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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 close: Stocks finish higher as oil prices rally London stocks finished higher on Wednesday as oil prices gained after a report showed a surprise fall in US weekly crude inventories.
The Energy Information Administration said crude-oil stockpiles fell 3.4 million barrels in the week ended 6 May, compared to analysts' estimates for a 400,000 increase. The report helped to ease concerns about a oil supply glut which has been blamed for pushing prices lower.
Brent crude jumped 3.1% to $47.00 per barrel and West Texas Intermediate gained 2.6% to $45.86 per barrel at 1635 BST.
Meanwhile, UK industrial production rose 0.3% in March on the previous month, up from the 0.2% decline in February but short of consensus estimates for a 0.5% gain, the Office for National Statistics said.
UK manufacturing output increased 0.1% month-on-month, an improvement on the 0.9% decline from the month before but short of the 0.3% increase the market was expecting and the ONS's initial estimate of 0.4% growth.
EEF chief economist Lee Hopley said more evidence was coming through that the sectors hardest hit by the oil price collapse are now bottoming out while construction related sectors seem to be holding up.
"But, in line with the early warning signal from the PMI and the drop in consumer confidence, consumer facing sectors, including motor vehicles, are seeing weaker production trends at the start of the year," she said. "Whether this proves to be temporary is yet to be seen but UK manufacturers are far from alone in seeing this trend with other data from Europe suggesting that the industrial recovery is far from secure."
In company news, shares in Barratt Developments fell despite the housebuilder saying it improved its sales rate in the 19 weeks since the start of the year and confirmed market conditions remained "strong".
Analyst Charlie Huggins at Hargreaves Lansdown noted that shares in housebuilders have been down of late, as measures such as price-to-book and cyclically adjusted price to earnings, mean the sector looking is trading at high valuations relative to history, meaning it could be vulnerable should the housing market slow.
Commercial property giants Land Securities and British Land, together with retail focused Intu Properties and Hammerson were also sitting lower amid uncertainty about Britain's future in the EU ahead of next month's referendum.
TUI was under the cosh as it revealed plans to sell UK sailing and outdoor holidays unit Specialist Group.
Anglo American, Randgold Resources, Fresnillo, Glencore, BHP Billiton and Antofagasta dominated the risers thanks to rises in precious metals and copper prices. |
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| Market Movers
FTSE 100 (UKX) 6,162.49 0.09%
FTSE 250 (MCX) 16,710.67 -0.08%
techMARK (TASX) 3,077.15 0.23%
FTSE 100 - Risers
Anglo American (AAL) 617.30p 5.38%
Randgold Resources Ltd. (RRS) 6,095.00p 3.48%
Mondi (MNDI) 1,352.00p 3.21%
BHP Billiton (BLT) 837.50p 2.76%
Shire Plc (SHP) 4,190.00p 2.15%
Intertek Group (ITRK) 3,345.00p 2.11%
Glencore (GLEN) 136.70p 2.09%
Fresnillo (FRES) 1,075.00p 1.99%
Carnival (CCL) 3,611.00p 1.92%
Antofagasta (ANTO) 425.70p 1.74%
FTSE 100 - Fallers
Inmarsat (ISAT) 801.00p -2.61%
Land Securities Group (LAND) 1,150.00p -2.46%
British Land Company (BLND) 724.00p -1.76%
Provident Financial (PFG) 2,781.00p -1.73%
Intu Properties (INTU) 292.10p -1.68%
Hammerson (HMSO) 580.50p -1.53%
easyJet (EZJ) 1,489.00p -1.39%
ITV (ITV) 215.30p -1.37%
Royal Mail (RMG) 498.10p -1.37%
InterContinental Hotels Group (IHG) 2,709.00p -1.31%
FTSE 250 - Risers
Centamin (DI) (CEY) 113.50p 7.18%
Interserve (IRV) 314.20p 5.33%
Tullow Oil (TLW) 250.00p 4.82%
Renishaw (RSW) 1,954.00p 4.72%
Polymetal International (POLY) 697.50p 3.87%
Ibstock (IBST) 191.60p 3.62%
Cairn Energy (CNE) 206.70p 2.73%
Sophos Group (SOPH) 217.70p 2.50%
Barr (A.G.) (BAG) 545.50p 2.44%
Acacia Mining (ACA) 319.20p 2.44%
FTSE 250 - Fallers
William Hill (WMH) 306.00p -5.64%
P2P Global Investments (P2P) 871.00p -4.81%
Brown (N.) Group (BWNG) 238.90p -3.63%
OneSavings Bank (OSB) 274.60p -3.28%
Millennium & Copthorne Hotels (MLC) 427.70p -3.26%
Bovis Homes Group (BVS) 866.00p -2.42%
Allied Minds (ALM) 316.50p -2.31%
Workspace Group (WKP) 834.00p -2.23%
Ocado Group (OCDO) 288.50p -2.20% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks end off their worst levels of the day European stocks finished in the red on Wednesday, weighed down by Banks and Media stocks although they managed to finish off their worst levels of the day.
