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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 marginally higher after Eurozone data UK stocks ended the final session of the week with modest gains, but struggled against weakness among the mining and energy sectors. The FTSE ended the week at 6,648.13, a gain of 12.68 points on the day and 80.89 on the week.
"A combination of mining and energy company weakness has seen the FTSE struggle to keep the momentum from earlier in the week," Alastair McCaig, IG market analyst, said.
"As spot oil prices continue collapsing these moves are no real surprise. In a turn up for the books, better-than-expected economic data from both France and Germany look to be contributing to the FTSE staying in the green. Christmas is now just six weeks away and the markets appear to have decided that food retailers have been punished enough."
Eurozone gross domestic product (GDP) growth picked up to 0.2% in the third quarter of 2014, according to Eurostat, surprising analysts who had expected the expansion to remain steady at 0.1% from the preceding three months. The annual GDP growth rate was unchanged at 0.8%, better than the 0.7% forecast.
The region's two-largest economies, Germany and France, both returned to growth between July and September after contracting in the second quarter, though Italy's did the opposite.
In other data, the estimate for annual consumer-price inflation was confirmed at 0.4% in October, as expected.
Despite the largely better-than-expected growth figures, analysts at Barclays said they had not changed their view on growth and the outlook for monetary policy.
Over in the States, retail sales rose a seasonally adjusted 0.3% in October, bouncing back from the first decline in eight months and exceeding analysts' estimates of a 0.2% increase.
Aggreko pleases with trading update
Temporary power and temperature control group Aggreko rose strongly after it gave an in-line trading update and said it continued to expect 2014 underlying trading profits to resemble those of 2013.
Tesco traded higher after HSBC analysts upgraded their rating to 'overweight' from 'neutral'. This followed Monday's upgrade by Sanford C. Bernstein from 'market perform' to 'outperform'.
SABMiller retreated from the previous day's gains which came after it said operating profits would have risen by 3% when adjusted for currency movements.
Petrofac climbed after Investec reiterated its 'buy' rating.
On the second tier, shares in technology products distributor Premier Farnell took a hit after the group warned that its full-year operating margin would be "slightly" below prior year levels. The group experienced softer market conditions in Asia and Europe, which dragged the gross margin 0.5 percentage points lower. It expects the gross margin to increase in the fourth quarter, but said recent trends would knock the operating margin below last year's figure of 9.6%.
Restaurant Group dropped into the red after reporting a disappointing trading update, saying "sales have shown lower growth since the end of August and we are seeing some cost pressures".
Rotork's shares slumped after the actuator manufacturing and flow-control company said revenues slipped in the third quarter due to the timing of deliveries. Turnover declined by 1% and were down 0.5% on an organic constant currency (OCC) basis. The decline came after OCC revenues had risen by 4.4% in the first half. |
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| | Market Movers
techMARK 2,853.70 -0.05%
FTSE 100 6,647.62 +0.18%
FTSE 250 15,644.12 +0.08%
FTSE 100 - Risers
Aggreko (AGK) 1,594.00p +3.37%
Petrofac Ltd. (PFC) 1,151.00p +2.49%
Aberdeen Asset Management (ADN) 441.60p +2.15%
Standard Life (SL.) 410.00p +2.09%
Tesco (TSCO) 195.00p +2.01%
Sainsbury (J) (SBRY) 270.10p +1.89%
Kingfisher (KGF) 296.90p +1.75%
BG Group (BG.) 1,046.00p +1.70%
Burberry Group (BRBY) 1,558.00p +1.70%
Randgold Resources Ltd. (RRS) 4,254.00p +1.58%
FTSE 100 - Fallers
Intertek Group (ITRK) 2,659.00p -2.89%
SABMiller (SAB) 3,494.50p -1.70%
AstraZeneca (AZN) 4,655.50p -1.62%
Weir Group (WEIR) 2,127.00p -1.30%
CRH (CRH) 1,352.00p -1.17%
Imperial Tobacco Group (IMT) 2,847.00p -1.01%
Smith & Nephew (SN.) 1,058.00p -0.84%
Centrica (CNA) 298.30p -0.77%
Fresnillo (FRES) 720.50p -0.76%
Marks & Spencer Group (MKS) 469.00p -0.74%
FTSE 250 - Risers
Infinis Energy (INFI) 228.10p +5.02%
Dairy Crest Group (DCG) 505.50p +4.88%
Thomas Cook Group (TCG) 134.40p +3.62%
Debenhams (DEB) 69.25p +3.44%
Oxford Instruments (OXIG) 1,129.00p +3.29%
Tullett Prebon (TLPR) 282.30p +2.99%
Cairn Energy (CNE) 185.40p +2.60%
Essentra (ESNT) 766.00p +2.41%
Amec Foster Wheeler (AMFW) 1,083.00p +2.36%
Hays (HAS) 127.30p +2.17%
FTSE 250 - Fallers
Premier Farnell (PFL) 164.10p -8.78%
Restaurant Group (RTN) 654.00p -4.46%
AO World (AO.) 205.00p -4.43%
Rotork (ROR) 2,401.00p -3.96%
Centamin (DI) (CEY) 49.82p -3.54%
Supergroup (SGP) 820.00p -3.07%
Synthomer (SYNT) 196.50p -3.06%
Fisher (James) & Sons (FSJ) 1,147.00p -3.04%
Atkins (WS) (ATK) 1,301.00p -2.98%
Euromoney Institutional Investor (ERM) 1,032.00p -2.92% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed after Eurozone GDP and inflatio European stocks were little changed as investors weighed Eurozone data on economic growth and inflation. Eurozone gross domestic product (GDP) rose by 0.8% year-on-year, in line with the previous quarter's growth, but higher than the 0.7% forecast.
