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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: FTSE back near record high as updates from Sky and ARM impress After a couple of days of losses, UK stocks were renewing their push towards record highs again on Tuesday, helped by well-received results from blue chips Sky and ARM Holdings.
The FTSE 100 was up 0.60% at 7,094.78 within the opening hour.
The index rose as high as 7,105.13 early on, just shy of its intraday record of 7,119.35 reached last week. The all-time closing high of 7,096.78 was set on 15 April.
Stocks had rebounded strongly on Monday after two sessions in the red as China's central bank lowered the reserve requirement ratio by once percentage point in an effort to boost bank lending.
"The UK index is tickling 7,100 and once again looks like it could break its all-time record highs," said Spreadex analyst Connor Campbell. "This despite a fall back from the mining and oil stocks that were looking so strong yesterday, as Brent crude and copper lead the sectors lower."
The German ZEW survey which measures economic sentiment is the only major data release scheduled for Tuesday's session. The main confidence index is forecast to have risen to 55.3 in April from 54.8 the month before.
Sky and ARM impress
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. Shares in the broadband and pay-TV group were rising strongly early on.
Also 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".
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.
Lower commodity prices were weighing on stocks in the mining and oil sectors, which were pulling back after a decent performance on Monday. Rio Tinto, Anglo American, Shell and Glencore were among the worst performers.
Rio Tinto said in a statement it expects to meet its full-year production targets but delivered lower-than-expected iron-ore shipments in the first quarter as a result of poor weather and transport delays.
Meanwhile, Barclays Capital downgraded its ratings on Rio and sector peer Anglo American to 'equal weight' and 'underweight' respectively. |
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| Market Movers
techMARK 3,243.92 +1.02%
FTSE 100 7,094.78 +0.60%
FTSE 250 17,737.77 +0.76%
FTSE 100 - Risers
Sky (SKY) 1,101.00p +4.66%
ARM Holdings (ARM) 1,193.00p +3.74%
InterContinental Hotels Group (IHG) 2,860.00p +2.66%
ITV (ITV) 272.60p +2.06%
London Stock Exchange Group (LSE) 2,549.00p +2.04%
3i Group (III) 505.50p +2.02%
Whitbread (WTB) 5,380.00p +1.99%
Aggreko (AGK) 1,662.00p +1.96%
Hargreaves Lansdown (HL.) 1,232.00p +1.90%
Pearson (PSON) 1,400.00p +1.89%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,781.00p -2.86%
Rio Tinto (RIO) 2,821.50p -1.83%
Anglo American (AAL) 1,024.00p -1.35%
Kingfisher (KGF) 348.90p -0.77%
BHP Billiton (BLT) 1,470.50p -0.74%
Royal Dutch Shell 'A' (RDSA) 2,109.00p -0.57%
SABMiller (SAB) 3,601.50p -0.51%
Antofagasta (ANTO) 744.00p -0.40%
Coca-Cola HBC AG (CDI) (CCH) 1,341.00p -0.30%
Fresnillo (FRES) 714.00p -0.28%
FTSE 250 - Risers
International Personal Finance (IPF) 500.00p +5.26%
Just Eat (JE.) 459.80p +3.28%
IMI (IMI) 1,286.00p +2.80%
Fidelity China Special Situations (FCSS) 168.50p +2.74%
Rightmove (RMV) 3,170.00p +2.72%
Go-Ahead Group (GOG) 2,563.00p +2.44%
AO World (AO.) 189.70p +2.43%
Investec (INVP) 610.50p +2.35%
Informa (INF) 587.50p +2.26%
Smith (DS) (SMDS) 378.60p +2.21%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 887.50p -2.74%
Acacia Mining (ACA) 280.40p -2.23%
Clarkson (CKN) 2,202.00p -1.92%
Premier Oil (PMO) 169.80p -1.91%
PayPoint (PAY) 860.50p -1.83%
Lonmin (LMI) 133.80p -1.62%
Wood Group (John) (WG.) 701.00p -1.20%
Hunting (HTG) 593.50p -1.17%
Jimmy Choo (CHOO) 166.20p -1.07% |
| | UK Event Calendar | | Tuesday 21 April
INTERIMS
Associated British Foods, Egdon Resources, Kcell Joint Stock Co GDR (Reg S), Utilitywise
INTERIM DIVIDEND PAYMENT DATE
Brooks Macdonald Group, Sky
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q3
Sky
FINALS
Cdialogues , Toumaz Limited
ANNUAL REPORT
Hydro International, Zincox Resources
IMSS
Redrow
SPECIAL DIVIDEND PAYMENT DATE
Jupiter Fund Management
AGMS
Brit , Domino's Pizza Group, Genel Energy, Herald Inv Trust, Maven Income and Growth VCT 5, Premier Energy & Water Trust, Progressive Digital Media Group, Santander 10te%, Telecity Group
TRADING ANNOUNCEMENTS
Associated British Foods
FINAL DIVIDEND PAYMENT DATE
Baronsmead VCT 5, Jupiter Fund Management , PPHE Hotel Group Ltd
Q1
ARM Holdings, Kcell Joint Stock Co GDR (Reg S), Verizon Communications |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Indices gain ahead of German economic confidence report Equity indices in the Eurozone gained as investors pondered developments in Greece and awaited a report that is expected to show German economic confidence rose in April.
