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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 open: UK stocks at six-week high as Vodafone gains London's stock market was trading at levels not seen since late September on Tuesday as decent gains from Vodafone and a host of real-estate groups outweighed weakness in the mining sector.
The FTSE 100 was 0.3% higher at 6,633 in early deals.
Nevertheless, gains were only modest early on after the index closed Monday's session at 6,611.25, its first finish above 6,600 since 30 September. Across the Atlantic, both the S&P 500 and Dow Jones Industrial Average benchmark indices closed at record highs again on Monday evening.
Deutsche Bank pointed out "a little lull" in the flow of economic news. "The post-payroll week is always a bit light on data, which is compounded by the fact that we're now past the European Central Bank meeting," analysts observed.
They said that Tuesday's session was "likely to be on the quiet side" with no economic data from the States due to the Veteran's Day holiday, though the equity markets will still be open.
Vodafone jumps on solid first half
Vodafone was a high riser, up 5%, as interim results from the mobile telecoms group showed evidence of growing stabilisation in its European markets, with earnings guidance for the full year now guided towards the higher end of expectations. Strong consumer demand for data helped revenues rise 8.9% in the six months to 30 September to £20.8bn, marginally ahead of forecasts.
Land Securities wasn't far behind after reporting a massive increase in profits in its first half and a higher net asset value, saying that its portfolio is "now in much stronger shape". Pre-tax profit totalled £1,031m in the six months to 30 September, compared with just £397.9m the year before.
Others in the property sector including British Land and Hammerson were also in demand.
Renishaw jumped 10% as the engineering firm reiterated its full-year guidance, saying that it continues to see "strong demand" across its product lines.
Mining stocks were mostly lower as commodity prices fell with Fresnillo, Randgold, Anglo American, BHP Billiton, Rio Tinto and Antofagasta among the worst performers.
Also weighing on sentiment in the resource sectors was Citigroup's prediction that iron-ore prices will drop to under $60 a metric tonne next year as supply increases amid weak demand. The bank expects iron ore to average $72 a tonne in the first quarter of 2015, down from its earlier estimate of $82. |
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| Market Movers
techMARK 2,829.77 +0.88%
FTSE 100 6,632.52 +0.32%
FTSE 250 15,655.05 +0.38%
FTSE 100 - Risers
Vodafone Group (VOD) 217.65p +4.71%
Land Securities Group (LAND) 1,137.00p +2.34%
easyJet (EZJ) 1,574.00p +1.42%
Persimmon (PSN) 1,468.00p +1.38%
Direct Line Insurance Group (DLG) 277.40p +1.28%
Sainsbury (J) (SBRY) 257.90p +1.26%
National Grid (NG.) 941.00p +1.24%
Dixons Carphone (DC.) 405.90p +1.20%
SSE (SSE) 1,579.00p +1.09%
Capita (CPI) 1,123.00p +1.08%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 3,993.00p -2.28%
Fresnillo (FRES) 720.00p -2.04%
Tullow Oil (TLW) 498.00p -1.97%
CRH (CRH) 1,359.00p -1.88%
Anglo American (AAL) 1,336.00p -1.80%
BHP Billiton (BLT) 1,647.50p -1.47%
BT Group (BT.A) 370.10p -1.33%
Petrofac Ltd. (PFC) 1,123.00p -1.32%
Tesco (TSCO) 190.55p -1.22%
Rio Tinto (RIO) 2,989.00p -1.16%
FTSE 250 - Risers
Renishaw (RSW) 1,940.00p +9.73%
Taylor Wimpey (TW.) 121.20p +3.32%
Diploma (DPLM) 723.50p +2.84%
Bank of Georgia Holdings (BGEO) 2,360.00p +2.56%
Betfair Group (BET) 1,326.00p +2.47%
Morgan Advanced Materials (MGAM) 299.20p +2.33%
