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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: Late rally pushes FTSE higher after choppy session UK stocks ended a choppy session in the green as an afternoon rally saw the FTSE 100 erase losses and push back towards its record high.
"A good set of European earnings results sent stocks in Europe back towards all-time highs on Tuesday, sustained by ECB bond-buying and the lingering effects of the unexpected stimulus announced by China on Sunday," said analyst Jasper Lawler from CMC Markets.
Upbeat results from the likes of Sky and ARM Holdings helped London's Footsie finished 0.15% higher at 7,062.93. The index set an all-time closing high of 7,096 on 15 April.
Despite the positive finish, the FTSE 100 settled well below its intraday high of 7,105.13 as ongoing concerns about Greece's financial situation acted as a drag on stocks.
It emerged during the session that the European Central Bank was looking into measures to rein in emergency liquidity assistance to Greek banks if Athens fails to convince the Eurogroup that it can implement reforms and unlock further financial aid. Greece will present plans to reform the economy on Friday.
Eurogroup president Jeroen Dijsselbloem was quoted as saying that "[Greece's] money is starting to run out", adding that a Greek exit from the Eurozone was "not an option".
The ongoing debt saga was having an effect on German economic confidence, which registered an unexpected decline in April. According to the ZEW institute, the headline sentiment index fell by 1.5 points to 53.5, below the 53.8 expected.
Sky and ARM impress, miners fall
Third-quarter results from Sky generated the most growth in 11 years, as near 70% growth in new customers fed through to a 20% increase in operating profits. The broadband and pay-TV group were topping the leaderboard on the FTSE 100, up over 5%.
Also firmly higher was smartphone and tablet microchip designer ARM Holdings which beat its own guidance with a 14% jump in dollar revenues in the first quarter of 2015. The company also gave an upbeat outlook, saying that dollar revenues for the full year should be "at least in line with current market expectations".
Mining stocks were pulling back after a decent performance on Monday with Rio Tinto, Anglo American, BHP Billiton and Glencore among the worst performers. Rio Tinto and Anglo American were under the cosh after Barclays Capital lowered its recommendations on both stocks after slashing their commodity prices forecasts across the board.
Associated British Foods dropped after profits fell in the first half as the surging performance of its Primark fast-fashion chain was outweighed by a weaker sugar business. Adjusted operating profits were down 5% to £474m.
Brewing group SABMiller was hit with a downgrade by Credit Suisse from 'neutral' to 'underperform', with the bank saying that its premium valuation is "unwarranted". The bank also quashed ongoing M&A speculation regarding Belgian brewer AB Inbev, saying that SABMiller is unlikely to be a bid target at current levels.
Kingfisher was lowered from 'hold' to 'sell' over at Investec, with the broker saying it sees no sign of a recovery at the DIY retailer any time soon.
International Personal Finance was boosted as the home-credit group escaped a fine from Poland's consumer protection authority. |
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| | Market Movers
techMARK 3,236.27 +0.79%
FTSE 100 7,062.93 +0.15%
FTSE 250 17,712.55 +0.62%
FTSE 100 - Risers
Sky (SKY) 1,105.00p +5.04%
ARM Holdings (ARM) 1,195.00p +3.91%
InterContinental Hotels Group (IHG) 2,880.00p +3.37%
WPP (WPP) 1,586.00p +2.72%
International Consolidated Airlines Group SA (CDI) (IAG) 586.50p +2.62%
Persimmon (PSN) 1,761.00p +2.62%
Pearson (PSON) 1,409.00p +2.55%
Rolls-Royce Holdings (RR.) 1,007.00p +2.55%
easyJet (EZJ) 1,856.00p +2.32%
London Stock Exchange Group (LSE) 2,552.00p +2.16%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,712.00p -5.27%
Weir Group (WEIR) 1,822.00p -3.60%
Rio Tinto (RIO) 2,812.00p -2.16%
Anglo American (AAL) 1,017.00p -2.02%
BHP Billiton (BLT) 1,463.00p -1.25%
Aviva (AV.) 536.00p -1.11%
Royal Dutch Shell 'A' (RDSA) 2,100.00p -0.99%
Marks & Spencer Group (MKS) 558.00p -0.98%
Fresnillo (FRES) 709.00p -0.98%
Vodafone Group (VOD) 226.90p -0.92%
FTSE 250 - Risers
Aveva Group (AVV) 1,686.00p +7.12%
International Personal Finance (IPF) 501.00p +5.47%
Just Eat (JE.) 468.70p +5.28%
Crest Nicholson Holdings (CRST) 456.50p +3.66%
Bodycote (BOY) 718.00p +3.46%
Investec (INVP) 616.00p +3.27%
Petra Diamonds Ltd.(DI) (PDL) 165.60p +3.05%
SSP Group (SSPG) 310.20p +2.95%
Micro Focus International (MCRO) 1,235.00p +2.92%
Go-Ahead Group (GOG) 2,575.00p +2.92%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 874.50p -4.16%
Premier Oil (PMO) 166.10p -4.04%
Serco Group (SRP) 138.50p -3.69%
Acacia Mining (ACA) 277.50p -3.24%
BlackRock World Mining Trust (BRWM) 296.50p -3.01%
Ophir Energy (OPHR) 156.50p -2.43%
Just Retirement Group (JRG) 170.60p -2.29%
Virgin Money Holdings (UK) (VM.) 386.00p -2.28%
Soco International (SIA) 177.90p -2.09%
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Toumaz's full-year loss widens as investment continues British digital radio, connected audio and wireless healthcare group Toumaz saw its losses widen in 2014 due to strong investments.