The European Central Bank is looking into measures to rein in emergency liquidity assistance to Greek banks, Bloomberg reported. It is understood policymakers have proposed increasing the haircuts banks take on the collateral they post when borrowing from the Bank of Greece.
Athens on Monday issued a decree that requires local governments to transfer balances to the central bank. The Greek government owes the International Monetary Fund debt repayments on 1 May and 12 May.
"The move by the government to effectively confiscate cash reserves from public sector purses throughout Greece is very worrying for two reasons, it reeks of desperation and gives the impression that they are not optimistic on a deal being reached on reforms," said Craig Erlam, senior market analyst at Oanda.
"It's believed that this extraordinary measure will raise just over €2bn which will buy the government a little more time but I don't know what it hopes to achieve."
The euro was down 0.64% to $1.0669 in morning trade.
ZEW releases its report on German economic sentiment at 10:00 BST. The index measuring confidence is forecast to climb to 55.3 in April from 54.8 a month earlier.
It is an otherwise quiet day of economic data with the week set to pick up on Wednesday with the release of report on Eurozone consumer confidence and US existing home sales along with the Bank of England's meeting minutes.
On the corporate front, Publicis Groupe, the French parent company of advertising agency Saatchi & Saatchi, jumped after reporting a 32% rise in first quarter sales that beat analysts' expectations.
Rio Tinto declined after posting an increase in first quarter iron production that trailed forecasts.
L'Oreal SA rallied after the cosmetics giant revealed a 14% increase in first-quarter sales, supported by a weaker euro. |
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| | US Market Report | | US close: Stocks rally on China stimulus and upbeat earnings US stocks rallied on Monday notching their best one-day gain in three weeks, with investors buoyed by new monetary easing measures from China's central bank and upbeat earnings reports.
The Dow Jones Industrial Average closed up 209 points to 18,034.93, while the S&P 500 and the Nasdaq gained 19 and 65 points respectively.
The People's Bank of China, under pressure to boost growth following a recent batch of weak economic data, this weekend lowered its reserve requirement ratio by one percentage point, the most aggressive cut since 2008.
However, the bigger-than-expected move, intended to boost bank lending, failed to spark a rally on Asian indices with stocks across the continent firmly in the red on Monday.
"This is only likely to provide temporary relief for US stocks which are facing a tough few weeks," said Oanda's senior market analyst Craig Erlam.
"Earnings season may have got off to a good start but it has included a lot of financial institutions which were expected to announce decent results."
Over 32% of the S&P 500 companies will publish results during the week, with Microsoft, Apple and Google all set to report.
"Despite being the single biggest drag on US corporate earnings growth, the energy sector was the best performing last week, as crude oil broke above its 2015 trading range," said Jasper Lawler, market analyst at CMC Markets.
"Energy sector earnings expectations are now very low, so stocks in the sector could benefit by beating those lowered expectations."
In company news, Morgan Stanley climbed 0.57% after its first quarter results beat analysts' estimates, while toy-maker Hasbro jumped 12.55% after profit and sales beat expectations.
Computer giant IBM rose just over 2% in after-hour trading after reporting first quarter adjusted earnings of $2.91 per share compared with forecast of $2.81 per share, while revenue for the period amounted to $19.6bn against forecast of $19.67bn.
Discount voucher company Groupon advanced 0.69% after revealing it had agreed to sell a controlling 46% stake in South Korean e-commerce site Ticket Monster to KKR & Co. and Anchor Equity Partners for $360m.
Oilfield services giant Halliburton gained 2.05% after reporting better-than-expected earnings per share, even though it posted a first-quarter net loss of $643m, or 76 cents a share, as volatility in oil prices continued.
Industrial real estate developer Prologis rose 0.4% after securing a deal to buy industrial-property owner KTR Capital Partners for $5.9bn, in one of the biggest real estate deals this year.
Going the other way, Royal Caribbean Cruises slumped 8.01% after the cruise operator lowered the outlook for 2015 citing a strong dollar and rising fuel costs.
Defence technology group Raytheon Company fell 0.22% after announcing it plans to invest $1.7bn in a cyber unit, while The Wall Street Journal reported the group has completed the acquisition of Websense Inc. from private-equity firm Vista Partners.
Meanwhile, William Dudley, the president of the New York Federal Reserve, said that economic performance will determine the timing of the first interest rates hike.
The data will "hopefully" support a rate hike later this year, Dudley said at the Bloomberg Americas Monetary Summit, adding that "the timing is data dependent and we will have to see what unfolds."
The dollar began the week in strong fashion, rising 0.66% against the euro and gaining 0.40% and 0.33% against the pound and the yen respectively, while gold futures slid 0.71% to $1,194.50.