German GDP rose 1.2% in the third quarter, after a 1% increase the previous three months, more than the 1.1% predicted by analysts.
Eurozone inflation rose by 0.4% in October, a report confirmed, as expected by the market.
Inflation remains well below the European Central Bank's (ECB) target of just under 2%, adding pressure on the monetary authority to boost stimulus measures.
In the US, a report revealed retail sales rose 0.3% in October after a 0.3% drop a month earlier, more than the 0.2% forecast.
The University of Michigan's consumer confidence index increased to 89.4in November from 86.9 in October compared to expectations for a reading of 87.5.
The better-than-expected US data help to erase earlier declines led by a gauge of resource-linked stocks. Randgold Resources, Anglo American and Rio Tinto Group were among the big fallers as prices dropped on concern that slowing global growth will have an impact on demand.
In other company news, Airbus advanced after reporting third quarter earnings that beat analysts' estimates.
Nokia edged lower despite lifting its profit guidance for its core telecoms network business.
Arkema SA jumped after the chemical products maker confirmed its 2014 profit target.
Bouygues gained as the French construction, telecommunications and media conglomerate raised its outlook for 2014 revenue.
The euro rose 0.14% to $1.2495. |
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| | US Market Report | | US open: Stocks fluctuate as retail sales beat forecasts US stocks fluctuated on Friday with the Dow Jones Industrial Average set to extend its all-time highs as data showed that domestic retail sales rose by more than expected in October. Just before 10:00 in New York, the Dow Jones Industrial Average was 2.98 points down at 17,649.91, while the S&P 500 rose 0.55 points to 2,039.80 and the Nasdaq dropped 0.15 points to 4,213.40.
Sales at US retailers rose a seasonally adjusted 0.3% in October, bouncing back from the first decline in eight months and exceeding analysts' estimates of a 0.2% increase.
Analysts believe that fourth quarter consumption growth could be in the region of 2.5% on an annualised basis.
"This measure includes all the new information that flows into real consumption, which could be around 2.5% annualised in the fourth quarter," said Paul Diggle, economist at Capital Economics.
"This isn't big enough to influence third-quarter GDP growth, though. Overall, October's retail sales numbers bode well for the crucial holiday shopping season."
Meanwhile, import prices declined further in October, largely because of lower petroleum prices. Headline import prices fell 1.3%, less than consensus estimates of -1.5%, while non-petroleum import prices fell 0.1% month-on-month.
Imported inflation for headline import prices declined 1.8% year-on-year and rose 0.1% for core prices compared to the corresponding period in 2013.
In corporate news, Twitter fell slightly after a near-6% drop in its share price on Thursday after Standard & Poor's gave its debt a 'junk' rating. The agency rated the social media group's recent $1.8bn debt issue as 'BB-'', three notches below investment grade.
Fashion retailer Abercrombie & Fitch retreated after Credit Suisse downgraded the stock from 'outperform' to 'neutral' and almost halved its target from $53 to $28.
Hertz Global Holdings fell after announcing it that, in addition to 2011 financial statement, it also needs to restate 2012 and 2013 quarterly and annual financial statements.
The dollar rose against the pound, yen and the euro, while gold futures slid to $1,149.20.
Oil prices rebounded after losing over three percentage points on Thursday, with West Texas intermediate crude trading at just under $75 a barrel, while Brent crude was trading at just over $79 a barrel.
The yield on the 10-year US Treasury note rose two basis points to 2.36%, while the 30-year note advanced one basis point to 3.08% and the five-year Treasuries gained three basis points to 1.65%. |
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| | Broker Tips | | Broker tips: Aggreko, SABMiller, Dairy Crest Third-quarter results from Aggreko were well-received by the market on Friday, but analysts at Peel Hunt chose to keep a 'hold' rating on the temporary power and temperature control group due to a cautious outlook.
Peel Hunt analyst Andrew Nussey said that the statement was in line with expectations but highlighted Aggreko's comments about an "uncertain" environment in the power projects division. "We are mindful that the outlook for 2015 remains uncertain, given geopolitical risks and customer hesitancy," Nussey said.
Investec has reiterated its 'sell' recommendation on SABMiller after interim results from the brewing giant missed the market's expectations, with the broker saying that its valuation "looks stretched".
"While we keep our below-consensus estimates intact courtesy of lower tax and interest rate guidance, the valuation still looks stretched to us in a low-growth world where competition is hotting up. In this regard, the arrival of a well-armed new entrant in SAB's most profitable market, Colombia, looks threatening. We stay sellers."
Shares in Dairy Crest received a boost from Credit Suisse on Friday as the bank raised its rating for the cheese, spreads and dairy-products group and speculated about a potential takeover offer from a larger food group. | | |
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