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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: Miners, big oil and grocers lead push higher Britain´s top flight index moved into the green early in the session, led by gains in shares of miners, big oil and grocers, lifted by the rising tide in oil prices and somewhat more favourable Brexit poll results.
Acting as a backdrop, traders were busy monitoring the headlines coming out of the G7 finance ministers and central bank governors meeting in Sendai, Japan. According to Bloomberg, Japanese officials had tabled proposals for fiscal stimulus and structural reforms.
As of 08:58 BST the Footsie could be seen 0.23% or 14.36 points higher at 6,277.21, although the domestic-facing FTSE 250 was lingering in the red, drifting lower by 0.03% or 5.56 points at 17,227.53.
Front month Brent crude futures were 0.86% higher at $50.87 per barrel on the ICE with cable edging just above the previous session´s best levels to trade at 1.4727.
In parallel, dollar/yen was trimming an earlier retreat and was last off 0.1% to 110.06.
To take note of, some market participants were sounding a skeptical note regarding the staying power of the recent rally in equities.
"[Thursday´s weaker start] appears to just be a case of profit taking from traders following what has been an unusually positive couple of days when compared with the rest of the month, which has been characterised by indecision and tight trading ranges.
Given that we have two major risk events for the markets in the coming weeks -EU referendum in the UK and possible rate hike from the Fed - I do wonder though whether this rally has the legs to build significantly on the moves of the last couple of days," Craig Erlam, Senior Market Analyst at Oanda said.
Gains in crude oil came despite unconfirmed reports that Saudi Aramco is set to raise production from its Shaybah field from 750,000 barrels per day to 1.0m b/d.
Speeches from two Fed speakers later in the day were eagerly awaited, especially that from Fed Governor Jerome Powell which was scheduled for 16:00 BST.
Overnight, the president of the Federal Reserve bank of Dallas, Robert Kaplan, argued in favour of a rate hike "in the near future" but not necessarily at its mid-June meeting, so long as the economy evolved as expected.
He also said the risk of Brexit would be "a factor" at the Fed´s 15 June policy meeting and noted the risk of a 'sell-off' in the pound, Market News International reported.
On that note, the results of the latest Ashcroft poll show that 65% of those surveyed expected the 'Remain' camp to prevail versus the 35% who expected the opposite result.
Similarly, the results of the latest BMG Research poll which was conducted on-line revealed a small up-tick in the proportion of respondents who said they were backing the 'Remain' option, which rose by one percentage point to 44.0%.
First quarter UK GDP estimate unrevised
The British economy expanded at a 0.4% quarter-on-quarter clip in the first three months of the year, a second estimate from the Office for National Statistics revealed, bang in-line with estimates and the preliminary estimate.
The Confederation of British Industry´s gauge of service sector firm confidence fell to its lowest mark in more than three years over the three months to May.
Gross mortgage borrowing in the UK was at £12bn in April, for a 12% rise versus a year ago, following March´s spike in activity as borrowers raced to complete purhcases ahead of the increase in Stamp Duty, according to the BBA.
A raft of companies went ex-dividend on Thursday, including Carnival, DCC, Whitbread, Amec Foster Wheeler and Inchcape.
Tate&Lyle in sweet spot
Full year pre-tax profits at Tate & Lyle soared to £126m from 25m as revenues rose 1% to £2.35bn. Adjusted profit before tax was £67m higher at £193 largely as a result of net exceptional costs in the year of £50m.
United Utilities saw underlying profits drop 9% over the twelve months ending on 31 March to reach £604.1m, even as revenues edged up from £1,720.2m to £1,730m. The company declared a final dividend of 25.64p per share, taking the total for the year to 38.45p, for an increase of 2% - in line with its payout policy.
Six international oil firms including BP and Royal Dutch Shell Plc have tabled bids to operate Qatar's biggest offshore oil field, Reuters reported citing two people familiar with the matter.
Pets at Home reported an increase in pre-tax profit for the year as revenue grew and the company expressed confidence over its outlook. For the 53 weeks to the end of March, statutory pre-tax profit edged up to £92.1m from £90.2m on revenue of £793.1m, up from £777.8m. Meanwhile, group like-for-like revenue grew 2.1% compared with 4.2% growth in the same period last year.
