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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 down on Greece angst and end-of-month effect London's equity indices were in the red on Friday as concerns about Greek debt negotiation combined with end-of-month selling.
The FTSE 100 was down 0.51% to 7,005.4 points at a quarter past nine on Friday morning, in line with falls across Europe.
A Greek official said late on Thursday that the government intends to reach a deal on cash-for-reforms by Sunday, but comments from Eurozone officials have suggested that a deal is still a way off, while IMF chief Christine Lagarde said Greece could leave the euro if a deal isn't reached.
End of month trading, which has seen outflows on the last day of trading over the last six months, was also cited by traders as having an effect. The concept has been dubbed 'Costanza trading' by futures trader Nicola Duke, named after the hapless George Costanza character in sitcom Seinfeld.
Chris Beauchamp at IG added: "End of month movements have been to the downside so far this year, and I think given the uncertainty that attends the next six months re Greece and US rates most people seem keen to get what they can by the end of the month."
With the focus still firmly on Greece, better-than-expected data out of Germany failed to provide a boost to markets.
Figures from the Federal Statistics Office showed that retail sales rose by 1.7% on the month in April, beating analysts' expectations for a 0.8% increase. On a year-on-year basis, sales were up 1%.
"Better than expected retail sales in April owed much to stronger food sales," said Dominic Bryant, European economist at BNP Paribas. "However, regardless of the source, the positive start to Q2 means that while spending is slowing as the impact of the boost to income from last year's sharp fall in the oil price continues to fade, spending is not collapsing in the way the March drop in retail sales might have implied."
The day ahead sees the revised reading of US first quarter GDP the only notable release at 13:30 with expectations for a contraction on the year. This is expected to be revised lower to -0.8% from the initial reading of 0.2%.
Smaller data prints include the Chicago PMI at 14:45 looking for a local improvement in May, University of Michigan Confidence also looking up. The Baker Hughes Rig Count rounds off the afternoon at 18:00.
Individual stock movements
Topping the FTSE 100 was Associated British Foods after Goldman Sachs upgraded its shares to 'buy' from 'sell' and raised the price target to 3120p from 2755p, saying that the stock's 17% underperformance year-to-date offers an attractive entry point.
US data centre company Equinix has agreed to acquire British peer TeleCity Group in bid that would create the largest data centre player in Europe, though Telecity's shares were down slightly on the confirmation. Telecity has agreed to terminate another merger it had agreed with Interxion on 9 March. The price agreed represents a value of approximately 1,145p per Telecity share and a total value of approximately £2.35bn.
Synergy Health was down 1.9% as it confirmed that the Federal Trade Commission (FTC) had informed that it intends to seek to block the proposed merger. The two companies have now announce that they will contest the FTC's attempt to block their proposed combination.
Integrated support services company Carillion was up slightly after acquiring Canadian camping group Outland for £63m. Carillion chief executive Richard Howson said: "Acquiring Outland is another important strategic step in the development of our support services business in Canada." |
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| | Market Movers
techMARK 3,320.11 -0.28%
FTSE 100 7,017.29 -0.34%
FTSE 250 18,198.93 -0.21%
FTSE 100 - Risers
Associated British Foods (ABF) 3,036.00p +2.92%
Weir Group (WEIR) 2,030.00p +2.73%
Fresnillo (FRES) 750.50p +1.35%
GlaxoSmithKline (GSK) 1,475.50p +1.06%
Randgold Resources Ltd. (RRS) 4,727.00p +0.96%
Aviva (AV.) 530.50p +0.47%