As of 17:15 BST the benchmark DJ Stoxx 600 was lower by 0.45% or 1.50 points to 334.74, while the Dax was slipping 0.70% to 9,975.32 and the Cac-40 was down 0.50% to 4,316.67.
The FTSE Mibtel on the other hand was off by an outsized 1.32% or 236.64 points to 17,698.08.31.
The Stoxx 600 Bank sector gauge was retreating 1.30% to 99.14 points alongside a loss in a gauge for Media stocks of 1.04% to 281.44.
Shares in Italian lender Banco Popolare were down by over 8% alongside a 9% mover lower for Austria's Raiffeisen Bank International, with the latter saying it might merge with its parent in a bid to ease regulatory requirements.
Oil futures erased early losses and quickly sprinted higher following an unexpectedly 'bullish' report on weekly US oil stockpiles.
Front month Brent crude oil futures ended the day up by 3.33% to $47.09 per barrel on the ICE. The DJ Stoxx 600's OIl&Gas subindex ended the session higher by 0.14% to 277.99 points.
Inventories of commercial crude oil Stateside dropped by 3.4m barrels to 540.0m over the five days ending on 6 May according to the Energy Information Administration, the statistical arm of the US Department of Energy.
Analysts had been expecting a build of about 750,000 barrels.
Germany auctioned €3.95bn of two-year debt, with the sale meeting strong demand that drove the bid-to-cover ratio to 2.2, up from 1.8 the last time around.
The US Treasury was scheduled to sell $23bn in 10-year debt later in the day.
To take note, strategists at Deutsche Bank were cautioning clients about the sharp drop seen in the analysts' profit forecasts since the start of the year. Average earnings per share for Stoxx 600 companies were now expected to rise by just 0.3% this year, down from the rise of about 7% which had been seen.
Stock in JC Decaux sank after guiding investors to a decline in second quarter revenues.
ABN Amro saw first quarter underlying profits jump 21% to €475m, outpacing estimates of €423m as bad loan impairments at the Dutch lender fell by a sharp 99%thanks to the country's robust economy.
Deutsche Post DHL Group reported an identical 21% rise in its first quarter earnings, adding that it was on track to meet its full-year guidance. |
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| | US Market Report | | US open: Staples, Walt Disney weigh on Wall Street Wall Street was in a sombre mood on Wednesday following poor numbers out of entertainment giant Walt Disney and after regulators blocked a merger between Office Depot and Staples, in keeping with a tougher stance of late from regulators on both sides of the Atlantic.
As of 16:36 BST the Dow Jones Industrials was off by 0.65% or 116.25 points to reach 17,810.49, the S&P 500 by another 0.43% or 8.91 points to 2,075.48 and the Nasdaq Composite by 0.35% or 16.70 points at 4,793.64.
Investors were also waiting on the results of a $23bn auction of 10-year debt by the US Treasury, close on the heels of very heavy issuance in the euro area.
Not an even a rise in crude oil futures after the latest set of government data on commercial stockpiles was enough to lift the mood.