FTSE 250 car dealership Inchcape said on Thursday that it has made a good star to the year, in line with its expectations. In a trading update for 1 January to 25 May, the company said group revenue rose 12.8% at actual currency to £2.47bn, or an 11.7% increase at constant currency.
Daily Mail & General Trust shares tumbled on Thursday as the company posted drop in first-half profit and warned that a weak print advertising market will hit margins in the media business.
B&M European Value Retail, the discounter chaired by Sir Terry Leahy, declared a special dividend as it posted final results showing strong sales, profits and cash generation. The FTSE 250 group, which floated almost two years ago, opened a record 79 UK stores in the UK and six Jawoll stores in Germany in the 52 weeks to 26 March, helping lift revenues increased by 23.6% to £2.04bn. |
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| Market Movers
FTSE 100 (UKX) 6,277.88 0.24%
FTSE 250 (MCX) 17,224.01 -0.05%
techMARK (TASX) 3,120.93 0.15%
FTSE 100 - Risers
Anglo American (AAL) 645.00p 4.00%
BHP Billiton (BLT) 866.30p 3.48%
Glencore (GLEN) 138.00p 3.45%
Antofagasta (ANTO) 456.10p 3.07%
Rio Tinto (RIO) 2,030.50p 2.42%
Randgold Resources Ltd. (RRS) 5,920.00p 1.89%
Fresnillo (FRES) 1,043.00p 1.66%
Sainsbury (J) (SBRY) 266.70p 1.45%
Shire Plc (SHP) 4,390.00p 1.41%
Royal Dutch Shell 'B' (RDSB) 1,716.00p 1.15%
FTSE 100 - Fallers
Carnival (CCL) 3,428.00p -1.75%
Standard Chartered (STAN) 545.00p -1.73%
Whitbread (WTB) 4,281.00p -1.72%
United Utilities Group (UU.) 954.50p -1.09%
DCC (DCC) 6,440.00p -1.08%
Rolls-Royce Holdings (RR.) 618.00p -0.96%
Travis Perkins (TPK) 1,939.00p -0.82%
ITV (ITV) 216.00p -0.74%
CRH (CRH) 2,064.00p -0.67%
Royal Bank of Scotland Group (RBS) 254.30p -0.66%
FTSE 250 - Risers
Allied Minds (ALM) 352.00p 3.56%
Tullow Oil (TLW) 253.40p 2.51%
Softcat (SCT) 330.00p 2.33%
Sports Direct International (SPD) 369.40p 2.07%
Serco Group (SRP) 104.80p 1.95%
Paysafe Group (PAYS) 415.00p 1.94%
PayPoint (PAY) 890.50p 1.89%
Kaz Minerals (KAZ) 151.80p 1.88%
Polymetal International (POLY) 817.00p 1.87%
Pets at Home Group (PETS) 253.60p 1.72%
FTSE 250 - Fallers
Ibstock (IBST) 200.00p -10.59%
DFS Furniture (DFS) 292.50p -2.63%
Restaurant Group (RTN) 360.80p -2.62%
Melrose Industries (MRO) 377.70p -2.60%
Spectris (SXS) 1,670.00p -2.51%
The Renewables Infrastructure Group Limited (TRIG) 99.35p -2.12%
Lancashire Holdings Limited (LRE) 561.00p -1.92%
Zoopla Property Group (WI) (ZPLA) 331.60p -1.84%
Marston's (MARS) 154.80p -1.53% |
| | UK Event Calendar | | Thursday 26 May
INTERIMS
Urban&Civic
INTERIM DIVIDEND PAYMENT DATE
Circle Property , Wetherspoon (J.D.)