Redrow (RDW) 276.80p +2.33%
Euromoney Institutional Investor (ERM) 1,127.00p +2.18%
Domino's Pizza Group (DOM) 645.50p +2.06%
Micro Focus International (MCRO) 1,033.00p +1.87%
FTSE 250 - Fallers
Afren (AFR) 78.35p -4.97%
Oxford Instruments (OXIG) 1,090.00p -4.13%
Hochschild Mining (HOC) 96.75p -3.25%
Ocado Group (OCDO) 321.30p -3.19%
Polymetal International (POLY) 529.00p -2.85%
Premier Oil (PMO) 250.50p -2.38%
African Barrick Gold (ABG) 207.00p -2.27%
Centamin (DI) (CEY) 50.05p -2.05%
Amec (AMEC) 1,058.00p -1.95% |
| | UK Event Calendar | | INTERIMS
Blinkx, BTG, Hayward Tyler Group, Land Securities Group, Liontrust Asset Management, Oxford Instruments, Speedy Hire, Trifast, Vodafone Group
INTERIM DIVIDEND PAYMENT DATE
Smith & Nephew, Travis Perkins
QUARTERLY PAYMENT DATE
Merchants Trust
Q3
OJSC Novolipetsk Steel GDS (Reg S), TBC Bank Joint Stock Company GDR (REGS)
GMS
Stewart & Wight
FINALS
Egdon Resources, Fenner
IMSS
CRH, Friends Life Group Limited , Taylor Wimpey
EGMS
JSC Uralkali GDR (Reg S)
AGMS
A&J Mucklow Group, Craneware, Dunelm Group, JPMorgan Overseas Inv Trust, Jupiter Energy Ltd, Qatar Investment Fund, Vela Technologies
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise amid speculation Japan will delay sales tax increase European stocks gained at Tuesday's open amid speculation that Japanese Prime Minister Shinzo Abe will hold back on a sales tax increase.
Abe is reportedly set to delay a planned increase in the nation's sales tax as the economic recovery remains fragile.
The comments helped to pushed Japanese stocks higher. Pointing to further weakness in the world's third largest economy was a report showing an unexpected drop in consumer confidence. The sentiment index fell to 38.9 in October from 39.9 a month earlier, compared to forecasts of 40.5.
In Europe, it looks set to be a quiet session with very few economic data releases. The main event this week will be the Bank of England's (BoE) inflation report on Wednesday.
"After last week's data and volatility it seems that this week will struggle for the entire week in the US, however data from Asia as well as the BoE quarterly inflation report is likely to get markets moving," said Alpari UK analyst James Hughes.
The US is also light on economic data apart from a release on small business optimism at 12:30 London time.
Vodafone rallies on half year results
Vodafone advanced after revealing half-year services revenue fell slower than analysts' had predicted.
Royal Vopak NV gained after reporting an increase in earnings before interest and taxes in the third quarter.
Henkel AG climbed after posting third-quarter earnings that beat estimates and raising its full-year margin forecast.
The euro dipped 0.07% to $1.2412. |
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| | US Market Report | | US close: Markets edge higher as oil prices fall again US stocks advanced on Monday, as investors assessed corporate results while the S&P 500 posted a third weekly gain.
The Dow Jones Industrial Average closed 39.78 points up at 17,613.71 ,while the S&P 500 rose 6.34 points to 2,038.26 and the Nasdaq finished the day 15.11 points up at 4,175.61.
"After several weeks where the corporate data releases of the US reporting season have driven US equity indices higher, Monday morning's futures market is pointing towards a lull in proceedings," said market analyst Alastair McCaig from IG.
In corporate news, Abercrombie & Fitch retreated 2.75% after Oppenheimer & Co. downgraded the shares to 'hold' from 'buy', while Boeing was largely stable after announcing it has won an $8.5bn order from Japanese aircraft leasing company SMBC Aviation Capital.
