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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: Oil and mining stocks push FTSE higher early on The UK stock market rebounded on Friday morning after two days of declines, as mining shares recovered after recent losses. Concerns about slumping iron-ore prices - currently trading at five-year lows - and slowing growth in China weighed heavily on the heavyweight resources sector in London on Thursday. Nevertheless, bargain-hunting boosted a number of blue-chip miners in early trading on Friday, while oil stocks tracked crude prices higher.
The FTSE 100 was up 0.4% at 6,708 within the opening hour.
The positive start follows another record finish on Wall Street on Thursday. The Dow Jones Industrial Average and S&P 500 set new all-time highs as concerns about weaker growth overseas - manufacturing in the Eurozone and China specifically - were overshadowed by some decent US economic data.
"Once again some encouraging economic data has kept investors viewing the US economy through the prism of a glass half full," said analyst Michael Hewson from CMC Markets. "[Recent data] points to two out of the three trading blocs in the world struggling to recover, [...] with the only question on most people's lips being how long can the US maintain its current progress," he said.
Friday is expected to be a fairly quiet day in terms of economic data, though many will be focusing on events in Greece as prime minister Antonis Samaras puts his proposed budget to the president of the parliament.
European Central Bank president Mario Draghi and Bundesbank head Jens Weidmann are also scheduled to speech at the latest European Banking Congress in Frankfurt.
Resources gain, Salamander rises
Mining peers such as Anglo American, BHP Billiton, Glencore, Rio Tinto and Antofagasta were heading higher on Friday morning, rebounding after some heavy losses the previous session.
Oil and gas groups were also performing well as crude prices recovered after hitting multi-year lows last week. West Texas Intermediate oil was poised for its first weekly gain since September as investors continued to speculate about whether OPEC will cut output at its meeting next week.
Blue chips Tullow Oil, Shell, BG Group and BP were all putting in decent gains in London.
Broker upgrades were also helping shares of oil explorers Premier Oil and Enquest after analysts at Westhouse Securities raised their ratings on the stocks to 'add' and 'buy', respectively.
Meanwhile, Salamander Energy and larger counterpart Ophir Energy confirmed details of a possible takeover valuing Salamander at around £300m. The potential offer represents a premium of 44.5% to its closing price prior to discussions.
Salamander's shares were making gains in early deals, while Ophir's stock price slumped.
Tullett Prebon, the inter-dealer broker, was also trading firmly lower after the company announced a placing to help fund the acquisition of PVM Oil Associates, expected to be completed next week. The placing, set to raise over £32m, is expected to be priced at 248p per share, a steep discount to Tullett's share price on Thursday.
British Gas owner Centrica was extending losses after a profit warning on Thursday, as the company lowered its earnings forecast on the back of mild weather. |
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| Market Movers
techMARK 2,879.72 +0.34%
FTSE 100 6,707.70 +0.43%
FTSE 250 15,651.73 +0.30%
FTSE 100 - Risers
Tullow Oil (TLW) 492.10p +3.10%
Hargreaves Lansdown (HL.) 999.50p +2.09%
Morrison (Wm) Supermarkets (MRW) 186.70p +1.85%
CRH (CRH) 1,444.00p +1.76%
Babcock International Group (BAB) 1,201.00p +1.44%
Royal Dutch Shell 'A' (RDSA) 2,286.00p +1.42%
Royal Dutch Shell 'B' (RDSB) 2,385.00p +1.36%
BG Group (BG.) 1,060.00p +1.34%
Petrofac Ltd. (PFC) 1,190.00p +1.02%
Kingfisher (KGF) 304.90p +0.93%
FTSE 100 - Fallers
Royal Mail (RMG) 422.50p -1.68%
Centrica (CNA) 289.00p -1.67%
Smith & Nephew (SN.) 1,078.00p -0.83%
Reckitt Benckiser Group (RB.) 5,160.00p -0.58%
Legal & General Group (LGEN) 244.00p -0.41%
Prudential (PRU) 1,500.50p -0.40%
Bunzl (BNZL) 1,753.00p -0.40%
Imperial Tobacco Group (IMT) 2,915.00p -0.31%
easyJet (EZJ) 1,561.00p -0.26%
Johnson Matthey (JMAT) 3,334.00p -0.21%
FTSE 250 - Risers
Supergroup (SGP) 835.00p +2.90%
Halfords Group (HFD) 488.70p +2.88%
Paragon Group Of Companies (PAG) 379.00p +2.88%
Berkeley Group Holdings (The) (BKG) 2,438.00p +2.27%
Centamin (DI) (CEY) 51.20p +2.20%
Ocado Group (OCDO) 317.30p +2.12%
Enterprise Inns (ETI) 106.00p +1.92%
Spirent Communications (SPT) 70.35p +1.88%
Rotork (ROR) 2,374.00p +1.80%
Telecom Plus (TEP) 1,280.00p +1.75%
FTSE 250 - Fallers
Serco Group (SRP) 169.60p -5.25%
Tullett Prebon (TLPR) 258.50p -3.54%
Ophir Energy (OPHR) 174.40p -3.16%
Riverstone Energy Limited (RSE) 860.00p -2.66%
TalkTalk Telecom Group (TALK) 287.00p -2.18%
Saga (SAGA) 152.80p -1.86%
Thomas Cook Group (TCG) 136.10p -1.59%
Amlin (AML) 430.80p -1.55%
Hunting (HTG) 690.50p -1.36% |
| | UK Event Calendar | | Friday 21 November
INTERIMS
Alpha Real Trust Ltd.