INTERIM EX-DIVIDEND DATE
Avingtrans, Britvic, Diploma, Euromoney Institutional Investor, Henderson European Focus Trust, Impax Asset Management Group, Juridica Investments Ltd., Marston's, Matchtech Group, Mitchells & Butlers, Patisserie Holdings , The Renewables Infrastructure Group Limited, Town Centre Securities, UDG Healthcare Public Limited Company
QUARTERLY EX-DIVIDEND DATE
Carnival, HICL Infrastructure Company Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Import Price Index (GER) (07:00)
Initial Jobless Claims (US) (13:30)
Pending Homes Sales (US) (15:00)
FINALS
Lombard Risk Management, QinetiQ Group, Sophos Group , Tate & Lyle, United Utilities Group
ANNUAL REPORT
Cdialogues
SPECIAL DIVIDEND PAYMENT DATE
Foxtons Group
SPECIAL EX-DIVIDEND PAYMENT DATE
JPMorgan Income & Capital Inv Trust
AGMS
Jersey Oil And Gas , Arrow Global Group, Belvoir Lettings, BGEO Group, Celtic, Depa Limited GDR (Reg S), Elecosoft, Faron Pharmaceuticals Oy (DI), Fundsmith Emerging Equities Trust , G4S, Georgia Healthcare Group, Hague and London Oil, Henry Boot, Hostelworld Group , Huntsworth, Ibstock , Immupharma, Inchcape, JSC Acron GDR (Reg S), Keywords Studios, Legal & General Group, Middlefield Canadian Income PCC, Mortgage Advice Bureau (Holdings) , Northbridge Industrial Services, Powerflute Oyj (DI), Rotala, Smart Metering Systems
UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Churchill China, Eurocell , Foxtons Group , IndigoVision Group, Informa, Intu Properties, Merchants Trust, Reckitt Benckiser Group, Total Produce
FINAL EX-DIVIDEND DATE
Amec Foster Wheeler, Andrews Sykes Group, Burford Capital , Capital & Counties Properties , DCC, Dillistone Group, Frenkel Topping Group, Hill & Smith Holdings, Huntsworth, IFG Group, Inchcape, Irish Continental Group Units, Manx Telecom , Maven Income & Growth 2 VCT, Menzies(John), Michelmersh Brick Holdings, Mincon Group , Premier Farnell, Soco International, Spectris, STM Group, Tandem Group, Tarsus Group, TLA Worldwide , Venture Life Group, Whitbread, Xaar
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver after two days of gains; Brent crude breaches $50 level European shares wavered in early trade following two days of gains, as Brent crude prices breached the $50 a barrel mark for the first time since November.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.1%, Germany's DAX was 0.5% higher and France's CAC 40 was 0.3%.
"This appears to just be a case of profit taking from traders following what has been an unusually positive couple of days when compared with the rest of the month, which has been characterised by indecision and tight trading ranges," said Craig Erlam, senior market analyst at Oanda.
"Given that we have two major risk events for the markets in the coming weeks -EU referendum in the UK and possible rate hike from the Fed - I do wonder though whether this rally has the legs to build significantly on the moves of the last couple of days."
Meanwhile, oil prices advanced after data from the Energy Information Administration on Wednesday showed that US crude supplies declined by 4.2m barrels for the week ended 20 May, compared with expectations of a 2.5m drop.
West Texas Intermediate was up 0.7% to $49.90 a barrel while Brent crude was 0.8% firmer at $50.14.
"Whether the bullish trend still has legs or if an imminent correction is due remains a wild guess, as speculators over-exaggerate on the upside as they did recently on the downside. However, OPEC's meeting on June 2 remains to be the key risk factor in the short - term as markets are eager to know whether an agreement on a potential oil freeze will see the light," said FXTM chief market strategist Hussein Sayed.
In corporate news, Banco Popular tumbled after the Spanish bank announced plans to raise up to €2.5bn through a share issue to strengthen its balance sheet. Peers Banco de Sabadell and Caixabank were also firmly in the red
United Utilities edged lower after posting a drop in full-year profit, while Daily Mail and General Trust shares slumped after the company reported a decline in first-half profit and warned that a weak print advertising market will squeeze margins in the media business.
On the upside, food ingredients maker Tate & Lyle rose after reporting a surge in full-year profit. |
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| | US Market Report | | US close: Wall St lifted for second day by oil and banks Wall Street drove higher for a second day as big bank stocks and rising oil and house prices overrode a slowdown in the service sector.
