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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: Stocks advance as Aveva and Bwin jump on M&A UK stocks jumped on Monday morning despite ongoing uncertainty about Greece, as the mood on the market was boosted by bid speculation surrounding Aveva and Bwin . party.
The FTSE 100 was up 0.56% at 6,999.75 early on, with mining stocks leading the charge, though BHP Billiton was bucking the trend.
Economic data is on the thin side on Monday with the NAHB US housing market index at 15:00 the only major release.
Oanda analyst Craig Erlam said the positive open across Europe "suggest[ed] a more positive sentiment among traders despite Greece's apparent insistence on walking blindly towards default without any consideration for the consequences".
It emerged over the weekend that Greek prime minister Alexis Tsipras had written to the IMF saying it did not have enough funds to repay it. While the repayment was actually made last week using emerging cash reserves, Tsipras stressed that Athens would not "back down on pension and labour issues" as creditors continue to negotiate over a cash-for-reforms deal.
Erlam said: "If neither side changes its stance then it would appear Greece is only a couple of weeks from defaulting on its debt and yet, the markets seem rather unfazed. Maybe investors have become immune to all this tough talk and still think Tsipras will cave or resign, enabling a late deal to be done. If we remain in this position as we near the 5 June, I doubt investors will be so confident."
Aveva and Bwin surge
Engineering software group Aveva was making decent gains early on after weekend reports that it could be an acquisition target of Schneider Electric, General Electric and Emerson Electric.
Meanwhile, online gaming group Bwin . Party Digital Entertainment jumped after confirming it has received a cash and shares bid from sector peer 888 Holdings.
Mining stocks were mostly higher, including Randgold Resources, Fresnillo, Anglo American, Rio Tinto and Glencore.
Fresnillo said it remains on track to hit its output guidance in 2015 after a strong start to the year, while Rio was making headlines on rumours it could raise $1bn from the sale of some aluminium assets.
However, BHP Billiton was trading with heavy losses after its South32 spin-off was valued at the lower end of market expectations on its debut on the Australian Stock Exchange.
Babcock gained after posting a 47% rise in pre-tax profit for the year ended March 31st to £313.1m on revenues up 37% at £4.5bn. The company said that revenue growth has come both organically, through major contract wins and by expanding and enhancing existing contracts, as well as from acquisitions made in the past year.
Weir was a top riser after analysts at Citigroup upgraded the stock to 'buy', while Coca-Cola HBC and Lloyds were hit by downgrades at Deutsche Bank and and Investec, respectively. |
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| Market Movers
techMARK 3,255.95 +0.53%
FTSE 100 6,999.75 +0.56%
FTSE 250 18,059.03 +0.21%
FTSE 100 - Risers
Fresnillo (FRES) 777.50p +3.39%
Weir Group (WEIR) 1,955.00p +3.00%
Sage Group (SGE) 557.50p +2.48%
Royal Mail (RMG) 495.70p +2.12%
Marks & Spencer Group (MKS) 578.50p +1.85%
Randgold Resources Ltd. (RRS) 4,958.00p +1.85%
Taylor Wimpey (TW.) 187.90p +1.73%
GKN (GKN) 359.80p +1.70%
Glencore (GLEN) 297.50p +1.43%
Centrica (CNA) 284.90p +1.39%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,465.50p -4.40%
Intertek Group (ITRK) 2,673.00p -0.82%
Coca-Cola HBC AG (CDI) (CCH) 1,382.00p -0.65%
Lloyds Banking Group (LLOY) 88.43p -0.64%
Hikma Pharmaceuticals (HIK) 2,088.00p -0.62%
Aviva (AV.) 540.50p -0.37%
Aberdeen Asset Management (ADN) 432.00p -0.35%
easyJet (EZJ) 1,698.00p -0.12%
Experian (EXPN) 1,225.00p -0.08%
FTSE 250 - Risers
Aveva Group (AVV) 1,976.00p +7.68%
Bwin.party Digital Entertainment (BPTY) 106.20p +6.79%
Mitie Group (MTO) 295.90p +2.85%
Kier Group (KIE) 1,358.00p +2.56%
AL Noor Hospitals Group (ANH) 864.00p +2.49%
Crest Nicholson Holdings (CRST) 517.50p +2.27%
Centamin (DI) (CEY) 67.30p +2.20%
Ladbrokes (LAD) 119.40p +1.79%
Acacia Mining (ACA) 314.00p +1.78%
Polymetal International (POLY) 561.50p +1.72%
FTSE 250 - Fallers
Premier Oil (PMO) 171.50p -3.22%
Inmarsat (ISAT) 964.00p -3.16%
Laird (LRD) 368.90p -2.66%
Saga (SAGA) 204.50p -2.57%
Thomas Cook Group (TCG) 157.80p -2.17%
Nostrum Oil & Gas (NOG) 561.50p -2.01%
Essentra (ESNT) 986.50p -1.94%
Diploma (DPLM) 795.00p -1.91%
Cranswick (CWK) 1,560.00p -1.76% |
| | UK Event Calendar | | Monday 18 May
INTERIMS
Barloworld Ltd., Future
GMS
Flowgroup, Frontier Resources International, Horizon Discovery Group
FINALS
Babcock International Group, Blinkx, Cranswick, E2V Technologies, Mitie Group
SPECIAL DIVIDEND PAYMENT DATE
Savills
AGMS
Bioquell, Centamin (DI), Fresnillo, New Europe Property Investments, Panmure Gordon & Co, TMT Investments
TRADING ANNOUNCEMENTS
Cropper (James), Industrial Mlulti Propety Trust , Interserve
FINAL DIVIDEND PAYMENT DATE
GKN, HGCapital Trust, Melrose Industries, Norsk Hydro ASA, Rotork, Savills
Q1
Nord Gold NV GDR (Reg S) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher as investors keep an eye on Greece European stocks nudged higher in fairly quiet trade on Monday, recovering from losses on Friday following poor US data.