Time Warner Cable and Comcast dropped 5.22% and 3.99% respectively, after President Barack Obama called for rules protecting an open Internet.
Go Pro shares fell 4.19% after the wearable video camera maker reported a $800m secondary offer of its shares, while Dendreon plunged 80.89% after reports indicated the firm had filed for Chapter 11 bankruptcy.
Dean Foods rose 13.73% after reporting better-than-expected third-quarter results, while 3D Systems advanced 5.21% after beating analysts' earnings expectations and Sotheby's gained 5.35% after reporting that its third-quarter losses narrowed due to lower expenses.
The dollar gained against the pound, the euro and the yen, while gold futures slid to $1,149.10. Analysts, however, believe that commodities could move forward in the short-term future.
"In the long run, I still expect a strengthening dollar to continue to weigh on commodity prices, but with the US data not coming until later this week, there's no reason why we can't see some upside in the meantime," said Craig Elam, market analyst for Alpari UK.
The price of both Brent crude and West Texas intermediate fell after rising early on in the session, with the former closing at just over $82 a barrel, while the latter ended the day at just over $77 a barrel.
The yield on the 10-year US Treasury note rose six basis point to 2.36%, while the yield on the 30-year note and the yield on the five-year Treasuries advanced by the same margin to 3.09% and 1.64% respectively.
S&P 500 - Risers
AbbVie Inc (ABBV) $63.79 +3.72%
First Solar Inc. (FSLR) $51.96 +3.32%
Norfolk Southern Corp. (NSC) $116.60 +3.31%
CSX Corp. (CSX) $36.56 +3.15%
E*TRADE Financial Corp. (ETFC) $22.89 +2.74%
Whole Foods Market Inc. (WFM) $48.05 +2.65%
Eli Lilly and Company (LLY) $68.36 +2.64%
Priceline Group Inc (PCLN) $1,120.51 +2.37%
Southwest Airlines Co. (LUV) $39.13 +2.33%
CIGNA Corp. (CI) $101.28 +2.31%
S&P 500 - Fallers
Newmont Mining Corp. (NEM) $18.06 -5.89%
Time Warner Cable Inc. (TWC) $136.50 -4.94%
QEP Resources Inc (QEP) $24.78 -4.21%
Comcast Corp. (CMCSA) $52.95 -3.99%
Genworth Financial Inc. (GNW) $8.12 -3.45%
Ensco Plc. (ESV) $39.91 -3.39%
Marathon Oil Corp. (MRO) $33.25 -3.31%
Diamond Offshore Drilling Inc. (DO) $37.47 -3.28%
Noble Corporation plc (NE) $21.15 -3.11%
Southwestern Energy Co. (SWN) $35.42 -2.96%
Dow Jones I.A - Risers
Nike Inc. (NKE) $94.96 +1.26%
Unitedhealth Group Inc. (UNH) $94.75 +1.22%
Pfizer Inc. (PFE) $30.19 +0.91%
International Business Machines Corp. (IBM) $163.49 +0.88%
Wal-Mart Stores Inc. (WMT) $79.44 +0.85%
JP Morgan Chase & Co. (JPM) $61.93 +0.75%
3M Co. (MMM) $157.67 +0.72%
Travelers Company Inc. (TRV) $102.99 +0.61%
AT&T Inc. (T) $35.12 +0.60%
Johnson & Johnson (JNJ) $108.83 +0.58%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $33.26 -0.97%
Merck & Co. Inc. (MRK) $58.81 -0.89%
Visa Inc. (V) $250.21 -0.88%
Chevron Corp. (CVX) $117.90 -0.76%
Cisco Systems Inc. (CSCO) $25.15 -0.71%
Exxon Mobil Corp. (XOM) $96.29 -0.31%
Verizon Communications Inc. (VZ) $50.72 -0.28%
Walt Disney Co. (DIS) $89.78 -0.24%
United Technologies Corp. (UTX) $109.00 -0.07%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $247.58 +4.67%
Whole Foods Market Inc. (WFM) $48.05 +2.65%
Priceline Group Inc (PCLN) $1,120.51 +2.37%
Biogen Idec Inc. (BIIB) $327.87 +2.22%
Regeneron Pharmaceuticals Inc. (REGN) $385.97 +2.15%
Equinix Inc. (EQIX) $218.00 +1.85%
Intuitive Surgical Inc. (ISRG) $508.99 +1.79%
Staples Inc. (SPLS) $13.16 +1.78%
Amgen Inc. (AMGN) $163.09 +1.77%
Yahoo! Inc. (YHOO) $49.41 +1.77%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $146.62 -6.24%
Comcast Corp. (CMCSA) $52.95 -3.99%
Liberty Global plc Series A (LBTYA) $45.74 -1.85%
