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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: Stocks flat early on ahead of German vote and economic data Strong gains from Lloyds, IAG and Old Mutual were not enough to lift markets on Friday as UK stocks held steady near record levels. The FTSE 100 was trading 0.07% lower at 6,945.11, after having settled at an all-time closing high of 6,949.73 on Thursday.
Markets were directionless early on ahead of a barrage of economic data due out during the session, along with a German decision on whether or not to approve the Greek bailout extension.
"Whilst Germany is likely to vote 'yes' to the extension, this process has revealed just how strained relationships are between the two countries, something that doesn't bode well for when this issue inevitably arises once more in four months' time (or sooner)," said Connor Campbell from Spreadex.
There will be plenty on the economic data schedule for investors to digest on Friday, including German retail sales, UK and US consumer confidence, German inflation and US gross domestic product (GDP).
As for US GDP, analysts are predicting revised estimates to show 2% annualised growth in the fourth quarter, down from the initial estimate of 2.6%.
Lloyds, IAG and Old Mutual rise
Investors at Lloyds celebrated the company's resumption of a dividend for the first time in six years, even if 2014 results came in below expectations. Statutory profits before tax roared more than fourfold higher to £1.8bn, but came in well shy of the consensus expectation for £2.6bn.
Sector peer RBS however was extending declines after missing forecasts with its annual results on Thursday.
BA owner IAG 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".
Improving economic growth in Britain and the US saw insurance and investment group Old Mutual report a better-than-expected 16% increase in its operating profit for 2014, after a year of significant strategic development.
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.
Diversified mining group Rio Tinto underwhelmed with plans to streamline its product groups and corporate functions, dividing up its energy division as it looks to cut costs and simplify its structure.
Other miners such as Randgold and Fresnillo were also weaker early on.
Meanwhile, shares in retinal imaging group Optos surged 30% after a cash offer from Nikon for £259m. |
| | Market Movers
techMARK 3,161.85 -0.13%
FTSE 100 6,945.11 -0.07%
FTSE 250 17,247.38 -0.01%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 586.00p +4.74%
InterContinental Hotels Group (IHG) 2,660.00p +2.50%
Kingfisher (KGF) 367.00p +1.86%
Pearson (PSON) 1,416.00p +1.43%
Lloyds Banking Group (LLOY) 79.58p +1.38%
Standard Chartered (STAN) 988.30p +1.26%
Old Mutual (OML) 225.90p +1.21%
Associated British Foods (ABF) 3,085.00p +1.18%
Smiths Group (SMIN) 1,161.00p +0.96%
Intertek Group (ITRK) 2,489.00p +0.77%
FTSE 100 - Fallers
Intu Properties (INTU) 364.80p -2.07%
Royal Bank of Scotland Group (RBS) 379.90p -1.73%
Capita (CPI) 1,163.00p -1.52%
Meggitt (MGGT) 545.50p -1.36%
SABMiller (SAB) 3,671.00p -1.13%
Rio Tinto (RIO) 3,163.00p -0.91%
Fresnillo (FRES) 816.50p -0.91%
London Stock Exchange Group (LSE) 2,479.00p -0.88%
BG Group (BG.) 961.60p -0.87%
Randgold Resources Ltd. (RRS) 5,125.00p -0.87%
FTSE 250 - Risers
Rightmove (RMV) 2,841.00p +6.32%
Allied Minds (ALM) 530.00p +3.31%
Card Factory (CARD) 284.30p +3.31%
PZ Cussons (PZC) 325.30p +3.01%
Premier Oil (PMO) 172.20p +2.93%
Petrofac Ltd. (PFC) 897.50p +2.51%
FirstGroup (FGP) 103.50p +2.07%
Rentokil Initial (RTO) 132.00p +1.85%
BlackRock World Mining Trust (BRWM) 324.90p +1.82%
Hunting (HTG) 478.60p +1.51%
FTSE 250 - Fallers
Afren (AFR) 9.20p -4.37%
Hikma Pharmaceuticals (HIK) 2,484.00p -3.31%
IMI (IMI) 1,379.00p -3.16%
