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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 gain on rally in miners The FTSE 100 started Friday on the front foot as mining stocks rallied on the back of an increase in metal and oil prices.
Glencore, Anglo America, Antofagasta, BHP Billiton and Rio Tinto led the gains on London's top tier index, bolstered by a rise in gold, silver and copper prices.
Oil prices were also sitting higher after official US data showed production fell to its lowest level since November 2014, soothing concerns about the supply glut.
Brent crude climbed 0.11% to $37.11 per barrel and West Texas Intermediate gained 0.26% to $34.66 per barrel.
While US crude inventories grew to a new record of 517.98m barrels last week, output fell for a sixth straight week to 9.08m barrels a day, according to the US government's Energy Information Administration.
Turning to Friday's economic calendar, the focus will be on the all-important US non-farm payrolls report at 1330 GMT, which the Federal Reserve is taking into consideration as it determines the timing of its next change to interest rates. Analysts expect US employers added 195,000 jobs in February and that the unemployment rate held at 4.9%.
In company news, shares in the London Stock Exchange dropped despite reporting strong underlying growth in the full year as it hinted at a deal for a merger with Deutsche Borse.
"This represents a compelling opportunity to strengthen each other in an industry-defining combination, by creating a global market infrastructure group with significant benefits for our customers and shareholders," chief executive Xavier Rolet said of the proposed deal.
WPP was also in the red as the advertising giant warned of a tough economic outlook that could hurt its clients. |
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| Market Movers
FTSE 100 (UKX) 6,152.56 0.36%
FTSE 250 (MCX) 16,772.52 0.16%
techMARK (TASX) 3,131.36 -0.06%
FTSE 100 - Risers
Glencore (GLEN) 150.55p 5.28%
Anglo American (AAL) 556.20p 4.35%
Antofagasta (ANTO) 525.50p 2.84%
BHP Billiton (BLT) 817.20p 2.75%
Rio Tinto (RIO) 2,057.50p 2.26%
Randgold Resources Ltd. (RRS) 6,470.00p 2.13%
Inmarsat (ISAT) 943.50p 2.00%
Carnival (CCL) 3,479.00p 1.81%
Tesco (TSCO) 189.45p 1.77%
Centrica (CNA) 223.40p 1.55%
FTSE 100 - Fallers
Schroders (SDR) 2,658.00p -2.92%
Travis Perkins (TPK) 1,821.00p -1.51%
Whitbread (WTB) 3,745.00p -1.45%
Next (NXT) 6,595.00p -1.27%
Hikma Pharmaceuticals (HIK) 1,737.00p -1.03%
Old Mutual (OML) 176.90p -0.95%
Legal & General Group (LGEN) 233.80p -0.89%
Prudential (PRU) 1,329.00p -0.86%
Worldpay Group (WI) (WPG) 295.00p -0.77%
Admiral Group (ADM) 1,905.00p -0.73%
FTSE 250 - Risers
BBA Aviation (BBA) 202.40p 5.36%
Euromoney Institutional Investor (ERM) 950.00p 5.15%
Ashmore Group (ASHM) 270.50p 3.84%
Vedanta Resources (VED) 365.10p 3.55%
Acacia Mining (ACA) 270.60p 3.36%
Kennedy Wilson Europe Real Estate (KWE) 1,173.00p 3.35%
Tullow Oil (TLW) 200.60p 3.30%
Daejan Holdings (DJAN) 5,645.00p 2.92%
Drax Group (DRX) 272.80p 2.90%
Amec Foster Wheeler (AMFW) 443.50p 2.12%
FTSE 250 - Fallers
AO World (AO.) 179.90p -4.00%
Cineworld Group (CINE) 513.00p -3.57%
St. Modwen Properties (SMP) 302.90p -3.23%
Ibstock (IBST) 200.30p -2.29%
Entertainment One Limited (ETO) 147.00p -2.00%
Polypipe Group (PLP) 316.30p -1.98%
Cobham (COB) 235.10p -1.76%
Marshalls (MSLH) 291.20p -1.62%
William Hill (WMH) 393.60p -1.45% |
| | UK Event Calendar | | Friday 04 March
INTERIM DIVIDEND PAYMENT DATE
CPL Resources, Daejan Holdings, Mattioli Woods
QUARTERLY PAYMENT DATE
Toro Limited
FINALS
Independent News & Media, London Stock Exchange Group, WPP
ANNUAL REPORT
Industrial Mlulti Propety Trust , Law Debenture Corp.
