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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 sets fresh 15-year high on Greek optimism UK stocks settled at a new 15-year high on Friday afternoon as improving economic data from the Eurozone and optimism about a deal being agreed on Greek debt offset weak retail sales data in Britain. Eurozone finance ministers met in Brussels on Friday afternoon to discuss a loan extension request by Athens. The proposal was based on different terms than the existing aid package and was rejected immediately by German leaders on Thursday, though markets are hopeful that the Eurogroup can still negotiate an accord.
London's FTSE 100 index rose 0.4% to 6,915.20, its best close since a record-high of 6,930.20 was reached in December 1999.
The positive move "is a sign both that markets still expect a deal of some sort and of the realisation that Greece's relatively small size means the immediate consequences can be managed more effectively than would have been the case two or three years ago", said Chris Beauchamp from IG.
He said that "a deal in Europe could mean the all-time high [for the FTSE 100] is but a session or two away".
In economic data on Friday, Markit's Eurozone composite purchasing managers' index rose to a seven-month high in February. The 'flash' reading increased from 52.6 to 53.5 this month and "paint[s] an upbeat picture of improving Eurozone economic health", said Markit chief economist Chris Williamson.
Closer to home, UK retail sales fell 0.3% month-on-month in January, worse than the 0.2% drop expected and reversing after a 0.2% increase the month before. Excluding auto, retail sales slumped 0.7%, more than the 0.3% decline predicted.
Standard Life and resource stocks rise
Insurance giant Standard Life impressed after beating forecasts with a 19% increase in annual operating profit before tax from continuing operations to £604m, while the total dividend was lifted 7.8% to 17.03p per share. The recent acquisition of Ignis also helped it to increase assets under administration by 38% in 2014.
Shares in the oil and mining sectors were also on the rise. Glencore, Tullow Oil, BG Group and Anglo American finished with decent gains with oil producers in particular benefiting from a 1% increase in the price of Brent crude to $60.80 a barrel.
Essentra, the plastic, fibre and foam products group, advanced after exceeding expectations for 2014 with like-for-like revenue up 9% and adjusted earning per share up 19%.
Serco was higher after Credit Suisse upgraded its rating on the outsourcing group to 'neutral' and hiked its target from 142p to 208p. DIY retailer Kingfisher however was lower after Barclays Capital cut its recommendation to 'underweight', while housebuilder Persimmon was lowered to 'neutral' by JPMorgan Cazenove.
International Consolidated Airlines declined after a senior Irish government minister said its offer to buy a 25% stake in Aer Lingus was not persuasive enough.
Market Movers
techMARK 3,137.45 +0.14%
FTSE 100 6,915.20 +0.38%
FTSE 250 17,122.55 +0.43% |
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FTSE 100 - Risers
Glencore (GLEN) 292.10p +3.02%
Standard Life (SL.) 419.60p +2.72%
Weir Group (WEIR) 1,911.00p +2.63%
Tullow Oil (TLW) 407.30p +2.29%
BG Group (BG.) 971.40p +2.09%
Anglo American (AAL) 1,246.50p +1.92%
Vodafone Group (VOD) 232.40p +1.75%
Babcock International Group (BAB) 1,012.00p +1.61%
ARM Holdings (ARM) 1,116.00p +1.55%
Aberdeen Asset Management (ADN) 467.40p +1.50%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 551.00p -2.31%
Carnival (CCL) 2,875.00p -2.28%
Centrica (CNA) 252.10p -1.94%
Kingfisher (KGF) 341.30p -1.90%
easyJet (EZJ) 1,752.00p -1.85%
Shire Plc (SHP) 5,065.00p -1.36%
Fresnillo (FRES) 827.00p -1.14%
Hammerson (HMSO) 665.00p -1.12%
Royal Mail (RMG) 423.90p -1.05%
St James's Place (STJ) 897.00p -0.99%
FTSE 250 - Risers
Essentra (ESNT) 963.00p +8.81%
Serco Group (SRP) 211.90p +5.74%
Cairn Energy (CNE) 207.60p +5.01%
Computacenter (CCC) 734.00p +4.80%
Vedanta Resources (VED) 598.00p +4.00%
Dignity (DTY) 2,029.00p +3.52%
Nostrum Oil & Gas (NOG) 603.00p +3.43%
Game Digital (GMD) 262.00p +3.39%
Bovis Homes Group (BVS) 947.50p +3.38%
AO World (AO.) 285.40p +2.66%
FTSE 250 - Fallers
Bank of Georgia Holdings (BGEO) 1,900.00p -11.21%
Afren (AFR) 9.44p -11.03%
Enterprise Inns (ETI) 109.40p -2.32%
BTG (BTG) 783.00p -2.31%
Home Retail Group (HOME) 203.60p -2.12%
Dunelm Group (DNLM) 920.50p -1.87%
Rexam (REX) 560.50p -1.58%
Countrywide (CWD) 514.50p -1.53%
Telecity Group (TCY) 923.00p -1.44% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed as Eurozone leaders meet to tackle Greece European stocks were little changed as Eurozone finance ministers met to discuss Greece's bailout agreement. Greece's Prime Minister Alexis Tsipras said he was confident Eurozone leaders would accept Athens' request for a six-month extension to its loan, despite Germany saying it was a "Trojan Horse" with too much room for interpretation.
