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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: FTSE rises for fourth day as late Santa Rally kicks in UK stocks rose for a fourth straight day on Friday following massive gains on Wall Street the night before, with the Dow Jones index registering its biggest one-day gain in three years. London's FTSE 100 was up 0.6% at 6,506 in early deals and has now risen by over 5% since Tuesday.
Mike van Dulken, head of research at Accendo Markets, said that the UK benchmark index is "continuing to retrace the recent correction". He said: "Santa's Rally might be a bit late and only reversing recent declines but it is a welcome trend to see and gives hope to a revisit of recent highs 6,750 or even 6,900."
US markets surged on Thursday with the Dow ending 2.4%, or 421 points higher. The jump follows comments made on Wednesday by Federal Reserve chair Janet Yellen who said that policymakers "can be patient" when it comes to the first interest-rate hike.
Oil prices rebounded on Friday after finishing at their lowest levels since May 2009 on the back of optimistic comments about future demand from Saudi Arabia's oil minister. Brent futures for February delivery were up 22 cents at $59.49 a barrel on the ICE Futures Europe exchange in London, after sliding to a new five-year low of $59.27 a barrel on Thursday.
Banks and housebuilders rise, energy services sink
Banking stocks were among the best performers early on with HSBC, Barclays, RBS and Lloyds making decent gains. Housebuilders such Persimmon, Bellway, Barratt Developments and Bovis Homes were also providing a lift.
Oil service stocks were weak, however, after the recent slide in crude, with Wood Group, Hunting and Petrofac registering steep losses. A director of Premier Oil, Robin Allan, said on Thursday that the North Sea oil industry was "close to collapse" and that it's "almost impossible to make money at these oil prices".
British American Tobacco gained after revealing it is to pay out $575m to settle a legacy litigation case with a company involved in the production and sale of asbestos-containing products in the 1980s. The agreement "brings this long running litigation to an end", the company said.
Support services group Serco fell despite the news that police have ended their investigation into its contract to move prisoners from custody to courts without bringing charges against the company.
Marketing and communication group UBM was in demand after completing the acquisition of US-based VSS-AHC Consolidated Holdings for £599m, making it the biggest event business in the US in terms of revenue. |
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| Market Movers
techMARK 2,936.47 +0.33%
FTSE 100 6,506.00 +0.62%
FTSE 250 15,792.64 +0.38%
FTSE 100 - Risers
WPP (WPP) 1,339.00p +2.84%
Persimmon (PSN) 1,568.00p +2.15%
Associated British Foods (ABF) 3,197.00p +2.04%
St James's Place (STJ) 809.50p +1.76%
Antofagasta (ANTO) 734.50p +1.73%
Randgold Resources Ltd. (RRS) 4,312.00p +1.60%
Aggreko (AGK) 1,537.00p +1.59%
Rolls-Royce Holdings (RR.) 870.50p +1.58%
HSBC Holdings (HSBA) 605.90p +1.52%
Tesco (TSCO) 178.40p +1.48%
FTSE 100 - Fallers
Petrofac Ltd. (PFC) 692.50p -4.09%
SSE (SSE) 1,619.00p -1.76%
Next (NXT) 6,480.00p -1.22%
Old Mutual (OML) 187.90p -1.05%
Smiths Group (SMIN) 1,076.00p -0.92%
CRH (CRH) 1,522.00p -0.72%
Centrica (CNA) 270.30p -0.59%
Coca-Cola HBC AG (CDI) (CCH) 1,216.00p -0.49%
GlaxoSmithKline (GSK) 1,372.00p -0.47%
Diageo (DGE) 1,822.50p -0.46%
FTSE 250 - Risers
Nostrum Oil & Gas (NOG) 393.60p +3.58%
Bank of Georgia Holdings (BGEO) 2,050.00p +3.17%
Ocado Group (OCDO) 376.50p +2.78%
Greencore Group (GNC) 292.90p +2.77%
Bellway (BWY) 1,952.00p +2.57%
Barratt Developments (BDEV) 461.40p +2.42%
RPC Group (RPC) 549.50p +2.23%
Debenhams (DEB) 73.95p +2.21%
Grafton Group Units (GFTU) 646.50p +1.97%
JPMorgan American Inv Trust (JAM) 287.50p +1.95%
FTSE 250 - Fallers
Hunting (HTG) 491.00p -6.03%
Wood Group (John) (WG.) 578.50p -5.86%
Afren (AFR) 38.94p -5.67%
EnQuest (ENQ) 37.11p -4.23%
Serco Group (SRP) 159.60p -3.74%
Just Retirement Group (JRG) 137.30p -2.62%
Computacenter (CCC) 586.50p -1.76%
JD Sports Fashion (JD.) 474.30p -1.50%
Premier Oil (PMO) 160.60p -1.47% |
| | UK Event Calendar | | Friday 19 December
INTERIM DIVIDEND PAYMENT DATE
Camkids Group, Iona Environmental VCT, Iona Environmental VCT 'A' Shares, Iona Environmental Vct 'B' Shares, John Laing Environmental Assets Group Limited , Liontrust Asset Management, London Security, LondonMetric Property, Record, Tesco, Walker Crips Group, Wynnstay Properties
QUARTERLY PAYMENT DATE
