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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: Shares tread water after central banks sit tight A lack of action by Europe's central banks left London shares treading water on Thursday, although supermarkets provided a boost. The European Central Bank left its base rate unchanged at 0.05% but addressed fears about the lacklustre Eurozone economy by saying policymakers would take more action on monetary easing if necessary.
The Bank of England also decided to keep interest rates at 0.5% and asset purchases at £375bn, as predicted by analysts.
Economists said it was not surprising the Bank's Monetary Policy Committee (MPC) kept interest rates steady at its November meeting amid growing signs that the UK's fragile economic is running out of steam.
Analysts forecast that UK rates were unlikely to rise until the middle of next year at the earliest.
Howard Archer at IHS Global Insight said: "We believe expectations of a delayed interest rate hike will be reinforced by lower forecasts for GDP growth and consumer price inflation."
The FTSE 100 Index, which closed 12.01 points up at 6551.15, got some support from rising supermarket shares after Morrisons faced a 6.3% fall in like-for-like sales in the third quarter but was optimistic about Christmas.
After a torrent of bad news from the UK's big supermarkets, investors heaved a sigh of relief at the positive update, lifting Morrisons by 10.1p to 172.5p. Its rivals also got a boost, with Tesco gaining 5.75p to 181.5p and Sainsbury advancing 14.9p to 262.2p.
RSA Insurance was leading the Footsie fallers down with a 24p drop to 460.1p after it said its underwriting result in the quarter was weak overall and posted a 9% fall in premiums.
Waste group Shanks increased 1.5p to 93.5p as it revealed problems in its Benelux business, but said other divisions were doing well.
Telecoms group BT sparked up 0.1p to 371.4p after a court gave an interim ruling on Wednesday that BSkyB must allow BT to show its Sky Sports 1 and Sky Sports 2 channels on BT's Youview set-top box.
Market Movers
techMARK 2,795.27 +0.05%
FTSE 100 6,551.15 +0.18%
FTSE 250 15,515.13 -0.07% |
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| | FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 4,074.00p +8.21%
Experian (EXPN) 999.50p +6.33%
Morrison (Wm) Supermarkets (MRW) 172.50p +6.22%
Sainsbury (J) (SBRY) 262.20p +6.03%
Marks & Spencer Group (MKS) 470.40p +5.92%
Tullow Oil (TLW) 507.50p +3.68%
Tesco (TSCO) 181.50p +3.27%
Petrofac Ltd. (PFC) 1,088.00p +3.13%
Hargreaves Lansdown (HL.) 1,033.00p +2.68%
Standard Chartered (STAN) 960.00p +2.56%
FTSE 100 - Fallers
RSA Insurance Group (RSA) 460.10p -4.96%
Admiral Group (ADM) 1,259.00p -2.85%
Persimmon (PSN) 1,437.00p -1.71%
GlaxoSmithKline (GSK) 1,413.50p -1.57%
Smith & Nephew (SN.) 1,053.00p -1.40%
Ashtead Group (AHT) 1,043.00p -1.32%
London Stock Exchange Group (LSE) 2,049.00p -1.25%
easyJet (EZJ) 1,553.00p -1.08%
TUI Travel (TT.) 403.50p -1.03%
Imperial Tobacco Group (IMT) 2,794.00p -0.99%
FTSE 250 - Risers
Spire Healthcare Group (SPI) 299.30p +5.39%
Amec (AMEC) 1,067.00p +5.33%
Supergroup (SGP) 819.00p +5.13%
Aveva Group (AVV) 1,407.00p +3.99%
Smith (DS) (SMDS) 277.00p +3.94%
Brown (N.) Group (BWNG) 342.70p +3.60%
Debenhams (DEB) 66.60p +3.58%
Spectris (SXS) 1,898.00p +3.21%
Bwin.party Digital Entertainment (BPTY) 102.50p +3.12%
Ultra Electronics Holdings (ULE) 1,775.00p +2.66%
FTSE 250 - Fallers
Playtech (PTEC) 635.50p -8.50%
Cable & Wireless Communications (CWC) 45.30p -7.44%
Bank of Georgia Holdings (BGEO) 2,300.00p -7.30%
Polymetal International (POLY) 530.00p -4.50%
Hikma Pharmaceuticals (HIK) 1,882.00p -4.47%
Big Yellow Group (BYG) 528.00p -3.83%
Halfords Group (HFD) 486.20p -3.34%
esure Group (ESUR) 215.00p -3.15%
Zoopla Property Group (WI) (ZPLA) 196.50p -3.01%
Daejan Holdings (DJAN) 4,875.00p -2.79% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks finish mixed after ECB keeps policy unchanged European stocks were mixed after the European Central Bank (ECB) decided to keep policy unchanged and President Mario Draghi said he was ready to take more action if needed. The ECB said it would maintain interest rates at 0.05% and the deposit facility at -0.20%.
Draghi said that policymakers were "unanimous" in their readiness to shake-up monetary easing to maintain price stability and curb a slowdown in economic growth, "if necessary".
The euro fell to a two-year low after the comments, down 0.52% to $1.2421 on the day, while European stock markets surged following the morning's caution.
BNP Paribas said that the significant changes in the ECB's rhetoric "signal a higher probability of more easing".
