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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: Banks gain as US job data sparks rate hike hopes British banks were in the money on Friday as positive job news across the Pond revived the prospect of a US rate hike in 2015. Barclays rose 6.8p to 249.45p, Royal Bank of Scotland gained 10.7p to 403.5p, HSBC was 15.1p up at 643.1p and Lloyds Banking Group advanced 1.3p to 80.89p as traders said Federal Reserve interest rate activity would boost banks' fixed income operations.
US non-farm payrolls were stronger than expected in November, rising by 321,000 against a consensus of
230,000. Private payrolls increased by 314,000 and government payrolls lifted 7,000.
Barclays analysts said in a note: "We continue to forecast the first policy rate hike from the Fed in June of next year."
The upbeat data lifted the FTSE 100 Index by 63.64 points to 6742.84.
But oil stocks wobbled as the price of a barrel of US crude dropped to $66.8 and Brent crude dipped to $69.6.
Tullow Oil leaked 12.9p to 396p, Petrofac slipped 13.5p to 778p and BG Group deflated 15.7p to 907.5p. Miners were also lower as a stronger dollar hit commodities, particularly the price of gold, which fell below the $1,200 mark.
Randgold Resources dimmed 123p to 4189p and silver miner Fresnillo backtracked 10p to 719.5p.
But the lower oil prices lifted airline and travel stocks, with BA and Iberia owner IAG ascending 20.2p to 486.7p and cruise operator Carnival 75p more buoyant at 2805p. Market Movers
techMARK 2,979.80 +1.22%
FTSE 100 6,742.84 +0.95%
FTSE 250 16,002.88 +1.02% |
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| | FTSE 100 - Risers
International Consolidated
Airlines Group SA (CDI) (IAG) 486.70p +4.33%
St James's Place (STJ) 821.50p +3.79%
IMI (IMI) 1,219.00p +3.31%
Meggitt (MGGT) 518.00p +3.29%
GKN (GKN) 356.70p +3.24%
Kingfisher (KGF) 328.20p +3.21%
Vodafone Group (VOD) 230.60p +3.11%
Barclays (BARC) 249.45p +2.80%
Carnival (CCL) 2,805.00p +2.75%
Royal Bank of Scotland Group (RBS) 403.50p +2.72%
FTSE 100 - Fallers
Tullow Oil (TLW) 396.00p -3.15%
Randgold Resources Ltd. (RRS) 4,189.00p -2.85%
BHP Billiton (BLT) 1,474.00p -1.73%
Petrofac Ltd. (PFC) 778.00p -1.71%
BG Group (BG.) 907.50p -1.70%
Next (NXT) 6,655.00p -1.48%
Fresnillo (FRES) 719.50p -1.37%
Anglo American (AAL) 1,268.00p -1.21%
Rio Tinto (RIO) 2,898.00p -1.21%
Glencore (GLEN) 316.50p -1.00%
FTSE 250 - Risers
Supergroup (SGP) 922.00p +6.16%
Balfour Beatty (BBY) 195.60p +5.90%
AO World (AO.) 260.50p +5.00%
Howden Joinery Group (HWDN) 408.80p +4.63%
Booker Group (BOK) 149.00p +4.41%
Countrywide (CWD) 454.20p +4.17%
NMC Health (NMC) 488.60p +3.96%
Bodycote (BOY) 640.50p +3.81%
RPC Group (RPC) 611.00p +3.65%
Berkeley Group Holdings (The) (BKG) 2,596.00p +3.63%
FTSE 250 - Fallers
Bank of Georgia Holdings (BGEO) 2,065.00p -7.23%
EnQuest (ENQ) 43.86p -4.13%
Acacia Mining (ACA) 236.40p -3.55%
Lonmin (LMI) 178.10p -2.68%
Amec Foster Wheeler (AMFW) 874.50p -2.35%
Kaz Minerals (KAZ) 245.40p -1.88%
COLT Group SA (COLT) 134.80p -1.75%
BlackRock World Mining Trust (BRWM) 327.40p -1.74%
Premier Oil (PMO) 189.20p -1.66%
Vedanta Resources (VED) 678.50p -1.45%
FTSE TechMARK - Risers
Torotrak (TRK) 15.38p +9.82%
Filtronic (FTC) 27.00p +6.93%
Consort Medical (CSRT) 792.50p +2.92%
KCOM Group (KCOM) 88.50p +2.61%
RM (RM.) 155.75p +1.80%
Skyepharma (SKP) 370.00p +1.58%
SDL (SDL) 400.00p +1.27%
XP Power Ltd. (DI) (XPP) 1,430.00p +1.13%
CML Microsystems (CML) 370.00p +0.68%
E2V Technologies (E2V) 174.00p +0.58%
FTSE TechMARK - Fallers
Optos (OPTS) 220.00p -6.78%
Vectura Group (VEC) 129.50p -1.89%
Kofax Limited (DI) (KFX) 425.00p -1.45%
Oxford Biomedica (OXB) 5.22p -1.42%
Promethean World (PRW) 24.50p -1.01%
BATM Advanced Communications Ltd. (BVC) 15.38p -0.81%
Anite (AIE) 83.75p -0.30%
NCC Group (NCC) 203.00p -0.25% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks rally after strong German data, US non-farm payrolls European stocks finished the week higher as German factory orders and US payrolls came in better than expected.