INTERIM DIVIDEND PAYMENT DATE
Bovis Homes Group, Downing Planned Exit VCT 2011 (General A Shares), Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured A Shares), Downing Planned Exit VCT 2011 (Structured Shares), Harvey Nash Group, Howden Joinery Group, Menzies(John), New Britain Palm Oil Ltd. (DI), Octopus Titan VCT 1, Octopus Titan VCT 2, Octopus Titan VCT 3, Octopus Titan VCT 4, Octopus Titan VCT 5, Octopus VCT , ProVen Growth & Income VCT, ProVen VCT, Smart Metering Systems, Ted Baker
GMS
Open Joint Stock Company Inter Rao Ues GDR RegS
FINALS
Future
ANNUAL REPORT
Applied Graphene Materials
SPECIAL DIVIDEND PAYMENT DATE
Aeorema Communications, Octopus Titan VCT 4, Octopus Titan VCT 5
EGMS
Braime (T.F.& J.H.) Holdings
AGMS
Asian Citrus Holding, British Sky Broadcasting Group, Celtic, Ibex Global Solutions, Pan African Resources, Petro Matad Ltd., Wolf Minerals Limited
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Aeorema Communications, Dechra Pharmaceuticals, Hargreaves Services, Henderson EuroTrust, Smiths Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rallied on PBoC and ECB stimulus hopes Stocks in the euro-area rallied after reports that China's central bank will inject funds and after European Central Bank (ECB) President Mario Draghi hinted at further asset purchases. The People's Bank of China said it will provide liquidity support through multiple monetary policy tools when necessary. The central bank supplied funds on a short-term basis to the banking system due to a cash shortage stemming from new share sales, sources told Bloomberg.
In the euro-area, Draghi said that the central bank was ready to expand its asset purchase programmes if inflation remains too low for too long.
"We will continue to meet our responsibility-we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us," Draghi said in a speech to a banking conference in Frankfurt.
ECB official Daniele Nouy speaks in Frankfurt at 10:15, potentially elaborating on the central bank's intentions.
In the UK, a report on public sector borrowing will be released at 09:30 while the Bank of England's David Miles speaks at the Economics Conference in Bristol at 19:45.
BW Offshore, Ophir
BW Offshore advanced after reporting third-quarter revenue that beat analysts' estimates.
Ophir Energy slumped after the oil explorer active in Africa agreed to buy London-based producer Salamander Energy in an all-stock offer.
Bouygues SA gained after Altice SA's chief executive officer said it would be open to discussing a deal to buy all of Bouygues Telecom.
Orange SA jumped after chief executive Stephane Richard said it will consider a strategic alliance with a landline or cable provider.
STMicroelectronics dropped on news it may not reach its goal of a 10% operating margin by the middle of 2015.
The euro fell 0.62% to $1.2461. |
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| | US Market Report | | US close: Stocks rise as data shows improvements in US economy US stocks advanced on Thursday, as concerns over weaker growth overseas were overshadowed by data showing improvements in the US economy. The Dow Jones Industrial Average closed 33.27 points up at 17,719.00, while the S&P 500 rose 4.03 points to 2,052.75 and the Nasdaq ended the session 19.43 points up at 4,242.09.