The emergency meeting of the 19-nation Eurogroup in Brussels was postponed until 15:30 GMT in order to allow more time for preparatory talks among Greek, Euroze and International Monetary Fund officials.
The euro fell 0.04% to $1.1364.
PMI data, UK retail sales
Markit's purchasing managers' index (PMI) for the Eurozone increased to 51.1 in February from 51 in January, less than the 51.5 expected by analysts. A level above 50 signals expansion.
Eurozone services PMI rose to 53.5 in February from 52.7 a month earlier, beating forecasts for a reading of 53.
Markit's PMI for US manufacturing rose to 54.3 this month from 53.9 in January, compared to forecasts for a reading of 53.6.
In the UK, a report on retail sales, including auto, showed 5.4% year-on-year growth in January, falling short of expectations for a 5.9% gain and following a 4% increase in December.
Gemalto, Standard Life
Gemalto NV declined as the maker of mobile-phone cards said it's investigating a report that US and UK spies allegedly hacked into its computer network.
Standard Life advanced after reporting full-year profit that smashed analysts' estimates.
Deutsche Lufthansa AG dropped after scrapping its dividend payment for 2014.
Energy stocks, including Tullow Oil and Premier Oil, were topping the Stoxx 600, as oil trimmed its first weekly decline in a month. |
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| | US Market Report | | US open: Dow Jones loses 100 points as Greece talks continue US stocks declined on Friday as investors remained wary ahead of what could be Greece's last chance to resolve its financial impasse. Just before 10:00 in New York, the Dow Jones Industrial Average was down 0.51%, while the S&P 500 and the Nasdaq had declined 0.14% and 0.09% respectively.
Eurozone finance ministers are meeting in Brussels, with Germany having already rebuffed Greece's demand to extend its bailout. Greek finance minister Yanis Varoufakis told reporters he believes the Eurogroup can thrash out a deal.
"I trust that we are going to have one. The Greek government has not just gone the extra mile but the extra 10 miles and now we are expecting our partners not to meet us halfway but a fifth of a way," he said.
"I have no doubt there will be a very collegial discussion and hopefully at the end of this we come out with some white smoke."
US manufacturing grew from 53.9 in January to 54.3 in February, as output levels rose at the fastest pace in four months, though they did so at a weaker rate than the average for 2014 as a whole.
Production volumes expanded at a solid pace in February, registering the biggest increase since October, while overall new orders also increased.
"The production upturn occurred despite widespread delivery delays caused by heavy snowfall and port strikes, which may have also been a factor behind the near-stagnation of exports, suggesting the underlying picture may have been one of slightly stronger growth," said Markit chief economist Chris Williamson.
"However, the rate of growth remains well down on last year's peaks, and a slowing of new orders growth to the weakest for just over a year looks to have caused employers to take a more cautious approach to hiring."
Noodles & Co tanked over 27% after reporting late on Thursday that its fourth quarter earnings had fallen short of estimates,
Retailer group Nordstrom and technology group Marvell Technology both slipped over 1% in pre-market trading after disappointing earnings, while Cabot Oil & Gas was down 2.53% ahead of its fourth quarter earnings.
Deere & Co. fell 0.3% after reporting a 17% drop in sales and warning of further troubles ahead as it continues to suffer from weak demand.
Gold futures rose 0.51% to $1,213.70, while the dollar gained over 0.5% against the euro and 0.3% against the pound but fell 0.4% against the yen. |
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| | Broker Tips | | Broker tips: Standard Life, Serco, Oil stocks Panmure Gordon has reiterated its 'buy' recommendation for Standard Life after the insurer beat forecasts with its 2014 results on Friday, saying it expects the shares to rally. "These results were ahead of expectations and we anticipate that the strong underlying performance that suggests that there is real momentum within the business should see the shares rally in the short to medium term."
The share price of Serco was given a boost on Friday after analysts at Credit Suisse lifted their recommendation for the outsourcing group from 'underperform' to 'neutral'.
The bank, which hiked its target for the shares from 142p to 208p, said that upgrade "reflect[s] strong reported progress in the disposal process for non-core private sector business process outsourcing assets". This should lead to a drop in the assumed dilution from a proposed rights issue.
Despite the recent rally in oil prices uncertainties still remain for the sector, according to Westhouse Securities which picked out Faroe Petroleum, Genel Energy and Ithaca Energy as its key recommendations in the face of ongoing volatility. | | |
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