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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: Election uncertainty weighs on stocks, Morrisons sinks UK stocks dropped on Thursday as election uncertainty and a poorly-received update from blue chip supermarket chain Morrisons dampened sentiment.
The FTSE 100 was down 0.8% at 6,878.01 early on, with Morrisons leading the decline as sales trends worsened in its first quarter. Stocks in the resources sectors were also trading lower as risk appetite weakened.
Analyst Craig Erlam from Oanda said the polls have barely changed in recent months "and still show the Conservatives and Labour neck and neck with around a third of the votes each meaning both will be a long way from securing a majority".
He said: "This creates a lot of uncertainty that could weigh on the markets today."
Investors will also likely be acting cautiously ahead of a number of other risk events for global markets, such as the all-important US jobs report on Friday and ongoing Greek negotiations.
Morrisons drops, Telecity surges
The sales decline at Morrisons, the UK's fourth-largest supermarket chain, worsened in its first quarter with like-for-like sales excluding fuel down 2.9%. This compared with a lesser 2.6% fall in the fourth quarter of the previous financial year. Results were not as bad as feared, but that didn't stop the stock from dropping over 7% early on.
Mining and oil stocks were also providing a drag on the FTSE with BP, Anglo American, Glencore, BHP Billiton and Shell trading in the red.
FTSE 250 datacentres group Telecity jumped 20% after receiving a takeover offer from Equinix at 1145p per share in cash and equity. This bid, at a 27% premium to the closing price on Wednesday, values Telecity at £2.32bn.
BT edged higher after the telecoms giant's annual profits beat City forecasts as it added a record number of new broadband customers in the fourth quarter.
Insurance group RSA impressed investors with a positive start to the year as underlying premium income returned to modest growth, though reported results were dented by the strength of the pound.
Ladbrokes declined on the news that its chairman Peter Erskine has stepped down, five months after chief executive Richard Glynn left the bookmaker.
Easyjet was higher despite saying that annual traffic growth slowed sharply in April as the company was forced to cancel hundreds more flights than last year, |
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| | Market Movers
techMARK 3,184.40 -0.30%
FTSE 100 6,878.01 -0.80%
FTSE 250 17,331.54 -0.46%
FTSE 100 - Risers
RSA Insurance Group (RSA) 427.50p +2.27%
Antofagasta (ANTO) 793.00p +1.34%
easyJet (EZJ) 1,793.00p +1.13%
Carnival (CCL) 2,927.00p +0.83%
Aviva (AV.) 517.00p +0.68%
Randgold Resources Ltd. (RRS) 4,935.00p +0.43%
Legal & General Group (LGEN) 260.20p +0.42%
Pearson (PSON) 1,293.00p +0.31%
Standard Life (SL.) 462.30p +0.24%
BT Group (BT.A) 455.30p +0.22%
FTSE 100 - Fallers
Morrison (Wm) Supermarkets (MRW) 175.90p -7.08%
Admiral Group (ADM) 1,498.00p -3.35%
G4S (GFS) 282.30p -2.99%
GlaxoSmithKline (GSK) 1,481.00p -2.21%
BP (BP.) 463.30p -2.11%
Hargreaves Lansdown (HL.) 1,153.00p -1.79%
Anglo American (AAL) 1,134.00p -1.69%
Sage Group (SGE) 527.50p -1.59%
Persimmon (PSN) 1,612.00p -1.59%
Babcock International Group (BAB) 984.00p -1.55%
FTSE 250 - Risers
Telecity Group (TCY) 1,080.00p +20.07%
PayPoint (PAY) 829.50p +3.75%
Genus (GNS) 1,312.00p +2.98%
Diploma (DPLM) 780.50p +2.90%
FirstGroup (FGP) 102.70p +2.29%
Riverstone Energy Limited (RSE) 1,063.00p +1.92%
Man Group (EMG) 176.10p +1.85%
Indivior (INDV) 225.10p +1.81%
esure Group (ESUR) 232.90p +1.57%
Just Eat (JE.) 484.20p +1.47%
FTSE 250 - Fallers
Allied Minds (ALM) 581.00p -6.29%
Ophir Energy (OPHR) 138.00p -5.15%
Millennium & Copthorne Hotels (MLC) 575.00p -4.25%
Ted Baker (TED) 2,846.00p -3.92%
Morgan Advanced Materials (MGAM) 323.20p -3.58%
Soco International (SIA) 190.70p -3.54%
Fidelity China Special Situations (FCSS) 159.00p -3.05%
Henderson Group (HGG) 270.20p -2.77%
Home Retail Group (HOME) 158.80p -2.58% |
| | UK Event Calendar | | INTERIMS
Imperial Tobacco Group
INTERIM DIVIDEND PAYMENT DATE
Animalcare Group
INTERIM EX-DIVIDEND DATE
AB Dynamics, James Halstead, Lok'n Store Group, Smart (J) & Co.
