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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 fall as investors wade through earnings UK stocks declined on Friday as investors sifted through corporate earnings from a batch of FTSE 100-listed companies.
Royal Bank of Scotland's shares were in the red after reporting a first quarter £968m loss, more than double the loss the same period a year ago. The loss reflected a £1.2bn payment to the UK Treasury to end a golden share agreement that gave the government first dibs on any dividend payments.
"Given the current regulatory environment and a continued era of low interest rates, anyone expecting a speedy turnaround is likely to be waiting a while, however with the shares already near multi year lows expectations are already fairly low, which suggests that the lows of earlier this year at 205p may well be safe for now," said Michael Hewson, chief market analyst at CMC Markets.
British Airways owner International Consolidated Airlines was also under the cosh after reporting a drop in passenger unit revenue for the first quarter at constant currency.
Education publisher Pearson slumped after posting a 9% drop in revenue at constant exchange rates in the first quarter.
AstraZeneca dropped after reporting a 7% drop in first-quarter earnings at constant currency.
In economic data, UK consumer confidence declined in April, according to GfK's survey. The sentiment index fell to -3 this month from 0 in March, worse than analysts' estimates of -1.
Still to come, UK consumer credit and mortgage approvals at 0930 BST, Eurozone inflation and GDP at 1000 BST, US personal income and spending at 1330 BST, University of Michigan's consumer confidence at 1500 BST and the Baker Hughes US Rig Count at 1800 BST.
Meanwhile, oil prices edged to new 2016 highs on a weak dollar with Brent crude up 0.53% to $48.40 per barrel and West Texas Intermediate up 0.73% to $46.37 per barrel at 0906 BST. |
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| Market Movers
FTSE 100 (UKX) 6,270.82 -0.82%
FTSE 250 (MCX) 16,975.90 -0.53%
techMARK (TASX) 3,072.47 -0.69%
FTSE 100 - Risers
Fresnillo (FRES) 1,108.00p 1.19%
Rio Tinto (RIO) 2,354.50p 1.07%
Randgold Resources Ltd. (RRS) 6,590.00p 1.00%
Anglo American (AAL) 759.50p 0.84%
BT Group (BT.A) 436.70p 0.56%
Direct Line Insurance Group (DLG) 360.90p 0.50%
Sage Group (SGE) 593.50p 0.17%
Tesco (TSCO) 173.50p 0.12%
Glencore (GLEN) 156.60p 0.10%
Paddy Power Betfair (PPB) 9,000.00p 0.06%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 527.00p -4.36%
Berkeley Group Holdings (The) (BKG) 2,973.00p -3.03%
Royal Bank of Scotland Group (RBS) 239.00p -2.37%
Schroders (SDR) 2,509.00p -2.30%
InterContinental Hotels Group (IHG) 2,731.00p -1.94%
Whitbread (WTB) 3,938.00p -1.84%
HSBC Holdings (HSBA) 458.80p -1.83%
Ashtead Group (AHT) 908.00p -1.78%
Taylor Wimpey (TW.) 184.00p -1.66%
easyJet (EZJ) 1,490.00p -1.65%
FTSE 250 - Risers
Rotork (ROR) 189.80p 5.80%
Centamin (DI) (CEY) 116.10p 3.20%
Weir Group (WEIR) 1,240.00p 2.23%
AO World (AO.) 188.50p 1.89%
Kaz Minerals (KAZ) 175.00p 1.45%
Drax Group (DRX) 328.00p 1.33%
Acacia Mining (ACA) 347.50p 1.28%
Evraz (EVR) 146.00p 0.90%
Polypipe Group (PLP) 298.20p 0.78%
Brewin Dolphin Holdings (BRW) 279.50p 0.68%
FTSE 250 - Fallers
Restaurant Group (RTN) 294.20p -21.40%
Ophir Energy (OPHR) 74.85p -18.55%
Cineworld Group (CINE) 524.50p -3.14%
Cobham (COB) 158.30p -2.94%
Riverstone Energy Limited (RSE) 799.00p -2.56%
Telecom Plus (TEP) 979.00p -2.20%
PayPoint (PAY) 857.00p -2.06%
Jimmy Choo (CHOO) 125.40p -1.88%
Indivior (INDV) 159.00p -1.85% |
| | UK Event Calendar | | Friday April 29
INTERIM DIVIDEND PAYMENT DATE
Abbey, Henderson EuroTrust, Manchester & London Investment Trust, Marwyn Value Investors Limited, Softcat, UK Mortgages Limited , Wolseley
QUARTERLY PAYMENT DATE
Albion Technology & General VCT, Ediston Property Investment Company, Middlefield Canadian Income PCC, Schroder Income Growth Fund, Torchmark Corp., TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (02:45)
Consumer Sentiment (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (10:00)
