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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: Late Santa Rally puts UK stocks on track for two-week high UK stocks rose for the fifth straight session on Monday and were set to hit a two-week high with the so-called 'Santa Rally' finally taking hold ahead of a shortened trading week.
London's FTSE 100 was trading 0.8% higher at 6,598 in early deals. It has not closed above this mark since 8 December.
The index surged 4% over the past week, rising nearly 6% over the past four sessions alone. This was the Footsie's best weekly performance since December 2011 after the Federal Reserve promised to be "patient" about the first rate rise and markets rebounded strongly after a recent sell-off.
"This 'patient' approach to policy normalisation as well as a belated realisation that lower oil prices aren't necessarily such a bad thing, particularly in terms of their potential impact on global [growth] and consumer sentiment, has seen a significant rebound in the last four days," said analyst Michael Hewson from CMC Markets UK.
"As we head towards the Christmas break and a short week, the main focus going forward is likely to remain on the recent volatility in the oil price," he said.
Brent crude for February delivery was up 2% on Monday at $62.61 a barrel, as it continues to rebound after dropping below the $60 mark last week for the first time since mid-2009.
UK markets are open as normal until Wednesday when they close half a day early for Christmas Eve. They will not open again until Monday 29th December.
While trading volumes are expected to be low over the next few days, with many traders already on their festive holidays, there's still some economic data due out for those remaining investors to take in. Final readings on third-quarter gross domestic product (GDP) in the UK and US are both due, as well as a raft of US data including durable goods orders, consumer confidence, new homes sales and personal incomes.
Energy stocks rise
Oil producers such as Shell, BP, Tullow and BHP Billiton were making decent gains on the FTSE 100 as shares tracked the price of crude higher. FTSE 250 peers Afren and Ophir Energy were also performing well.
Mining stocks were also providing a lift, including Fresnillo, Anglo American, Polymetal and Vedanta Resources. Randgold, however, was bucking the trend as the stock registered heavy losses early on.
Home improvement retailer Kingfisher edged higher after agreeing to sell a controlling 70% stake in its B&Q China business to Wumei Holdings for £140m.
Kier Group was in demand after its joint venture with Clancy Docwra was named as the preferred bidder for a £1bn Thames Water infrastructure project. The contract, which an estimated value to the KCD joint venture of £500m over the next five years, will run for up to 15 years. |
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| Market Movers
techMARK 2,949.80 +0.44%
FTSE 100 6,597.94 +0.80%
FTSE 250 15,944.43 +0.35%
FTSE 100 - Risers
Royal Dutch Shell 'B' (RDSB) 2,282.00p +2.68%
Royal Dutch Shell 'A' (RDSA) 2,214.50p +2.05%
Smith & Nephew (SN.) 1,111.00p +2.02%
BP (BP.) 421.20p +1.99%
Standard Chartered (STAN) 944.40p +1.88%
Johnson Matthey (JMAT) 3,408.00p +1.70%
Tullow Oil (TLW) 431.20p +1.65%
Babcock International Group (BAB) 1,072.00p +1.61%
Severn Trent (SVT) 2,044.00p +1.39%
Experian (EXPN) 1,103.00p +1.38%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 4,320.00p -2.51%
TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,066.00p -0.65%
easyJet (EZJ) 1,644.00p -0.48%
Intu Properties (INTU) 334.10p -0.42%
Next (NXT) 6,475.00p -0.31%
Dixons Carphone (DC.) 460.20p -0.30%
Morrison (Wm) Supermarkets (MRW) 175.80p -0.23%
Travis Perkins (TPK) 1,821.00p -0.16%
International Consolidated Airlines Group SA (CDI) (IAG) 468.80p -0.04%
British American Tobacco (BATS) 3,499.50p -0.03%
FTSE 250 - Risers
Afren (AFR) 50.20p +5.53%
Nostrum Oil & Gas (NOG) 440.20p +4.81%
Ophir Energy (OPHR) 141.60p +3.89%
Hunting (HTG) 545.50p +3.31%
Polymetal International (POLY) 567.50p +3.18%
Home Retail Group (HOME) 197.70p +3.13%
Wood Group (John) (WG.) 627.00p +3.12%
Vedanta Resources (VED) 602.50p +2.82%
Evraz (EVR) 133.20p +2.38%
Bank of Georgia Holdings (BGEO) 1,930.00p +2.17%
FTSE 250 - Fallers
Pets at Home Group (PETS) 198.20p -6.42%
Bwin.party Digital Entertainment (BPTY) 111.70p -5.34%
IP Group (IPO) 216.80p -4.87%
Centamin (DI) (CEY) 55.95p -3.87%
Zoopla Property Group (WI) (ZPLA) 202.40p -3.66%
Alent (ALNT) 327.50p -2.67%
Allied Minds (ALM) 335.00p -2.40%
Spire Healthcare Group (SPI) 339.50p -2.30%
Brit (BRIT) 263.40p -2.26% |
| | UK Event Calendar | | MONDAY 22 DECEMBER
INTERIMS
Falanx Group Ltd., Hermes Pacific Investments, MNC Strategic Investments, Sable Mining Africa Ltd. (DI)
INTERIM DIVIDEND PAYMENT DATE
Establishment Inv Trust, Vedanta Resources
QUARTERLY EX-DIVIDEND DATE
Royal Dutch Shell
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer confidence (EZ) (10:00)
Existing home sales (US) (15:00)
EGMS
ACTA S.P.A., Public Power GDR SA (Reg S)
AGMS
Kolar Gold Ltd., Leaf Clean Energy co (DI), Rangers International Football Club, SimiGon Ltd. (DI), Sylvania Platinum Ltd. (DI)
FINAL DIVIDEND PAYMENT DATE
CVS Group, Lok-n Store Group, Smart (J)&Co. |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as oil prices increase European stocks advanced as oil prices gained and investors awaited a report that is expected to show Eurozone consumer confidence rose in December.
