| | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London close: Mining stocks stage late rally on Chinese stimulus hopes UK stocks finished higher after a choppy session on Thursday, with investors having to digest a raft of corporate earnings, mixed economic data and developments in Greece. After swinging between the red and the green for most of the day, London's FTSE 100 rallied in afternoon trade as blue-chip miners extended gains following data which showed that Chinese manufacturing activity contracted again in April, raising hopes for further stimulus from Beijing.
The Footsie ended the day up 25.43 points at 7,053.67, well above the intraday low of 6,995.79 reached early on.
Developments in Greece were continuing to act as a backdrop for markets no Thursday as Greek prime minster Alexis Tsipras called for the speeding up of talks to reach a reform-for-cash deal with creditors.
As Tsipras met with German chancellor Angela Merkel at the sidelines of an EU summit in Brussels, a German official was quoted as saying that while Berlin wants to keep Greece in the euro area, "time is running short".
However, according to analyst Joshua Mahony from IG, a Greek official stated that according to the current rate of progress, a deal would be done by the end of the month. "Unfortunately, for anyone with a memory, this simply reinforces the trend of Greek positivity and disregard for the needs of their creditors, followed by negativity and worry from creditors who repeatedly get their demands rebuffed," Mahony said.
In economic data, revisions to UK public-sector net borrowing figures had given sentiment a lift on Thursday morning after the deficit was revised down to £87.3bn for the 2014/15 fiscal year, below the £90.2bn budget forecast.
However, UK retail sales fell 0.5% in March due to a decline in fuel sales, the Office for National Statistics said, missing the 0.4% increase expected by analysts.
Manufacturing data from China, Europe and the US also showed that growth had either slowed or, in the case of China, fallen deeper into negative territory. Other US data also disappointed, with jobless claims unexpectedly rising and new home sales falling more than anticipated.
Pace rockets, miners rise
Pace, the UK cable television set-top box maker, jumped 35% after agreeing to be taken over by US telecommunications equipment manufacturer Arris in a $2.1bn deal. Pace management have agreed that Arris will pay Pace shareholders 426.5p in cash and stock, a 28% premium to the closing price on Wednesday.
Mining stocks were on the rise as weak Chinese data - the HSBC manufacturing purchasing managers' index fell to a one-year low - spurred hopes that the People's Bank of China will inject more stimulus into the world's top metals consumer. Antofagasta, Rio Tinto, BHP Billiton and Fresnillo were among the best performers.
Even Anglo American gained despite reporting that two of its three largest divisions saw declines in output in the first quarter. Nevertheless, the company said it performed in line with expectations during the period.
First quarter like-for-like sales growth from WPP was slightly slower than hoped, though profits and margin at the media megalith were "well above target" and the outlook statement was unchanged.
Limiting upside were a number of stocks that went ex-dividend, including Aggreko, Antofagasta, ARM Holdings, Barratt Development, BG Group, Glencore, Legal & General, Mondi, Old Mutual and Unilever.
Aircraft parts manufacturer Senior fell after a subdued trading update, with the group warning that its 2015 profit outlook would be more weighted towards the second half than normal.
Market Movers
techMARK 3,258.42 +0.66%
FTSE 100 7,053.67 +0.36%
FTSE 250 17,684.73 +0.28% |
| | Free Expert Signals & Exclusive Bonus | | It’s common knowledge that successful trading requires being connected to professional analysts. Sunbird FX is excited to offer you FREE market signals today with your registration, and exclusively for ADVFN users an added 30% start up bonus Click here to get started! |
| | FTSE 100 - Risers
Anglo American (AAL) 1,062.00p +4.73%
Antofagasta (ANTO) 784.50p +4.67%
Fresnillo (FRES) 727.50p +3.49%
Rio Tinto (RIO) 2,958.00p +3.30%
BHP Billiton (BLT) 1,531.50p +3.27%
Ashtead Group (AHT) 1,169.00p +2.63%
Barclays (BARC) 258.45p +2.03%
Coca-Cola HBC AG (CDI) (CCH) 1,368.00p +2.01%
Morrison (Wm) Supermarkets (MRW) 193.50p +1.63%
Sainsbury (J) (SBRY) 267.00p +1.52%
FTSE 100 - Fallers
Legal & General Group (LGEN) 265.10p -4.37%
Old Mutual (OML) 231.10p -2.69%
Sports Direct International (SPD) 616.50p -2.30%
Mondi (MNDI) 1,322.00p -2.29%
Johnson Matthey (JMAT) 3,405.00p -1.76%
WPP (WPP) 1,572.00p -1.50%
easyJet (EZJ) 1,825.00p -1.24%
Rolls-Royce Holdings (RR.) 1,035.00p -1.24%
GlaxoSmithKline (GSK) 1,530.50p -1.16%
Aggreko (AGK) 1,653.00p -1.14%
FTSE 250 - Risers
Pace (PIC) 447.00p +34.64%
Lonmin (LMI) 145.60p +8.66%
Premier Oil (PMO) 173.80p +5.46%
Tullow Oil (TLW) 417.80p +4.90%
Betfair Group (BET) 2,351.00p +4.86%
Entertainment One Limited (ETO) 324.00p +4.38%
Petra Diamonds Ltd.(DI) (PDL) 167.80p +4.22%
TalkTalk Telecom Group (TALK) 360.10p +3.75%
Premier Farnell (PFL) 193.00p +3.49%
Jimmy Choo (CHOO) 170.00p +3.03%
FTSE 250 - Fallers
Senior (SNR) 325.20p -5.77%
Hansteen Holdings (HSTN) 120.00p -4.69%
UBM (UBM) 542.50p -3.04%
William Hill (WMH) 361.20p -2.98%
AL Noor Hospitals Group (ANH) 870.00p -2.52%
St. Modwen Properties (SMP) 443.00p -2.14%
Laird (LRD) 349.50p -2.05%
Interserve (IRV) 574.00p -2.05%
Savills (SVS) 820.00p -2.03% |
| | FCA regulated advice in FX, Gold and Silver | | Beta 2 is proud to offer personalised FCA regulated advice, completely tailored to your requirements. Attempting to yield returns in any climate, this is exclusive to ADVFN users! Click here to learn more! |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Slate of downbeat data weighs on stocks Disappointing data in the Eurozone, China, UK and US dragged stocks lower in the Eurozone. Worse-than-forecast manufacturing purchasing managers' index reports in China, the Eurozone and US weighed on markets.
