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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 continue to advance on Greek hopes UK stocks advanced again on Tuesday morning, extending the strong rally seen the previous session as hopes over a short-term funding deal for Greece continued to increase.
The FTSE 100 was up 0.18% at 6,837.85 after a 1.7% jump on Monday.
Optimism surrounding Athens picked up on Monday following a last-minute proposal by Greece's government at the weekend. While an emergency EU summit failed to result in a new cash-for-reforms agreement, leaders expressed hopes that a deal will be struck this week.
"Things have gotten off to a similarly strong, if less spectacular, start this Tuesday morning, continuing Monday's staggering gains as Greek debt talks enter their healthiest period in months," said Spreadex analyst Connor Campbell.
On Tuesday's agenda will be a raft of purchasing managers' indices from Europe, including the overall composite PMI for the Eurozone which is expected to fall to 53.5 in June from 53.6.
Overnight, the Chinese manufacturing PMI by HSBC improved to 49.6 in June from 49.2, beating the 49.4 estimate.
US durable goods orders, US new home sales and the Markit US manufacturing PMI will also be released during the session.
Ladbrokes jumps on Gala Coral deal
In response to recent press speculation, Ladbrokes confirmed that it is in mergers talks with the board of Gala Coral. Ladbrokes said they two are in discussions regarding a possible merger of Ladbrokes and Coral Retail, Eurobet Retail and Gala Coral's online businesses, sending shares in the FTSE 250 bookie chain surging early on.
Distribution and outsourcing business Bunzl disappointed with a slowdown in organic growth in the second quarter. The group also announced that it has acquired four businesses in the US, Colombia, Canada and France.
Oilfield services outfit Petrofac gained after saying that additional costs tied to the development of its flagship project in the Shetland Islands would be partially offset by tax provisions.
Telecoms giant Vodafone was in demand after analysts at Nomura lifted their recommendation to 'buy' and hiked their target from 235p to 290p.
Associated British Foods was trading in the red after RBC Capital markets downgraded the stock to 'sector performer', while Sports Direct was boosted by the same broker to 'outperform' |
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| | Market Movers
techMARK 3,214.94 +0.53%
FTSE 100 6,837.85 +0.18%
FTSE 250 17,979.90 +0.41%
FTSE 100 - Risers
Sports Direct International (SPD) 724.50p +3.13%
Johnson Matthey (JMAT) 3,230.00p +2.44%
Sage Group (SGE) 551.00p +1.94%
Diageo (DGE) 1,937.50p +1.60%
Marks & Spencer Group (MKS) 557.50p +1.55%
Meggitt (MGGT) 474.00p +1.37%
InterContinental Hotels Group (IHG) 2,767.00p +1.36%
3i Group (III) 546.50p +1.20%
Smith & Nephew (SN.) 1,100.00p +1.20%
Fresnillo (FRES) 711.50p +1.14%
FTSE 100 - Fallers
Bunzl (BNZL) 1,860.00p -1.64%
Anglo American (AAL) 985.40p -0.97%
Rio Tinto (RIO) 2,746.00p -0.87%
Associated British Foods (ABF) 3,070.00p -0.78%
Severn Trent (SVT) 2,166.00p -0.46%
BHP Billiton (BLT) 1,341.00p -0.41%
National Grid (NG.) 857.50p -0.41%
London Stock Exchange Group (LSE) 2,445.00p -0.41%
Royal Dutch Shell 'A' (RDSA) 1,867.50p -0.40%
International Consolidated Airlines Group SA (CDI) (IAG) 524.50p -0.38%
FTSE 250 - Risers
Ladbrokes (LAD) 134.50p +10.16%
Petrofac Ltd. (PFC) 951.00p +9.37%
Hunting (HTG) 670.00p +7.46%
Telecom Plus (TEP) 849.50p +3.47%
Vesuvius (VSVS) 430.50p +2.52%
Nostrum Oil & Gas (NOG) 561.00p +2.00%
Virgin Money Holdings (UK) (VM.) 448.50p +1.96%
Greene King (GNK) 850.50p +1.86%
RPC Group (RPC) 667.50p +1.83%
Ocado Group (OCDO) 401.00p +1.54%
FTSE 250 - Fallers
Evraz (EVR) 143.30p -2.38%
Lonmin (LMI) 126.20p -2.17%
Jimmy Choo (CHOO) 159.80p -1.36%
Rank Group (RNK) 213.30p -1.30%
AO World (AO.) 145.20p -1.22%
Cable & Wireless Communications (CWC) 67.60p -1.17%
Mitchells & Butlers (MAB) 469.80p -1.16%
Foxtons Group (FOXT) 259.50p -1.11%
Polymetal International (POLY) 544.50p -1.00% |
| | UK Event Calendar | | Tuesday 23 June
INTERIMS
Benchmark Holdings
INTERIM DIVIDEND PAYMENT DATE
Titon Holdings
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
House Price Index (US) (15:00)
New Homes Sales (US) (15:00)
GMS
Acer Incorporated GDR (Reg S), SerVision
FINALS
Bilby, Hayward Tyler Group, IMImobile , Immunodiagnostic Systems Holdings, Syqic, Telecom Plus, ULS Technology
ANNUAL REPORT
Halma
EGMS
EMED Mining Public Ltd., Wentworth Resources Ltd (DI)
AGMS
Acer Incorporated GDR (Reg S), Aggregated Micro Power Holdings , BCA Marketplace, Bellzone Mining, BlackRock Emerging Europe, Bond International Software, Coca-Cola HBC AG (CDI), Crawshaw Group, Dalradian Resources Inc. (DI), Edenville Energy , Gable Holdings Inc., Norcon, Puma VCT 9, React Energy, Royal Bank of Scotland Group, Saga , Scottish Mortgage Inv Trust, Surgical Innovations Group, Tandem Group, Tangent Communications, Universe Group, Velocys , Wentworth Resources Ltd (DI)
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Cape
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks higher on optimism for deal in Greece; data provides a boost European stocks rose on Tuesday amid increased optimism that Greece will strike a deal with its creditors and following solid Eurozone data releases.