According to the Energy Information Administration, the US Department of Energy's statistical arm, commercial crude oil stockpiles fell by 3.4m barrels over the five days ending on 6 May.
Front month West Texas Intermediate futures were moving higher by 2.786% as a result to $45.94 per barrel on the NYMEX.
On the company front, Walt Disney shares were off by 4.36% to trade 101.95 trade after reporting quarterly profit and revenue figures that missed analysts' estimates for the first time in five years.
"The box office hits have not proved enough to offset weaker results from its theme parks and cable TV business," said Jasper Lawler, market analyst at CMC Markets.
Shares in office supplies chain Office Depot were getting crushed, crumbling by 37.77% after terminating its merger agreement with Staples following a US District Court's recent ruling to grant regulators request for a preliminary injunction to block the transaction.
Stock in video-games publisher Electronic Arts rocketed after the company posted quarterly results that beat forecasts.
Department store Macy's dropped sharply - taking their 12-month loss to approximately 44% - after telling investors like-for-like sales fell 6.1%, for a fifth consecutive drop.
The only major economic release on Wednesday's agenda was the monthly US government budget statement due out at 19:00 BST.
S&P 500 - Risers
Electronic Arts Inc. (EA) $73.63 +14.08%
Chesapeake Energy Corp. (CHK) $4.66 +8.37%
Freeport-McMoRan Inc (FCX) $11.73 +8.01%
Marathon Oil Corp. (MRO) $12.50 +4.69%
Devon Energy Corp. (DVN) $32.88 +4.25%
Williams Companies Inc. (WMB) $19.77 +3.29%
ConocoPhillips (COP) $44.13 +2.94%
Anadarko Petroleum Corp. (APC) $48.39 +2.94%
Halliburton Co. (HAL) $39.97 +2.91%
Marathon Petroleum Corporation (MPC) $36.46 +2.85%
S&P 500 - Fallers
Staples Inc. (SPLS) $8.69 -16.12%
Macy's Inc. (M) $32.11 -13.19%
PVH Corp. (PVH) $83.51 -7.17%
Nordstrom Inc. (JWN) $45.66 -6.55%
Kohls Corp. (KSS) $38.64 -6.17%
Tiffany & Co. (TIF) $66.39 -6.12%
VF Corp. (VFC) $61.39 -5.47%
Ralph Lauren Corp (RL) $84.60 -5.32%
Urban Outfitters Inc. (URBN) $27.07 -5.08%
Endo International Plc (ENDP) $14.73 -5.08%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $73.32 +1.12%
Microsoft Corp. (MSFT) $51.48 +0.90%
JP Morgan Chase & Co. (JPM) $62.41 +0.60%
American Express Co. (AXP) $65.20 +0.56%
Goldman Sachs Group Inc. (GS) $162.03 +0.38%
General Electric Co. (GE) $30.59 +0.37%
Travelers Company Inc. (TRV) $112.63 +0.32%
International Business Machines Corp. (IBM) $150.34 +0.25%
Chevron Corp. (CVX) $101.41 +0.14%
3M Co. (MMM) $170.27 +0.01%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $65.75 -4.42%
Walt Disney Co. (DIS) $102.04 -4.28%
Nike Inc. (NKE) $57.04 -3.65%
Home Depot Inc. (HD) $134.85 -1.93%
Visa Inc. (V) $77.99 -1.53%
Unitedhealth Group Inc. (UNH) $131.88 -1.27%
McDonald's Corp. (MCD) $129.95 -1.25%
Pfizer Inc. (PFE) $33.44 -1.06%
Exxon Mobil Corp. (XOM) $89.28 -0.79%
E.I. du Pont de Nemours and Co. (DD) $64.62 -0.57%
Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $73.63 +14.08%
Tesla Motors Inc (TSLA) $212.93 +2.03%
Activision Blizzard Inc. (ATVI) $37.07 +1.81%
Micron Technology Inc. (MU) $10.26 +1.68%
Amazon.Com Inc. (AMZN) $711.59 +1.21%
Microsoft Corp. (MSFT) $51.48 +0.90%
Whole Foods Market Inc. (WFM) $30.55 +0.89%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $47.26 +0.79%
Texas Instruments Inc (TXN) $58.02 +0.68%
Nvidia Corp. (NVDA) $36.16 +0.56%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $14.73 -5.08%
Ross Stores Inc. (ROST) $54.65 -5.06%
Bed Bath & Beyond Inc. (BBBY) $44.13 -3.52%
Dollar Tree Inc (DLTR) $79.35 -2.86%
Tractor Supply Company (TSCO) $92.40 -2.76%
Western Digital Corp. (WDC) $37.32 -2.74%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $202.77 -2.64%
Netflix Inc. (NFLX) $90.46 -2.62%
Starbucks Corp. (SBUX) $56.17 -2.30% |
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| | Broker Tips | | Broker tips: Cape, Compass Group, Barratt Developments A recent pull-back in the shares of Cape may have thrown up a "window of opportunity" for investors, Numis said.