Vimpelcom Ltd Ads (VIP) $5.89 -1.75%
Liberty Media Corporation - Class A (LMCA) $35.81 -1.54%
Tractor Supply Company (TSCO) $73.64 -1.23%
Sba Communications Corp. (SBAC) $113.28 -1.17%
Discovery Communications Inc. Class A (DISCA) $32.25 -1.13%
TripAdvisor Inc. (TRIP) $72.89 -1.03% |
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| | Newspaper Round Up | Tuesday newspaper round-up: EU bill, Sainsbury's/Tesco, London building... George Osborne has been accused of not raising a single complaint about the European Union’s £1.7bn bill that hit Britain, the Guardian reported on Tuesday. Ed Balls, the shadow chancellor, accused Osborne of attempting to trick the British people by claiming to reduce the bill to £850m, when in fact the chancellor did not manage to get “a single penny off the total”. “All he is doing is simply counting the rebate that was due anyway, a rebate that was never in doubt, trying to fool people into thinking the bill has been halved. His so-called victory is nothing more than a con trick,” said Balls. London's High Court has rejected a challenge by J Sainsbury over Tesco's Price Promise price-matching scheme for fresh and own-brand food, according to The Telegraph. Sainsbury's had claimed that Tesco's Price Promise was misleading, unfair and unlawful. The Financial Times has said that the London office building has reached its highest in 10 years with nearly 4m square foot of space completed in the six months to the end of September. According to a survey from Deloitte Real Estate, the number of new schemes that started on site nearly doubled compared with the previous period. Ed Miliband has denied he faces a “crisis of confidence” in his leadership of the Labour Party, even though a number of his MPs called for him to stand down of the Daily Telegraph reported. Businesses accused the Labour leader of having a “downer” on aspiration in response Miliband’s plans to to reintroduce the 50p rate of income tax and create a mansion tax. "I think it is fair, if we're trying to fund our NHS, that those people living in a £2m property pay a bit more,” Miliband said. “I don't think that is inconsistent with saying we want to encourage the wealth creators in this country." Government’s plans to levy fines of up to £300 on savers choosing to access their pensions like a bank account are “unfair”, the Financial Times reported. George Osborne has announced a package of pension reforms, which will give pension savers the opportunity to cash in their pension from next year, but savers who access their funds “flexibly” from April could be fined up to £300 if they fail to notify all their other pension providers within a month Dr Ros Altmann, an independent pensions expert and adviser to the government, said that fining savers was “unworkable” and “draconian” and would “disproportionately disadvantage” the less wealthy. The Times has said that there were 15 planned initial public offerings in the States that were pulled during October, more than in any months since the 2008 financial crisis. The paper said some analysts have said the withdrawals have taken "some unwelcome froth out of the market and brought valuations to more realistic levels". David Cameron has told the Confederation of British Industry conference that a referendum on EU membership will not harm the UK economy, the Scotsman reported. The prime minister, however, has for the first time hinted at the prospect of recommending an exit vote, claiming that Britain cannot secure reform of the European Union by just saying it will “stick with whatever we have come what may.” | | |
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