QUARTERLY EX-DIVIDEND DATE
Barclays, BP, Custodian Reit , IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Continuing Claims (US) (13:30)
Factory Orders (GER) (11:00)
Initial Jobless Claims (US) (13:30)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)
Q4
BT Group, Stewart & Wight
GMS
Johnson Service Group
FINALS
BT Group, Stewart & Wight
IMSS
Beazley, esure Group, Friends Life Group Limited , IMI, Kennedy Wilson Europe Real Estate , Morrison (Wm) Supermarkets, RSA Insurance Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Admiral Group, Octopus AIM VCT 2
AGMS
Aberdeen Asian Income Fund Ltd., Alent, BAE Systems, BrainJuicer Group, Charles Taylor, Communisis, CRH, Fevertree Drinks, First Quantum Minerals Ltd., GKN, GlaxoSmithKline, Glencore , Gresham Computing, Hexaware Technologies Ltd. GDS (Reg S), IMI, Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), Kaz Minerals , Ladbrokes, Martinco , Millennium & Copthorne Hotels, Morgan Sindall Group, Oxford Biomedica, Provident Financial, Reckitt Benckiser Group, Rightmove, Sorbic International, Trinity Mirror, William Hill, X5 Retail Group NV GDR (Reg S)
TRADING ANNOUNCEMENTS
Telecity Group
UK ECONOMIC ANNOUNCEMENTS
New Car Registrations (09:00)
FINAL DIVIDEND PAYMENT DATE
British American Tobacco, Countrywide, Fyffes, LSL Property Services
FINAL EX-DIVIDEND DATE
Acacia Mining, Admiral Group, Advanced Medical Solutions Group, Barr (A.G.), British Smaller Companies VCT 2, Centaur Media, Derwent London, Dunedin Income Growth Inv Trust, EP Global Opportunities Trust, G4S, Gem Diamonds Ltd. (DI), H&T Group, Henderson Group, Highcroft Investment, IFG Group, London Stock Exchange Group, Lookers, Macfarlane Group, Maven Income & Growth 3 VCT, Maven Income & Growth 4 VCT, Maven Income and Growth VCT 5, Morgan Advanced Materials , Morrison (Wm) Supermarkets, Mortgage Advice Bureau (Holdings) , North American Income Trust (The), Ocean Wilsons Holdings Ltd., Octopus AIM VCT 2, Partnership Assurance Group , Playtech, Polypipe Group , Rightmove, SafeCharge International Group Limited (DI), SimiGon Ltd. (DI), Trinity Mirror
Q1
Bankers Petroleum Ltd.(CDI), Millennium & Copthorne Hotels, Sampo OYJ, TBC Bank Joint Stock Company GDR (REGS) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities in the red as UK general election kicks off European equities were in the red as UK residents began to cast their votes in the general election, which is expected to be an incredibly tight race between the Conservatives and Labour.
Millions of people started voting in the UK general election when polls opened at 07:00 London time. Voting closes at 22:00, with the first exit polls to be released shortly afterwards.
The latest Guardian/ICM poll shows the Conservatives and Labour parties tied at 35% each.
With no party likely to receive enough votes to rule by majority, a hung parliament is predicted.
"This leaves three possible options on the table; a coalition government, a confidence and supply agreement between two or more parties or a minority government ," said Craig Erlam, senior market analyst at Oanda.
