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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 end in the red amid downbeat economic data London shares ended Thursday on a low note as more economic gloom in Europe overshadowed hints of delays to US interest rate rises. The FTSE 100 closed 50.39 points adrift at 6431.85 after downbeat economic news in the UK and mainland Europe, which included a report showing that German exports in August registered their deepest monthly decline since January 2009.
In London, the British Chambers of Commerce published a survey indicating that British economic growth slowed in the third quarter of the year, with manufacturing particularly badly hit. The Bank of England left rates and quantitative easing unchanged as expected.
The news reduced positive sentiment generated late on Wednesday by the US Federal Reserve, which emphasised concern over weakness in Europe and the strength of the dollar, easing expectations of a US interest rate hike.
Rabobank analysts said in a note: "It appears the Fed is happy to constantly sell the US recovery story, but not to act on it on the rates front."
In Europe, downbeat banking news also dampened spirits as Portugal's Espirito Santo Financial Group filed for bankruptcy after a Luxembourg court decision.
Back in London, silver miner Fresnillo led the risers with a 46.5p gain to 770p and Randgold Resources gleamed 248p to 4298p after Numis Securities named the pair as among its top picks in the sector.
Other miners cashed in on the positive vibes, with Rio Tinto advancing 64p to 3053p, Antofagasta increasing 11p to 686p and Anglo American rising 18p to 1356p.
Travel stocks continued to suffer from fears about the spread of the Ebola virus, with BA and Iberia owner IAG flying 10.3p lower to 333p, TUI Travel dimming 10.1p to 356.9p and Easyjet descending 37p to 1341p.
Royal Dutch Shell leaked 35.5p to 2245.5p and BP backtracked 5p to 435.15p as the price of a barrel of Brent crude fell 0.8% to $91.38.
Elsewhere, online and catalogue retailer N Brown tumbled 46.2p or 13% to 302p after it lowered annual profit guidance as a warm autumn hit demand for clothing.
Market Movers
techMARK 2,698.27 -0.98%
FTSE 100 6,431.85 -0.78%
FTSE 250 14,811.33 -0.82% |
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| | FTSE 100 - Risers
Fresnillo (FRES) 770.00p +6.43%
Randgold Resources Ltd. (RRS) 4,298.00p +6.12%
Severn Trent (SVT) 1,897.00p +2.54%
Petrofac Ltd. (PFC) 998.50p +2.41%
Rio Tinto (RIO) 3,053.00p +2.14%
ARM Holdings (ARM) 872.50p +1.99%
Burberry Group (BRBY) 1,492.00p +1.77%
Antofagasta (ANTO) 686.00p +1.63%
Sainsbury (J) (SBRY) 230.20p +1.54%
G4S (GFS) 256.10p +1.39%
FTSE 100 - Fallers
Kingfisher (KGF) 296.80p -5.08%
Persimmon (PSN) 1,276.00p -3.48%
Vodafone Group (VOD) 197.35p -3.40%
International Consolidated Airlines Group SA (CDI) (IAG) 333.00p -3.00%
ITV (ITV) 200.10p -2.77%
TUI Travel (TT.) 356.90p -2.75%
Sports Direct International (SPD) 589.50p -2.72%
easyJet (EZJ) 1,341.00p -2.69%
Aviva (AV.) 499.30p -2.67%
Standard Life (SL.) 390.00p -2.40%
FTSE 250 - Risers
Kazakhmys (KAZ) 251.10p +3.72%
Hikma Pharmaceuticals (HIK) 1,860.00p +3.45%
Petra Diamonds Ltd.(DI) (PDL) 190.30p +3.37%
African Barrick Gold (ABG) 207.20p +3.34%
Michael Page International (MPI) 426.00p +2.43%
Hays (HAS) 122.70p +2.25%
BTG (BTG) 729.00p +2.17%
Polymetal International (POLY) 480.70p +2.12%
Wood Group (John) (WG.) 692.00p +1.99%
Vedanta Resources (VED) 923.50p +1.99%
FTSE 250 - Fallers
Brown (N.) Group (BWNG) 302.00p -13.27%
BlackRock World Mining Trust (BRWM) 381.70p -7.89%
Oxford Instruments (OXIG) 963.00p -4.84%
Premier Oil (PMO) 286.70p -4.21%
Taylor Wimpey (TW.) 108.30p -4.16%
Zoopla Property Group (WI) (ZPLA) 212.00p -4.07%
Bovis Homes Group (BVS) 742.00p -3.70%
COLT Group SA (COLT) 125.20p -3.69%
AO World (AO.) 167.40p -3.68%
Britvic (BVIC) 639.00p -3.62%
FTSE TechMARK - Risers
CML Microsystems (CML) 290.00p +6.03%
Oxford Biomedica (OXB) 3.92p +4.67%
Skyepharma (SKP) 328.00p +3.47%
Promethean World (PRW) 29.88p +2.14%
Optos (OPTS) 204.25p +2.12%
Innovation Group (TIG) 27.50p +1.85%
Filtronic (FTC) 22.25p +1.14%
NCC Group (NCC) 187.00p +1.08%
Sepura (SEPU) 140.00p +0.36%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 198.07 +0.12%
FTSE TechMARK - Fallers
Gresham Computing (GHT) 68.50p -29.38%
Kofax Limited (DI) (KFX) 376.25p -20.75%
Consort Medical (CSRT) 850.00p -10.53%
SDL (SDL) 315.00p -4.76%
Dialight (DIA) 879.50p -4.25%
Vectura Group (VEC) 120.00p -2.24%
Anite (AIE) 80.25p -2.13%
Triad Group (TRD) 14.00p -1.75%
BATM Advanced Communications Ltd. (BVC) 15.50p -1.59% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks end mostly lower on Draghi speech Stocks in the euro-area were mostly lower after European Central Bank (ECB) President Mario Draghi warned on weak economic growth. In a speech at the Brookings Institution, Washington, Draghi emphasised the need for reforms to lift the Eurozone’s weak recovery and low inflation. “Put simply, I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies”, he said. His words came as the Dow Jones Industrials was dropping by nearly 100 points and as crude futures continued to slip lower. Barclays today lowered its forecast for the price of Brent next year to 96$ per barrel. He added: “First, all too often has reform been postponed in bad times on that basis, and then forgotten in good times. Second, I am uncertain there will be very good times ahead if we do not reform now.” His remarks come amid concerns the ECB’s recently announced asset purchase programme may not be enough