As of 09:15 BST, the Stoxx Europe 600 Index and the CAC 40 were both up 0.3%, while the DAX was 0.7% higher.
With no key data releases due, investors are likely to keep an eye out for any headlines on Greece, following news in the Greek press that the country only just made its latest payment to the International Monetary Fund after the government discovered that it could use a reserve account it wasn't aware of.
Talks between Athens and European Union and IMF lender have deadlocked over their demand for reforms and over the weekend, German politicians kept up the pressure on Greece as economy minister Sigmar Gabriel said in an interview that a third aid package would not be possible unless changes are made.
"Greece will be front and centre this week as the country looks to secure a deal with its creditors while avoiding harsh austerity. The government reinforced it won't back down on its election promise to end austerity but this is likely to be a lot harder than they are leading on," said Stan Shamu, market analyst at IG.
In company news, shares in BHP Billiton bucked the trend, down 4% as the miner's spin-off South32 started trading with a market value of $9bn on Monday - the lower end of analysts' forecasts.
Fellow miner Fresnillo fared a lot better, however, up 3.5% after reiterating its output guidance for this year following a tough 2014.
Babcock was on the front foot, up 1.2% after the company posted a 47% rise in pre-tax profit and a 10% increase in the full-year dividend for the year ended March 31st 2015. |
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| | US Market Report | | US close: S & P closes at record high, indexes hold weekly gains US stocks closed mixed on Friday, as investors soaked up disappointing economic data and mixed earnings reports.
Aside from the S & P reaching a record high, market movements remained relatively modest after a week of volatility in fixed-income trading, closing on modest gains across the indexes.
"Bond markets now appear to have stabilized, and if anything, they're paring some of the losses, which is helping overall sentiment," said Craig Erlam, makret analyst at Oanda. "The perception that the Fed will be forced to hold off on its first rate hike a little longer, following those weak retail-sales figures on Wednesday, is also supporting equity markets," he added.
At close, the Dow Jones Industrial Average was up 20.32 points, while the S & P 500 gained 1.62 points and the Nasdaq lost 2.5 points.
US consumer sentiment fell to a reading of 88.6 in May, a seven-month low, compared with a final April level of 95.9, a report from the University of Michigan said on Friday. Analysts had expected the closely-monitored index to fall to 94.5 in May's preliminary reading.
Manufacturing activity in the New York Fed's jurisdiction rebounded slightly in May, but not by as much as analysts had hoped for, as the so-called Empire State factory gauge increased to 3.1 this month, according to the New York Federal Reserve. This marked an improvement from April's reading of -1.2, the index's first reading below zero since December.
Meanwhile, US industrial production unexpectedly dropped 0.3% month-on-month in April after a revised 0.3% decline in March, compared with the consensus forecast for no change and marking a fifth straight decline.
In company news, Netflix ended flat after earlier surging on the heels of reports the Internet TV network was in talks with a Chinese media group to enter the country's on-demand streaming market.
Fast food retailer Yum! Brands made gains after the fast-food company was upgraded to 'overweight' from 'neutral' at JP Morgan, while sector peer El Pollo Loco plunged on reports that sales that fell below forecasts at the end of the previous session.
Deere & Co dipped following a downgrade to 'underweight' from 'neutral' and a price target cut to $84 per share from $90 per share at JP Morgan.
King Digital Entertainment rebounded from losses in early trading, which came after the "Candy Crush" maker reported a decline in revenue late Thursday.
Symantec Corp registered losses as it reported fourth-fiscal-quarter adjusted earnings of 43 cents a share, missing analysts' estimate of 44 cents a share.
In Asia, Hong Kong's Hang Seng Index closed higher, bolstered by talk that a stock-connect program between Hong Kong and Shenzhen will be announced as soon as this weekend.
Base metals prices were lower as mixed Chinese data called the country's economy into question, hitting zinc, tin, nickel, lead and copper.
Oil also declined as oversupply concerns continued to hound Asian markets. Saudi Arabia, Kuwait and United Arab Emirates all ramped up their output to the highest level since 1985.