Sainsbury (ninja) (SBRY) 258.40p +0.47%
Vodafone Group (VOD) 254.85p +0.45%
Royal Dutch Shell 'A' (RDSA) 1,959.50p +0.28%
Royal Dutch Shell 'B' (RDSB) 1,990.00p +0.25%
FTSE 100 - Fallers
Sage Group (SGE) 567.50p -1.73%
Barratt Developments (BDEV) 591.00p -1.58%
SABMiller (SAB) 3,525.00p -1.37%
Taylor Wimpey (TW.) 182.40p -1.30%
Ashtead Group (AHT) 1,146.00p -1.29%
Old Mutual (OML) 223.60p -1.28%
British American Tobacco (BATS) 3,644.50p -1.27%
International Consolidated Airlines Group SA (CDI) (IAG) 562.00p -1.23%
Land Securities Group (LAND) 1,317.00p -1.05%
Diageo (DGE) 1,822.50p -1.03%
FTSE 250 - Risers
Ophir Energy (OPHR) 133.60p +5.03%
Infinis Energy (INFI) 186.40p +3.33%
Petrofac Ltd. (PFC) 909.00p +2.25%
Wood Group (John) (WG.) 746.00p +1.91%
Countrywide (CWD) 599.50p +1.70%
AO World (AO.) 176.00p +1.44%
FirstGroup (FGP) 115.10p +1.32%
Centamin (DI) (CEY) 69.40p +1.31%
Spire Healthcare Group (SPI) 354.60p +1.14%
Indivior (INDV) 232.30p +1.09%
FTSE 250 - Fallers
Ocado Group (OCDO) 368.00p -2.70%
Evraz (EVR) 169.40p -2.42%
IP Group (IPO) 211.70p -2.40%
Investec (INVP) 599.00p -2.12%
Synergy Health (SYR) 1,859.00p -1.90%
Fidessa Group (FDSA) 2,238.00p -1.80%
Renishaw (RSW) 2,471.00p -1.40%
Bwin.party Digital Entertainment (BPTY) 105.50p -1.40%
Crest Nicholson Holdings (CRST) 533.00p -1.30% |
| | UK Event Calendar | | Friday 29 May
INTERIMS
Premier Veterinary Group
INTERIM DIVIDEND PAYMENT DATE
BlackRock Greater Europe Inv Trust, Greencoat UK Wind, Royal Bank of Scotland 11% Cum. Prf, Royal Bank of Scotland 5.5% Cum. Prf.
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd, TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (14:45)
GDP (Preliminary) (US) (13:30)
M3 Money Supply (EU) (09:00)
U. of Michigan Confidence (Final) (US) (14:55)
GMS
Golden Saint Resources Ltd (DI)
FINALS
HarbourVest Global Private Equity Limited A Shs, Indian Hotels Company Ltd. GDR (Reg S), OptiBiotix Health
ANNUAL REPORT
Biotech Growth Trust (The), HarbourVest Global Private Equity Limited A Shs
SPECIAL DIVIDEND PAYMENT DATE
Admiral Group, Foxtons Group , ITV
AGMS
Azonto Petroleum Ltd (DI), Flying Brands Ltd Units, Immupharma, Leyshon Resources Ltd., OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), Open Joint Stock Company Inter Rao Ues GDR RegS, Richland Resources Ltd, Shanta Gold Ltd., Source Csop Markets Csop Source FTSE China A50 Ucits ETF, Tekcapital, Threadneedle UK Select Trust Limited, Total SA
TRADING ANNOUNCEMENTS
Biofrontera AG (DI)
UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
Acacia Mining, Admiral Group, Advanced Medical Solutions Group, Aer Lingus Group, Cello Group, Centamin (DI), Centaur Media, Cobham, Dunedin Income Growth Inv Trust, EP Global Opportunities Trust, F&C Private Equity Trust, Ferrexpo, Foxtons Group , Good Energy Group, Henderson Group, Henry Boot, Highland Gold Mining Ltd., Hydrogen Group, Inmarsat, ITV, McColl's Retail Group , Morgan Advanced Materials , Morgan Sindall Group, Mortgage Advice Bureau (Holdings) , NAHL Group, Old Mutual, Partnership Assurance Group , Polymetal International, Polyus Gold International Ltd, Randgold Resources Ltd., Reckitt Benckiser Group, Regus, Senior, SIG, SimiGon Ltd. (DI), Spirax-Sarco Engineering, Weir Group
Q1
Frontline Ld, PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall as uncertainty over Greece continues to weigh on sentiment European stocks were in the red on Friday, with investors nervous amid conflicting headlines on Greece.
By 0900 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were down 0.5%, while Germany's DAX was off 0.8%.
A spokesman for Greece said on Thursday that the government intends to reach a deal on cash-for-reforms by Sunday, but comments from Eurozone officials have suggested that a deal is still a way off, while International Monetary Fund director Christine Lagarde said on that Greece could leave the euro if a deal isn't reached.
"As we close out the week equities look set for a volatile session as speculation over the fate of Greece swings between camps," said Mike McCudden, head of derivates at Interactive Investor.
