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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: Stock markets flat ahead of quiet day UK stocks were more or less flat in early deals on Friday ahead of a quiet day for the markets in terms of economic data and corporate news.
London's FTSE 100 was trading up just 0.01% at 6,761.79 early on.
As it stands, the Footsie is still nearly 3% lower than where it stood last Friday as a strengthening pound and weak Chinese data weighed on commodity prices, while ongoing concerns about Greek continued to hit sentiment.
Friday is set to be a quiet day in terms of economic data, with UK construction output, the US producer price index (PPI) and University of Michigan (UoM) consumer confidence survey the only major indicators being released.
"The PPI reading can be a good indicator of future inflation so is worth tracking, while the UoM reading could give some insight into consumer spending expectations ahead of the summer," said analyst Craig Erlam from Oanda.
Afren plunges on recapitalisation plan
Shares in Afren tumbled after the struggling oil and gas group proposed a debt-for-equity swap with creditors to address its funding needs and recapitalise its capital structure. The company said it "will result in substantial dilution for existing shareholders", and if shareholders don't approve the plan, the company will have no choice but to initiate a sale.
Glasxosmithkline edged lower after selling half its stake in former South African associate Aspen Pharmacare for £0.57bn. Having sold 28.2m shares, at a price of 372 rand per share, GSK now holds a 6.2% stake in Aspen, South Africa's largest drug company.
JD Wetherspoon served up a slightly short measure of first-half profits as the pubs group saw cost pressures outweigh a rise in revenues. Profits declined 0.9% in the first half while the interim dividend was maintained, causing shares to fall in London.
Costa and Premier Inn owner Whitbread was racking up gains after UBS upgraded the stock to 'neutral' and Deustche Bank raised it to 'buy', while spirits group Diageo was lower after a downgrade by Credit Suisse to 'underperform'. |
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| Market Movers
techMARK 3,177.56 +0.33%
FTSE 100 6,761.79 +0.01%
FTSE 250 17,109.41 +0.28%
FTSE 100 - Risers
Whitbread (WTB) 5,400.00p +2.66%
ARM Holdings (ARM) 1,180.00p +1.55%
Meggitt (MGGT) 568.00p +1.52%
Wolseley (WOS) 4,110.00p +1.46%
British Land Co (BLND) 816.00p +1.37%
Antofagasta (ANTO) 709.00p +1.21%
GKN (GKN) 366.30p +1.19%
Carnival (CCL) 3,132.00p +1.13%
Fresnillo (FRES) 660.50p +1.07%
Land Securities Group (LAND) 1,210.00p +1.00%
FTSE 100 - Fallers
Diageo (DGE) 1,850.00p -1.70%
SSE (SSE) 1,471.00p -1.34%
Travis Perkins (TPK) 1,942.00p -1.27%
Centrica (CNA) 238.60p -1.16%
BG Group (BG.) 829.20p -1.12%
Smiths Group (SMIN) 1,153.00p -1.11%
BP (BP.) 421.95p -0.92%
Sage Group (SGE) 472.40p -0.92%
BHP Billiton (BLT) 1,424.00p -0.80%
Ashtead Group (AHT) 1,107.00p -0.54%
FTSE 250 - Risers
Thomas Cook Group (TCG) 155.10p +4.37%
St. Modwen Properties (SMP) 454.50p +2.83%
Bwin.party Digital Entertainment (BPTY) 81.75p +2.64%
Allied Minds (ALM) 635.00p +2.50%
Ladbrokes (LAD) 114.10p +2.33%
Just Eat (JE.) 340.00p +2.22%
Just Retirement Group (JRG) 155.20p +2.11%
Workspace Group (WKP) 829.50p +2.09%
Intermediate Capital Group (ICP) 483.80p +2.07%
Grafton Group Units (GFTU) 780.00p +2.03%
FTSE 250 - Fallers
Afren (AFR) 5.50p -15.38%
Cairn Energy (CNE) 155.70p -3.41%
Soco International (SIA) 153.40p -3.28%
Wetherspoon (J.D.) (JDW) 785.00p -3.27%
Hikma Pharmaceuticals (HIK) 2,288.00p -2.84%
Lonmin (LMI) 107.90p -2.53%
Vedanta Resources (VED) 514.50p -2.46%
Cranswick (CWK) 1,378.00p -2.20%
Premier Oil (PMO) 134.60p -1.97% |
| | UK Event Calendar | | Friday March 13
INTERIMS
Forte Energy NL, Wetherspoon (J.D.)