Berendsen (BRSN) 1,114.00p -3.13%
Computacenter (CCC) 741.00p -2.50%
Redefine International (RDI) 56.75p -2.49%
Saga (SAGA) 185.30p -2.32%
William Hill (WMH) 382.40p -2.07%
Daejan Holdings (DJAN) 5,810.00p -1.94% |
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| | UK Event Calendar | | Friday 27 February
INTERIMS
Bluefield Solar Income Fund Limited, Mysale Group, Ricardo, River and Mercantile Group , Waterman Group
INTERIM DIVIDEND PAYMENT DATE
Conviviality Retail , IG Group Holdings, NB Private Equity Partners Ltd., NCC Group
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (14:45)
GDP (Preliminary) (US) (13:30)
Pending Homes Sales (US) (15:00)
U. of Michigan Confidence (Final) (US) (14:55)
FINALS
Berendsen, IMI, International Consolidated Airlines Group SA (CDI), Intu Properties, Lloyds Banking Group, Old Mutual, Pearson, Rentokil Initial, Restaurant Group, Rightmove, Spectris, UBM, William Hill
SPECIAL DIVIDEND PAYMENT DATE
Ryanair Holdings
EGMS
Target Healthcare Reit Ltd
AGMS
Formation Group, Intelligent Energy Holdings, Shoe Zone
UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
RWS Holdings, Terra Capital |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of final vote on Greece loan extension European stocks were little changed ahead of a final vote on Greece's bailout extension. The German parliament is meeting this morning to vote on a plan to extend Greece's bailout by another four months after receiving approval from Eurozone finance ministers on Tuesday approved the move.
While some German MPs have raised concerns about the deal, it is expected to pass through parliament.
In economic data, a report on German inflation will be released at 13:00 GMT and is expected to show consumer prices fell 0.3% in February, compared to a 0.4% drop in January.
Later on the US sees the release of data on gross domestic product, personal consumption, pending home sales and consumer confidence.
Sika, Airbus
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.
Airbus gained as the European aerospace company posted a 15% increase in annual profit, boosted by higher commercial plane deliveries.
IAG rallied as the parent of British Airways said full-year earnings jumped 81%, supported by a turnaround at Iberia. |
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| | US Market Report | | US close: Stocks receded amid falling oil prices and poor data US stocks fell on Thursday after oil prices lowered and fresh economic data queried Janet Yellen's dovishness. The Dow Jones Industrial Average fell 0.06% to 18,214.42 while Nasdaq advanced 0.42% to 4,987.89 and S&P 500 declined 0.15% to 2,110.74.
However, Connor Campbell from Spreadex said: "After Janet Yellen's testimony earlier in the week pushed inflation and job growth to the forefront of the interest rate debate, the latest US figures were hotly anticipated.
Jobless claims rose above 300,000 for the second time in February while CPI saw its biggest month-by-month decline since December 2008, falling 0.7% but core CPI strengthened more that expected.
Barclays Research said: "The stronger-than-expected print for core orders in January suggests production may pick up a bit in coming months."
Campbell added: "The difference between the two figures reflects just how much the price of oil is dragging down inflation."
Oil prices dropped with WTI down 4.2% to $48.92 a barrel and Brent down 1.9% to $60.49 a barrel.
CMC Markets analyst Jasper Lawler said: "There are modest signs of a recovery in global demand from the likes of Europe and China but in the US stockpiles are increasingly rapidly as supply still outstrips demand."
Over on COMEX, gold futures rose 0.63% to $1,209.10 while the dollar rose against the yen, the pound and the euro.
The yield on a benchmark US 10-year Treasury rose six basis points to 3.22%.
