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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: Supermarket share slump limits market gains UK supermarkets held back London shares on Thursday after beleaguered Tesco reported lower first half profits and said the hole in its accounts was bigger than thought. Shares in Tesco led the FTSE 100 Index fallers with a 12p slump to 171p as the group said trading profits dropped 39.4% at constant exchange rates to £937m, although topping consensus forecasts of £853m.
The group, whose chairman Richard Broadbent announced he was stepping down, denied it was working on a rights issue but said it may need to bolster its balance sheet.
Tesco's rivals also took a hit, with Sainsbury's dropping 4.4p to 237.2p and Morrisons declined 4.8p to 153.1p.
Consumer goods groups were also out of favour, with Unilever reversing 94p to 2440p after flagging up weak markets and Premier Foods dipping 5p to 29.25p as it revealed a hit from shoppers switching to discounters from the Big Four supermarkets.
UK retail sales figures did nothing to lift the gloom engulfing the sector as the Office for National Statistics said sales fell 0.3% last month against August, although they still racked up their 18th month in a row of year-on-year growth.
Still, the Footsie closed 19.42 points up at 6419.15 as traders took heart from strong German manufacturing data. There was also upbeat news from China where HSBC manufacturing PMI data came in slightly better than expected at 50.4.
Back in London, estate agency Foxtons backtracked 40.3p to 165p after the recently floated company warned on annual profits as the British housing market slowed.
Soft drinks maker Britvic fizzed up 18p to 654p after forecasting better-than-expected annual profits as a strong international performance made up for weaker weather-hit sales in Europe.
But Ladbrokes was on a loser, down 7.9p at 121.1p, as the bookie reported higher third quarter profits but said a new online gambling tax regime and other tax hikes would cost it about £50m next year.
Market Movers
techMARK 2,689.55 +0.58%
FTSE 100 6,419.15 +0.30%
FTSE 250 15,135.99 -0.22% |
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| | FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 384.00p +3.45%
Intertek Group (ITRK) 2,595.00p +2.89%
GlaxoSmithKline (GSK) 1,412.00p +2.54%
CRH (CRH) 1,377.00p +1.62%
Severn Trent (SVT) 1,994.00p +1.53%
Royal Mail (RMG) 455.50p +1.52%
Vodafone Group (VOD) 196.85p +1.42%
Diageo (DGE) 1,774.50p +1.34%
Ashtead Group (AHT) 992.50p +1.28%
Dixons Carphone (DC.) 379.00p +1.26%
FTSE 100 - Fallers
Tesco (TSCO) 171.00p -6.56%
Tullow Oil (TLW) 505.50p -4.17%
Unilever (ULVR) 2,440.00p -3.71%
Morrison (Wm) Supermarkets (MRW) 153.10p -3.04%
Randgold Resources Ltd. (RRS) 4,082.00p -2.11%
Smiths Group (SMIN) 1,159.00p -1.95%
Sainsbury (J) (SBRY) 237.20p -1.82%
BAE Systems (BA.) 443.70p -1.25%
ITV (ITV) 199.40p -1.24%
Anglo American (AAL) 1,340.00p -1.22%
FTSE 250 - Risers
Cineworld Group (CINE) 337.50p +6.27%
Inchcape (INCH) 667.00p +5.29%
RPS Group (RPS) 240.40p +3.49%
Bank of Georgia Holdings (BGEO) 2,530.00p +3.27%
TalkTalk Telecom Group (TALK) 291.50p +3.08%
Synthomer (SYNT) 222.00p +3.02%
Britvic (BVIC) 654.00p +2.83%
Dechra Pharmaceuticals (DPH) 739.50p +2.71%
BTG (BTG) 724.00p +2.62%
Playtech (PTEC) 756.50p +2.58%
FTSE 250 - Fallers
Foxtons Group (FOXT) 165.00p -19.63%
Ladbrokes (LAD) 121.10p -6.12%
Spire Healthcare Group (SPI) 269.20p -3.86%
Countrywide (CWD) 464.00p -3.85%
IG Group Holdings (IGG) 594.50p -3.80%
Serco Group (SRP) 282.50p -3.42%
Savills (SVS) 612.50p -3.31%
Infinis Energy (INFI) 211.00p -3.21%
Ferrexpo (FXPO) 89.00p -3.21%
Ocado Group (OCDO) 236.70p -3.19% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks run higher on German manufacturing data The main European equity indices finished in the blue on the back of a spate of better-than-expected economic indicators. After starting the day lower stocks bounced back on the heels of better than expected readings on German and Eurozone manufacturing which helped to compensate for weak French data.
Survey compiler Markit's manufacturing sector purchasing managers' index for the Eurozone moved higher in October, to a reading of 50.7 versus a print of 50.3 in the month before (consensus: 49.9).
