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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 bounces as corporate earnings impress UK stocks bounced on Wednesday morning as investors picked up bargains after the FTSE 100 dropped to a one-month low the previous session. Blue chips Imperial Tobacco, Legal & General and GKN were leading the rise after impressing investors with results, while Vodafone was boosted by a broker upgrade.
The Footsie was up 0.47% at 6,960 early on after having closed at 6,927.58 on Tuesday, its lowest finish since 2 April. Nevertheless, political uncertainty is likely to cap gains with less than 24 hours to go before voting begins.
"Tomorrow's general election in the UK remains a key political event this week but the polls have barely moved for months and that is unlikely to change now, the campaign is effectively already over," said Oanda analyst Craig Erlam.
Service-sector data from across the globe will also be closely watched, with numbers out from China, the UK and Eurozone, along with Eurozone retail sales and the closely-followed ADP employment report in the States.
While the latter is only seen as a very rough guide to official US non-farm payrolls data, it still has the potential to move markets as investors predict the outcome of the government data due on Friday. Analysts predict the ADP figures will show a 200,000 increase in private payrolls in April after a 189,000 gain in March.
The Chinese services purchasing managers' index released overnight rose to a four-month high of 52.9, up from 52.3 in March but slightly below expectations.
Imperial, L&G, GKN and Vodafone rise
Imperial Tobacco gained after lifting its dividend 10% as its growth brands delivered strong growth and earnings beat expectations in the first half. Adjusted earnings per share were up 4% to 93.3p.
Legal & General also impressed with an 8% increase in first-quarter net cash generation to £326m, while annuity sales jumped 19%.
Engineering giant GKN was in demand after saying it still expects growth in 2015 as a strong automotive performance drove a 1% increase in organic sales in the first quarter.
Vodafone was making decent gains after Exane BNP Paribas raised its rating on the stock to 'outperform' and lifted its target from 220p to 270p. The broker said: "There are much better times ahead in our view."
Sainsbury's was among the fallers after swinging to its first annual loss in a decade. The grocer reported a loss before tax of £72m for the year ended March, compared with a £898m profit previously, prompting it to slash it full-year dividend by 23.7%.
Software company Sage underwhelmed by saying it's on track to meet 2015 targets, as it reported a 6.2% rise in organic revenue for the first half of this year |
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| | Market Movers
techMARK 3,182.79 +0.29%
FTSE 100 6,960.00 +0.47%
FTSE 250 17,477.88 +0.15%
FTSE 100 - Risers
Imperial Tobacco Group (IMT) 3,207.00p +2.79%
Mondi (MNDI) 1,322.00p +2.40%
St James's Place (STJ) 889.00p +2.13%
Taylor Wimpey (TW.) 164.90p +2.04%
Barratt Developments (BDEV) 514.00p +1.78%
Legal & General Group (LGEN) 261.70p +1.71%
Vodafone Group (VOD) 232.05p +1.53%
Dixons Carphone (DC.) 432.30p +1.50%
Lloyds Banking Group (LLOY) 83.45p +1.26%
TUI AG Reg Shs (DI) (TUI) 1,218.00p +1.25%
FTSE 100 - Fallers
Sage Group (SGE) 487.70p -1.77%
CRH (CRH) 1,817.00p -1.68%
Sainsbury (J) (SBRY) 271.30p -1.35%
Coca-Cola HBC AG (CDI) (CCH) 1,399.00p -1.27%
Land Securities Group (LAND) 1,209.00p -0.98%
Meggitt (MGGT) 520.00p -0.95%
Aberdeen Asset Management (ADN) 446.50p -0.91%
London Stock Exchange Group (LSE) 2,456.00p -0.85%
Admiral Group (ADM) 1,556.00p -0.83%
easyJet (EZJ) 1,766.00p -0.73%
FTSE 250 - Risers
Supergroup (SGP) 1,047.00p +5.01%
Ocado Group (OCDO) 370.00p +4.02%
Evraz (EVR) 202.00p +3.91%
Wetherspoon (J.D.) (JDW) 761.50p +3.46%
Premier Oil (PMO) 184.60p +2.90%
Lonmin (LMI) 154.60p +2.52%
Home Retail Group (HOME) 164.30p +1.80%
AO World (AO.) 183.10p +1.72%
Howden Joinery Group (HWDN) 463.50p +1.64%
Ophir Energy (OPHR) 144.90p +1.61%
FTSE 250 - Fallers
Inmarsat (ISAT) 962.50p -2.53%
Big Yellow Group (BYG) 641.00p -2.44%
Zoopla Property Group (WI) (ZPLA) 210.00p -2.33%
Indivior (INDV) 215.30p -2.31%
Spirit Pub Company (SPRT) 109.60p -2.14%
Greene King (GNK) 802.00p -2.14%
Man Group (EMG) 179.70p -2.07%
Enterprise Inns (ETI) 121.20p -1.78%
NMC Health (NMC) 764.50p -1.67%
Virgin Money Holdings (UK) (VM.) 393.10p -1.48% |
| | UK Event Calendar | | INTERIMS
Sage Group
QUARTERLY PAYMENT DATE
British Land Company
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Productivity (US) (13:30)
Retail Sales (EU) (10:00)
FINALS
Boohoo.com, Boohoo.com, Sainsbury (J), Summit Therapeutics
IMSS