AGMS
Actual Experience , River And Mercantile UK Micro Cap Investment Company Limited , Shoe Zone, SSP Group
TRADING ANNOUNCEMENTS
Alpha Real Trust Ltd.
FINAL DIVIDEND PAYMENT DATE
Downing Four VCT DSO 'A' Shs, P2P Global Investments C, Sage Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher as investors look to payrolls European equities nudged higher in early trade but moves were muted as investors erred on the side of caution ahead of the all-important nonfarm payrolls report.
At 0900 GMT, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all up 0.2%.
Meanwhile, oil prices were fairly steady following choppy moves on Thursday, with West Texas Intermediate up 0.1% at $34.60 a barrel and Brent crude down 0.2% to $36.98
The nonfarm payrolls report and the unemployment rate are both due at 1330 GMT.
"While the ADP employment report was fairly good, it was also pretty positive in January which would suggest perhaps that today's non-farm payrolls report could well see an upward revision. We can also expect to see various monthly revisions for the whole of last year as well," said Michael Hewson, chief market analyst at CMC Markets.
He said expectations are for an improvement to 195,000 while the unemployment rate is expected to stay unchanged at 4.9%.
"There has been some debate as to whether today's number could shift the dial with respect to a March rate rise, but given recent volatility it's safe to assume it probably won't. Some might argue that a March rate hike remains on the table, but it isn't really, especially since the ECB will probably ease monetary policy further next week. This would suggest that any Fed rate rise that might be on the table is more likely to stay there and gather dust."
In corporate news, London Stock Exchange was little changed after posting a 31% increase in full year profit and reiterating the case for a merger with Deutsche Boerse.
Shares in WPP rose after it posted strong 2015 results, although it sounded a cautious note over the outlook for the advertising industry.
Dutch digital security firm Gemalto surged after its full-year profit beat analysts' expectations.
French hotel group Accor rallied after a spokeswoman for the company said it was not in talks to buy Carlson Rezidor Hotel Group. |
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| | US Market Report | | US close: Stocks eke out gains as oil prices recover US stocks eked out small gains after a choppy session as oil prices recovered, but investors were reluctant to make any bold moves ahead of Friday's all-important nonfarm payrolls report.
The Dow Jones Industrial Average and the S&P 500 both ended up 0.3% while the Nasdaq rose 0.1%.
A stabilisation in oil prices lent some support, with West Texas Intermediate up 0.1% at $34.71 a barrel and Brent crude 0.7% higher at $37.19. Prices had been weaker earlier in the session after government data on Wednesday showed US crude inventories rose 10.4m barrels to a record 517.98m last week.
Ahead of the all-important nonfarms report, the Labor Department revealed the number of first time unemployment benefits claimants in the US unexpectedly rose last week. Initial jobless claims rose by 6,000 to 278,000, versus economists' expectations for a drop to 271,000. The previous week's figures were unrevised.
Pantheon Macroeconomics said: "After three straight downside surprises, claims have nudged a bit above the underlying trend, which probably is in the mid-270s. At that level, and coupled with robust indicators of the pace of hiring, we'd expect payroll growth to run close to the 2015 average, 228k.
"That said, we expect only 180k tomorrow, thanks to a combination of a correction in the construction sector after the Q4 weather boost, and a tendency for the February number initially to be understated and then revised higher."
Investors also digested some uninspiring data on the US services sector. Markit's services purchasing managers' index fell to 49.7 in February, down from 53.2 in January and worse than the 50 reading expected by analysts. It was below the 'flash' estimate of 49.8 and under the 50 mark that separates contraction from expansion for the first time in almost two and half years.
Elsewhere, data showed factory orders rose 1.6% in January following two straight monthly declines. Although this was weaker than the 2% gain expected by economists, it was the biggest increase in seven months.
