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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: FTSE closing in on record high as commodity stocks rally UK stocks jumped on Friday as rising commodity prices lifted shares in the oil and mining sectors, while hopes increased that Europe can come to an agreement over the future of Greece.
The FTSE 100 rose 0.7% to 6,873.52 by the end of trade, its best finish since early September 2014. The index is now within touching distance of the closing high of 6,930 in December 1999.
Oil stocks were performing particularly well as the price of Brent crude topped the $60-a-barrel mark for the first time this year, while miners tracked metal prices higher.
Germany's DAX benchmark index rose to an intraday high of 11,014, its first time above 11,000, after data showed the German economic growth accelerated strongly to 0.7% in the fourth quarter of 2014 from 0.1% the preceding three months. As such, gross domestic product (GDP) growth across the wider Eurozone unexpectedly picked up to 0.3% from 0.2% in the third quarter.
Over in Greece, the new government promised to do "whatever we can" to secure a deal with its international creditors next week. Greece and its creditors began technical talks on Friday to lay the ground for a deal on the country's bailout ahead of Monday's meeting of Eurozone finance ministers.
Concerns about the Ukraine crisis have also eased after the country agreed to a ceasefire with Russia after tense negotiations in Minsk. However, there was continued fighting overnight in the rebel-held cities of eastern Ukraine, with the ceasefire not expected to kick in until Sunday.
Oil and mining stocks jump
Oil companies such as Tullow Oil, BG Group, Shell and BP were all performing well on the back of hopes that crude prices may have finally reached a bottom after a torrid few months for the industry.
Afren erased earlier losses to push higher despite the news that it has terminated talks about a potential takeover from Seplat. However, the board did say that it was talking with new third-party investors about recapitalising the company, which is struggling with funding.
Miners were also in demand, including BHP Billiton, Rio Tinto, Glencore and Antofagasta, as gold, silver and copper prices improved.
Anglo American also advanced despite the news that it has decided to write-down the value of certain assets by $3.9bn on the back of weaker iron ore prices, pushing the company into the red for the 2014 financial year. Even Fresnillo gained despite explaining how foreign exchange movements, depreciation and write-downs would adversely affect the silver producer's 2014 results.
Glaxosmithkline's shares were given a boost by UBS which upgraded its rating for the pharmaceutical stock by two notches from 'sell' to 'buy', saying that the business is now at an "inflection point" after a tough few years. The bank hiked its target for the stock from 1,250p to 1,700p,
Rolls-Royce also rose, turning around after an earlier fall, as the engine maker met forecasts with its 2014 results and 2015 guidance. The group reported an 8% decline in underlying pre-tax profit to ?1.76bn last year.
Among the notable fallers was utilities group Severn Trent after saying that while it is on track to hit expectations this financial year, operating costs are expected to rise.
Meanwhile, Bwin.Party plummeted 18% after reports emerged that potential suitors are rumoured to have lost interest in acquiring the betting group. |
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| | Market Movers
techMARK 3,128.03 +0.38%
FTSE 100 6,873.52 +0.67%
FTSE 250 16,847.78 +0.23% FTSE 100 - Risers
Tullow Oil (TLW) 405.00p +5.17%
BHP Billiton (BLT) 1,569.00p +4.98%
GlaxoSmithKline (GSK) 1,553.00p +4.54%
Rolls-Royce Holdings (RR.) 944.50p +4.36%
BG Group (BG.) 974.80p +4.32%
Rio Tinto (RIO) 3,151.50p +3.68%
Antofagasta (ANTO) 731.00p +3.61%
Glencore (GLEN) 286.60p +3.50%
Anglo American (AAL) 1,204.50p +3.35%
Standard Chartered (STAN) 956.40p +3.23%
FTSE 100 - Fallers
Ashtead Group (AHT) 1,073.00p -2.45%
BT Group (BT.A) 439.10p -2.42%
Carnival (CCL) 2,900.00p -2.13%
ARM Holdings (ARM) 1,062.00p -2.12%
Associated British Foods (ABF) 2,905.00p -2.06%
easyJet (EZJ) 1,707.00p -2.01%
SSE (SSE) 1,568.00p -2.00%
United Utilities Group (UU.) 954.00p -1.95%
Taylor Wimpey (TW.) 140.50p -1.89%
Severn Trent (SVT) 2,019.00p -1.85%
FTSE 250 - Risers
Vedanta Resources (VED) 524.00p +10.78%
RPS Group (RPS) 248.40p +9.48%
Premier Oil (PMO) 173.10p +8.94%
Spire Healthcare Group (SPI) 316.90p +4.86%
Kaz Minerals (KAZ) 257.70p +4.63%
Hellermanntyton Group (HTY) 329.00p +4.35%
Lonmin (LMI) 163.30p +4.01%
Countrywide (CWD) 539.50p +3.95%
Atkins (WS) (ATK) 1,361.00p +3.50%
Drax Group (DRX) 422.10p +3.18%
FTSE 250 - Fallers
Bwin.party Digital Entertainment (BPTY) 83.55p -18.49%
Supergroup (SGP) 1,002.00p -5.38%
AO World (AO.) 290.00p -4.79%
Acacia Mining (ACA) 270.20p -3.88%
Alent (ALNT) 337.50p -3.57%
Nostrum Oil & Gas (NOG) 493.60p -3.03%
Rank Group (RNK) 181.50p -2.94%
Spirax-Sarco Engineering (SPX) 3,117.00p -2.78%
Crest Nicholson Holdings (CRST) 443.40p -2.49% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks gain as Eurozone GDP grows more than forecast European stocks jumped after the Eurozone economy grew more than expected in the fourth quarter.