Oil prices were mixed, with West Texas Intermediate gaining 1.1% to $56.37 a barrel, while Brent crude lost 0.1% to $63.38 a barrel.
S&P 500 - Risers
Hasbro Inc (HAS) $74.16 +12.55%
Windstream Holdings Inc (WIN) $8.19 +6.50%
CSX Corp. (CSX) $34.89 +4.77%
NRG Energy Inc. (NRG) $25.91 +3.81%
Amazon.Com Inc. (AMZN) $389.80 +3.79%
Harman International Industries Inc. (HAR) $142.00 +3.63%
Discovery Communications Inc. Class A (DISCA) $33.96 +3.54%
International Business Machines Corp. (IBM) $166.16 +3.42%
Microsoft Corp. (MSFT) $42.90 +3.09%
Under Armour Inc. Class A (UA) $87.76 +3.08%
S&P 500 - Fallers
CONSOL Energy Inc. (CNX) $30.04 -3.53%
Genworth Financial Inc. (GNW) $7.77 -3.12%
Mylan Inc. (MYL) $68.04 -2.54%
Peabody Energy Corp. (BTU) $5.07 -2.22%
Hershey Foods Corp. (HSY) $98.21 -2.05%
Altera Corp. (ALTR) $43.16 -1.95%
Hudson City Bancorp Inc. (HCBK) $9.33 -1.79%
Rowan Companies plc (RDC) $20.02 -1.48%
Tyson Foods Inc. (TSN) $38.49 -1.38%
Tesoro Corp. (TSO) $83.62 -1.38%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $166.16 +3.42%
Microsoft Corp. (MSFT) $42.90 +3.09%
Apple Inc. (AAPL) $127.60 +2.28%
Boeing Co. (BA) $152.66 +2.05%
Cisco Systems Inc. (CSCO) $28.48 +2.02%
E.I. du Pont de Nemours and Co. (DD) $72.81 +1.76%
3M Co. (MMM) $164.51 +1.73%
Caterpillar Inc. (CAT) $84.60 +1.58%
Nike Inc. (NKE) $99.98 +1.45%
Walt Disney Co. (DIS) $108.22 +1.43%
Dow Jones I.A - Fallers
General Electric Co. (GE) $27.02 -0.84%
American Express Co. (AXP) $77.21 -0.14%
Pfizer Inc. (PFE) $35.00 -0.11%
Unitedhealth Group Inc. (UNH) $118.58 -0.11%
Nasdaq 100 - Risers
Check Point Software Technologies Ltd. (CHKP) $85.88 +5.05%
Amazon.Com Inc. (AMZN) $389.80 +3.79%
Discovery Communications Inc. Class A (DISCA) $33.96 +3.54%
Microsoft Corp. (MSFT) $42.90 +3.09%
Seagate Technology Plc (STX) $59.13 +2.97%
Facebook Inc. (FB) $83.09 +2.87%
Wynn Resorts Ltd. (WYNN) $128.95 +2.75%
Alexion Pharmaceuticals Inc. (ALXN) $185.71 +2.41%
Apple Inc. (AAPL) $127.60 +2.28%
QUALCOMM Inc. (QCOM) $68.64 +2.27%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $68.04 -2.54%
Altera Corp. (ALTR) $43.16 -1.95%
Charter Communications Inc. (CHTR) $183.87 -1.54%
Whole Foods Market Inc. (WFM) $48.37 -0.90%
Tesla Motors Inc (TSLA) $205.27 -0.74%
Netflix Inc. (NFLX) $567.38 -0.73%
Gilead Sciences Inc. (GILD) $100.65 -0.72%
Nvidia Corp. (NVDA) $22.09 -0.50%
Vimpelcom Ltd Ads (VIP) $5.65 -0.35% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Labour, HSBC, Credit Suisse The latest poll by Populus has shown that Labour at 34% are two points ahead of the Conservatives who have dropped a percentage point since last week, the Financial Times said.
HSBC's chairman Douglas Flint has said at a company meeting in Hong Kong that the time may come soon for the bank to review its head office location, The Guardian writes.
Net profit at Swiss banking giant Credit Suisse jumped 23% in the first quarter on the back of a pick-up at its investment bank and lower costs, reports The Wall Street Journal.
A survey has shown that 73% of finance workers in the UK would vote for the UK to stay in the EU if given the opportunity to do so, The Telegraph reports.
Lloyds management was only informed late on Saturday about Sunday's announcement of a Conservative plan to offer £4bn-worth of discounted shares to the public if they win the election, writes The Times. The paper cited sources as saying that the sale could happen as soon as September.
France's central bank has warned that Greece's banking sector is on the verge of collapse, The Times reports. "At some point, Greek banks are likely to be unable to offer enough collateral to access refinancing even for emergency liquidity," Banque de France governor Christian Noyer said.
Cirque du Soleil has been acquired by TPG Capital and Chinese conglomerate Fosun in a deal that values it at $1.5bn, according to the Financial Times. | | |
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