Earnings before interest, taxes, depreciation, and amortization reported a loss of £9.76m, down 4% from the year before. Losses before tax also increased slightly, by 2% to £13.5m.
However, the group's revenues increased 19.5% to £26.2m driven by a good performance in its healthcare and digital audio businesses.
Its healthcare division saw its first hospital deployments of the SensiumVitals system in the UK, US, Portugal and Australia, generating £750,000 in revenues.
The digital audio subsidiary enjoyed an increase of revenues by 16% thanks to strong market growth and new design wins.
Looking ahead, the group said: "Whilst we remain confident about the prospects for healthcare, the pace at which revenues ramp up is yet to be proven." |
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| | US Market Report | | US open: Stocks edge forward on upbeat earnings US stocks edged higher on Tuesday, as markets were buoyed by a raft of better-than-expected earnings.
Just before 15:00 the Dow Jones Industrial Average was up 12 points, while the S&P 500 and the Nasdaq gained four and 23 points respectively.
Japanese and Chinese stocks closed firmly in positive territory, while European indices followed the same path and posted solid gains in the morning session, as markets continued to benefit from The People's Bank of China's decision to cut reserve ratio.
"This game-changing move is still working its way through world equities, which are trading higher from Asia through Europe, to an expected higher open in the US," said CMC Markets' analyst Jasper Lawler ahead of the bell.
However, Greece's Athex Composite Index slumped over 3% amid concerns Athens will shortly run out of cash.
Telecoms group Verizon Communications Inc. declined 1.74% despite reporting first-quarter earnings of $1.02 a share against estimates of 95 cents per share.
Tech giant United Technologies Corp. climbed 1% after posting better-than-expected first-quarter earnings, but revenue fell short of analysts' expectations as currency headwinds weighed on sales.
Security and aerospace group Lockheed advanced 0.32% as its first-quarter profits declined less than expected. The company posted a profit of $878m or $2.74 a share, against expectations of $2.50 share.
After the closing bell, Yahoo Inc. is expected to report first-quarter earnings of 18 cents a share.
Despite being billed as a potentially very difficult period for US stocks, the current earnings season has so far exceeded estimates, but analysts remained wary of a market characterised by low expectations.
"Energy companies, large multi-nationals and retailers were always the ones facing a tough earnings season on account of tumbling energy prices, a strong dollar and weather-related sales declines, respectively," said Craig Erlam, senior market analyst at Oanda.
"With many of these still to report in the coming weeks, we'll see a lot of pessimism yet and the consensus is still that overall profits will decline."
Meanwhile, General Motors rose 0.4% after the automotive giant said it sold 2.4m worldwide in the first quarter, a 2% increase year-on-year.
Pharmaceutical group Mylan jumped 8.8% after news emerged that it had been subject of a $40bn takeover bid in cash and stock from sector peer Teva Pharmaceutical.
The dollar rose 0.5% against the euro and climbed 0.2% and 0.4% against pound and yen respectively, while gold futures climbed 0.34% to $1,197.70. |
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| | Broker Tips | | Broker tips: Rio Tinto, Anglo American, SABMiller, Kingfisher Mining giants Rio Tinto and Anglo American were under the cosh in London as analysts at Barclays Capital lowered their recommendations on both stocks after slashing their commodity prices forecasts.
The broker downgraded its rating on Rio from 'overweight' to 'equal weight', cautioning that the company may struggle to continue combating the ongoing iron ore price freefall. Meanwhile, Anglo was lowered from 'equal weight' to 'underweight' ahead of a "very difficult" first half given its commodity exposure.
Brewing group SABMiller has been hit with a downgrade by Credit Suisse from 'neutral' to 'underperform', with the bank saying that its premium valuation is "unwarranted".
Credit Suisse said it doesn't expect any margin improvement at SABMiller over the next two financial years. Meanwhile, the bank quashed ongoing M&A speculation regarding Belgian brewer AB Inbev, saying that SABMiller is unlikely a bid target at current levels.
Kingfisher has been lowered from 'hold' to 'sell' over at Investec, with the broker saying it sees no sign of a recovery at the DIY retailer any time soon. | | |
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