"Investors should remain cautious as a failure to secure a deal will no doubt cause widespread panic selling across the market. With European markets having risen at a phenomenal rate this year we could be in for some dramatic moves lower if a resolution is not found," he added.
With the focus still firmly on Greece, better-than-expected data out of Germany failed to provide a boost to markets.
Figures from the Federal Statistics Office showed that retail sales rose by 1.7% on the month in April, beating analysts' expectations for a 0.8% increase. On a year-on-year basis, sales were up 1%.
"Better than expected retail sales in April owed much to stronger food sales," said Dominic Bryant, European economist at BNP Paribas. "However, regardless of the source, the positive start to Q2 means that while spending is slowing as the impact of the boost to income from last year's sharp fall in the oil price continues to fade, spending is not collapsing in the way the March drop in retail sales might have implied."
On the corporate front, shares in Syngenta rose 1.8% following reports that it was building up defences for a possible higher bid from Monsanto.
Vivendi was also on front foot, nudging up 0.3%, after the company said it would book a €4.2bn pre-tax gain from the sale of Brazilian company GVT. |
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| | US Market Report | | US close: Stocks decline amid growing concerns over first rate hike US stocks on Thursday amid growing concerns over the timing of the first Federal Reserve rate hike.
The Dow Jones Industrial Average closed down 36.87 points to 18,126.12, while the S&P 500 and the Nasdaq lost three and 10 points respectively.
John Williams, president of the San Francisco Fed, told the Monetary Authority of Singapore the central bank was likely raise interest rates later in 2015, reiterating what Fed chairwoman Janet Yellen said on Friday.
"The US market is somewhat sheltered from the fallout in the Eurozone, but while corporate reporting remains thin and the Fed remains tight-lipped, traders are turning to Europe for direction," said IG's market analyst David Madden.
Speculations over the timing of the first rate hike continued to boost the dollar, which surged to a 12-year high against the yen on Thursday.
The greenback gained 0.25% against the pound but lost 0.42% against the euro, while gold futures climbed 0.19% to $1,188.30.
Housing data impresses
According to the Department of Labour, initial weekly US unemployment claims rose by 7,000 to reach 282,000 over the seven days ended on 23 May, compared with forecasts calling for a reading of 270,000.
"This week's uptick in initial and continuing claims comes off of historically low levels and labor market separations remain healthy," Barclays' analysts said in a note.
Meanwhile, US pending home sales reached their highest level in nine years in April after increasing for the fourth consecutive month.
Figures released by the National Association of Realtors showed the index reached a seasonally adjusted 112.4 in April, a 14% increase year-on-year and a 3.4% rise month-on-month, way ahead of expectations calling for a 1% increase.
Mixed earnings on Wall Street
In company news, retailer Costco Wholesale shed 0.69% after reporting earlier on Thursday that its third quarter profit rose, on the back of low gas prices and strong store sales.
Chip maker Broadcom fell 1.78% agreeing to a $37bn cash and stock takeover bid from sector peer Avago Technologies, which edged 0.61% higher.
Clothing retailer Abercrombie & Fitch jumped 13.7% despite reporting a wider-than-expected loss during the first quarter.
Oil prices reversed earlier losses to edge forward, with West Texas Intermediate climbing 0.64% to $57.88 a barrel, while Brent gained 1.11% to $62.76 a barrel.