By 0920 BST, the benchmark Stoxx Europe 600 index was up 1%, France's CAC 40 was 0.7% higher and Germany's DAX was up 0.9%.
In the periphery, Greece was the standout performer, with the ASE Composite up 3%, while Spain's IBEX 35 was up 0.6% and Italy's FTSE Mib was 0.4% higher.
Greek 10- and 2-year government bonds extended Monday's gains, while yields on the corresponding Spanish and Italian bonds were also lower. Bond yields move inversely to prices.
"European equities are trading higher this morning seeing some modest follow-through buying in the aftermath of yesterday's steep move to the upside on the back of Greece finally nearing a deal with its creditors," said Markus Huber, senior analyst at Peregrine & Black.
"With time for a deal truly running out, Greece finally appears to be willing to compromise on crucial points like pensions and VAT allowing ongoing negotiations to enter a crucial state with a deal now much more likely than just a few days ago," added Huber.
The emergency summit in Brussels on Monday yielded no deal, but Athens has been given 48 hours to make changes to the original plans it submitted, and Eurozone finance ministers will hold fresh talks with Greece on Wednesday.
Athens is due to repay around €1.5bn to the International Monetary Fund at the end of this month.
Meanwhile, the European Central Bank has reportedly raised the amount made available to Greece under its Emergency Liquidity Assistance facility, although no exact figure has been revealed.
Data releases added to the upbeat tone on Tuesday, showing that Eurozone manufacturing activity grew at its fastest pace in four years in June.
Markit's flash Eurozone composite output index, which measures the combined output of both the manufacturing and service sectors, rose to 54.1 in June from 53.6, compared with expectations for a reading of 53.6.
German and French figures released earlier were also encouraging. Germany's manufacturing purchasing managers' index came in at 51.9 in June from 51.1 in May and better than expectations for a reading of 51.3.
French manufacturing and services data for June also beat analysts' expectations.
In London, betting company Ladbrokes surged 10% after it responded to recent press speculation by confirming that it is in merger talks with Gala Coral. |
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| | US Market Report | | US close: Dow jumps over 100 points on Greece optimism, as Nasdaq Composite reaches new high US stocks rallied on Monday, as the Nasdaq Composite reached a new record in the wake of reports suggesting Greece and its creditors might be reaching a reform deal.
The Dow Jones Industrial Average closed 103.83 points higher to 18,119.78, while the S&P 500 and the Nasdaq gained 13 and 31 points respectively.
Greece hopes push stocks higher
European stocks gained on hopes that Greece was nearer to a deal with its creditors, after the country's economy minister Giorgios Stathakis said terms of new proposals to end the deadlock on its debt crisis including new taxes on businesses and the wealthy.
However, a Eurogroup meeting on Monday ended without an agreement.
"The US market has the advantage of not being too closely linked to the eurozone, but on a day like today it is not reaping the rewards from the positive swing," said David Madden, analyst at IG.
"The US market is still buoyant from the mildly dovish remarks from the Fed last week and traders have found the right balance of being bullish but not afraid of the rate rise the Fed may introduce at the back end of the year."
Monday data
The US economy underperformed in May, according to the Chicago Fed's national activity index.
Figures released on Monday, showed the index, a weighted average of 85 different economic indicators, rose from -0.19 to -0.17, while the three-month average edged up from -0.20 to -0.16.
Meanwhile, sales of existing US homes rose at the fastest pace since 2009 in May, data from the National Association of Realtors showed.
According to the figures, existing home sales declined 5.1% month-on-month to a seasonally-adjusted annual rate of 5.35m, exceeding expectations for a rise to 5.25m.
In company news, natural gas pipeline giant Williams Cos surged 25.9% after revealing on Sunday it had rebuffed an unsolicited buyout bid worth $48bn from an undisclosed source.
Health and fitness products provider Fitbit jumped 15.1%, after soaring more than 50% on its debut on Thursday.
Internet TV network Netflix climbed 2.57% after the brokerage BTIG boosted its stock price target to a Wall Street-high $950, while healthcare services Cigna surged 4.73% after its board Sunday rejected a $47.5bn takeover offer from Anthem Inc.