The Dow Jones Industrial Average closed up 0.82% at 17,851.51, the S&P 500 and the Nasdaq Composite both added 0.70% to finish at 2,090.54 and 4,894.89, their highest closes in around a fortnight and not too far from their three-month peaks.
The dollar was down against the euro and sterling, but up on the yen, with analysts saying the greenback appeared to be "taking a bit of a breather" after its recent gains, as traders readjust their expectations on the timing of a possible rate rise in June.
Aside from this day's rest, IG's Chris Beauchamp said there was little sign of the underlying dollar rally abating. "The focus on US data and Fed speeches picks up speed again tomorrow, although it is still more than two days until Janet Yellen provides her contribution. A resurgent dollar is still the biggest threat to the equity rally, so equity investors will be hoping for a dovish Janet Yellen on Friday, which will in its turn put a spring into US stocks when they return from their long weekend," he said.
Crude prices were driven close to the $50 mark by data on Wednesday that showed weekly crude inventories had shrunk more than expected. The Energy Information Administration said inventories fell 4.2m barrels per day to 537.1m barrels in the week to 20 May, the sixth weekly fall in a row and bigger than analysts' forecasts for a decline of 2m barrels.
The report followed data from the American Petroleum Institute showing US crude stocks dropped by 5.1m barrels last week.
Front-month prices for West Texas Intermediate rose 2.2% to $49.69 per barrel and Brent edged up 2.59% to $49.87 at 2125 BST.
Meanwhile, following the encouraging report on US new home sales the prior day, the Federal Housing Finance Agency revealed US house prices rose more than expected in March. The home price index was 0.7%, compared to forecasts of 0.4% and the previous month's 0.5%.
US mortgage applications rose 2.3% in the week to 20 May, compared to a 1% drop the previous week, according to the Mortgage Bankers' Association.
A mixed note was struck by the reading for US trade deficit on goods as it increased from $57.1bn in March to $57.5bn in April, according to the Department of Commerce but was less than the $60bn shortfall which markets had been expecting.
More negative was news that activity in the US services sector unexpectedly deteriorated in May, according to Markit's flash US services purchasing managers' index. The PMI reading fell to 51.2 from 52.8 in April, missing expectations for a reading of 53.1, though it remained above the 50.0 mark that separates contraction from expansion, it was well below the long-run survey average of 55.6.
In company news, energy companies led the S&P risers, while Goldman Sachs topped the Dow and JP Morgan made a solid advance as the banking sector was further buoyed by the increased US rate-hike chatter.
Hewlett Packard rose sharply after saying late on Tuesday that it will spin off its enterprise services business and merge it with Computer Sciences Corp.
Technology giant Microsoft was also in the black after announcing that it will axe 1,850 workers from its smartphone business.
Cruise operator Royal Caribbean was hit by earnings downgrades from Morgan Stanley after its China channel checks revealed "sharp cruise price drops, a distribution system under pressure, and risk from 2017 new entrants".