Catlin Group Ltd., CRH, Direct Line Insurance Group, Legal & General Group
SPECIAL DIVIDEND PAYMENT DATE
GVC Holdings
AGMS
Amerisur Resources, Bank of America Corp., Cloudtag Inc, Costain Group, Dairy Farm International Holdings Ltd. (Singapore), Deltex Medical Group, Gulf Marine Services, Hongkong Land Holding Ltd. (Bermuda), Hongkong Land Holding Ltd. (Jersey), Hongkong Land Holding Ltd. (Sing.Reg), Howden Joinery Group, Inmarsat, Mandarin Oriental International (Singapore), Medaphor Group, Mobeus Income & Growth Vct, National Express Group, Norish Units, Norsk Hydro ASA, Serco Group, Standard Chartered, The Renewables Infrastructure Group Limited, Tullett Prebon
TRADING ANNOUNCEMENTS
Intu Properties
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
BlackRock Latin American Inv Trust, First Quantum Minerals Ltd., GVC Holdings, Hellermanntyton Group, Jardine Lloyd Thompson Group, Schroders, Schroders (Non-Voting), Smith & Nephew, Ultra Electronics Holdings
Q1
GlaxoSmithKline, Komercni Banka A.S.GDR (Level 1) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as Greece repays IMF Stocks in the euro-area were little changed amid reports Greece has already repaid its debt due to the International Monetary Fund (IMF) on Wednesday. Greek officials said the government has made its €200m repayment to the IMF amid negotiations with creditors to unlock further aid.
Analysts expect that the European Central Bank will offer more help with an increase in emergency liquidity assistance when the monetary authority meets to review the programme.
Greek ten-year bond yields were up 16 basis points to 11.24% while Bunds rose three basis points to 0.55%. The euro was up 0.50% to $1.1241.
Elsewhere in Europe, services data impressed, as Markit's purchasing managers' index (PMI) on services was revised upwards to 54.1 in April from an earlier estimate of 53.7, surprising analysts who had expected an unchanged figure. A reading above 50 signals expansion in the sector while a level below indicates a contraction.
Further afield there was cause for further concern about the slowdown in the world's second largest economy as Chinese services PMI fell to 51.3 in April from 51.8 a month earlier.
UK services PMI is due at 09:30 London time.
The US ADP monthly payrolls report will be released later in the day, with analysts estimating that jobs increased by 200,000 in April. It comes ahead of Friday's official non-farm payroll report.
Company-wise, Societe Generale declined despite reporting a better-than-expected increase in net profit, as the French bank bounced back from heavy losses in Russia.
Allianz SE rallied after the European insurer posted an 11% increase in first-quarter profit.
Hannover Re jumped after the reinsurer reported an unexpected increase in quarterly profit, boosted by a rise in earnings from life reinsurance and investments. |
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| | US Market Report | | US close: stocks continue to decline, data disappoints US stocks closed lower on Tuesday, led by weaker technology and biotechnology stocks, as investors grappled with disappointing trade data. At close, the Dow Jones Industrial Average was down 142.33 points, while the S&P 500 was down 25.02 points and the Nasdaq 77.60 points.
Jeff Clark, trading analyst at Stansberry Research, said the selling action in recent times indicated investor skittishness ahead of the June Federal Open Market Committee meeting, where Fed officials will assess the implementation of interest rate hikes.
"Over the past several years, 'buy the dip' strategy worked very well, but it seems investors now turned to 'sell the strength' mentality. We can see that from the market's inability to follow though on the rallies," Clark said.
"There is more downside momentum, which usually precedes a correction. Markets are overdue for a correction and this one is going to be a harsh one. I would not be surprised to see a 15%-20% drawdown," he added.
America's trade deficit with the rest of the world widened unexpectedly in March, according to a preliminary estimate from the US Department of Commerce.
The gap between exports and imports of goods and services yawned wider to reach $51.4bn - a six year high - as the shutdown at ports on the US west coast ended, leading to the release of the mountain of imports which had been pent-up.
In company news, Estée Lauder surged after the cosmetics giant's earnings beat expectations.
Netflix was trading higher after analysts at Bank of America Merrill Lynch upgraded their rating on the stock to 'buy'.
Diamond Offshore Drilling rebounded from Monday's losses following a redeeming earnings release, which featured adjusted earnings of 50 cents per share, stopping estimates.