FINALS
Flowgroup
ANNUAL REPORT
Plaza Centers NV
IMSS
COLT Group SA
SPECIAL DIVIDEND PAYMENT DATE
Manchester & London Investment Trust, Octopus Titan VCT
EGMS
BBGI SICAV S.A. (DI)
AGMS
Alpha Pyrenees Trust Ltd., Asian Total Return Investment Company, AstraZeneca, BBGI SICAV S.A. (DI), BlackRock Latin American Inv Trust, FBD Holdings, GLI Finance Limited, Laird, O'Key Group GDR (Reg S) (WI), Pearson, Ultra Electronics Holdings
TRADING ANNOUNCEMENTS
Rotork, Royal Bank of Scotland Group, Ultra Electronics Holdings
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:05)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Amino Technologies, EMIS Group, Glanbia, Hammerson, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Octopus Titan VCT , Old Mutual, Real Estate Investors, SpaceandPeople, Wynnstay Group
FINAL EX-DIVIDEND DATE
Servelec Group
Q1
AstraZeneca, International Consolidated Airlines Group SA (CDI), International Consolidated Airlines Group SA (CDI), Royal Bank of Scotland Group, Shire Plc, Telefonica SA |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks follow Wall St into the red European stocks fell in early trade, tracking losses in the US, where Apple shares slid after billionaire activist Carl Icahn said he had sold his entire stake in the technology company.
At 0900 BST, the benchmark Stoxx Europe 600 index and Germanys' DAX were both off 1%, while France's CAC 40 was down 1.3%.
At the same time, oil prices edged higher, with West Texas Intermediate up 0.6% to $46.29 a barrel and Brent crude 0.4% higher at $48.33.
Investors waded through a deluge of corporate news.
AstraZeneca nudged lower after reporting a drop in first-quarter earnings but a rise in revenue as core research and development costs increased, reflecting recent acquisitions.
Sticking with pharmaceuticals, Sanofi was also lower despite saying first-quarter sales rose and maintaining its full-year guidance, while peer Novo Nordisk nudged down after cutting its 2016 guidance.
Royal Bank of Scotland was under the cosh after it said first-quarter losses more than doubled to £968m after it paid out a £1.2bn dividend to the UK government.
Education published Pearson slipped after posting a decline in first-quarter sales.
British Airways and Iberia parent International Consolidated Airlines flew lower. Although the company reported a jump in first-quarter pre-tax profit, it said demand for flights had been hit by the Brussels terror attacks and the upcoming EU referendum.
Shares in Spanish phone company Telefonica were in the red after it said first-quarter profit slumped due to the impact of currency movements.
Swiss Re dropped despite posting better-than-expected first-quarter profits.
On the upside, Danske Bank gained ground after its first-quarter pre-tax profit came in ahead of analysts' expectations.
Still to come on the data front, investors will eye Eurozone inflation data, the unemployment rate for the bloc and the preliminary first-quarter GDP release at 1000 BST.
"Eurozone Inflation expected to show improvement to breakeven in headline CPI but a slowing in Core. The GDP reading for the region is seen inching up in the quarter but slowing slightly over the year," said Mike van Dulken, head of research at Accendo Markets. |
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| | US Market Report | | US close: Dow down as Apple's fall cumbers tech sector US stock indices closed with a late, steep fall into the red on Thursday after the Federal Reserve held interest rates steady but official data showed economic growth slowed surprisingly in the first quarter.
As they tumbled over the finish line, the Dow Jones Industrial Average was down 1.17% at 17,830.76, the S&P 500 and Nasdaq both lost early gains to fall 0.92% to 2,075.81 and 1.19% to 4,805.29 respectively.
It was the Dow's largest drop since mid-February, with all stocks led into the red by a continued fall in Apple as the gravity of its first-quarter sales wobble led to influential activist investor Carl Icahn selling his entire stake and citing worries about a slowdown in demand from China.