US consumer prices were flat month-on-month and rose by 1.7% year-on-year, according to the Bureau of Labor Statistics (BLS).
The consensus estimate had been for the consumer price index to slip by 0.1% over the month and rise by 1.6% year-on-year.
Core prices, which exclude food and energy, rose by 0.2% on the month and advanced by 1.7% over the year, while energy prices dropped a seasonally adjusted 1.9%, registering their fourth straight decline.
According to data released by Markit on Thursday, the purchasing managers' index for factories and services activity in the Eurozone fell unexpectedly in November, reaching its lowest level in 16 months, while the HSBC China Manufacturing Purchasing Managers Index fell to a six-month low in November.
Meanwhile, the number of people who applied for unemployment benefits remained below the 300,000 threshold for the 10th straight week, as the US economy continues to strengthen.
Initial jobless claims fell to 290,000 in the week ended 15 November, in line with consensus expectations of 284,000, while claims for the previous week were revised upward to 293,000, bringing the four-week moving average to 288,000.
US sales of existing homes rose unexpectedly in October, increasing 1.5% to a seasonally adjusted annual rate of 5.26m, the highest level since September 2013.
Analysts had expected the sales rate to decline to 5.15m in October from an originally reported 5.17m in September, which was revised to 5.18m on Thursday.
In corporate news, Salesforce.com fell 4.46% after estimating fourth quarter sales and profit that could miss analysts' forecast amid a slowdown in corporate spending on the company's software and services.
Keurig Green Mountain slid 7.44% after anticipating first quarter earnings per diluted share will be no higher than 88 cents, compared with analysts' expectations of 96 cents.
GoPro plunged 9.29% after the sports-camera maker priced a secondary share offering about 11% below Wednesday's close, while Best Buy jumped 6.98% after better-than-expected third quarter profits and Dollar Tree advanced 5.17% after reporting third quarter earnings that beat analysts' estimates
The dollar fell against the yen, euro and pound while gold futures advanced to $1,195.40.
The yield on the 10-year US Treasury note fell two basis points to 2.33%, while the yield on the 30-year note dropped three basis points to 3.05% and the yield on the five-year Treasuries shed two basis points to 1.63%.
Oil prices rebounded, with Brent crude and West Texas intermediate gaining about 1.5% and ending the session at just over $79 a barrel and just under $76 a barrel respectively.
S&P 500 - Risers
Urban Outfitters Inc. (URBN) $31.61 +7.04%
Best Buy Co. Inc. (BBY) $38.02 +6.98%
QEP Resources Inc (QEP) $24.71 +5.33%
Dollar Tree Inc (DLTR) $65.87 +5.17%
Intel Corp. (INTC) $35.95 +4.66%
Newfield Exploration Co (NFX) $34.60 +4.47%
Chesapeake Energy Corp. (CHK) $23.95 +3.90%
Nabors Industries Ltd. (NBR) $16.36 +3.48%
Genworth Financial Inc. (GNW) $9.43 +3.29%
Jacobs Engineering Group Inc. (JEC) $48.75 +3.28%
S&P 500 - Fallers
Keurig Green Mountain Inc (GMCR) $142.50 -7.44%
Salesforce.Com Inc. (CRM) $58.30 -4.46%
Perrigo Company plc (PRGO) $154.27 -2.86%
Actavis plc (ACT) $258.49 -2.84%
Regeneron Pharmaceuticals Inc. (REGN) $406.00 -2.23%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $74.77 -2.17%
Target Corp. (TGT) $71.19 -1.81%
Gilead Sciences Inc. (GILD) $100.59 -1.71%
CenturyLink Inc. (CTL) $40.50 -1.51%
Biogen Idec Inc. (BIIB) $299.10 -1.49%
Dow Jones I.A - Risers
Intel Corp. (INTC) $35.95 +4.66%
Microsoft Corp. (MSFT) $48.70 +1.00%
Home Depot Inc. (HD) $97.57 +0.90%
Cisco Systems Inc. (CSCO) $26.82 +0.86%
Caterpillar Inc. (CAT) $102.08 +0.77%
Visa Inc. (V) $251.67 +0.72%
Chevron Corp. (CVX) $117.31 +0.72%
Travelers Company Inc. (TRV) $103.46 +0.42%
Nike Inc. (NKE) $97.30 +0.36%
3M Co. (MMM) $159.36 +0.33%
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $88.90 -1.02%
JP Morgan Chase & Co. (JPM) $60.12 -0.79%