Analysts expect the nonfarm payrolls report to show US employers added 193,000 jobs in February, compared to 151,000 a month earlier. The unemployment rate is forecast to hold at 4.9% while average hourly earnings are projected to rise 0.2% month-on-month in February, slowing from the previous month's 0.5% increase.
The Federal Reserve is taking the strength of the labour market into consideration as it determines the timing of its next change in interest rates.
In corporate news, Chesapeake Energy Corp shares surged after the company's former chief executive died on Wednesday in a car accident. He had been charged a day earlier with breaking federal antitrust laws on claims he had conspired with an unnamed company to keep land-lease rights in Oklahoma low between 2007 and 2012.
Joy Global surged after reporting a worse-than-anticipated loss for its first quarter.
On the downside, warehouse chain Costco Wholesale Corp. was lower after it posted weaker-than-expected second quarter profit and revenue.
Ciena Corp tumbled after it reported a narrower loss for its most recent quarter but issued disappointing guidance.
Supermarket chian Kroger Co was also under the cosh after its fourth quarter sales missed analysts' expectations.
Herbalife shares tanked after the marketing and nutrition firm said it had released "errant" information regarding new members.
In currencies, the dollar fell 0.7% versus the pound and 0.9% against the euro, but was flat versus the yen.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $3.23 +32.38%
Chesapeake Energy Corp. (CHK) $4.28 +26.03%
Southwestern Energy Co. (SWN) $7.32 +17.95%
Ensco Plc. (ESV) $10.94 +14.14%
Rowan Companies plc (RDC) $16.61 +11.40%
Murphy Oil Corp. (MUR) $21.27 +10.21%
Transocean Ltd. (RIG) $10.81 +9.91%
Marathon Oil Corp. (MRO) $9.97 +9.56%
CONSOL Energy Inc. (CNX) $10.27 +8.68%
United States Steel Corp. (X) $12.33 +8.63%
S&P 500 - Fallers
Kroger Co. (KR) $37.80 -7.01%
Alexion Pharmaceuticals Inc. (ALXN) $145.84 -3.79%
Vertex Pharmaceuticals Inc. (VRTX) $89.46 -3.31%
Ventas Inc. (VTR) $56.70 -2.93%
Cerner Corp. (CERN) $49.98 -2.57%
Pioneer Natural Resources Co. (PXD) $128.26 -2.28%
Pepco Holdings Inc. (POM) $23.18 -2.03%
Cimarex Energy Co (XEC) $88.06 -2.00%
Electronic Arts Inc. (EA) $64.80 -1.95%
Celgene Corp. (CELG) $102.73 -1.91%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $71.75 +3.42%
Walt Disney Co. (DIS) $98.79 +1.85%
American Express Co. (AXP) $58.06 +1.65%
International Business Machines Corp. (IBM) $137.82 +1.12%
Home Depot Inc. (HD) $126.84 +1.00%
Apple Inc. (AAPL) $101.50 +0.74%
Goldman Sachs Group Inc. (GS) $155.25 +0.68%
United Technologies Corp. (UTX) $96.06 +0.55%
Unitedhealth Group Inc. (UNH) $121.81 +0.45%
Chevron Corp. (CVX) $87.53 +0.44%
Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $116.63 -1.56%
Nike Inc. (NKE) $61.46 -1.22%
Microsoft Corp. (MSFT) $52.35 -1.13%
Visa Inc. (V) $73.90 -0.53%
Verizon Communications Inc. (VZ) $51.89 -0.44%
Exxon Mobil Corp. (XOM) $82.37 -0.40%
E.I. du Pont de Nemours and Co. (DD) $61.91 -0.39%
Johnson & Johnson (JNJ) $106.64 -0.37%
Travelers Company Inc. (TRV) $109.82 -0.34%
Merck & Co. Inc. (MRK) $52.12 -0.30%
Nasdaq 100 - Risers
Viacom Inc. Class B (VIAB) $39.02 +4.11%
Tesla Motors Inc (TSLA) $195.74 +3.93%
PACCAR Inc. (PCAR) $54.06 +3.42%
Discovery Communications Inc. Class A (DISCA) $27.64 +3.21%
Discovery Communications Inc. Class C (DISCK) $26.82 +3.15%
Bed Bath & Beyond Inc. (BBBY) $50.64 +3.09%
Western Digital Corp. (WDC) $48.65 +2.75%
Seagate Technology Plc (STX) $34.76 +2.45%
Biomarin Pharmaceutical Inc. (BMRN) $89.57 +2.44%
Liberty Interactive Corporation QVC Group (QVCA) $26.45 +2.40%
Nasdaq 100 - Fallers
JD.com, Inc. (JD) $25.59 -3.94%
Alexion Pharmaceuticals Inc. (ALXN) $145.84 -3.79%
Vertex Pharmaceuticals Inc. (VRTX) $89.46 -3.31%
Ctrip.Com International Ltd. Ads (CTRP) $39.24 -3.11%