The Bank of England also decided to hold on policy today, keeping interest rates at 0.5% and bond purchases at £375bn, which came as no surprise to the market.
Howard Archer, chief UK and European economist at IHS Global Insight, said it would now be "a surprise" if the bank raised interest rates before we were "well into 2015", while Berenberg's Rob Wood predicted rate hikes "are likely to remain off the table for the next six months", amid growth risks and high unemployment.
In economic data, German factory orders fell 1% year-on-year in September, as expected, after rising 0.8% a month earlier.
Markit's purchasing managers' index (PMI) for Eurozone retail sales rose to 47 in October from 44.8 a month earlier, but remained under the 50 level that signals expansion.
UK industrial production increased 1.5% in September after a 2.2% gain a month before, beating estimates for a 1.6% rise. Manufacturing output climbed 2.9% in September, more than the 2.8% increase that was forecast, following a 4% increase in August.
US initial jobless claims rose 278,000 in the week to 1 November, after rising by 288,000 a week earlier. Analysts had pencilled in 285,000 claims.
HeidelbergCement, Adidas
Retailers jumped after Wm Morrison narrowed its full-year profit forecast.
HeidelbergCement gained as the cement maker reported a rise in third quarter earnings.
Adidas advanced after the German sporting-goods maker said posted quarterly profit that beat analysts' estimates.
Zurich Insurance slid as the Switzerland's biggest insurer said third-quarter profit declined.
Societe Generale slumped as the French bank said third-quarter profit rose 57% to €836m, as it set aside less money for bad loans and potential legal costs.
Legrand slipped after the maker of switches, plugs and lighting controls said it sees 2014 forecasts at the lower end of its guidance. |
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| | US Market Report | | US open: Markets fluctuate amid better-than-expected labour data, ECB stimulus US stocks fluctuated on Thursday despite better-than-forecast jobless claims and productivity data. Just before 10:00 in New York, the Dow Jones Industrial Average was 25.21 points up at 17,509.74, while the S&P 500 lost 1.70 points to 2,021.87 and the Nasdaq shed 1.90 points at 4,151.25
Investors received positive news from Europe as Mario Draghi, the president of the European Central Bank (ECB), said the ECB's governing council was unanimous in its commitment to using additional unconventional measures to support the economy, if required.
US initial jobless claims fell to 278,000 in the week ending 1 November, below consensus expectations for 285,000, while claims for the prior week were revised 1,000 higher, to 288,000. The four-week moving average of claims fell to 279,000 from 281,000, reaching the lowest level since April 2000.
"The recent weakness of claims is one of the reasons why we anticipate an above consensus 275,000 increase in non-farm payrolls in October," said economist Paul Ashworth from Capital Economics. The official jobs report is due out on Friday afternoon.
US productivity increased at an annual pace of 2% in the third quarter after a revised 2.9% gain in the second quarter. This came in better than the 1.5% growth rate the market was expecting.
In corporate news, Whole Foods rose sharply after announcing late on Wednesday that its earnings beat expectations, thanks to gains in its market share and new product launches. The firm was on track for its biggest one-day gain since May 2013.
Tesla Motors edged forward, even though the electric car maker said production of its next vehicle would be delayed until the autumn of 2015. The company, however, said it was ramping up output and expects 50% growth next year.
Qualcomm slumped after announcing late on Wednesday that an antitrust investigation and problems collecting royalties could harm its business in China next year.
The Organisation of Petroleum Exporting Countries (OPEC) said its crude production will fall more than previously anticipated in the near-to-medium term, suggesting the group could at some stage cut the upper limit it places on its collective output.
West Texas intermediate crude fell almost 1.5% to just over $77.5, while Brent crude lost over 0.5% and was trading at just under $82.50
The dollar registered gains against the euro, the pound and the yen, while gold futures fell to $1,141.70. |
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| | Broker Tips | | Broker tips: WM Morrison, Astrazeneca, M&S, Shanks Shore Capital has retained a 'hold' rating for supermarket group Wm Morrison after a mixed set of third-quarter results, saying that it is "critical" that trading improves over the pivotal Christmas period. "It is essential that the group trades much more robustly in the current quarter and then displays more evidence than it is currently showing that its trading strategy is striking a much stronger chord with British shoppers. There are plenty of headwinds and bumps in the road facing Morrison's albeit a brighter future may yet transpire for its beleaguered investors."
Upgrades to full-year guidance at pharmaceutical firm Astrazeneca may have reassured investors, but the average analyst still remains on the fence, according to Hargreaves Lansdown Stockbrokers.
It said that the analyst consensus opinion is currently pointing to a 'hold', with the share price having jumped over 40% over the last year alone.
Deutsche Bank has raised its recommendation for Marks & Spencer from 'hold' to 'buy' after its better-than-expected first half, predicting the start of a mutli-year margin recovery at the high-street retailer.
"We are increasingly convinced this is the beginning of a multi-year margin journey as M&S reaps the rewards of years of supply chain modernisation and, with higher confidence in M&S' long term margin potential we raise our [target] to 510p [from 470p]," said analysts Charlie Muir-Sands and Warwick Okines.
Broker Investec is advising investors to keep hold of shares in Shanks after the waste group revealed tough first half results but managed to avoid any nasty surprises. | | |
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