Alpha Real Trust Ltd., BP, Brunner Inv Trust, Duet Real Estate Finance Ltd, Utilico Investments Ltd (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Current Account (EU) (09:00)
GFK Consumer Confidence (GER) (07:00)
Producer Price Index (GER) (07:00)
GMS
AIREA, F&C UK Real Estate Investments Limited, John Lewis 5% 1st Cumulative Preference Stk 1, Symphony Environmental Technologies
ANNUAL REPORT
Character Group
SPECIAL DIVIDEND PAYMENT DATE
Best of the Best, Lancashire Holdings Limited
EGMS
BH Credit Catalysts Ltd Ord Red Shs NPV GBP, Datang International Power Generation Co Ltd., Hexaware Technologies Ltd. GDS (Reg S), Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
AGMS
Botswana Diamonds, Henderson Value Trust, JPMorgan Japanese Inv Trust, OPG Power Ventures, Uranium Resources, Webis Holdings, Wessex Exploration
TRADING ANNOUNCEMENTS
Berendsen, Keller Group
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Dunelm Group, Edinburgh Dragon Trust, Pan African Resources, Tristel |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain as German consumer confidence rises European stocks advanced after a report showed German consumer confidence rose more than forecast. GfK's forward-looking consumer confidence index climbed to 9.0 in January from 8.7 in December, exceeding market estimates for a reading of 8.8.
Separately, GfK's index for UK consumer sentiment fell to -4 in December from -2 the previous month. Analysts had been anticipating a slight improvement to -1.
In a boost to markets, the Bank of Japan painted a bright picture of the economy as it maintained its stimulus, seven weeks after expanding the programme.
China, meanwhile, revised up the size of its economy in 2013. Gross domestic product gained 3.4% to an estimated 58.8trn yuan in 2013, the National Bureau of Statistics said, marking a rise of 1.9trn yuan.
Swiss index continues rally
The Swiss Market Index extended its two-day gain after the nation's central bank took its deposit rate negative. A gauge of bank stocks edged higher, led by Switzerland's UBS Group AG and Julius Baer Group.
Air France declined after the airline pushed back delivery of some aircraft in the next two years to contain costs.
Roche Holding AG slumped as the drugmaker announced disappointing results from a clinical trial that combined two of its breast-cancer drugs.
Atos was a higher riser after agreeing to buy Xerox Corp.'s information-technology outsourcing business for $1.05bn.
Brent crude futures rose 0.43% to $59.53 per barrel, according to the ICE. |
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| | US Market Report | | US close: Markets soar in post-Fed rally as oil futures settle in the red US stocks advanced on Thursday, continuing the post-Fed rally regardless of the day's mixed economic data.
The Dow Jones Industrials rose 2.43% to 17,778.15 while the S&P 500 increased 2.4% to 2,061.23 and Nasdaq soared 2.47% to 4,267.77.
The Federal Reserve dropped the language that it would be a "considerable time" before rates would be raised from near-zero in Wednesday's FOMC. However, Capital Economics said: "We still think that the unemployment rate is going to fall a lot faster over the next few months than Fed officials appreciate.
"Under those circumstances, it does not dissuade us that unexpectedly strong employment growth over the next few months could still prompt the Fed to hike rates next March, sooner than most others expect.
US initial jobless claims came in lower than imagined week-on-week for 13 December, at 289,000 compared with the consensus expectation of 295,000, but analysts seemed unconcerned.
Barclays Research said: "Continuing claims data lag initial jobless claims by one week, and last week's one-off spike in continuing claims data is consistent with the calendar effects that boosted seasonally-adjusted initial claims data temporarily in recent readings.
"We continue to look for further improvements in labor market separations and expect claims data to trend lower over time."
The US Philadelphia Fed Business Outlook also landed below consensus expectations month-on-month for December. Employment was recorded at 7.2, set against a previous figure if 22.4 this marked the lowest score since April.
Meanwhile, oil prices continued to drop as West Texas Intermediate crude futures dropped 3.577% to $54.52 while Brent crude futures declined 2.376% to $59.76. This slide came later in the day after an oscillating period where crude futures briefly rallied above $61 a barrel.
The dollar continued to weaken against the pound, but increased against the euro and the yen.
Over on COMEX, gold futures advanced by 0.35% to $1,198.8 per ounce.