At the company's last annual shareholders' meeting, management reiterated its expectations for the industrial services provider's full-year 2016 performance.
The company, which is focused on the energy and natural resources sectors, did however expect some contraction in margins. Cape did not disclose exact figures but said it expected a recovery in the second half thanks to a ramp-up in contracts already on the order books and some refocusing of its operations in the UK.
Nonetheless, analyst Thomas Martin opted not to make any changes to his annual forecasts for the outfit.
Martin also pointed out how the shares were now trading at a 2017 price-to-earnings multiple of 9.9 and sporting a 6% dividend yield, versus its sector average of 12.6.
As a result, he bumped up his recommendation on the stock from 'add' to 'buy' and stood by his target of 270p.
The UK market was continuing to see higher-than-expected costs at Fawley - in part because the projects is larger than anticipated - and lower than expected utilisation for specialist services in the North Sea.
However, the firm said the situation at Fawley would settle down and while specialist work could be deferred it would eventually need to be completed to ensure asset integrity.
Continued strength in KSA and increased project activity in Oman and Kuwait were also expected to drive a recovery in margins in the second half.
Cape also said it would be reviewing its market position across Asia in response to expected activity levels.
Order intake during the first three months of the year also saw full replacement of revenues, with the order book flat at year-end levels.
Numis reiterated a 'hold' rating and target of 1,150p for Compass after the food service company reported its first half results.
Compass said underlying revenue grew 5.8% to £9.7bn in the six months to 31 March driven by a strong performance in North America.
Increased sales in Europe and the Rest of the World were partly offset by ongoing weakness in Australia, Brazil and Offshore & Remote divisions.
The FTSE 100 firm posted two profit figures - one before, and one after the restructuring which was announced last July.
Compass said its operating profit before restructuring grew 6.4% to £735m, with an operating margin of 7.5%.
After restructuring, operating profit grew 4.8% to £724m, with an operating margin of 7.4%.
"We are encouraged by the strong start to the year and in our view, Compass is a very high quality business and we share management's view that there are promising structural growth opportunities globally with potential for further revenue and margin growth," said Numis "However, we believe that this promise is captured in the FY16 PE ratio of 21.3x."
Barratt Developments delivered a solid trading update, with management expressing confidence with respect both to the recent trading and the outlook, Canaccord Genuity said.
Indeed, analysts Aynsley Lamin and Matthew Walker pointed out how the homebuilder had decided to increase its land approvals for purchase given its positive outlook, with the company's directors continuing to see attractive returns and margins on land investment.
The exceptions were outside of zone 1 and 2 in London, where the group did not see sufficient opportunities that met its hurdle rates for investment.
"Overall a reassuring update with positive comments on the land market, recent trading and medium-term outlook. We think consensus numbers look well supported but are unlikely to change materially," the analysts said.
The group also said it was strongly forward sold.
"We think consensus numbers look well supported but are unlikely to change materially," Lamin and Walker added in a rsearch report sent to clients.
With the shares in the company changing hands on a price-to-net asset value ratio of 1.7, versus 1.95 times for its peers, Canaccord decided to stick with its 'hold' recommendation and share target of 630p. |
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