Verizon Communications Inc. (VZ) $50.19 -0.59%
Johnson & Johnson (JNJ) $108.18 -0.53%
International Business Machines Corp. (IBM) $160.64 -0.49%
Wal-Mart Stores Inc. (WMT) $84.58 -0.48%
Merck & Co. Inc. (MRK) $59.38 -0.44%
Procter & Gamble Co. (PG) $88.47 -0.29%
General Electric Co. (GE) $26.85 -0.26%
AT&T Inc. (T) $35.28 -0.25%
Nasdaq 100 - Risers
Activision Blizzard Inc. (ATVI) $21.10 +7.84%
Dollar Tree Inc (DLTR) $65.87 +5.17%
Intel Corp. (INTC) $35.95 +4.66%
Discovery Communications Inc. Class A (DISCA) $33.93 +2.91%
Akamai Technologies Inc. (AKAM) $63.11 +2.51%
Bed Bath & Beyond Inc. (BBBY) $72.74 +1.89%
Western Digital Corp. (WDC) $101.77 +1.87%
Sba Communications Corp. (SBAC) $116.14 +1.69%
Nvidia Corp. (NVDA) $20.34 +1.65%
Nxp Semiconductors Nv (NXPI) $74.14 +1.56%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $142.50 -7.44%
Dish Network Corp. (DISH) $72.20 -3.29%
Regeneron Pharmaceuticals Inc. (REGN) $406.00 -2.23%
Illumina Inc. (ILMN) $186.28 -1.97%
Gilead Sciences Inc. (GILD) $100.59 -1.71%
Biogen Idec Inc. (BIIB) $299.10 -1.49%
Equinix Inc. (EQIX) $222.57 -1.38%
Cognizant Technology Solutions Corp. (CTSH) $51.76 -1.28%
Wynn Resorts Ltd. (WYNN) $177.85 -1.21% |
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| | Newspaper Round Up | Chancellor George Osborne has backed down on his legal challenge to the EU cap on bankers' bonuses, the Telegraph says. The decision comes after a legal adviser to European court judges said that pegging bonuses to banker salaries was "valid". Osborne said he would not "spend taxpayers' money on a legal challenge now unlikely to succeed". UKIP took a second seat in Parliament from the Conservatives on Friday after Mark Reckless won the Rochester & Strood by-election, writes the Financial Times. The win for the MP, who used to be part of the Conservative party, defected in September, is "deeply embarrassing for David Cameron, who pledged to throw everything behind beating Mr Reckless", the paper said. The Guardian has said that almost 1,000 people have been killed in Ukraine since the ceasefire began in September. According to figures released by the United Nations, 957 people have died from 5 September, when the deal was agreed, until 18 November, at an average of 13 a day. “Civilians, including women, children, minorities and a range of vulnerable individuals and groups continue to suffer the consequences of the political stalemate in Ukraine,” the UN high commissioner for human rights, Zeid Ra’ad Zeid al-Hussein, said.
Former JJB Sports boss Chris Ronnie has been found guilty of taking over £1m in backhanders from suppliers, The Times said. Ronnie, who was sacked by the firm from his chief executive role in 2009, was found guilty on three counts of fraud and two of furnishing false information and could face up to five years in jail if he was convicted. William Dudley, head of the New York Federal Reserve, is due to say in a Senate inquiry on banking regulation that the loss of trust in Wall Street bankers is "so severe that it has become a financial stability concern", The Times writes. He is expected to propose “specific reforms to curb incentives for illegal and unduly risky conduct at banks”, the paper said. According to the Financial Times, David Cameron has suggested that almost all benefit spending could be devolved to Scotland. On Thursday, the prime minister was quizzed on his views on further devolution and said only pensions should remain parts of a UK-wide welfare system, seemingly leaving the door open for more power to be directed to the Scottish parliament. The sterling will climb relentlessly against the euro over the next three years, The Telegraph reported on Friday. According to new forecasts by Goldman Sachs, the rise of the dollar will be even swifter, thanks to a steep rise in interest rates and to the strength of the US economy, with the greenback expected to touch parity against the euro. | | |
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