Eurozone gross domestic product (GDP) in the fourth quarter rose 0.3% from the previous three months, above consensus expectations of a 0.2% increase. Third-quarter growth was 0.2%.
German GDP rose 0.7% in the fourth quarter compared to the third, De Statis reported. It compared to the 0.1% expansion in the three months to September and beat forecasts for a 0.3% increase.
Germany's DAX index reached rallied as high as 0.9% to 11,013.85, before paring the advance to 0.4% following the data.
Cebr economist Alasdair Cavalla said: "Today's figures give grounds for cautious optimism. They show that even amid great uncertainty and the deflation that prevailed in the fourth quarter, the Eurozone achieved growth and its largest underwriter also boosted output.
"The low oil price has helped bolster spending and the European Central Bank may even receive some credit for its various preliminary efforts in late 2014 before pulling the quantitative easing lever."
Greece's GDP fell 0.2% in the fourth quarter, compared to forecasts for a 0.4% increase, as the nation's government promised to do "whatever we can" to secure a deal with its international creditors next week. Greece and its creditors began technical talks on Friday to lay the ground for a deal on the country's bailout ahead of Monday's meeting of Eurozone finance ministers.
Prime Minister Alexis Tsipras said on Thursday his government is seeking a six-month bridge agreement with creditors to form a new contract.
The euro rose 0.08% to $1.1412.
In the US, the University of Michigan's consumer confidence index fell unexpectedly to 93.6 in February from 98.1.
Richard Curtin, the Surveys of Consumers chief economist at the University said that the decline was a result of "renewed concerns over employment and wage growth as well as a diminished outlook for the domestic economy".
Brent crude topped $60 per barrel at the midday market as reports that more industry spending cuts and a weaker US dollar boosted buying.
ThyssenKrupp, GSK
ThyssenKrupp dropped after the German steelmaker's quarterly earnings fell short of estimates.
Glaxosmithkline jumped after UBS raised its recommendation on the drugmaker to 'buy' from 'sell'.
Mediaset SpA dropped after Silvio Berlusconi's Fininvest SpA sold a 7.8% stake in the broadcaster.
Seadrill declined after the rig operator said it's removing $1.1bn worth of contracts with Petroleo Brasileiro SA from its order book.
Anglo American advanced after reporting better-than-estimated full-year earnings. |
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| | US Market Report | | US open: Dow Jones and S&P rise as oil prices rally US stocks rose on Friday as energy stocks reaped the benefits from a rebound in oil prices.
Just before 10:00 in New York, the Dow Jones Industrial Average was 14.51 points up, while the S&P 500 and the Nasdaq rose 20 and 56 points respectively.
Oil rose above $60 a barrel on Friday for the first time in 2015, bringing its weekly gain to just under 4%, boosted by indications that deeper industry spending cuts could cap excess supply and better-than-expected German data.
The price of Brent crude rose 3.2% to $61.25 a barrel, while West Texas Intermediate gained 2.8% to $52.70 a barrel.
US imported goods prices fell 2.8% month-on-month in January, below consensus expectations of a 3.2% decline.
Prices for petroleum and petroleum product imports were down 17.7% on the month, a drop that was largely expected given the sharp decline of crude prices last month.
"The strength in the US dollar and lower energy prices are key factors driving the biggest monthly decline in imported non-petroleum goods prices since 2009," Barclays analysts said in a note.
"The recent stabilization in oil prices should help slow the decline in prices of energy imports in coming months.
"However, the outlook for further monetary policy divergence and appreciation of the dollar will likely continue to put downward pressure on non-petroleum goods prices."
In corporate news, CBS after announcing late on Thursday that its fourth quarter profit fell compared with the same period in the previous 12 months, but revenue rose, while Groupon edged higher despite delivering a weak outlook.
CyberArk Software rallied after releasing strong fourth quarter results on Thursday, while JM Smucker edged forward even though sales declined in the third quarter, hit by weak volumes in the company's US retail coffee division.
Going the other way, Zynga plummeted after saying its fourth quarter loss widened to $45.1m from $25.2m in the year-earlier period. |
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| | Broker Tips | | Broker tips: Glaxosmithkline, Rolls-Royce, ITV Glaxosmithkline's shares were given a boost on Friday by UBS which upgraded its rating for the pharmaceutical stock by two notches from 'sell' to 'buy', saying that the business is now at an "inflection point".
The bank hiked its target for the stock from 1,250p to 1,700p, saying it foresees potential "blockbuster opportunities" driven by Glaxo's new products.
Investec said that investors are likely to remain cautious about Rolls-Royce as the engine maker faces challenges across most business next year.
The broker placed its 'hold' rating, 860p target and forecasts under review, saying: "We expect focus to move rapidly to 2016 where Rolls will continue to face headwinds in most of its businesses. A continued drag on group performance by Rolls' non-aerospace businesses should serve as a catalyst for a strategic review."
Numis Securities has lowered its recommendation for broadcaster ITV from 'buy' to 'add' ahead of the company's annual results on 4 March, saying it sees less upside after a recent run in the shares. | | |
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