The UK saw an unexpected decline in UK retail sales figures for March while the US experienced a surprise rise in weekly jobless claims.
US existing home sales data was also gloomy, falling more than estimated by analysts.
Greece remained closely in focus as Prime Minister Alexis Tsipras met with German Chancellor Angela Merkel in Brussels. Tsipras has urged Merkel to help speed up negotiations for Greece's bailout to unlock further aid. Eurozone finance ministers meet on Friday in Riga.
On a positive note, a Greek government official reportedly said a deal was expected by the end of the month following news that an agreement wasn't likely until May.
"Unfortunately, for anyone with a memory, this simply reinforces the trend of Greek positivity and disregard for the needs of their creditors, followed by negativity and worry from creditors who repeatedly get their demands rebuffed," said IG analyst Josh Mahony.
The euro was up 0.74% to $1.0804 at the closing bell.
Ericsson, Bilfinger edge lower
Ericsson AB slumped after the network-equipment maker's first-quarter profit fell short of forecasts.
Bilfinger dropped after reducing its annual profit guidance due to low demand at its power and oil and gas businesses.
Michelin & Cie. and Pernod Ricard SA advanced after reporting an increase in quarterly sales.
Logitech International SA gained after the Swiss maker of computer mice posted a rise in annual profit. |
| | Apply with ETX Capital | | Receive a welcome bonus on your first deposit up to 60% (T&C’s apply) Losses can exceed deposits |
| | US Market Report | | US open: Stocks inch lower on mixed earnings, weak data US stocks opened with small losses on Thursday as investors digested a batch of weak economic data from home and abroad and mixed corporate earnings from America's blue chips.
By 10:11 in New York, the Dow Jones Industrial Average was down 0.15%, the Nasdaq fell 0.02% and the S&P 500 declined 0.05%.
"With plenty of data being released from the US today and a number of massive companies also reporting on the first quarter, it should be a very eventful trading session," said Oanda analyst Craig Erlam.
Shares in Procter & Gamble and 3M were among the fallers after their quarterly results disappointed, while Caterpillar and Ebay impressed.
Data released before the opening bell revealed that claims for unemployment benefits unexpectedly rose in the week to 18 April. The Labor Department reported that US initial jobless claims rose to 295,000 in the week to 18 April from 294,000 the previous week, compared to analysts' estimates of 287,000.
US new home sales plunged by 11.4% to 481,000 in March after surging 7.8% the previous month to a seven-year high of 543,000.
Meanwhile, Markit's preliminary reading of its US manufacturing purchasing managers' index (PMI) fell to 54.2 in April from 55.7 in March. Analysts expected no change.
Further abroad, data also released on Thursday that the HSBC Chinese manufacturing PMI fell to a one-year low in April while the Eurozone composite PMI pulled back from an 11-month high due to weaker growth in France and Germany.
In corporate news, consumer products giant P&G fell after a stronger dollar led to a 7.6% fall in sales in its third quarter to $18.1bn, marking the fifth straight quarter of declines.
Manufacturing conglomerate 3M dropped after lowering its annual profit guidance as a stronger dollar hit sales and profits in its first quarter. Earnings per share for the full year are now forecasts to be $7.80-8.10, below its previous guidance of $8.00-8.30.
Industrial equipment maker Caterpillar beat forecasts and strong demand in North America made up for falling sales in China and Latin America. Sales fell 4% to $12.7bn in the first three months of 2015, ahead of the $12.3bn pencilled in by analysts.
|
| | Wealth creation through asset backed investments... | | Take an alternative approach to investing with our latest high fixed return investment opportunity
No annual fees, flexible investment periods and income paid quarterly Click here to find out more! |
| | Broker Tips | | Broker tips: Lloyds, Vodafone, Pace Deutsche Bank has named Lloyds as its "top pick" in the UK banking sector ahead of the first-quarter reporting season, saying that operating conditions across the sector have been good over the start of 2015.
"Lloyds is our top pick, Barclays offers material valuation upside, Standard Chartered is a 'sell'. HSBC and RBS are 'holds'."
The next 12 months will be a "year of inflection" for Vodafone, according to Goldman Sachs which predicts a return to organic growth at the telecoms giant. The bank kept a 'buy' rating.
After seven years of profit declines, it expects Vodafone's European margins to finally stabilise in the year to March 2016 has forecast organic sales to rise around 2%.
A £1.4bn takeover offer from US group Arris for Pace has prompted Numis Securities to remove its 'sell' rating on UK set-top box maker. | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment