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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: M&S gains, but UK stocks flat ahead of long weekend High street department store Marks & Spencer led retailers higher on Thursday morning, though the wider markets was kept broadly flat as concerns about Greece and UK political uncertainty limited upside. M&S shares surged 5.5% after an unexpected return to growth in clothing sales, while Dunelm and Booker also impressed with trading updates.
The FTSE 100 was up just 0.04% at 6,812.14 in early deals.
Markets will be closed on Friday and Monday and investors were showing signs of caution early on ahead of the long weekend.
Thursday night will see the leaders of the seven top political parties in the UK battle it out in a live, televised debate in the run-up to the general election in May.
"As the election looms, and that seven-way mega-debate this evening, the FTSE's natural predilection for the next month may be stagnation, as investors try and wait out the increasingly uncertain election run-in," said Spreadex analyst Connor Campbell.
Markets were also keeping an eye on Greece after Athens submitted a new proposal of economic reforms overnight "which is more specific and quantified", according to the Greek finance ministry. The 26-page document suggests that Greece could raise as much as €6bn this year as it looks to unlock €7.2bn in bailout funds before it runs out of money.
Nevertheless, EU officials claimed that the new list still needs more work and a deal is not expected before the next meeting of Eurozone finance ministers on 24 April.
Analysts at Barclays said the new list "represents a clear step in the right direction in our view" for Greece. "However, we do not think this document represents the last iteration of reform proposals exchanged by Athens and Brussels, given that it contains some elements that are likely to be further revised," they said.
M&S shines in Q4
In the fourth quarter Marks & Spencer delivered its first growth from clothing and general merchandise for 14 quarters, with like-for-like sales unexpectedly rising 0.7% in both clothing and food. The market had been expecting GM sales to fall and food to be flattish.
UK homewares retailer Dunelm was also higher as it delivered a upbeat outlook after increasing sales by 10.7% in the third quarter, though growth did tail off slightly from the first half.
Food wholesale retailer Booker rose after saying it had a "good end to a good year" with a 1% rise in fourth-quarter sales despite ongoing price deflation, as its chairman announced his resignation.
Playtech's first move into the financial trading market was welcomed by investors as the online gaming group agreed to acquire forex and CFD provider company TradeFX, owner of the markets.com website, for up to €458m.
Ingredient and beverage provider Tate & Lyle was higher after reiterating guidance for the current financial year, saying that it expected profit to be lower than initial estimates.
A number of stocks went ex-dividend on Thursday, including DS Smith, Wolseley, Game Digital, IHG and Lloyds. |
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| | Market Movers
techMARK 3,156.36 +0.40%
FTSE 100 6,812.14 +0.04%
FTSE 250 17,210.42 +0.51%
FTSE 100 - Risers
Marks & Spencer Group (MKS) 559.50p +5.47%
Coca-Cola HBC AG (CDI) (CCH) 1,266.00p +3.60%
Hikma Pharmaceuticals (HIK) 2,197.00p +3.10%
Imperial Tobacco Group (IMT) 3,107.00p +2.04%
Randgold Resources Ltd. (RRS) 4,851.00p +1.04%
Weir Group (WEIR) 1,712.00p +1.00%
Associated British Foods (ABF) 2,840.00p +0.85%
ARM Holdings (ARM) 1,104.00p +0.82%
Aggreko (AGK) 1,563.00p +0.77%
London Stock Exchange Group (LSE) 2,465.00p +0.74%
FTSE 100 - Fallers
easyJet (EZJ) 1,841.00p -1.66%
BHP Billiton (BLT) 1,446.50p -1.60%
Hargreaves Lansdown (HL.) 1,145.00p -1.46%
Kingfisher (KGF) 362.80p -1.41%
Glencore (GLEN) 280.35p -1.32%
Antofagasta (ANTO) 724.00p -1.30%
International Consolidated Airlines Group SA (CDI) (IAG) 592.50p -1.25%
InterContinental Hotels Group (IHG) 2,610.00p -1.21%
Anglo American (AAL) 1,006.00p -1.03%
TUI AG Reg Shs (DI) (TUI) 1,199.00p -0.99%
FTSE 250 - Risers
BTG (BTG) 776.50p +5.29%
Playtech (PTEC) 808.00p +4.06%
Centamin (DI) (CEY) 58.75p +3.80%
Soco International (SIA) 160.00p +3.23%
Rathbone Brothers (RAT) 2,110.00p +2.88%
Telecom Plus (TEP) 914.00p +2.81%
Cranswick (CWK) 1,400.00p +2.71%
Premier Oil (PMO) 137.00p +2.54%
Aveva Group (AVV) 1,484.00p +2.34%
Renishaw (RSW) 2,486.00p +2.26%
FTSE 250 - Fallers
Ladbrokes (LAD) 101.20p -2.88%
John Laing Infrastructure Fund Ltd (JLIF) 123.50p -2.60%
Betfair Group (BET) 2,195.00p -2.05%
Serco Group (SRP) 141.90p -1.87%
Vedanta Resources (VED) 488.50p -1.47%
JD Sports Fashion (JD.) 478.00p -1.44%
Redrow (RDW) 355.10p -1.22%
Worldwide Healthcare Trust (WWH) 1,868.00p -1.06%
Smith (DS) (SMDS) 342.10p -1.01% |
| | UK Event Calendar | | Thursday April 02
INTERIM DIVIDEND PAYMENT DATE
Clinigen Group, Hansard Global, MJ Gleeson , Pennon Group, River and Mercantile Group , Thorpe (F.W.), Wilmington Group
INTERIM EX-DIVIDEND DATE
Abbey, Finsbury Food Group, Game Digital, GETECH Group, Henderson EuroTrust, Photo-Me International, Plexus Holdings, Produce Investments, Renewable Energy Generation Ltd., Smith (DS), Volution Group (WI), Wolseley
QUARTERLY PAYMENT DATE
Barclays
QUARTERLY EX-DIVIDEND DATE
Investors Capital Trust 'A' Shares, JP Morgan Chase & Co, Mercantile Investment Trust (The)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
Retail Sales (GER) (07:00)
FINALS
Forbidden Technologies
ANNUAL REPORT
Alpha Pyrenees Trust Ltd., Ladbrokes, Pacific Assets Trust, ProPhotonix (DI)
SPECIAL DIVIDEND PAYMENT DATE
River and Mercantile Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Game Digital
AGMS
Amino Technologies, Scottish American Inv Company, XP Power Ltd. (DI)
TRADING ANNOUNCEMENTS
Electrocomponents, Marks & Spencer Group, Tate & Lyle
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Greencore Group, Hiscox Ltd (CDI), LPA Group, MTI Wireless Edge Ltd., St. Modwen Properties
FINAL EX-DIVIDEND DATE
Amino Technologies, BrainJuicer Group, Cambian Group, Dragon Oil, Fyffes, Glanbia, HGCapital Trust, InterContinental Hotels Group, Interserve, Jardine Lloyd Thompson Group, John Laing Infrastructure Fund Ltd, Journey Group, Lloyds Banking Group, Nichols, Pearson, SpaceandPeople
Friday April 03
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Non-Farm Payrolls (US) (13:30)
Unemployment Rate (US) (13:30)
ANNUAL REPORT
Menzies(John)
EGMS
OJSC Phosagro GDR (Regs), Public Power GDR SA (Reg S)
FINAL DIVIDEND PAYMENT DATE
Treatt |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities little changed as Greece presents new list of reforms Equities in the euro-area were little changed as investors awaited the release of US data on jobs and factory orders, and weighed developments in Greece. Initial jobless claims figures in the US are due at 12:30 GMT, with analysts expecting 285,000 claims in the week to 28 March.
It comes a day ahead of the non-farm payrolls data, which will be closely followed by the market to gauge the health of the labour market. Any sign of further improvement is likely to fuel speculation of an interest rate hike by the Federal Reserve.
A report on US factory orders at 14:00 GMT is forecast to show a 0.4% increase in February, compared to a 0.2% drop the previous month.
In the UK is the release of construction activity data at 08:30 GMT. The Markit/CIPS purchasing managers' index is predicted to fall to 59.8 in March from 60.1 a month earlier. A reading above 50 signals expansion while a level underneath indicates a contraction.
Greece sent an updated list of reforms on Wednesday to appease international creditors in order to unlock further aid.
However, Eurozone officials said more work was needed before new funds could be released, dampening hopes of an agreement as Greece moves closer to running out of cash.