The Dax-30 closed 1.20% higher at 9,047.31 points, while the FTSE Mibtel ended the day up by 0.88%, while the Cac-40 could be seen higher by another 0.34%.
In other notable economic news, Spain's central bank estimated the country's economy grew by 0.5% in quarter-on-quarter terms in the three months to September.
Spanish unemployment dipped to 23.67% in the same time frame, after a reading of 24.47% in the three months prior (consensus: 24.1%), according to Spain's statistical office.
Michelin dives after cutting guidance
In company news, French tire-maker Michelin slashed its full-year sales guidance and said it would move to rein in investment, sending its shares diving lower by 6%.
Daimler Chrysler saw third quarter operating profits grow by 21% in the third quarter, exceeding analysts' forecasts.
Credit Suisse beat forecasts for third quarter earnings with the investment bank telling investors it was cautiously optimistic for the end of the year.
From a sector stand-point the best performance on the DJ Stoxx 600 was to be seen in the following industrial groups: Telecommunications (1.34%), Technology (1.28%) and Healthcare (1.09%).
Saudi oil supply drops
The euro/dollar was edging higher by 0.17% to reach 1.2663 at the end of trading. |
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| | US Market Report | | US open: Markets rally amid strong results from General Motors and Caterpillar US stocks rose on Thursday, after earnings from General Motors and Caterpillar exceeded analysts' expectations and Eurozone manufacturing registered a surprising gain. At 10:12 New York time, the Dow Jones was 227.48 points up to 16,668.80, while the S&P 500 rose 23.68 points to 1,950.79 and the Nasdaq was 62.28 points up to 4,444.15.
Data showed that the Eurozone purchasing managers index reached a two-month high of 50.7, exceeding expectations of a reading of 50. Some analysts saw the unexpected improvement as a sign that Europe may avoid plunging deeper into its current economic slump.
Over $2.1trn in US equity values have been erased since 6 September, amid fears that a slowdown in global growth led by the Eurozone's shaky economy would hurt the US, just as the Federal Reserve winds down stimulus.
According to figures released by the Labor Department on Thursday, the number of Americans filing new claims for unemployment benefits rose 17,000 to a seasonally adjusted 283,000 for the week ended 18 October.
The increase, which was in line with economists' forecasts, was the first time the number of claims rose after three weeks of decline.
The four-week moving average, which is considered a more reliable indicator of the labour market trends as it is not affected by week-to-week volatility, fell 18,260 to 281,000, its lowest level since May 2000.
The jobless claims report showed the number of people still receiving benefits after an initial week of aid fell 38,000 to 2.35m in the week ended 11 October.
In corporate news, Caterpillar shares advanced after the construction equipment maker lifted its full year earnings forecast, while General Motors gained just under 2% as group chief executive Mary Barra told investors the firm is striving to boost performance.
3M rose sharply after reporting better than expected third quarter earnings per share, though total sales were $8.1bn, slightly short of Wall Street's estimate of $8.2bn.
Tractor Supply surged after its quarterly results, which were released late on Wednesday, beat estimates, while Southwest Airlines rose slightly after reporting third-quarter adjusted earnings of 55 cents a share, more than Wall Street's estimate of 53 cents a share.
Yelp shares plummeted after the online review site issued a bleak outlook late on Wednesday night, despite posting better than expected results.
The dollar edged slightly forward against the euro and the pound, but registered a more significant gain against the yen.
The yield on the 10-year Treasury note rose four basis points to 2.26%, while the yield on the 30-year Treasury note edged forward by the same margin to 3.03 and the yield on the five-year note gained five basis points to 1.48. |
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| | Broker Tips | | Broker tips: Rio Tinto, Tullow Oil, Foxtons Investec hailed Thursday's announcement by mining group Rio Tinto that it has decided to extend the tenure of its chief executive officer (CEO) Sam Walsh and also its chief financial officer, saying it provides certainty for shareholders. The broker added: "The announcement also provides some certainty around leadership, taking pressure off of the lieutenants that were the CEOs-in-waiting (assuming such alpha-males are happy to continue the lieutenant role)." It also said that Walsh is "no push-over" and so presents a "formidable barrier" against a potential takeover.
Tullow Oil's share price dropped sharply on Thursday after the company reported a mixed exploration and appraisal update on Kenyan operations, though analysts at Westhouse Securities recommend investors to use this weakness as a buying opportunity. The broker maintained an 'add' rating and 930p target for the stock.
"While exploration success in the past 12-18 months hasn't matched prior success, it still stands at >50%, which is good in the context of the sector. We would be buying into any share price weakness on the back of this update," analysts said.
Investors of Foxtons shouldn't be deterred by a profit warning from the estate agency group, says Numis Securities, which maintained its 'buy' rating after a sell-off in the shares on Thursday. | | |
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