S&P 500 - Risers
Western Digital Corp. (WDC) $99.23 +5.15%
GameStop Corp. (GME) $40.84 +3.47%
Johnson Controls Inc. (JCI) $53.00 +2.99%
Chipotle Mexican Grill Inc. (CMG) $630.09 +2.87%
Ralph Lauren Corp (RL) $131.86 +2.81%
VF Corp. (VFC) $71.10 +2.42%
Molson Coors Brewing Co. Class B (TAP) $74.55 +2.17%
Windstream Holdings Inc (WIN) $8.28 +2.10%
Actavis plc (ACT) $313.02 +2.03%
Eli Lilly and Company (LLY) $76.39 +1.99%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $14.05 -4.81%
Southwestern Energy Co. (SWN) $25.68 -3.68%
CONSOL Energy Inc. (CNX) $28.49 -3.55%
Range Resources Corp. (RRC) $55.47 -3.16%
Joy Global Inc. (JOY) $39.66 -3.13%
QEP Resources Inc (QEP) $18.64 -2.46%
Rowan Companies plc (RDC) $21.83 -2.46%
Cimarex Energy Co (XEC) $114.32 -2.27%
EQT Corp. (EQT) $85.63 -2.25%
Cabot Oil & Gas Corp. (COG) $33.86 -2.22%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $71.46 +0.96%
Intel Corp. (INTC) $34.02 +0.92%
Pfizer Inc. (PFE) $34.45 +0.44%
Merck & Co. Inc. (MRK) $59.70 +0.40%
General Electric Co. (GE) $27.63 +0.40%
Unitedhealth Group Inc. (UNH) $119.65 +0.17%
Chevron Corp. (CVX) $103.28 +0.16%
Walt Disney Co. (DIS) $110.54 +0.15%
Visa Inc. (V) $69.59 +0.14%
Cisco Systems Inc. (CSCO) $29.35 +0.14%
Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $96.49 -2.20%
Caterpillar Inc. (CAT) $86.02 -2.16%
Nike Inc. (NKE) $102.28 -0.54%
Boeing Co. (BA) $142.32 -0.48%
Wal-Mart Stores Inc. (WMT) $74.86 -0.44%
JP Morgan Chase & Co. (JPM) $66.20 -0.41%
Microsoft Corp. (MSFT) $47.45 -0.34%
Goldman Sachs Group Inc. (GS) $208.57 -0.23%
Apple Inc. (AAPL) $131.78 -0.20%
International Business Machines Corp. (IBM) $171.72 -0.16%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $99.23 +5.15%
eBay Inc. (EBAY) $60.56 +1.99%
Seagate Technology Plc (STX) $56.37 +1.85%
Staples Inc. (SPLS) $16.49 +1.66%
Garmin Ltd. (GRMN) $46.21 +1.65%
Tesla Motors Inc (TSLA) $251.45 +1.62%
Check Point Software Technologies Ltd. (CHKP) $85.19 +1.61%
Nvidia Corp. (NVDA) $22.14 +1.37%
Vodafone Group Plc ADS (VOD) $39.18 +1.37%
Kraft Foods Group, Inc. (KRFT) $85.14 +0.96%
Nasdaq 100 - Fallers
Sirius XM Holdings Inc (SIRI) $3.80 -2.56%
Vimpelcom Ltd Ads (VIP) $6.14 -2.38%
TripAdvisor Inc. (TRIP) $76.80 -2.17%
Expeditors International Of Washington Inc. (EXPD) $45.98 -2.13%
Amgen Inc. (AMGN) $157.34 -1.93%
Altera Corp. (ALTR) $46.97 -1.86%
Autodesk Inc. (ADSK) $54.55 -1.69%
Intuitive Surgical Inc. (ISRG) $485.79 -1.59%
Broadcom Corp. (BRCM) $56.25 -1.58% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Russia, BG Group IMF chief Christine Lagarde admitted she could not "preclude" a Greek exit, after four months of tortuous bail-out talks that have failed to get both sides closer to a deal to release aid to the country. - Daily Telegraph
Newly built military training camps close to the Ukrainian border have become launch-pads for Russia to wage covert war against its neighbour, according to an authoritative report that uses satellite imagery and hundreds of photographs posted by soldiers on the internet. - The Times
Regulators in Australia, Brazil and the EU are set to examine Shell's £55bn bid for BG Group but China's unpredictable commerce ministry will prove the toughest as it focuses on its LNG supply. - Financial Times
Peter Cruddas, the spread-betting tycoon and former Conservative party co-treasurer, inched closer to a £1bn flotation of his business CMC Markets after reporting a surge in profits and customer numbers. Mr Cruddas is expected to sell a substantial chunk of his 90% stake in the business, while keeping majority control. There are no plans to raise fresh capital in the float, which is still at least six months away. Goldman Sachs, which owns the other 10 per cent, is expected to hang on to its shares. - The Times
ITV has backed away from a deal to buy the US production firm behind Marco Polo and the BBC's War and Peace adaptation. The British TV giant has been splurging on acquisitions that take it further into the production market, allowing it to make programmes and sell their rights around the world. Earlier this year it entered talks to buy the TV division of The Weinstein Company, the giant US film studio behind The King's Speech. The reported price tag for the arm, which makes Netflix series Marco Polo, was £630m if the company had performed well after having been integrated into ITV.- The Daily Mail | | |
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