In response, the European Central Bank has increased the Bank of Greece's emergency lending assistance capacity by another €700m, after €1.2bn last week.
"A great deal of scepticism remains about the prospect of any type of deal before the next EU finance ministers meeting on 24 April, which given that Greece needs to make various payments of nearly €2.5bn, between now and then, doesn't bode well for any sort of resolution this week, or next week, for that matter," said Michael Hewson, chief market analyst at CMC Markets UK.
The euro rose 0.54% to $1.0821.
Miners lower
A measure of mining stocks fell, including BHP Billiton and Glencore, after lacklustre Chinese manufacturing data on Wednesday dented overnight confidence in copper, while iron ore prices weakened.
Marks & Spencer rose to lead retailers higher after reporting an unexpected increase in general merchandise for the first time since 2011.
Royal KPN rallied after saying it has had interest from several parties about the purchase of Base, its Belgian mobile phone business.
Deutsche Lufthansa AG slumped after Barclays reduced its rating on the airline to 'equal weight' from 'overweight'. |
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| | US Market Report | | US close: Dow falls over 70 points on weak ADP report and disappointing factory data US stocks declined on Wednesday following a disappointing ADP employment report and weak factory data.
The Dow Jones Industrial Average closed down 77.94 points to 17,698.18, while the S&P 500 and the Nasdaq lost eight and 22 points respectively.
The ADP report, widely seen a precursor to the monthly nonfarm payrolls report showed the US economy added 189,000 in March, short of market forecasts.
Economists had predicted that 225,000 jobs were created last month, up from 212,000 in February.
"We view the 25,000 deceleration in March ADP employment growth as consistent with our forecast for a 245,000 rise in private payrolls in Friday's employment report from the Labor Department," Barclays analysts said in a note.
As such, the US labour market's recovery was in question on Wednesday as investors worried the recent strength could soon diminish, as attention switches to the official non-farm release on Friday which economists forecast will show 245,000 positions were created in March.
The US manufacturing sector advanced at the slowest pace for almost two years in March, data released on Wednesday showed.
The Institute for Supply Management said its manufacturing index marked its fifth consecutive drop, declining 1.4% month-on-month to 51.5% in March a level not seen since May 2013.
"The decline illustrates that the stronger dollar and soft overseas demand are still an obstacle for export-orientated producers," said Capital Economics' chief US economist Paul Ashworth.
In company news, Ford fell 1.43%, while sector peer General Motors shed 2.03% after both motoring giants reported a 3% and 2% decline in annual sales respectively,
Going the other way, FCA climbed 0.31% after reporting a 2% increase in sales in the year to the end of last month, as the company recorded its best ever March since 2007.
Shares of Hewlett-Packard edged forward 0.42% after analysts at Jefferies lifted the computer maker to buy, saying it sees "significant longer-term value" not reflected in the current valuation.
Biopharmaceutical group Sarepta Therapeutics jumped 6.25% after the group unveiled Edward Kaye as its interim chief executive with immediate effect.
Twitter rose 0.78% after analysts at Jeffries initiated coverage on the stock with a 'buy' rating, while office supplier Staples climbed 0.58% after economists at KeyBanc Capital lifted the company to 'overweight'.
Oil prices staged a solid rebound, with West Texas Intermediate surging 4.1% to $49.64 a barrel, while Brent crude rose 2.9% to $56.77 a barrel.
The dollar was stable agains the pound but fell 0.23% against the yen and 0.21% against the euro, while gold futures jumped 1.77% to $1,204.10
S&P 500 - Risers
Windstream Holdings Inc (WIN) $7.77 +5.00%
Newmont Mining Corp. (NEM) $22.73 +4.70%
Kraft Foods Group, Inc. (KRFT) $90.71 +4.13%
Monsanto Co. (MON) $117.06 +4.02%
Frontier Communications Co. (FTR) $7.29 +3.40%
Nabors Industries Ltd. (NBR) $14.09 +3.22%
Lorillard Inc. (LO) $67.39 +3.12%
Newfield Exploration Co (NFX) $36.10 +2.88%
CenturyLink Inc. (CTL) $35.50 +2.75%
American Tower Corp (Reit) (AMT) $96.46 +2.45%
S&P 500 - Fallers
Macerich Co (MAC) $78.77 -6.59%
NRG Energy Inc. (NRG) $23.59 -6.35%
Delta Airlines Inc. (DAL) $43.27 -3.76%
Peabody Energy Corp. (BTU) $4.75 -3.46%
Express Scripts Holding Co (ESRX) $84.23 -2.93%
Darden Restaurants Inc. (DRI) $67.48 -2.68%
Electronic Arts Inc. (EA) $57.25 -2.66%
Nucor Corp. (NUE) $46.31 -2.56%
AbbVie Inc (ABBV) $57.10 -2.46%
Under Armour Inc. Class A (UA) $78.80 -2.41%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $192.23 +2.27%
American Express Co. (AXP) $78.93 +1.04%
Verizon Communications Inc. (VZ) $48.92 +0.60%
Walt Disney Co. (DIS) $105.44 +0.52%
Procter & Gamble Co. (PG) $82.34 +0.49%
Coca-Cola Co. (KO) $40.68 +0.32%
General Electric Co. (GE) $24.86 +0.20%
Microsoft Corp. (MSFT) $40.71 +0.14%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $80.70 -1.88%
Intel Corp. (INTC) $30.80 -1.50%
3M Co. (MMM) $162.49 -1.49%
Johnson & Johnson (JNJ) $99.15 -1.44%
Pfizer Inc. (PFE) $34.33 -1.32%
McDonald's Corp. (MCD) $96.34 -1.13%
United Technologies Corp. (UTX) $115.93 -1.08%
Merck & Co. Inc. (MRK) $56.86 -1.08%
Cisco Systems Inc. (CSCO) $27.24 -1.04%
JP Morgan Chase & Co. (JPM) $59.97 -1.01%
Nasdaq 100 - Risers
Kraft Foods Group, Inc. (KRFT) $90.71 +4.13%
Sandisk Corp. (SNDK) $65.14 +2.38%
Sba Communications Corp. (SBAC) $119.48 +2.03%
Adobe Systems Inc. (ADBE) $75.08 +1.54%
Western Digital Corp. (WDC) $92.35 +1.47%
Baidu Inc. (BIDU) $211.07 +1.28%
Comcast Corp. (CMCSA) $57.06 +1.04%
Mattel Inc. (MAT) $23.08 +1.01%
Liberty Global plc Series A (LBTYA) $51.89 +0.82%
DIRECTV (DTV) $85.79 +0.81%
Nasdaq 100 - Fallers
Express Scripts Holding Co (ESRX) $84.23 -2.93%
Mylan Inc. (MYL) $57.94 -2.38%
Regeneron Pharmaceuticals Inc. (REGN) $441.18 -2.28%
Alexion Pharmaceuticals Inc. (ALXN) $169.50 -2.19%
Biogen Inc (BIIB) $413.81 -2.00%
PACCAR Inc. (PCAR) $61.90 -1.96%
Illumina Inc. (ILMN) $182.09 -1.91%
Starbucks Corp. (SBUX) $93.02 -1.77%
Amgen Inc. (AMGN) $157.10 -1.72% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Greece, Novartis, Election debate Greece has submitted its most comprehensive reform plant yet with a 26-page proposal list, from tax evasion measures to a new bad bank, but warned that action was "urgently needed", writes The Guardian. Drug giant Novartis has been accused of attempting to block trails aimed at promoting a cheaper treatment for sight loss on the NHS than its own product, reports the Daily Mail. The company allegedly "bullied" experts who tried to prove that Avastin was just as effective as Novartis' Lucentis.
Thursday will see a seven-way clash between leaders of the top UK political parties starting at 20:00, according to The Guardian. Each will get a short opening statement followed by the chance to debate four topics.
The Commodity Futures Trading Commission has accused Kraft Foods and Mondelez Global of manipulating wheat markets, according to The Telegraph.
The European Union is laying the groundwork for anti-trust charges against internet giant Google following a five-year investigation, The Wall Street Journal writes.
Morgan Stanley's chief executive James Gorman received a$22.5m pay package for last year, up 25% on 2013, reports the Financial Times.
The chairman of the Banking Standards Review Council has said that banks must "raise their game" to regain public confidence after a number of scandals, The Telegraph said.
"The price of the bonds at the centre of a dispute between Lloyds and thousands of its investors rose yesterday, reflecting growing expectations that the bank will have to offer better terms to buy them back," writes The Guardian. | | |
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