German factory orders rose by 2.4% year-on-year in October, following a 0.7% drop the previous month. Analysts had penciled in no change.
Eurozone gross domestic product rose by 0.8% in the third quarter, as expected, data showed.
The data comes a day after the European Central Bank (ECB) said it would consider further quantitative easing measures, including buying government bonds, at its January meeting if the economy shows no sign of improvement.
In the US, the Labor Department said employers added 321,000 jobs last month, charging past forecasts of 230,000 jobs. The US added 243,000 jobs in October.
The unemployment rate was unchanged at 5.8% in November. Average hourly earnings rose 0.4%, the biggest gain since June of last year.
The improvement in labour market fueled speculation that the Federal Reserve will soon raise interest rates.
"The continued improvement in the labour market should keep the Fed on track to deliver the first rate hike in June 2015 and this is likely to be reflected in the tone of the FOMC statement released on 17 December," said Danske Bank.
Separately, US factory orders fell 0.7% in October, following a 0.5% drop in September and compared to analysts' estimates for unchanged growth.
Intertek, Vodafone
Intertek Group rallied after Deutsche Bank raised its rating on the product inspection company to 'buy'.
Vodafone Group edged higher after Goldman Sachs upgraded the shares to 'buy' from 'neutral'.
Balfour Beatty advanced after the construction company turned down a £1bn offer for its portfolio of government-backed projects from John Laing Infrastructure Fund.
Berkeley Group Holdings gained after reporting that revenue in the first half gained and saying it is on course to meet its dividend target.
Enel Green Power slipped after Kepler Cheuvreux SA removed the Italian renewable energy developer from its European utilities list.
United Internet was a high riser after Goldman Sachs gave the web-access provider a 'buy' rating.
The euro fell 0.62% to $1.2302. |
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| | US Market Report | | US open: Markets on the rise as rate of job creation beats analysts' expectations Markets were up on Friday as growth in US non-farm payrolls exceeded analysts' projections in November.
The US jobs report called attention to what was a strong month of job creation. Non-farm payrolls expanded by 321,000, beating expectations of a 230,000 rise to register the largest monthly gain since January 2012.
According to chief economist at Markit Chris Williamson, "Policymakers will no doubt be minded that, with job creation as strong as this and wages picking up, the economy looks increasingly able to withstand a modest tightening of policy."
"On the other hand, the lack of any significant wage growth points to a benign inflation outlook, which in turn suggests there remains no immediate rush to hike rates."
Capital Economics argued that the gains indicate "the Fed will begin to hike interest rates as soon as March next year."
Alpari UK research analyst Joshua Mahony added: "Now all eyes turn to Janet Yellen and the FOMC, who are likely to be increasingly hawkish after today's release, with the one thorn in their side coming in the form of continued downside in oil prices."
The Dow Jones Industrials, S&P 500 and Nasdaq were advancing early on in the day, while West Texas Intermediate and Brent crude futures were both falling.
Over on COMEX, gold futures were also declining 1.13% to $1,194. The dollar was advancing against the pound, the yen and the euro early on Friday.
Meanwhile in company news, oil and gas firms Chevron and Exxon were still in decline as oil prices continued to drop. |
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| | Broker Tips | | Broker tips: Rio Tinto, Intertek, Balfour Beatty, Berkeley, Betfair Citigroup has said that a potential spin-off of Rio Tinto's Canadian aluminium business could be good for the business. It believes Alcan is "worth more outside of Rio than within" and said it doesn't offer Rio any diversification benefits given its overall margins. "We believe there would be 10-20% value uplift on Rio from spinning out Alcan.
Intertek's shares were given a boost on Friday after an upgrade by UBS from 'neutral' to 'buy', with the bank saying it sees a "positive risk-reward" balance despite the company's exposure to the recent plunge in oil prices.
After the 30% sell-off since the start of 2014, the stock now trades at 16 times earnings compared with its long-term average multiple of 18. This, UBS said, is an "attractive entry point where we still admire the long-term fundamentals".
Balfour Beatty's rejection of a £1bn bid for its public-private partnership (PPP) portfolio was a "brave move" by management, according to analysts at Investec.
"Whilst we recognise current appetite from the secondary market for PPP assets, £1bn cash on the table given Balfour Beatty's current predicament looks a tempting bid. It would give the incoming chief executive officer significant firepower to undertake the substantial and costly turnaround required and importantly accelerate this process dramatically. Brave or foolish?"
Shore Capital has maintained a 'buy' stance on Berkeley Group after interim results from the housebuilder smashed estimates on Friday, saying that trading is still strong despite recent worries about a slowdown in London.
"As we have expressed before Berkeley is so much more than just a proxy for the London market and we can be confident that profits and the promised dividend can be delivered."
Betting giant Betfair has received a boost, as Barclays has revised upward its operating profits and labelled the company its "top pick" among gambling stocks. | | |
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