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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 shrug off Greek woes, Hikma and COLT surge UK stocks edged higher on Friday morning despite a bleak outcome to the Eurogroup meeting, as finance minsters failed to come up with proposals to solve the Greek debt crisis. However, given that expectations were low going into Thursday's meeting, disappointment may have already been priced in, analysts said.
Oanda analyst Craig Erlam said "investors appears surprisingly calm". He said: "They're not necessarily displaying the kind of risk aversion you might typically see ahead of such an uncertain weekend."
The FTSE 100, which touched a five-month low earlier in the week, was up 0.23% at 6,723.25 early on Friday as markets tracked a strong performance on Wall Street the previous session.
Blue chips Hikma and Ashtead were performing well after broker upgrades, while FTSE 250 outfit COLT surged after a takeover offer
The three main US stock indices jumped at least 1% each in the aftermath of dovish comments from the Federal Reserve and lower-than-expected inflation data. The Nasdaq Composite index in particular closed up 1.3% to finish at a new all-time high of 5,133.
With the economic data and corporate news calendar for Friday looking pretty thin, sentiment is likely to be driven by developments (if any) from Greece as concerns about a run on the country's banks grow.
According to reports, some €2bn has already been withdrawn from Greek banks so far this week, including a record €1bn on Wednesday alone. Furthermore, an ECB official has warned that Greek banks may not be able to open at all next week due to insufficient funds.
Officials have now agreed to hold an emergency EU summit on Monday in what is being seen as a last-ditch attempt to secure funds for Greece, as it nears a €1.6bn debt repayment to the IMF on 30 June.
"Concerns that banks may not be able to open on Monday (or on Tuesday after a potential failure of the emergency summit), or that the banks may not have sufficient funds then, could lead to new deposit outflows today," said Holger Schmieding from Berenberg. "The situation in Greece could get tense fast," he said.
Hikma and Ashtead upgraded, COLT soars
Pharmaceuticals group Hikma was a high riser early on after analysts at Citigroup upgraded the stock from 'neutral' to 'buy', recommending investors to "keep the faith" despite a 25% drop in the shares since late February.
Equipment rental outfit Ashtead was also boosted by comments from Exane BNP Paribas, which lifted its rating on the shares to 'outperform'.
Shares in Colt surged 20% after Fidelity said it has made a 190p per share offer for the remaining in the stake in the company it does not already own. The board, however, reckons that the offer undervalues the company.
Standard Life edged higher after announced that chief executive David Nish will step down on 5 August after six years in the role, to be succeeded by Keith Skeoch, who is currently boss of Standard Life Investments.
N Brown, the home shopping group which brands such as Simply Be and Jacamo, rose after saying its full-year guidance remains unchanged after an "encouraging start to the year".
Mining stocks were pulling back after a strong showing on Thursday, with Glencore, Anglo American and Antofagasta among the worst performers. |
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| | Market Movers
techMARK 3,169.78 +0.69%
FTSE 100 6,723.25 +0.23%
FTSE 250 17,755.40 +0.43%
FTSE 100 - Risers
Hikma Pharmaceuticals (HIK) 1,997.00p +5.38%
Tesco (TSCO) 214.35p +2.31%
Ashtead Group (AHT) 1,122.00p +2.00%
3i Group (III) 525.50p +1.64%
InterContinental Hotels Group (IHG) 2,695.00p +1.35%
ARM Holdings (ARM) 1,102.00p +1.29%
Merlin Entertainments (MERL) 439.50p +1.13%
Smith & Nephew (SN.) 1,084.00p +1.12%
Hargreaves Lansdown (HL.) 1,223.00p +1.07%
Burberry Group (BRBY) 1,639.00p +1.05%
FTSE 100 - Fallers
Antofagasta (ANTO) 709.00p -1.12%
Anglo American (AAL) 980.10p -1.07%
BHP Billiton (BLT) 1,321.00p -0.90%
Glencore (GLEN) 274.10p -0.81%
Rio Tinto (RIO) 2,734.50p -0.55%
BP (BP.) 432.15p -0.53%
Weir Group (WEIR) 1,788.00p -0.45%
Centrica (CNA) 274.00p -0.40%
Kingfisher (KGF) 361.70p -0.36%
Standard Chartered (STAN) 1,032.00p -0.34%
FTSE 250 - Risers
COLT Group SA (COLT) 188.00p +19.97%
Poundland Group (PLND) 312.30p +4.07%
Just Retirement Group (JRG) 180.60p +2.03%
AA (AA.) 392.90p +1.89%
WH Smith (SMWH) 1,523.00p +1.74%
De La Rue (DLAR) 555.00p +1.74%
Euromoney Institutional Investor (ERM) 1,174.00p +1.73%
QinetiQ Group (QQ.) 231.80p +1.67%
Provident Financial (PFG) 2,914.00p +1.67%
Halma (HLMA) 767.50p +1.59%
FTSE 250 - Fallers
Card Factory (CARD) 335.00p -6.81%
Fidelity China Special Situations (FCSS) 157.50p -2.84%
Hunting (HTG) 585.50p -2.58%
PZ Cussons (PZC) 356.10p -2.44%
AO World (AO.) 144.10p -1.84%
NMC Health (NMC) 815.00p -1.75%
Acacia Mining (ACA) 300.10p -1.45%
Petrofac Ltd. (PFC) 862.00p -1.37%
Computacenter (CCC) 724.50p -1.23% |
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| | UK Event Calendar | | Friday 19 June
INTERIM DIVIDEND PAYMENT DATE
Avingtrans, Baronsmead VCT, Baronsmead VCT 2, Matchtech Group
QUARTERLY PAYMENT DATE
BP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Current Account (EU) (09:00)
Producer Price Index (GER) (07:00)
GMS
Coms
FINALS
Auto Trader Group
ANNUAL REPORT
Rensburg AIM VCT
SPECIAL DIVIDEND PAYMENT DATE
United Carpets Group
EGMS
JZ Capital Partners Ltd, Vietnam Infrastructure Ltd.