Elsewhere, Asian markets closed higher boosted by news coming out of Greece, while the dollar gained 0.22% against the euro and rose 0.34% and 0.52% against the pound and the yen respectively.
Gold futures slid 1.49% to $1,184.00, while oil prices moved higher, with West Texas Intermediate and Brent crude both gaining 0.32% to $60.16 and $63.22 a barrel respectively.
S&P 500 - Risers
Williams Companies Inc. (WMB) $60.86 +25.90%
CIGNA Corp. (CI) $162.60 +4.73%
ONEOK Inc. (OKE) $40.79 +4.51%
Anthem Inc (ANTM) $171.04 +3.62%
E*TRADE Financial Corp. (ETFC) $30.99 +3.54%
Eastman Chemical Co. (EMN) $83.04 +3.30%
Adobe Systems Inc. (ADBE) $82.28 +3.24%
Aetna Inc. (AET) $128.05 +3.21%
Southwestern Energy Co. (SWN) $24.03 +2.91%
Fifth Third Bancorp (FITB) $21.63 +2.80%
S&P 500 - Fallers
Humana Inc. (HUM) $189.94 -6.11%
International Paper Co. (IP) $49.67 -2.87%
Newmont Mining Corp. (NEM) $23.95 -2.84%
United States Steel Corp. (X) $22.62 -2.25%
Wynn Resorts Ltd. (WYNN) $100.95 -2.09%
Freeport-McMoRan Inc (FCX) $19.40 -1.87%
Carmax Inc. (KMX) $68.03 -1.79%
Health Care REIT Inc. (HCN) $67.55 -1.73%
Simon Property Group Inc. (SPG) $176.53 -1.64%
General Growth Properties Inc. (GGP) $26.66 -1.62%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $216.51 +1.56%
Merck & Co. Inc. (MRK) $58.83 +1.36%
American Express Co. (AXP) $81.25 +1.32%
JP Morgan Chase & Co. (JPM) $68.96 +1.29%
Caterpillar Inc. (CAT) $88.27 +0.86%
Chevron Corp. (CVX) $100.29 +0.82%
McDonald's Corp. (MCD) $96.87 +0.82%
Walt Disney Co. (DIS) $113.53 +0.81%
Apple Inc. (AAPL) $127.61 +0.80%
General Electric Co. (GE) $27.42 +0.66%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $28.95 -0.28%
Procter & Gamble Co. (PG) $80.45 -0.11%
Unitedhealth Group Inc. (UNH) $120.25 -0.07%
Exxon Mobil Corp. (XOM) $85.17 -0.05%
Nasdaq 100 - Risers
Adobe Systems Inc. (ADBE) $82.28 +3.24%
Facebook Inc. (FB) $84.75 +2.71%
Netflix Inc. (NFLX) $674.93 +2.71%
Vimpelcom Ltd Ads (VIP) $5.53 +2.50%
Sandisk Corp. (SNDK) $65.50 +2.47%
Alexion Pharmaceuticals Inc. (ALXN) $188.24 +2.08%
Celgene Corp. (CELG) $119.56 +2.00%
Autodesk Inc. (ADSK) $54.55 +1.83%
Texas Instruments Inc (TXN) $55.50 +1.82%
Vodafone Group Plc ADS (VOD) $37.60 +1.76%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $100.95 -2.09%
Tesla Motors Inc (TSLA) $259.63 -1.10%
Symantec Corp. (SYMC) $23.82 -1.04%
Keurig Green Mountain Inc (GMCR) $82.42 -0.94%
Priceline Group Inc (PCLN) $1,150.53 -0.68%
Baidu Inc. (BIDU) $209.64 -0.58%
Nvidia Corp. (NVDA) $21.77 -0.43%
Bed Bath & Beyond Inc. (BBBY) $70.51 -0.33%
Ross Stores Inc. (ROST) $50.31 -0.32% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Greece, Tesco, Ladbrokes and Gala Coral The president of the European Council, Donald Tusk, has urged EU leaders to avoid an "uncontrollable, chaotic Graccident" in their continued negotiations over Greece, The Guardian reports.
The Groceries Code Adjudicator has named Tesco as the worst of Britain's leading supermarket chains at complying with industry guidelines designed to protect suppliers, The Telegraph writes.
Ladbrokes and Gala Coral are in talks over a merger worth £3bn-4bn that would create a betting business with a combined store estate of nearly 4,000 bookie shops, writes The Times.
The former head of RSA's Irish unit has won a record €1.25m at an employment tribunal, claiming that he had been made the "fall guy" for accounting discrepancies, according to The Guardian.
Stocks in China declined on Tuesday with the Shanghai Composite down 2.4% by lunchtime, having dropped as much as 4.7% earlier on, the Financial Times said. This following the worst week for Chinese stocks since 2008.
Bank of England deputy governor Sir Jon Cunliffe has said that wage growth should pick up over the coming months and years as business investment and productivity increases, The Telegraph says. |
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