S&P 500 - Risers
Avago Technologies Ltd. (AVGO) $129.25 +14.71%
Salesforce.Com Inc. (CRM) $70.24 +11.72%
AES Corp. (AES) $12.63 +5.25%
Tesoro Corp. (TSO) $93.52 +2.89%
Precision Castparts Corp. (PCP) $217.10 +2.58%
Tenet Healthcare Corp. (THC) $46.74 +2.43%
Marathon Petroleum Corporation (MPC) $107.04 +2.27%
Google Inc. (GOOGL) $559.29 +2.19%
Google Inc. Class C (GOOG) $555.30 +2.10%
Molson Coors Brewing Co. Class B (TAP) $77.24 +2.06%
S&P 500 - Fallers
Ensco Plc. (ESV) $24.41 -8.16%
Noble Corporation plc (NE) $16.60 -6.90%
Newfield Exploration Co (NFX) $33.60 -6.67%
Peabody Energy Corp. (BTU) $7.43 -6.31%
Denbury Resources Inc. (DNR) $8.38 -6.26%
CONSOL Energy Inc. (CNX) $32.30 -5.89%
Southwestern Energy Co. (SWN) $26.35 -5.79%
Range Resources Corp. (RRC) $50.84 -5.69%
Noble Energy Inc. (NBL) $47.32 -5.00%
QEP Resources Inc (QEP) $21.32 -4.99%
Dow Jones I.A - Risers
Johnson & Johnson (JNJ) $102.80 +1.57%
Cisco Systems Inc. (CSCO) $29.91 +1.42%
American Express Co. (AXP) $83.25 +1.31%
Coca-Cola Co. (KO) $42.46 +0.98%
McDonald's Corp. (MCD) $99.51 +0.86%
Travelers Company Inc. (TRV) $107.82 +0.85%
AT&T Inc. (T) $34.50 +0.85%
Merck & Co. Inc. (MRK) $58.96 +0.80%
JP Morgan Chase & Co. (JPM) $61.58 +0.72%
3M Co. (MMM) $169.61 +0.43%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $83.80 -1.59%
Chevron Corp. (CVX) $107.06 -1.40%
International Business Machines Corp. (IBM) $160.87 -1.19%
Exxon Mobil Corp. (XOM) $88.65 -1.06%
Walt Disney Co. (DIS) $104.56 -0.96%
Intel Corp. (INTC) $33.65 -0.87%
Boeing Co. (BA) $151.73 -0.84%
Home Depot Inc. (HD) $115.38 -0.80%
United Technologies Corp. (UTX) $122.67 -0.57%
Unitedhealth Group Inc. (UNH) $113.66 -0.34%
Nasdaq 100 - Risers
Avago Technologies Ltd. (AVGO) $129.25 +14.71%
Google Inc. (GOOGL) $559.29 +2.19%
Google Inc. Class C (GOOG) $555.30 +2.10%
Vimpelcom Ltd Ads (VIP) $5.23 +1.95%
Tesla Motors Inc (TSLA) $207.19 +1.68%
Broadcom Corp. (BRCM) $45.70 +1.56%
Cisco Systems Inc. (CSCO) $29.91 +1.42%
Mylan Inc. (MYL) $57.24 +1.32%
Expeditors International Of Washington Inc. (EXPD) $48.79 +1.31%
Apple Inc. (AAPL) $130.41 +1.26%
Nasdaq 100 - Fallers
Catamaran Corp (CTRX) $51.38 -2.65%
Symantec Corp. (SYMC) $25.05 -1.73%
Autodesk Inc. (ADSK) $61.01 -1.61%
Staples Inc. (SPLS) $16.38 -1.56%
Bed Bath & Beyond Inc. (BBBY) $73.75 -1.51%
Discovery Communications Inc. Class A (DISCA) $32.44 -1.50%
Expedia Inc. (EXPE) $93.25 -1.44%
Sandisk Corp. (SNDK) $78.05 -1.25%
Tractor Supply Company (TSCO) $88.88 -1.22% |
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| | Newspaper Round Up | | Quindell drops after it asks shareholders to be patient with review Insurance claims processor Quindell saw shares slip on Friday, after it asked its shareholders to be patient while it completes an independent review. The London-listed group, whose share lost 90% of its value in 2014, said the review, which is being carried out by PwC, was taking longer than initially expected because of "the high level of corporate activity of the group".
The AIM group added that PwC, along with prospective chairman and executive deputy chairman Richard Rose and Jim Sutcliffe, are expected to work on plans to reduce the group down to two operating arms, the professional services division and the technology division.
Quindell shares jumped last week after the company revealed it had extended talks with law firm Slater & Gordon to sell its legal services division.
In a statement released on Friday, it said that while it had taken into account "the quality of people, operations and prospects of the professional services division", it believed continuing with the deal was in the shareholders' best interest. | | |
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