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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: Stocks inch lower as US data and comes in mixed Despite setting a new intraday record just before the close, the FTSE 100 finished just a few points lower on Friday as investors took profits after a batch of mixed economic data from the States. The Footsie ended the session down 3.07 points at 6,946.66, down just 0.04% from the all-time closing high of 6,949.73 reached on Thursday. The index rose as high as 6,962.51 in afternoon trade - the highest it has ever reached.
It was also a subdued start for stocks on Wall Street as a barrage of economic figures with the Dow Jones Industrial Average and S&P 500 also fluctuating near record highs.
Annualised US gross domestic product (GDP) for the fourth quarter of 2014 was revised to 2.2% from the 2.6% originally estimated, but came in ahead of the +2.0% forecast; US pending home sales increased by a less-than-expected 6.5%; while the final reading of the February University of Michigan US consumer confidence index was revised higher to 95.4 but was still down from the 11-year high of 98.1 in January.
"Whilst this data didn't cause a precipitous fall, it cemented a weak end the month after the US markets had seen such explosive gains as late as Tuesday," said Connor Campbell from Spreadex.
Not even the news that German parliament officially approved Greece's request for a bailout extension could lift stocks, with the impact relatively muted impact given that a 'yes' vote had been widely expected.
IAG, StanChart and Lloyds rise, Intu and RBS drop
British Airways owner International Consolidated Airlines was flying higher after reporting operating earnings 80.5% higher at £1.4bn for 2014, thanks partly to cheaper fuel, while its Iberia division swung from a loss to a profit. chief executive Willie Walsh said the Spanish unit's "turnaround has been remarkable".
Emerging markets-focused bank Standard Chartered was also up after unveiling a boardroom shake-up on Thursday, which included the departure of its chief executive, chairman and four other directors. The news prompted Canaccord Genuity to lift its rating on the stock from 'sell' to 'hold'.
UK lender Lloyds was trading higher despite 2014 results coming in below expectations, as investors celebrated the company's resumption of a dividend for the first time in six years.
UK shopping centre owner Intu Properties declined after a fall in rents led to a 2.9% fall in underlying earnings per share, disappointing the City which had expected no change.
RBS' share price was spending another day in the red on Friday as analysts reacted to the bank's worse-than-expected 2014 results the previous session. Analysts at Deutsche Bank, Barclays Capital and Societe Generale lowered their price targets for the stock on Friday, with the latter cutting its recommendation to 'sell'.
Meanwhile, shares in retinal imaging group Optos surged 31% after a cash offer from Nikon for £259m.
Market Movers
techMARK 3,160.27 -0.18%
FTSE 100 6,946.66 -0.04%
FTSE 250 17,273.82 +0.14% |
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| | FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 580.00p +3.66%
Associated British Foods (ABF) 3,125.00p +2.49%
Intertek Group (ITRK) 2,530.00p +2.43%
InterContinental Hotels Group (IHG) 2,650.00p +2.12%
Imperial Tobacco Group (IMT) 3,193.00p +2.08%
Pearson (PSON) 1,420.00p +1.72%
Standard Chartered (STAN) 991.00p +1.54%
Kingfisher (KGF) 365.40p +1.42%
Reckitt Benckiser Group (RB.) 5,860.00p +1.21%
St James's Place (STJ) 948.00p +1.17%
FTSE 100 - Fallers
Intu Properties (INTU) 353.50p -5.10%
Royal Bank of Scotland Group (RBS) 367.20p -5.02%
Barclays (BARC) 256.90p -1.98%
Weir Group (WEIR) 1,704.00p -1.73%
Aberdeen Asset Management (ADN) 468.60p -1.53%
Royal Mail (RMG) 420.40p -1.52%
Meggitt (MGGT) 545.00p -1.45%
Friends Life Group Limited (FLG) 411.10p -1.34%
BG Group (BG.) 958.00p -1.24%
Aviva (AV.) 539.00p -1.19%
FTSE 250 - Risers
Allied Minds (ALM) 595.00p +15.98%
Rightmove (RMV) 3,029.00p +13.36%
PZ Cussons (PZC) 337.80p +6.97%
Just Retirement Group (JRG) 177.40p +4.72%
Rentokil Initial (RTO) 135.30p +4.40%
FirstGroup (FGP) 105.40p +3.94%
Moneysupermarket.com Group (MONY) 273.70p +3.67%
Card Factory (CARD) 285.00p +3.56%
National Express Group (NEX) 284.10p +3.35%
Synthomer (SYNT) 292.10p +3.14%
FTSE 250 - Fallers
Afren (AFR) 8.61p -10.55%
Berendsen (BRSN) 1,100.00p -4.35%
Hikma Pharmaceuticals (HIK) 2,473.00p -3.74%
Redefine International (RDI) 56.20p -3.44%
William Hill (WMH) 377.70p -3.28%
Alent (ALNT) 352.40p -3.08%
PayPoint (PAY) 859.00p -3.05%
IMI (IMI) 1,381.00p -3.02%
Saga (SAGA) 184.00p -3.00% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks gain on Greek bailout extension approval, unexpected rise in German inflation European stocks gained after Germany approved Greece's bailout extension and after a report showed German inflation rose expectedly in February.