Cerner Corp. (CERN) $49.98 -2.57%
Maxim Integrated Products Inc. (MXIM) $34.14 -1.95%
Electronic Arts Inc. (EA) $64.80 -1.95%
Celgene Corp. (CELG) $102.73 -1.91%
Biogen Inc (BIIB) $268.64 -1.83% |
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| | Newspaper Round Up | | Friday newspaper round-up: Pensions, BHS, SSI, Schroders George Osborne is facing mounting pressure from within government to rule out radical changes to pensions tax relief, with the pensions minister Ros Altmann cautioning against a major overhaul of the system. With a final decision imminent on the future shape of pensions tax relief, opponents fear reform proposals would lead to deep and lasting damage to retirement saving. - Financial Times
Bob Diamond, the forceful former Barclays chief executive, is approaching investors to back a takeover bid for a swath of the UK bank's African empire that he helped to construct. His audacious move comes after Barclays announced plans this week to sell its African operations, which date back almost a century. The retreat has raised concerns among customers and regulators about the future of one of the continent's biggest lenders. - Financial Times
BHS has appealed to creditors for permission to enter a form of insolvency that could lead to the closure of dozens of stores and loss of hundreds of jobs, as the High Street stalwart fights for survival. The retailer has submitted proposals to the High Court for a Company Voluntary Agreement (CVA) in an attempt to drive down rent costs for 87 of its 164 stores. Preparations for the proposals, made by BHS on advice from KPMG, were revealed by The Telegraph last month. - Telegraph
To say that experts often get it wrong is an understatement. Philip Tetlock, a brilliant US academic who has studied this phenomenon in detail, once concluded that the average "expert" was in fact "roughly as accurate as a dart-throwing chimpanzee". Consumers of expert advice should thus always heed the old adage of caveat emptor, or "let the buyer beware". - Telegraph
Former SSI steelworkers have been awarded a share of £6.25m over lack of consultation when their plant in Redcar closed. The Community trade union took action on behalf of more than 1,100 of its members who lost their jobs when the site closed last year. Workers who were part of Community's claim will receive up to eight weeks' pay from the government's redundancy payments office. - Guardian
The competition watchdog is expected to announce next week that it has ditched plans to introduce a wide-ranging price cap on energy bills after fierce lobbying from the big six suppliers. The Competition and Markets Authority (CMA) is also likely to announce that it is lifting a limit on the number of tariffs that companies can offer, scrapping a policy that was introduced by industry regulator Ofgem to provide more clarity for consumers. - Guardian
Schroders was accused of driving a coach and horses through boardroom best practice after promoting its long-serving chief executive, Michael Dobson, to non-executive chairman. Corporate governance experts expressed concern that such a major investment group, which owns stakes in numerous British blue chips, was flouting the standards it normally expects from other companies. Mr Dobson said that he would stand down as chief executive on April 4 and take over from Andrew Beeson as chairman at the same time. - The Times
David Cameron and François Hollande threw their weight behind plans to build an £18 billion nuclear power station at Hinkley Point in Somerset yesterday as officials scrambled to dispel growing scepticism over the project. In a statement, the British and French leaders described Hinkley as a "major strategic project" and a "pillar of the bilateral relationship" that would be a key aspect of British energy policy. - The Times | | |
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