S&P 500 - Risers
Transocean Ltd. (RIG) $10.11 +9.65%
Chesapeake Energy Corp. (CHK) $4.35 +7.41%
CF Industries Holdings Inc. (CF) $29.52 +6.92%
Southwestern Energy Co. (SWN) $13.13 +6.83%
Hewlett Packard Enterprise (HPE) $17.35 +6.77%
Devon Energy Corp. (DVN) $36.44 +5.65%
United States Steel Corp. (X) $14.28 +5.39%
Diamond Offshore Drilling Inc. (DO) $25.45 +5.21%
Best Buy Co. Inc. (BBY) $32.07 +4.98%
Freeport-McMoRan Inc (FCX) $11.65 +4.86%
S&P 500 - Fallers
Yahoo! Inc. (YHOO) $35.59 -5.17%
Williams Companies Inc. (WMB) $21.25 -3.98%
Citrix Systems Inc. (CTXS) $83.14 -3.20%
Royal Caribbean Cr (RCL) $77.50 -2.89%
Public Service Enterprise Group Inc. (PEG) $43.79 -2.69%
Carnival Corp. (CCL) $49.63 -2.36%
Total System Services Inc. (TSS) $53.55 -2.30%
Intuit Inc. (INTU) $105.02 -2.13%
Kroger Co. (KR) $34.94 -1.63%
Edwards Lifesciences Corp. (EW) $99.91 -1.56%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $161.25 +2.32%
International Business Machines Corp. (IBM) $151.69 +2.28%
Caterpillar Inc. (CAT) $72.57 +2.08%
Apple Inc. (AAPL) $99.62 +1.76%
Merck & Co. Inc. (MRK) $56.57 +1.74%
Cisco Systems Inc. (CSCO) $28.93 +1.62%
Chevron Corp. (CVX) $101.77 +1.58%
JP Morgan Chase & Co. (JPM) $65.52 +1.52%
Boeing Co. (BA) $128.86 +1.07%
Intel Corp. (INTC) $31.39 +1.06%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $55.99 -1.06%
McDonald's Corp. (MCD) $123.26 -0.56%
Visa Inc. (V) $79.06 -0.40%
Home Depot Inc. (HD) $133.20 -0.12%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $44.15 +4.42%
Bed Bath & Beyond Inc. (BBBY) $44.55 +3.44%
Seagate Technology Plc (STX) $21.48 +2.87%
Biogen Inc (BIIB) $279.70 +2.48%
PACCAR Inc. (PCAR) $55.47 +2.40%
O'Reilly Automotive Inc. (ORLY) $263.63 +2.38%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $211.48 +2.37%
Netflix Inc. (NFLX) $100.20 +2.36%
Dish Network Corp. (DISH) $47.81 +2.35%
Incyte Corp. (INCY) $83.16 +2.33%
Nasdaq 100 - Fallers
Yahoo! Inc. (YHOO) $35.59 -5.17%
JD.com, Inc. (JD) $22.98 -3.40%
Citrix Systems Inc. (CTXS) $83.14 -3.20%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $46.57 -2.59%
Intuit Inc. (INTU) $105.02 -2.13%
Charter Communications Inc. (CHTR) $225.60 -1.22%
Ctrip.Com International Ltd. Ads (CTRP) $44.89 -1.17%
Endo International Plc (ENDP) $15.31 -0.84%
Regeneron Pharmaceuticals Inc. (REGN) $394.49 -0.81% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Lloyds, Tata Steel, BHS Shares in Lloyds Banking Group have passed the level at which taxpayers break even on their stake in the bailed-out bank for the first time this year. The move through 73.6p will be closely watched by George Osborne. The chancellor was forced to postpone an offering of the bank's shares to the public as a resut of the turmoil in the markets in the start of the year. Even though the retail offering is on hold, Osborne can offload shares in small tranches to professional investors every time the shares rise past 73.6p mark. In December, this so-called trading plan was extended to the end of June. - The Guardian
The sale of Tata Steel's UK assets has been thrown into confusion after speculation that the business secretary has offered Tata a deal so attractive that it may yet keep Port Talbot and a dozen other facilities around the country. - The Times
A pair of BHS suppliers have toppled into administration, resulting in 350 job losses, as the pain caused from the collapse of the retailer spreads through the sector. CUK Clothing and Courtaulds, makers of the Pretty Polly tights brand, have appointed RSM after the "administration of BHS added to the challenge of operating within a fiercely competitive market for seasonal products". - The Daily Telegraph
Budget flights to Boston and other United States cities will be launched from Edinburgh next spring, Norwegian Air has announced. Other destinations could include New York, San Francisco and Washington DC, with return fares starting from around £200. The news came as Delta prepares to launch Edinburgh-New York flights tomorrow in competition with American and United. Norwegian already flies to six Scandinavian and Spanish destinations from Edinburgh, and launched transatlantic flights from Gatwick two years ago. - Scotsman
Boris Johnson is painting an unreal picture of the EU for the British public and should return to Brussels to see whether his claims chime with "reality", the president of the European Commission has claimed. Jean Claude Juncker also hinted that if Britain's highest profile campaigner were to become prime minister then his discussions with European partners may be strained. The president was responding to a question at a press conference at the G7 summit in Japan about Johnson's decision to compare the EU's aims to those of the Adolf Hitler. - The Guardian |
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