The Greek extension, which was approved by its Eurozone creditors last week, was passed easily through German parliament despite a number of MPs raising concerns about the deal.
German preliminary consumer price index (CPI) inflation rose 0.1% year-on-year in February, compared with expectations of a 0.3% contraction and after a 0.4% decline in January.
"Eurozone inflation is likely to stay very weak in the first half of the year before base effects, and the lower euro exchange rate return rates into modest positive territory," said Rob Wood, chief UK economist at Berenberg. "A return to the European Central Bank's 2% target remains a distant prospect."
The euro rose 0.10% to $1.1209.
US GDP eases
US gross domestic product in the fourth quarter slowed to 2.2% growth from 2.6% in the previous quarter, but above analysts' expectations of a 2% reading.
Pending US home sales rose to the highest level since 2013 in January, according to the National Association of Realtors (NAR). The home sales index climbed 1.7% from an upwardly revised December level, while sales increased 8.4% year-on-year.
US consumer confidence declined in February, retreating from an 11-year high in the wake of rises in fuel costs and severe winter weather in parts of the country. The University of Michigan final index of sentiment dropped for the first time in seven months, declining to 95.4 in February from the previous month's reading of 98.1, which was the highest reading since the start of 2004.
Airbus and IAG rally
Airbus gained as the European aerospace company posted a 15% increase in annual profit, boosted by higher commercial plane deliveries.
International Consolidated Airlines (IAG) edged higher as the parent of British Airways said full-year earnings jumped 81%, supported by a turnaround at Iberia.
Salzgitter AG slumped as the steelmaker posted a third consecutive annual loss.
Solvay jumped as it reported quarterly net income that exceeded analysts' estimates.
Sika AG advanced as the Swiss adhesives maker turned down a takeover offer by Cie. de Saint-Gobain SA and reported better-than-expected full-year earnings.
Royal Bank of Scotland Group slid amid reports the lender has suspended its deputy head of markets as part of an investigation into currency-rigging claims. |
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| | US Market Report | | US open: Dow and S&P dip slightly as fourth quarter GDP declines US stocks edged lower on Friday, after data showed that US growth had declined slightly in the fourth quarter. Just before 10:00 in New York, the Dow Jones Industrial Average fell 0.11%, while the S&P 500 declined 0.03% and the Nasdaq edged forward 0.02%.
US gross domestic product in the fourth quarter fell to 2.2% from a 2.6% in the previous quarter, but above analysts' expectations of a 2.0% reading.
However, analysts were quick to dismiss the slowdown as a minor hiccup which was unlikely to worry US policymakers.
"Growth is certainly more sluggish than it was at the end of last year, but the US economy is still a shining beacon compared with other developed economies," said Dennis de Jong, managing director at UFX.com.
"There has been some slightly disappointing data this week and the Fed will be eager to see things pick up over the next few months.
"However, the oil crisis will continue to play havoc with the markets and the global economy remains in a precarious situation."
De Jong's comments were echoed by Markit's chief economist Chris Williamson, who claimed the slowdown was unlikely to worry Fed policymakers, who remained likely to "keep calm and carry on" with contemplating an initial rate hike in the summer, possibly as early as June.
Meanwhile, US personal consumption declined slightly in the fourth quarter to 4.2%,while analysts had expected it to hold steady at 4.3%.
Following a data-heavy morning, which is completed by the Chicago PMI and University of Michigan Confidence survey released at 14:45 and 15:00 GMT respectively, William Dudley, the president of the New York Fed, and Cleveland Fed President Loretta Mester will both speak at 16:00 GMT, while Fed Vice Chairman Stanley Fischer will speak at 18:30 GMT.
In company news, JC Penney plummeted 13.49% after the retailer posted a surprise fourth quarter loss, while Apple fell 0.36% after Ericsson AB said it would sue the iPhone maker for allegedly infringing on 41 patents that are crucial to the functionality of its devices.
Gap rose 1.81% after the apparel company announced buybacks and a dividend increase late Thursday, while Monster Beverage surged 13%.
Gold futures fell 0.10% to $1,208.90, while the dollar slid slightly against the pound and the yen and dropped just over 0.2% against the euro. |
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| | Broker Tips | | Broker tips: Lloyds, RBS, Rightmove Shares in banking group Lloyds edged higher on Friday after shareholders celebrated their first dividend payment in six years, though weaker-than-expected results prompted Shore Capital to retain a 'hold' rating on the stock. The broker said: "Based on last night's closing price of 78.5p, the shares are trading on a 43% premium to their end of December 2014 TNAV of 54.9p, with a prospective 2015 price-to-earnings ratio of 9.5x and dividend yield of 4.5% based on our current estimates. We see fair value around 80p (2% upside) and hence stick with our neutral stance."
RBS' share price was spending another day in the red on Friday after analysts reacted to the bank's worse-than-expected 2014 results, with JPMorgan Cazenove cutting its price target on the stock from 400p to 385p.
The broker, which retained a 'neutral' rating on the shares, said upside is "limited" with the stock trading in line with its tangible net asset value, though "management have chosen a strategy that provides a clear path to returning cash to shareholders over time".
Canaccord Genuity has upgraded its rating on real estate portal Rightmove from 'hold' to 'buy' after a better-than-expected set of annual results on Friday. | | |
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