INTERIM DIVIDEND PAYMENT DATE
Fusionex International, Murgitroyd Group
QUARTERLY PAYMENT DATE
Carnival
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (US) (12:30)
U. of Michigan Confidence (Prelim) (US) (13:55)
GMS
Standard Life
FINALS
Oxford Biomedica
ANNUAL REPORT
Johnson Service Group
IMSS
SThree
SPECIAL DIVIDEND PAYMENT DATE
Entu (UK)
AGMS
Chenavari Capital Solutions Limited Red, Hyundai Motor Company GDR (Reg S), LG Chem Ltd GDS (Reg S), Samsung C&T Corp. GDR, Samsung Electronics Co Ltd (ATT) GDR (Reg S)
FINAL DIVIDEND PAYMENT DATE
Qatar Investment Fund, Zytronic |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed amid ECB QE, Greece concerns European stocks were little changed as the European Central Bank's (ECB) quantitative easing programme entered its fifth day.
Eurozone central banks have purchased German, French, Italian, Spanish and Belgian bonds this week, sending borrowing costs across Europe to record lows. The bond-buying comes under the ECB's €1.1trn QE programme which began on Monday to help boost the economy and bring inflation back towards the target of just under 2%.
On a negative note for markets, a gauge of energy stocks posted the worst performance on the Stoxx 600 as oil continued to slump amid signs that a global supply glut will grow. Brent crude fell 0.018% to $57.07 per barrel in morning trade, according to the ICE.
The decline was offset by gains in real estate stocks and the Stoxx 600 is still heading for a sixth straight weekly advance, the longest streak since June.
Meanwhile, Greek Prime Minister Alexis Tsipras on Thursday assured Eurozone partners that the nation would stick to an extended bailout agreement with its international creditors despite clashes with Germany.
Greece and Germany have this week had a war of words over austerity and demands for reparations over the World War Two Nazi occupation of Greece.
"There is no reason for concern [...] even if there is no timely disbursement of a [loan] tranche, Greece will meet its obligations," Tsipras told reporters during a visit to the Paris-based Organisation for Economic Cooperation and Development.
In corporate news, Salvatore Ferragamo SpA rallied after reporting annual earnings that beat analysts' estimates. |
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| | US Market Report | | US close: Banks rise on Fed approval, surging dollar eases US stocks rebounded from a two day losing streak on Thursday, as the dollar retreated from a 12 year high and a number of banks were approved by the Federal Reserve to raise dividends and buy back shares.
At close, the Dow Jones Industrial Average was up 1.47% to 17,895.22, the S&P 500 climbed 1.3% to 2,065.95 and the Nasdaq Composite jumped 0.89% to 4,893.29.
Financial stocks gained banks passed the Fed's "stress tests", which assess whether lenders have sufficient reserves to endure a major economic downturn.
Citigroup rose 3%, to $53.91 after revealing that it would buy back $7.8bn in stock and raise its quarterly dividend to 5 cents from 1 cent. Morgan Stanley gained % percent, to $37.03 after announcing a $3.1bn stock buyback and raising its dividend to 15 cents from 10 cents.
Meanwhile, as the European Central Bank and Bank of Japan tried to stimulate their economies, the Fed edged closer to raising rates, driving the dollar higher against the euro and the yen.
"It's the pullback in the dollar that's cheering investors," said Peter Cardillo, chief market economist at Rockwell Global Capital. "The frenzy that we saw in the foreign exchange markets has, at least for today, calmed down."
The euro recovered somewhat, trading 0.5 percent higher at $1.0617, as the dollar fell to 121.37 yen.
Data largely disappointed, as initial US unemployment claims dropped by an outsized 36,000 over the week ended 7 March, to reach 289,000 according to the Department of Labor. The consensus estimate had been for a reading of 305,000, while the figure for the previous week was revised up by 5,000 to 320,000.
Furthermore, US retail sales declined for the third month in a row in February, as Americans continued to shy back from spending the money saved by the slump in gasoline prices. Retail sales volumes fell by a seasonally adjusted 0.6% last month, after a 0.8% decline in January and a 0.9% drop in December, defying expectations for an increase of 0.3%.
"Retail sales numbers were much weaker than anyone expected, so that gives the Fed more leeway to hold off before raising rates, and that's why the market is rallying," said Larry Swedroe, director of research for BAM Alliance.
It is widely expected that the Fed will raise short-term rates before the end of the year, and the Fed has emphasized that it will be watching economic data closely.
In company news, Acadia Pharmaceuticals' shares plummeted 22% after the drug maker said it would postpone submitting a new-drug application for Nuplazid until later this year.
Shares of Box Inc. dropped 11% after the company, which launched its IPO in January, posted a wider-than-expected loss as a result of higher costs.
Krispy Kreme Doughnuts fell 6.5% after the company revealed disappointing sales growth.