AGMS
Avocet Mining, Charlemagne Capital Ltd., Eland Oil & Gas, Ergomed , HMS Hydraulic Machines & Systems Group GDR, Horizon Discovery Group, Insetco, Iofina, JZ Capital Partners Ltd, NextEnergy Solar Fund Limited Red, Peninsular Gold Ltd., RapidCloud International , Real Estate Investors, Subex Ltd GDR (Reg S), Vimetco NV GDR (Reg S), W Resources
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Alent, Andrews Sykes Group, Capital & Counties Properties , Computacenter, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT F Shs , Downing Two VCT G Shs, Fairpoint Group, Howden Joinery Group, Irish Continental Group Units, Powerflute Oyj (DI), Provident Financial, Soco International, Ted Baker, Venture Life Group, Witan Pacific Inv Trust, Xaar |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher despite ongoing Greece woes, boosted by Wall Street European stocks rose on Friday, supported by a strong session on Wall Street where investors cheered signs that US interest rates will be raised gradually, although worries about Greece continued to simmer in the background.
By 0910 BST, the benchmark Stoxx Europe 600 index was up 0.7%, while Germany's DAX and France's CAX were both up 0.8%. Greece's ASE Composite was trading 0.2% higher.
In currency markets, the euro was down 0.5% against the greenback, trading at $1.1300 as it gave back some gains, having held up fairly well recently given the shaky backdrop.
As widely expected, Greece and its creditors failed to reach an agreement at Thursday's Eurogroup meeting, so an emergency summit of European Union heads of government has now been scheduled for Monday.
The European Central Bank said at the meeting that it was unclear whether Greek banks would be open on Monday, amid news that Greek savers have pulled around €2bn out of banks over the past few days.
Meanwhile, media reports suggested that the European Central Bank will hold an unscheduled call on Friday to discuss Greek banks' access to Emergency Liquidity Assistance.
"We consider a last-minute agreement between the Greek side and its creditors as the marginally more likely outcome," said analysts at Deutsche Bank.
"This may lead to a loss in the current government's ruling majority, eventually leading to a change in coalition. But we would expect the agreement to be ultimately ratified through parliament. In the event of no agreement, a referendum on Eurozone membership and/or the agreement would be the most likely outcome, possibly taking place under limits to ECB bank financing. Alternatively a renewed attempt at negotiations may be made," they said.
In corporate news, Alcatel Lucent rose after Nokia Oyj won US antitrust approval for its €15.6bn takeover of the company. |
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| | US Market Report | | US close: stocks higher on dovish Fed sentiment US stocks closed lower on Thursday, after the Federal Reserve confirmed analysts' dovish expectations that upcoming rate hikes would be gradual and investors weighed up a raft of economic data.
Dan Greenhausm chief global strategist at BTIG LLC, argued that Fed's two-day policy offered no surprises to investors.
"The Fed did not provide anything new on Wednesday, there is no greater clarity after the meeting than before. However, the dot-plot suggesting pace of ...[a rate]... hike would be slower is taken as dovish," he said.
At close, the Dow Jones Industrial Average was up 174 points, while the S&P 500 and the Nasdaq rose 21 and 68 points respectively.
US consumer prices rose by 0.4% month-on-month in May after edging higher by 0.1% in the month before, falling slightly short of the 0.5% analysts had expected. At the 'core' level they increased by 0.1% over the month, while analysts expected a 0.2% increase.
Elsewhere, the current account deficit widened to $113.3bn in the first quarter, from $103.1bn in the fourth quarter of last year, largely because of a big drop in the primary income surplus.
Meanwhile, initial weekly unemployment claims decreased more-than-expected last week, hitting 267,000 against a forecast for a 277,000 reading.
The 30-year rate declined from an eight-month high of 4.04% to 4%, a report from federally controlled mortgage buyer Freddie Mac said, while the Philadelphia Fed Index jumped to 15.2 in June, beating forecasts of 9.0 reading.