In corporate news, General Motors gained 1.93% to 31.75 after suspending car delivery to Russian dealerships following the route crash.
Anadarko Petroleum increased by 3.07% to 81.01 amid volatile movement in the energy sector.
10-year US Treasury yields moved up seven basis points to 2.21%.
S&P 500 - Risers
Oracle Corp. (ORCL) $45.35 +10.18%
First Solar Inc. (FSLR) $45.21 +6.75%
Owens-Illinois Inc. (OI) $26.28 +6.70%
Kraft Foods Group, Inc. (KRFT) $63.38 +6.41%
Biogen Idec Inc. (BIIB) $353.70 +6.25%
Tenet Healthcare Corp. (THC) $51.30 +5.90%
Vertex Pharmaceuticals Inc. (VRTX) $117.74 +5.27%
Ensco Plc. (ESV) $29.91 +5.21%
Accenture Plc (ACN) $89.74 +5.21%
Adt Corp (ADT) $33.69 +5.08%
S&P 500 - Fallers
Tesoro Corp. (TSO) $71.38 -4.23%
Range Resources Corp. (RRC) $60.09 -2.97%
Ventas Inc. (VTR) $71.85 -1.91%
Windstream Holdings Inc (WIN) $8.75 -1.69%
Valero Energy Corp. (VLO) $47.07 -1.51%
XL Group Plc (XL) $33.16 -1.49%
ConAgra Foods Inc. (CAG) $36.58 -1.42%
QEP Resources Inc (QEP) $19.69 -1.10%
Baker Hughes Inc. (BHI) $55.77 -1.03%
Marathon Petroleum Corporation (MPC) $84.03 -0.83%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $47.52 +3.89%
International Business Machines Corp. (IBM) $157.68 +3.78%
Goldman Sachs Group Inc. (GS) $191.61 +3.56%
Cisco Systems Inc. (CSCO) $27.65 +3.13%
Unitedhealth Group Inc. (UNH) $102.24 +3.13%
American Express Co. (AXP) $93.17 +3.02%
3M Co. (MMM) $165.30 +2.93%
JP Morgan Chase & Co. (JPM) $61.48 +2.86%
Chevron Corp. (CVX) $109.03 +2.84%
E.I. du Pont de Nemours and Co. (DD) $72.23 +2.80%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Kraft Foods Group, Inc. (KRFT) $63.38 +6.41%
Biogen Idec Inc. (BIIB) $353.70 +6.25%
Tesla Motors Inc (TSLA) $218.26 +6.04%
Vimpelcom Ltd Ads (VIP) $3.89 +5.99%
Vertex Pharmaceuticals Inc. (VRTX) $117.74 +5.27%
Cognizant Technology Solutions Corp. (CTSH) $53.45 +4.80%
NetApp Inc. (NTAP) $42.72 +4.58%
Wynn Resorts Ltd. (WYNN) $145.10 +4.41%
Autodesk Inc. (ADSK) $59.46 +4.30%
Western Digital Corp. (WDC) $112.36 +4.09%
Nasdaq 100 - Fallers
Starbucks Corp. (SBUX) $80.03 -0.50% |
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| | Newspaper Round Up | | Friday newspaper round-up: IAG and Aer Lingus, North Sea oil, Unilever and RB... The Times has printed a story on British Airways owner IAG's revelation that a secret €1bn-plus takeover of Aer Lingus was rejected by the Irish carrier's board. According to the new source, a takeover by IAG would have seen the airline seize even more highly prized take-off and landing slots at capacity constrained Heathrow airport. An expert has warned the North Sea oil industry is "close to collapse" as a slump in prices piles pressure on drillers to cut back investing in the region, The Telegraph reports. The paper claimed that Robin Allan, chairman of the independent explorers' association Brindex, said it is "almost impossible to make money" with the oil price below $60 per barrel.
Consumer-products giants Unilever and RB (formerly known as Reckitt Benckiser) have both been fined by French competition authorities for price-fixing, according to The Times. The companies were hit with fines of €172.5m and €121m, respectively, for fixing the price of personal hygiene and cleaning products sold in French supermarkets.
Vladimir Putin has blamed the West for Russia's financial crisis and warned that the country faces two years of recession, citing "external factors", reports the Financial Times. He said in a press conference on Thursday: "They will always try to put [the Russian bear] on a chain. As soon as they succeed in doing so they will tear out its fangs and claws [leaving a] stuffed animal."
"John Laing is on the verge of being brought back to the stock market seven years after it was taken private," writes The Times. The paper said that the infrastructure investor and construction project management group will probably be one of the first big flotations of 2015 in London.
Scottish retailers missed out on the Black Friday surge in sales seen in the UK, writes The Scotsman. While British sales rose at an annual rate of 6.4% in November, the strongest growth in a decade, sales in Scotland were down 1.4%. | | |
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