to mend the euro-area. Draghi has left the door open to full-on quantitative easing, saying that the ECB was ready to use unconventional interventions and to modify their scope and composition if necessary. In the UK, the Bank of England maintained interest rates at 0.5% and asset purchases at £375bn, as expected by analysts. “Although the economy as a whole is continuing to recover at a solid pace, there are therefore many reasons why the MPC may decide that there is no rush to raise interest rates, allowing the recovery to gain further traction,” Chris Williamson from Markit said. “That leaves the first quarter of 2015 as still the most likely scenario for a first rate rise.” Meanwhile, a report showed German exports fell 5.8% in August following a 4.8% increase a month earlier, worse than the 4% drop predicted by analysts. Imports fell 1.3% in August, compared to a 1.4% decline in July. Economists had forecast a 0.9% increase. “A sharp decline in exports completes the round of disastrous German industrial data for August,” said Berenberg’s Christian Schulz. “We expect the German economy to expand by merely 0.1% quarter-on-quarter in each of the third quarter and the fourth quarter and cannot even rule a mild technical recession.” Suedzucker slides Suedzucker declined after the company reported a 73% decline in second-quarter operating profit. Hays rallied after the UK recruitment agency reported a 4% increase in net fees for the first quarter. Solvay gained as the Belgian chemical maker restated its results for 2013 and the first six months of 2014 to include the sale of its sulphuric-acid unit Eco Services. The euro fell 0.38% to $1.2685. Brent crude futures fell 1.17% to $90.34 per barrel, according to the ICE. |
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| | US Market Report | | US open: Markets slide after Wednesday's rally US markets declined slightly on Thursday, as companies began reporting quarterly earnings and investors looked intent to book profits after yesterday's rally. "What we're seeing is profit taking from yesterday's trading ,where we saw nearly 2% gains, and I think that was a bit overdone," said Craig Erlam, market analyst at Alpari U.K.
"We've seen massive rallies off those Fed minutes, which weren't exactly the most dovish thing we've ever heard, and there was no real change in policy.
Government data released on Thursday showed the number of people who applied for jobless benefits in the first week of October remained below 300,000 for the fourth consecutive week, the first time it has happened in over eight years.
According to Labor Department data, the number of initial jobless claims in the week ended 4 October declined by 1,000 to a seasonally adjusted 287,000, with jobless claims now 21% lower than 12 months ago.
The monthly unemployment rate fell to 5.9% in September, with the rate edging below 6% for the first time since 2008, while the average of new claims in September dropped by 7,250 to 287,750, reaching the lowest level since February 2006.
In corporate news, Pepsi rose before the bell, as the soft-drinks maker reported third quarter profit and sales that exceeded expectations, while Alcoa climbed early on after its third quarter earnings beat estimates.
Apple gained slightly despite a Wall Street Journal report that the Silicon Valley giant has delayed plans to produce a larger version of the iPad until early 2015.
Google dropped slightly after news emerged that the firm's tax deal in France is being challenged.
Gold prices surged to over $21 an ounce, while West Texas intermediate oil was in decline for a third consecutive session and was trading just under $87 a barrel.
The yield on 10-year Treasury notes was off by 1 basis point at 2.32%, while the 30-year Treasury yield lost one basis point to 3.06% and the five-year note was lower by two basis points to 1.56%. |
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| | Broker Tips | | Broker tips: HSBC, Vodafone, Wood Group, Centamin, Miners Investec has upgraded HSBC, saying the banking group is regaining its appetite for lending.
"We are mightily encouraged by evidence of returning risk appetite. We upgrade to 'add' from 'hold' and our target to 650p from 620p," the broker said.
Vodafone's recent share-price outperformance means that the stock is now pricing in a recovery in its markets, something that Nomura reckons will be "slow to take hold" because of rising competition.
The broker downgraded its rating for the telecoms giant on Thursday from 'neutral' to 'reduce' and reduced its target from 190p to 180p.
Liberum Capital is advising investors to 'sell' Wood Group amid concerns about falling oil prices and demand next year.
Liberum said it wanted indications from the group's management about how falls in the price of West Texas Intermediate crude oil below $90 a barrel would affect the business. The broker has also voiced concerns about how a potential slowdown in oil industry demand for services would affect suppliers like Wood.
Centamin has a mountain to climb towards the end of the year, according to analysts at Peel Hunt, after production rates for the third quarter came in short of hopes.
The broker maintained its 'buy' rating and 75p target for the gold miner after Thursday's output update, but has downgraded its estimates for 2014.
Although it remained cautious on the mining sector as a whole, Numis picked out Randgold Resources, Fresnillo and Petra Diamonds as the gems in its quarterly metals and mining report. | | |
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