In company news, Fitbit rocketed more than 50% as it made its New York Stock Exchange Debut. The initial public offering topped expectations at $20 a share. The wearable fitness tech manufacturer raised $732m as it sold 36.6m shares, giving it a valuation of roughly $4.1bn.
Harley Davidson was boosted by an upgrade from 'neutral' to 'buy' at UBS, as well as a price target hike from $50 to $63.
Jabil Circuit plunged as it underwhelmed investors with third quarter adjusted earnings of 49 cents a share, and gave a revenue outlook shy of analysts' consensus.
Ensco was in the red on speculation that the company will have to idle its rigs for longer than anticipated.
Asian markets closed mostly lower, while European stocks inches higher in anticipation of eurozone finance minsters meeting to discuss Greek negotiations.
Gold and oil futures were both lifted by a weaker dollars following the Fed's dovish statement.
S&P 500 - Risers
Harley-Davidson Inc. (HOG) $59.12 +4.33%
Celgene Corp. (CELG) $116.89 +4.22%
Ralph Lauren Corp (RL) $139.53 +3.58%
TripAdvisor Inc. (TRIP) $90.49 +3.24%
Garmin Ltd. (GRMN) $46.60 +3.05%
Vertex Pharmaceuticals Inc. (VRTX) $127.75 +2.99%
Best Buy Co. Inc. (BBY) $35.01 +2.96%
Regeneron Pharmaceuticals Inc. (REGN) $527.87 +2.92%
CBRE Group Inc (CBG) $37.76 +2.89%
Abbott Laboratories (ABT) $49.97 +2.88%
S&P 500 - Fallers
CF Industries Holdings Inc. (CF) $64.28 -79.70%
Jabil Circuit Inc. (JBL) $22.47 -7.64%
Oracle Corp. (ORCL) $42.60 -5.14%
Ensco Plc. (ESV) $22.25 -5.14%
Noble Corporation plc (NE) $15.66 -3.57%
CONSOL Energy Inc. (CNX) $24.17 -2.97%
Transocean Ltd. (RIG) $16.97 -2.95%
Denbury Resources Inc. (DNR) $6.52 -2.83%
Range Resources Corp. (RRC) $51.26 -2.81%
Halliburton Co. (HAL) $44.55 -2.54%
Dow Jones I.A - Risers
3M Co. (MMM) $159.71 +1.76%
Travelers Company Inc. (TRV) $101.53 +1.75%
Walt Disney Co. (DIS) $113.43 +1.74%
Microsoft Corp. (MSFT) $46.73 +1.65%
Johnson & Johnson (JNJ) $100.31 +1.60%
Intel Corp. (INTC) $32.41 +1.44%
Boeing Co. (BA) $145.40 +1.37%
Home Depot Inc. (HD) $111.92 +1.31%
Pfizer Inc. (PFE) $34.42 +1.29%
Nike Inc. (NKE) $106.04 +1.23%
Dow Jones I.A - Fallers
N/A
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $5.55 +6.84%
Celgene Corp. (CELG) $116.89 +4.22%
TripAdvisor Inc. (TRIP) $90.49 +3.24%
Garmin Ltd. (GRMN) $46.60 +3.05%
Nxp Semiconductors Nv (NXPI) $105.28 +3.04%
Vertex Pharmaceuticals Inc. (VRTX) $127.75 +2.99%
Regeneron Pharmaceuticals Inc. (REGN) $527.87 +2.92%
Amgen Inc. (AMGN) $160.00 +2.79%
Biogen Inc (BIIB) $401.39 +2.69%
Sirius XM Holdings Inc (SIRI) $3.87 +2.52%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $83.57 -0.32%
Yahoo! Inc. (YHOO) $40.89 -0.17%
Altera Corp. (ALTR) $51.46 -0.08%
Micron Technology Inc. (MU) $24.47 -0.04%
Dish Network Corp. (DISH) $71.96 -0.01% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Bank of Japan, Airbus The Eurogroup meeting of finance ministers in Luxembourg on Thursday ended in disappointment, writes The Telegraph, despite rumours of a €10bn rescue deal for Greece. Dutch finance minister and Eurogroup chair Jeroen Dijsselbloem said "too little measures have been put forward that have been assessed to be credible or serious".
€2bn in deposits have already been withdrawn from Greek banks in the first three days of the week, with the ECB warning that banks might be forced to remain closed on Monday, The Times writes.
According to the Financial Times, the Bank of Japan is to cut the frequency of its meetings from 14 to eight a year in a big shake-up of its communications policy. It will also start releasing individual economic forecasts from each of its nine board members.
Hungary's Wizz Air agreed to buy 110 plans from Airbus in a deal worth up to $14bn on the last day of the Paris Airshow, The Telegraph reports.
RBS has said it cannot rule out another IT meltdown after 600,000 payments into customer accounts went missing on Wednesday, with the bank admitting that no system is failsafe, writes The Guardian.
A survey by Prudential has found that employees aged between 45-55 are expecting to get by on an annual pension of around £14,000, nearly a fifth lower than the £17,000 that current retirees are getting, The Times reports. | | |
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