"The consensus view is that the 'anti-Conservative' feeling is so great in Westminster that a Labour minority government - led by Ed Miliband as Prime Minister - is most likely. A minority rule would prove extremely challenging over the five year term and I therefore think, under these circumstances, we'd see a change of heart from Miliband and a confidence and supply agreement with the Scottish National Party would be agreed."
Away from the elections, concerns over Greece continued to weigh as the country is yet to come to an agreement with creditors to unlock further aid. The European Central Bank increased its emergency liquidity assistance to Greek banks by €2m to €79bn.
In economic data, German factory orders rose 1.9% year-on-year in March, as expected. Markit releases its purchasing managers' index on Eurozone retail activity at 09:10 London time.
The euro was up 0.13% to $1.1362 at 08:57 London time.
Stateside will later see the release of initial jobless claims figures and a report on consumer credit.
Siemens and Adecco edge lower
Siemens AG declined after the European engineering company reported profit that trailed analysts' estimates and said it will cut another 4,500 jobs.
Adecco SA slumped after announcing the departure of its chief executive and chief financial officer.
BT Group gained after reporting an increase in annual earnings that was on target, due to cost cutting in the fourth quarter.
Gamesa Corp.
Tecnologica SA jumped after the Spanish wind-turbine maker said first-quarter profit more than tripled compared to a year ago.
Telecity Group was a high riser after Equinix Inc. made a £2.3bn takeover approach for the UK data-centre operator. |
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| | US Market Report | | US close: stocks lower as Yellen flags valuation risks US stock closed lower on Wednesday, extending declines from the previous session amid Federal Reserve Chairwoman Janet Yellen's comments that stock values are high.
The remark came at a panel discussion with Christine Lagarde, head of the International Monetary Fund, spooking investors who were already anticipating disappointing data.
The comment was not entirely welcomed by analysts either: "I think people should learn not to listen to ...[Yellen]... on certain things. One of these things is stock valuations. While I think she's right, her commenting on stock valuations doesn't mean anything. She's not going to react to them with policy," said Peter Boockvar, chief market analyst at The Lindsey Group.
At close, the Dow Jones Industrial Average was 86.02 points lower, while the S&P 500 and the Nasdaq were down 9.29 and 19.68 points respectively.
Private sector payrolls in the US hit their lowest level since January 2014 in April, falling to 169,000, well short of the 200,000 reading analysts had estimated. March's tally, which had previously been estimated at 189,000, was revised downward to 175,000.
US non-farm labour productivity fell by 1.9% in annualised terms during the first quarter after a 2.1% drop over the previous three months, according to the Bureau of Labour Statistics (BLS).
In company news, Herbalife ended flat after surging in early trade, as the nutrition-supplement producer raised its outlook for the year late on Tuesday, as first-quarter earnings exceeded expectations, increasing by 4.8%.
Wendy's was trading higher after first-quarter adjusted earnings per share topped consensus estimates.
Synageva BioPharma rocketed on news that Alexion Pharmaceuticals will buy the biotech firm in a $8.4bn cash-and-stock deal, which also sent Alexion shares south.
Groupon dipped after revealing that its first-quarter loss narrowed.
21st Century Fox, Tesla Motors, Wholefoods and MetLife are due to report after the closing bell.
Elsewhere, Asian markets closed lower, while European stocks were generally gained.
Crude oil futures settled up 53 cents, or 0.88%, at $60.93 a barrel on the New York Mercantile Exchange. Gold prices dipped, while the dollar was pushed lower against other major currencies, particularly the euro.