S & P 500 - Risers
Pepco Holdings Inc. (POM) $26.98 +8.73%
Bed Bath & Beyond Inc. (BBBY) $73.25 +5.17%
Macy's Inc. (M) $66.25 +4.78%
Netflix Inc. (NFLX) $612.84 +4.43%
Yum! Brands Inc. (YUM) $93.97 +4.39%
Frontier Communications Co. (FTR) $5.65 +4.24%
Precision Castparts Corp. (PCP) $215.55 +3.82%
Exelon Corp. (EXC) $34.55 +3.01%
NiSource Inc. (NI) $45.46 +2.93%
Windstream Holdings Inc (WIN) $8.60 +2.93%
S & P 500 - Fallers
Avon Products Inc. (AVP) $6.95 -8.55%
Keurig Green Mountain Inc (GMCR) $94.55 -8.27%
Symantec Corp. (SYMC) $24.46 -5.56%
Deere & Co. (DE) $89.06 -3.42%
Peabody Energy Corp. (BTU) $4.30 -2.83%
H&R Block Inc. (HRB) $31.33 -2.17%
Regions Financial Corp. (RF) $9.98 -2.01%
Charles Schwab Corp. (SCHW) $31.18 -1.98%
Wynn Resorts Ltd. (WYNN) $106.67 -1.95%
E*TRADE Financial Corp. (ETFC) $29.03 -1.88%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $29.52 +1.64%
Nike Inc. (NKE) $104.96 +1.47%
Home Depot Inc. (HD) $113.35 +1.26%
E.I. du Pont de Nemours and Co. (DD) $70.27 +0.86%
Unitedhealth Group Inc. (UNH) $119.25 +0.61%
Merck & Co. Inc. (MRK) $60.14 +0.60%
Procter & Gamble Co. (P G) $81.00 +0.54%
Wal-Mart Stores Inc. (WMT) $79.06 +0.43%
McDonald's Corp. (MCD) $98.07 +0.37%
Johnson & Johnson (JNJ) $102.17 +0.33%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $48.22 -1.03%
Boeing Co. (BA) $146.92 -0.70%
American Express Co. (AXP) $80.20 -0.68%
Visa Inc. (V) $69.56 -0.63%
International Business Machines Corp. (IBM) $173.16 -0.51%
United Technologies Corp. (UTX) $118.60 -0.45%
Chevron Corp. (CVX) $107.98 -0.43%
Verizon Communications Inc. (VZ) $49.76 -0.42%
Caterpillar Inc. (CAT) $88.40 -0.38%
JP Morgan Chase & Co. (JPM) $65.82 -0.35%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $6.36 +5.30%
Bed Bath & Beyond Inc. (BBBY) $73.25 +5.17%
Netflix Inc. (NFLX) $612.84 +4.43%
Charter Communications Inc. (CHTR) $181.70 +2.77%
Vertex Pharmaceuticals Inc. (VRTX) $126.03 +2.46%
Dish Network Corp. (DISH) $67.96 +2.29%
Twenty-First Century Fox Inc Class A (FOXA) $33.97 +1.94%
Dollar Tree Inc (DLTR) $78.40 +1.86%
Applied Materials Inc. (AMAT) $20.22 +1.81%
Tesla Motors Inc (TSLA) $248.48 +1.79%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $94.55 -8.27%
Symantec Corp. (SYMC) $24.46 -5.56%
Wynn Resorts Ltd. (WYNN) $106.67 -1.95%
Citrix Systems Inc. (CTXS) $65.55 -1.80%
Intuit Inc. (INTU) $102.26 -1.50%
Amazon.Com Inc. (AMZN) $425.80 -1.50%
NetApp Inc. (NTAP) $35.43 -1.47%
Micron Technology Inc. (MU) $26.31 -1.42%
Check Point Software Technologies Ltd. (CHKP) $86.88 -1.31% |
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| | Newspaper Round Up | | Monday newspaper round-up: Greece, Whitehall job cuts, NHS Greek prime minister Alexis Tsipras had warned creditors that it would not be able to repay the IMF, just days before Athens tapped emergency reserves at the Fund, according to The Telegraph. "It has emerged that the prime minister was seemingly unaware of the cash reserves just days before the payment was due," the paper said.
The Conservatives may cut as many as 100,000 jobs over the next five years, accordion to the FDA, the union representing senior civil servants, The Guardian reports.
David Cameron is expected to confirm his commitment to the NHS on Monday, pledging to improve access to patients with an £8bn-a-year investment by 2020, reports the Financial Times. He will repeat his general election pledge to make the Britain "the first country in the world to deliver a truly 7-day NHS".
According to the Financial Times, India is on track to overtake China's growth rate with annual expansion of more than 8%, its finance minister said.
Annual sales at agricultural and industrial equipment maker JCB fell 6% due to tough conditions in the Russian, Brazilian and Chinese markets, reports The Times.
Barclays is set to be hit with the biggest-ever fine in the UK to settle FX-rigging allegations, The Telegraph said. The FCA is expected to fine the bank £250m on Wednesday, outstripping the £234m paid by UBS last year. | | |
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