US crude prices declined, settled 2.3% lower at $47,05 after an increase in US supplies spanning nine consecutive weeks.. Gold prices gained slightly for the first time in three sessions, up 0.1% to $1,151.90.
S&P 500 - Risers
Morgan Stanley (MS) $37.09 +6.12%
Mylan Inc. (MYL) $62.30 +5.59%
Mattel Inc. (MAT) $25.66 +4.20%
Walt Disney Co. (DIS) $107.17 +4.16%
Capital One Financial Corp. (COF) $81.45 +4.12%
Dollar General Corp (DG) $74.28 +3.96%
Joy Global Inc. (JOY) $39.46 +3.76%
Regions Financial Corp. (RF) $9.89 +3.67%
PNC Financial Services Group (PNC) $96.63 +3.55%
Zions Bancorporation (ZION) $28.04 +3.55%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $5.82 -4.90%
Intel Corp. (INTC) $30.80 -4.73%
Denbury Resources Inc. (DNR) $7.60 -3.92%
CONSOL Energy Inc. (CNX) $27.61 -3.80%
Range Resources Corp. (RRC) $45.40 -3.62%
Avon Products Inc. (AVP) $8.20 -3.30%
Tesoro Corp. (TSO) $84.27 -2.78%
Chesapeake Energy Corp. (CHK) $13.92 -2.59%
Ensco Plc. (ESV) $21.90 -2.41%
Microsoft Corp. (MSFT) $41.02 -2.29%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $107.17 +4.16%
Goldman Sachs Group Inc. (GS) $189.95 +3.13%
Home Depot Inc. (HD) $116.10 +2.68%
American Express Co. (AXP) $81.56 +2.66%
United Technologies Corp. (UTX) $121.24 +2.45%
Verizon Communications Inc. (VZ) $48.73 +2.20%
Travelers Company Inc. (TRV) $107.83 +2.04%
Unitedhealth Group Inc. (UNH) $114.88 +1.92%
JP Morgan Chase & Co. (JPM) $61.37 +1.88%
Visa Inc. (V) $269.58 +1.82%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $30.80 -4.73%
Microsoft Corp. (MSFT) $41.02 -2.29%
Chevron Corp. (CVX) $102.42 -1.08%
Cisco Systems Inc. (CSCO) $28.24 -0.07%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $193.46 +5.94%
Mylan Inc. (MYL) $62.30 +5.59%
Mattel Inc. (MAT) $25.66 +4.20%
Tractor Supply Company (TSCO) $87.25 +2.97%
Expedia Inc. (EXPE) $91.39 +2.74%
Dollar Tree Inc (DLTR) $80.89 +2.61%
Paychex Inc. (PAYX) $50.26 +2.59%
O'Reilly Automotive Inc. (ORLY) $209.55 +2.58%
PACCAR Inc. (PCAR) $62.36 +2.25%
Comcast Corp. (CMCSA) $59.33 +2.19%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $30.80 -4.73%
Microsoft Corp. (MSFT) $41.02 -2.29%
Garmin Ltd. (GRMN) $48.67 -1.72%
Tesla Motors Inc (TSLA) $191.07 -1.38%
QUALCOMM Inc. (QCOM) $69.37 -1.28%
Illumina Inc. (ILMN) $188.11 -1.12%
NetApp Inc. (NTAP) $37.40 -1.08%
Nvidia Corp. (NVDA) $22.67 -0.92%
Linear Technology Corp. (LLTC) $46.81 -0.62% |
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| | Newspaper Round Up | | Friday newspaper round-up: Holcim-Lafarge merger, US refinery strike, BoE probe Serious cracks have started to appear in the proposed €41bn merger of Holcim and Lafarge, according to the Financial Times. "Both companies' boards are now discussing a potential renegotiation of the terms of the deal, amid concerns that the price on the table no longer commands the support of key Holcim shareholders," the paper said.
A tentative deal has been made between the United Steelworkers Union and Shell, the company representing refinery operators, to end the biggest US refinery strike in 35 years, writes The Wall Street Journal. Thousands of union workers have staged a walkout over salaries, safety and other issues over the last six weeks.
The Times has reported that the Bank of England kept a fraud probe at the Bank of England secret for three months despite the advice to go public by the Serious Fraud Office. The investigation was launched in December.
High street stalwart BHS has been sold by Arcadia for a token price of £1 to City investor Retail Acquisitions, writes The Guardian.
The US has expressed anger towards Britain for joining the China-led Asian Infrastructure Investment Bank, seen as a potential rival to US-based institutions such as the World Bank, The Telegraph says.
The UK should "not pretend to be a world power", according to Angus Robertson, the SNP leader in Westminster, writes The Times. He said that curbing interventionism would be a key pillar of any post-election deal between Labour and the SNP. | | |
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