Mallinckrodt was among the risers as the acquisition of privately held Ikaria began to bear fruit, providing strong quarterly results.
Qualys Inc plummeted after the cloud-security company delivered a weaker-than-expected outlook.
Groupon, Walt Disney and Herbalife are set to report after the closing bell.
In international markets, Chinese stocks slide their second largest daily fall this year, while European equities closed lower, as good earnings from banking giants were offset by ongoing Greece concerns.
Crude oil futures for June delivery settled at $60.40 a barrel, the highest since December, on the New York Mercantile Exchange. Gold futures settled $6.40 higher at $1,193.20 an ounce.
S&P 500 - Risers
Diamond Offshore Drilling Inc. (DO) $34.60 +4.53%
Rowan Companies plc (RDC) $22.36 +4.34%
Estee Lauder Co. Inc. (EL) $86.90 +4.02%
Transocean Ltd. (RIG) $19.00 +3.18%
Ensco Plc. (ESV) $27.51 +2.69%
Intercontinental Exchange Inc (ICE) $231.18 +2.03%
Netflix Inc. (NFLX) $565.55 +1.92%
Allegheny Technologies Inc. (ATI) $35.28 +1.76%
Salesforce.Com Inc. (CRM) $72.80 +1.68%
Noble Corporation plc (NE) $17.60 +1.38%
S&P 500 - Fallers
Avon Products Inc. (AVP) $7.20 -11.93%
Genworth Financial Inc. (GNW) $8.63 -5.68%
International Paper Co. (IP) $50.96 -5.17%
Newfield Exploration Co (NFX) $36.98 -5.16%
Eog Resources Inc. (EOG) $94.53 -4.89%
Anadarko Petroleum Corp. (APC) $89.34 -4.68%
AGL Resources Inc. (GAS) $48.63 -3.86%
QEP Resources Inc (QEP) $22.08 -3.83%
Wisconsin Energy Corp. (WEC) $47.99 -3.73%
Vornado Realty Trust (VNO) $100.70 -3.72%
Dow Jones I.A - Risers
Visa Inc. (V) $65.97 +0.59%
McDonald's Corp. (MCD) $96.14 +0.01%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.64 -2.36%
Apple Inc. (AAPL) $125.80 -2.25%
Home Depot Inc. (HD) $108.06 -1.82%
E.I. du Pont de Nemours and Co. (DD) $72.79 -1.67%
Microsoft Corp. (MSFT) $47.60 -1.33%
Wal-Mart Stores Inc. (WMT) $78.13 -1.33%
General Electric Co. (GE) $26.93 -1.25%
United Technologies Corp. (UTX) $115.07 -1.19%
Unitedhealth Group Inc. (UNH) $113.34 -1.06%
Goldman Sachs Group Inc. (GS) $197.29 -1.01%
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $565.55 +1.92%
Tesla Motors Inc (TSLA) $232.95 +1.06%
Akamai Technologies Inc. (AKAM) $75.36 +0.35%
Check Point Software Technologies Ltd. (CHKP) $84.11 +0.14%
Kraft Foods Group, Inc. (KRFT) $84.36 +0.08%
Catamaran Corp (CTRX) $59.60 +0.03%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $194.74 -4.40%
Avago Technologies Ltd. (AVGO) $116.79 -3.61%
Fastenal Co. (FAST) $41.64 -3.50%
Vertex Pharmaceuticals Inc. (VRTX) $122.15 -3.29%
Express Scripts Holding Co (ESRX) $84.61 -3.19%
CH Robinson Worldwide Inc (CHRW) $63.99 -3.16%
KLA-Tencor Corp. (KLAC) $58.49 -2.98%
Cognizant Technology Solutions Corp. (CTSH) $61.00 -2.84%
Linear Technology Corp. (LLTC) $45.71 -2.83% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: UK GDP, HP/Autonomy, Greece UK GDP growth is expected to slow this year to 2.5%, according to the NIESR, down from 2.8% last year and the previous forecast of 2.9%, according to The Guardian.
HP is suing Autonomy's founder Mike Lynch and former finance director Sushovan Hussain for $5bn in damages, writes The Times. The two have been accused of firing a key US employee who had raised concerns about Autonomy's accounts prior to the HP takeover.
Greece's government has said "serious disagreements and contradictions" between the IMF and its European partners are to blame for the three-month bailout impasse, according to The Telegraph.
The IMF has said that the further away the reforms are from the original commitment Greece made in 2012, "the higher would be the need for additional financing and debt relief to make the country's debt sustainable", writes The Wall Street Journal.
The world's 25 best paid hedge fund managers took home $11.62bn collectively last year, according to the Financial Times, nearly half the $21.5bn earned in 2013.
Aberdeen-based Underwater Integrity Solutions, a subsea services outfit with an acquisition warchest of $300m, has launched and plans to buy up businesses and form partnerships, reports The Scotsman. | | |
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