S&P 500 - Risers
Western Union Co. (WU) $21.80 +4.06%
Denbury Resources Inc. (DNR) $8.56 +3.57%
Electronic Arts Inc. (EA) $60.93 +2.99%
Rowan Companies plc (RDC) $22.97 +2.73%
Expeditors International Of Washington Inc. (EXPD) $47.96 +2.69%
Assurant Inc. (AIZ) $64.37 +2.34%
Cablevision Systems Corp. (CVC) $20.80 +2.21%
Reynolds American Inc. (RAI) $74.75 +2.20%
Kroger Co. (KR) $69.69 +2.17%
Vulcan Materials Co. (VMC) $87.18 +1.96%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $5.95 -11.80%
Alexion Pharmaceuticals Inc. (ALXN) $154.77 -8.18%
Chesapeake Energy Corp. (CHK) $14.73 -7.16%
ONEOK Inc. (OKE) $44.63 -6.92%
News Corp Class A (NWSA) $14.96 -6.62%
Fossil Group Inc (FOSL) $80.81 -6.53%
Windstream Holdings Inc (WIN) $10.25 -5.53%
Allstate Corp (The) (ALL) $67.24 -3.94%
CenturyLink Inc. (CTL) $34.22 -3.63%
Genworth Financial Inc. (GNW) $8.33 -3.59%
Dow Jones I.A - Risers
Procter & Gamble Co. (PG) $80.29 +0.28%
Cisco Systems Inc. (CSCO) $28.93 +0.16%
McDonald's Corp. (MCD) $96.22 +0.09%
Home Depot Inc. (HD) $108.06 +0.00%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $46.14 -3.07%
International Business Machines Corp. (IBM) $169.72 -1.94%
Pfizer Inc. (PFE) $33.47 -1.92%
Intel Corp. (INTC) $32.16 -1.47%
Boeing Co. (BA) $140.89 -1.41%
Walt Disney Co. (DIS) $109.49 -1.19%
Verizon Communications Inc. (VZ) $49.56 -1.06%
Apple Inc. (AAPL) $124.73 -0.85%
JP Morgan Chase & Co. (JPM) $63.87 -0.83%
Goldman Sachs Group Inc. (GS) $195.76 -0.78%
Nasdaq 100 - Risers
Expeditors International Of Washington Inc. (EXPD) $47.96 +2.69%
Activision Blizzard Inc. (ATVI) $23.18 +2.07%
Fiserv Inc. (FISV) $78.76 +1.65%
Vodafone Group Plc ADS (VOD) $35.19 +1.27%
Broadcom Corp. (BRCM) $45.39 +1.09%
Nxp Semiconductors Nv (NXPI) $98.34 +0.92%
Dollar Tree Inc (DLTR) $77.01 +0.88%
Regeneron Pharmaceuticals Inc. (REGN) $469.54 +0.87%
Celgene Corp. (CELG) $108.41 +0.81%
Illumina Inc. (ILMN) $188.55 +0.81%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $154.77 -8.18%
Microsoft Corp. (MSFT) $46.14 -3.07%
Seagate Technology Plc (STX) $56.17 -2.65%
Baidu Inc. (BIDU) $189.71 -2.58%
Verisk Analytics Inc. (VRSK) $72.62 -2.54%
Mylan Inc. (MYL) $71.08 -2.48%
Wynn Resorts Ltd. (WYNN) $113.63 -2.41%
Western Digital Corp. (WDC) $94.62 -2.24%
Keurig Green Mountain Inc (GMCR) $107.57 -2.21% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Elections, JPMorgan, Clydesdale Bank "David Cameron and Ed Miliband made their final pleas to voters on Wednesday, as the UK heads to the general election vote with pollsters saying the contest is tied," the Financial Times said.
French prosecutors have launched a formal investigation into JPMorgan Chase's main US banking unit about possible complicity in tax fraud, The Wall Street Journal revealed.
Australia's NAB is to demerge its troubled UK business Clydesdale Bank and raise up to A$5.5bn (£2.87bn) in capital to strengthen its balance sheet and help meet tougher regulatory requirements, The Guardian reports.
Standard Chartered's chairman Sir John Peace said the board is "listening carefully" to shareholders over the decision on whether to leave the UK, though it has not yet initiated a formal review into an overseas move, The Times said.
According to The Telegraph, the Bank of England has admitted it has got data wrong on UK gilt purchases from foreign investors for the past two months.
Trade body Oil & Gas UK has said that oil firms need to slash costs by 40% in order to extract the estimated 23bn barrels of oil and gas that remain in the UK North Sea, writes The Scotsman.
Michelin has snapped up British tyre e-retailer Blackcircles for £50m, whose backers include former Tesco boss Sir Terry Leahy, The Telegraph reports. | | |
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