Tech heavyweights Cisco and IBM were pulled into the vortex, undoing earlier gains for the tech sector as Facebook surged on the back of first-quarter that beat expectations. The social network posted earnings of $1.51bn, almost triple the amount from same quarter a year before.
Overnight, the Fed had decided to keep interest rates unchanged at 0.25% to 0.50% on Wednesday, as expected, but left the door open to a rate increase at the next meeting in June. Policymaker Esther George also voted to raise rates for a second month in a row as the central bank softened its tone on the economic outlook.
US stock traders largely overlooked the Bank of Japan's shock restraint from any extra stimulus measures to bolster the stagnant economy.
The BoJ decided to keep its negative interest rate of -0.10% in place and voted to continue its asset purchase programme.
Alongside the BoJ's policy announcement, official data showed annualised deflation of 0.1% in March, compared to inflation of 0.3% the previous month.
US data on Thursday was also unkind, with US economic growth shown to have slowed to an annual rate of 0.5% in the first quarter from the 1.4% rate enjoyed in the fourth quarter of 2016, according to the Commerce Department. Analysts had forecast a 0.6% increase.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, noted that the Fed had pointed out yesterday that the labour market has continued to improve despite the apparent slowing in growth, which was "perhaps suggesting that they, too, are suspicious of the GDP data".
Another report from the Labor Department showed the number of Americans filing for unemployment benefits rose less than expected last week. US initial jobless claims rose by 9,000 to 257,000 from an upwardly-revised 248,000, coming in ahead of expectations for an increase to 260,000.
Meanwhile, choppy oil prices saw West Texas Intermediate crude hold onto its recent gains, standing up 0.65% to $45.73 per barrel and Brent crude up 1.82% to $48.04.
In company news, Solar panel maker First Solar was under the cosh as its quarterly results missed analysts' expectations.
Dow Chemical fell as the company said its revenue dropped sharply amid pricing and currency headwinds in the latest quarter.
Time Warner Cable advanced as its first quarter revenue and profit beat expectations.
Amazon reported its first quarter after the closing bell, they showed earnings of $1.07 a share on sales of $29.1bn, with the former way in front of forecasts for earnings of 58 cents and revenue also ahead of the $28bn prediction.
S&P 500 - Risers
St Jude Medical Inc. (STJ) $77.79 +25.57%
Facebook Inc. (FB) $116.73 +7.20%
Hanesbrands Inc. (HBI) $29.53 +6.26%
National Oilwell Varco Inc. (NOV) $33.10 +4.42%
Coca-Cola Enterprises Inc. (CCE) $53.90 +3.73%
Monster Beverage Corp (MNST) $127.84 +3.57%
Mead Johnson Nutrition Co. (MJN) $87.92 +3.52%
Waste Management Inc. (WM) $58.31 +3.39%
Ford Motor Co. (F) $14.09 +3.15%
Bristol-Myers Squibb (BMY) $72.26 +2.89%
S&P 500 - Fallers
Harman International Industries Inc. (HAR) $77.07 -13.31%
Hologic Inc. (HOLX) $33.92 -10.34%
FirstEnergy Corp. (FE) $32.47 -9.93%
Cardinal Health Inc. (CAH) $78.51 -9.28%
Xilinx Inc. (XLNX) $43.23 -8.70%
XL Group Plc (XL) $32.74 -8.70%
Sealed Air Corp. (SEE) $48.35 -8.22%
Ametek Inc. (AME) $48.10 -8.10%
First Solar Inc. (FSLR) $57.02 -8.08%
Abbott Laboratories (ABT) $40.42 -7.78%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $94.83 -3.06%
Cisco Systems Inc. (CSCO) $27.96 -2.37%
International Business Machines Corp. (IBM) $147.07 -2.26%
Home Depot Inc. (HD) $132.73 -2.22%
Microsoft Corp. (MSFT) $49.90 -2.04%
Intel Corp. (INTC) $31.11 -2.02%
Boeing Co. (BA) $134.80 -1.66%
Goldman Sachs Group Inc. (GS) $164.29 -1.58%
E.I. du Pont de Nemours and Co. (DD) $66.41 -1.57%
United Technologies Corp. (UTX) $104.23 -1.57%
Nasdaq 100 - Risers
Facebook Inc. (FB) $116.73 +7.20%
Monster Beverage Corp (MNST) $127.84 +3.57%
Vertex Pharmaceuticals Inc. (VRTX) $86.75 +2.66%
Celgene Corp. (CELG) $108.03 +1.77%
Dish Network Corp. (DISH) $50.80 +1.64%
Charter Communications Inc. (CHTR) $209.75 +1.61%
JD.com, Inc. (JD) $25.65 +1.22%
Whole Foods Market Inc. (WFM) $29.79 +1.22%
