.
"We maintain our view that although the recent drop in energy prices will likely lead to softer headline CPI over the coming quarters core CPI will likely remain solid, supported by rising shelter inflation," Barclays analysts said in a note.
In corporate news, Boeing shares fell slightly despite beating profit expectations and lifting its earnings forecast for the year, while biotech firm Biogen Idec fell sharply, despite reporting better than expected third quarter results and lifting its full year earnings outlook.
Dow Chemical shares edged forward after the firm's adjusted earnings of 72 cents a share came in above consensus estimate of 67 cents and Yahoo rose markedly after delivering better than expected results late on Tuesday.
Tekmira Pharmaceuticals rose as high as 11% before the bell, after the drug-maker announced it had started limited production of a new therapeutic drug against Ebola, which should be available by December of this year.
GFI Group edged forward after BGC Partners announced plans to bid for its rival company, according to sources cited by the Wall Street Journal, while Daimler rose slightly after selling its 4% stake in Tesla Motors late on Tuesday.
Gold futures dropped back to $1,243.90 while West Texas intermediate rose slightly and was trading at just over $82.53.
The dollar gained ground against the pound, yen and euro. |
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| | Broker Tips | | Broker tips: GSK, BHP Billiton, International Personal Finance, Supergroup Hargreaves Lansdown says the City may take a more charitable view of Glaxosmithkline shares after the drug group announced higher third-quarter earnings per share and a streamlining of its business. The broker said analysts may need to "positively re-evaluate" the market consensus on the shares as a 'hold' after GSK said cost cuts and savings had helped it to increase its core earnings per share by 5% at constant exchange rates to 27.9p.
BHP Billiton's production results for its fiscal first quarter were "only just enough", according to Morgan Stanley, which kept an 'overweight' stance on the stock.
"With first quarter FY15 production a little soft compared to our estimates but unchanged full-year guidance we do not see these production results to be a trigger for the shares either way," the US bank said.
The recent drop in the share price of International Personal Finance (IPF) means that the stock is now worth a 'buy', with Panmure Gordon removing its 'sell' recommendation.
"We think the negatives are priced in - potential weakness in Central European economies (principally Poland) via Germany, currency headwinds possibly into 2015, and regulation where IPF has so far adapted successfully," the broker said.
The hiring of former Co-op boss Euan Sutherland as the new chief executive officer of Supergroup is a "great appointment" by the fashion retailer, according to broker Peel Hunt which reiterated a 'buy' rating for the stock. | | |
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