The consumer sentiment index for the euro-area is forecast to increase to -11 this month from -11.6 in November.
The report follows upbeat data out of Germany last week and comes amid speculation that the European Central Bank will introduce full-blown quantitative easing in January.
In the US, a report in afternoon trading may show existing home sales fell 1.1% in December following a 1.5% increase in November.
The Federal Reserve, which has been monitoring economic data in its policy decisions, last week decided to maintain interest rates, saying that it would practice patience on any changes.
The central bank signalled that borrowing costs could be raised as early as April. Data on Tuesday is projected to show US economic growth was faster than initially estimated in the third quarter.
In another boost to the market, oil prices recovered after Saudi oil minister Ali Al-Naimi said at a conference in Abu Dhabi at the weekend that the sector will recover and fossil fuel will remain the main source of energy for decades to come.
Mohammed Al Sada, Qatar's energy minister, urged producers outside of OPEC to cut their output on the sidelines of the conference. The Organization of Petroleum Exporting Countries last month held back on slashing its production target of 30 million barrels a day.
Brent crude increased 1.4% to $62.30 per barrel, according to the ICE.
The rouble advanced on the pick-up in oil prices following last week's plunge.
Company-wise, Daimler AG rallied after its chief financial officer said to Boersen-Zeitung that the German carmaker may raise its 2014 dividend.
Delta Lloyd NV declined after saying the Dutch central bank ordered it to dismiss its chief financial officer by 2016. |
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| | US Market Report | | US close: Markets ascend as post-Fed boom continues and crude futures rise US stocks advanced on Friday in a continuation of the week's post-Fed boost after a day of little economic data.
The Dow Jones Industrials rose 0.15% to 17,804.80 while the S&P 500 increased 0.46% to 2,070.65 and Nasdaq soared 0.33% to 4,281.78.
US markets are still responding to the Federal Reserve's decision to drop the language that it will be a "considerable time" before rates are raised from near-zero in Wednesday's FOMC.
"Signs of dissent from Fed member Kocherlakota signal that not all is well on the committee, which has stymied the run towards 18,000, but overall the new week should see the usual low volume push higher that is characteristic of the final sessions before Christmas," said IG market analyst Chris Beauchamp.
Oil prices continues to climb, with crude futures rebounding slightly after weeks declining after OPEC announced it will not be slashing production rates.
Beauchamp added that "it remains to be seen whether we are seeing a turnaround rather than just a dead cat bounce into the New Year as traders begin to wind down positions heading into the years end".
West Texas Intermediate crude futures soared 6.534% to $58.16 while Brent crude futures increased 4.955% to $62.36.
Meanwhile, the dollar advanced against the pound, the euro and the yen on Friday while 10-year US Treasury yields fell five basis points to 2.16%.
Over on COMEX, gold futures inched up 0.09% to $1,195.9 per ounce.
In corporate news, Coca-cola decreased 1.04% to 41.95 after a tumultuous week of trading. |
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| | Newspaper Round Up | | Monday newspaper round-up: House prices, North Sea oil, OPEC... House prices in London fell below the £500,000 mark on average in November, reports The Guardian. According to figures from real estate agency Haart, while prices rose nationally by 0.6% in the past month, they fell by 1.9% in the capital. Prices in North London fell 6.7% in November, while prices in the south west of the capital were down 14% year-on-year.
The Times says that oil producers in the North Sea are due for big tax breaks from the Treasury as the government considers measures to drive investment in the industry in light of the recent crash in crude prices. The paper said the Treasury is planning "more radical measures" following this month's autumn statement, which included a cut in the tax rate and new investment allowances.
According to The Guardian, oil ministers from Saudi Arabia and the United Arab Emirates have stood behind OPEC's decision not to cut output in the face of a supply glut and blamed those outside the cartel for the recent collapse in crude prices. "The lack of cooperation from other producers outside Opec and the spread of misleading information and speculation led to the continuation of the drop in prices," said Saudi oil minister Ali al-Naimi.
The Financial Conduct Authority (FCA) has put the pressure on banks to make sure that huge fines for foreign exchange rigging will come out of bonuses, The Telegraph writes. The FCA has reportedly told British banks and UK subsidiaries of foreign lenders that payouts that don't reflect recent penalties will be "considered inappropriate", the paper said.
The Office for National Statistics is to begin measuring the UK's "economic wellbeing" and whether the recovery is being felt among households, according to The Guardian. "Income and spending per head will be among the measures included, as will net wealth, unemployment and inflation," the paper said.
According to The Times, a former senior Bank of England official criticised for not raising suspicions about traders attempting to rig the $5trn-a-day foreign exchange market dined with executives from the banks involved in the scandal on more than 30 occasions. Martin Mallett, the former chief foreign exchange dealer, accepted hospitality from banks' officials before he was suspended when the BoE launched an investigation into his conduct. | | |
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