Liberty Media Corporation - Class A (LMCA) $18.51 +0.54%
Micron Technology Inc. (MU) $11.62 +0.52%
Nasdaq 100 - Fallers
Xilinx Inc. (XLNX) $43.23 -8.70%
Symantec Corp. (SYMC) $16.86 -6.90%
Alexion Pharmaceuticals Inc. (ALXN) $142.53 -5.47%
Akamai Technologies Inc. (AKAM) $52.41 -4.45%
Mylan Inc. (MYL) $42.60 -4.23%
Gilead Sciences Inc. (GILD) $97.00 -3.69%
Bed Bath & Beyond Inc. (BBBY) $48.24 -3.69%
Lam Research Corp. (LRCX) $78.16 -3.47%
Nxp Semiconductors Nv (NXPI) $85.87 -3.45% |
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| | Newspaper Round Up | | Friday newspaper round-up: Apple, BHS, executive pay, Reckitt Billionaire investor Carl Icahn, who was among Apple's largest outside shareholders, said on Thursday that he no longer held a position in the technology company. "We no longer have a position in Apple," he said on CNBC, a US business news television network, adding that he still believed it was a "great company". Mr Icahn cited concerns about China's attitude towards the company, saying that Beijing could "come in and make it very difficult for Apple to sell there". - Financial Times
A new era of great power competition has begun - and the US thinks robots are the way to stay ahead. That is the conclusion the Pentagon has reached, having determined that the era of overwhelming US power that began when the Berlin Wall came crashing down in 1989 ended in 2014.For the next 25 years, the US defence department anticipates dealing with two major rivals - Russia and China - a calculation that has led the Pentagon to make big investments in robots, artificial intelligence and innovation in warfighting more generally. - Financial Times
Goldman Sachs looks set to be dragged into the growing storm over the collapse of BHS. The House of Commons Business, Innovation and Skills select committee said it will launch an inquiry into what checks were taken to ensure Dominic Chappell and his consortium of mystery investorswere the right buyers of the retailer. - Telegraph
Investors intensified the fight against high pay for poor performance in a bruising day of shareholder activism at some of Britain's biggest companies. As a succession of FTSE 100 and 250 companies saw revolts against remuneration, Weir Group became the new poster boy of institutional shareholders' anger in this area. - Telegraph
Nurofen manufacturer Reckitt Benckiser has been fined $1.7m for misleading customers about its range of specific pain products, which were marketed as targeting different types of pain despite containing the same active ingredient. Judge James Edelman ordered the penalty in a judgement delivered in the Federal Court in Sydney on Friday after making the ruling of misconduct in December. - Guardian
Australia's treasurer, Scott Morrison, has blocked the sale of Australia's largest landholder S Kidman & Co to a majority Chinese-owned consortium because it "may be contrary to the national interest". The sale of the company's assets, which comprises 2.5% of Australia's agricultural land or 1.3% of Australia's land mass, was worth $370.7m. - Guardian
The business secretary came under heavy fire from MPs last night after he admitted for the first time that he had not grasped the importance of the Tata Steel board meeting last month on the future of the British steel industry and said that he should have flown to Mumbai to meet Tata's senior directors. In a further controversy, Sajid Javid's claims that he knew as long ago as mid-February that Tata wanted to close its giant Port Talbot steelworks appeared to be contradicted by Tata's most senior UK director, who said that he was unaware of any such conversation. - The Times
It has been a bruising AGM season for a number of remuneration committees. At the Weir Group we have had our proposed remuneration policy for executive directors rejected by shareholders. The usual reaction to such results is to express disappointment and hope that everyone moves on quickly. While we are obviously disappointed and will learn lessons from the process, I also think that our example should cause people to reflect. - The Times |
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