| | | | | | | Brexit: How is the stock market reacting? Which stocks should you buy and which are best avoided. With the Brexit debate intensifying in the run up to the 23 June referendum, how is the stock market reacting? Which stocks & sectors are benefitting and which are to be avoided? Our exclusive special report answers these questions and more. Download our latest Brexit Report today. Losses can exceed deposits | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks rise as UK consumer confidence improves London stocks edged slightly higher on Friday after a report showed an improvement in UK consumer confidence and as investors awaited data on US economic growth.
GfK's consumer confidence index rose to-1 in May from -3 a month earlier, beating estimates for a reading of -4.
"It is a relief that consumer confidence was a little firmer in May following April's drop to a 16-month low, but the suspicion is that consumers will be cautious in their spending amid heightened uncertainty in the run-up to the 23 June referendum on UK membership of the European Union," said Howard Archer, chief UK and European economist at IHS Global Insight.
At the same time a declaration at the G7 meeting in Japan said a vote by the UK to leave the EU would pose a "serious threat to global growth".
The group warned in its final statement that Brexit would reverse the trend of increased global trade, investment and jobs.
Still to come, US gross domestic product figures are due at 1330 BST, US personal consumption data will be released at 1330 BST and the University of Michigan's consumer confidence report will be published at 1500 BST.
Meanwhile, oil prices fell after reaching the $50 a barrel mark as concerns about an oversupplied market resumed. Brent crude fell 0.79% to $49.20 per barrel and West Texas Intermediate dropped 0.61% to $49.18 per barrel at 0859 BST.
On the company front, mining stocks rallied as gold and copper prices rose. Rio Tinto, Glencore and BHP Billiton were the top risers on the FTSE 100 in morning trade.
Wolseley gained as it said on Friday that Simon Nicholls - the current chief financial officer of Cobham - will not be taking up his role as CFO later this year, as announced back in January.
Bodycote declined as it reported a drop in revenue between 1 January and 30 April, but reiterated its expectations for the year. |
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| Market Movers
FTSE 100 (UKX) 6,268.89 0.05%
FTSE 250 (MCX) 17,180.42 -0.07%
techMARK (TASX) 3,118.00 -0.11%
FTSE 100 - Risers
Rio Tinto (RIO) 2,003.00p 1.73%
Glencore (GLEN) 137.60p 1.21%
BHP Billiton (BLT) 861.10p 1.09%
Fresnillo (FRES) 1,043.00p 1.07%
Anglo American (AAL) 635.10p 0.94%
United Utilities Group (UU.) 962.50p 0.79%
Legal & General Group (LGEN) 240.30p 0.71%
Barclays (BARC) 185.95p 0.62%
Randgold Resources Ltd. (RRS) 5,890.00p 0.60%
Antofagasta (ANTO) 450.50p 0.58%
FTSE 100 - Fallers
Capita (CPI) 1,079.00p -1.73%
Hargreaves Lansdown (HL.) 1,336.00p -0.74%
Dixons Carphone (DC.) 442.20p -0.72%
Berkeley Group Holdings (The) (BKG) 3,352.00p -0.68%
International Consolidated Airlines Group SA (CDI) (IAG) 541.00p -0.64%
Lloyds Banking Group (LLOY) 72.37p -0.60%
Admiral Group (ADM) 1,933.00p -0.57%
Standard Chartered (STAN) 546.20p -0.55%
Tesco (TSCO) 167.70p -0.53%
Intu Properties (INTU) 302.60p -0.49%
FTSE 250 - Risers
Phoenix Group Holdings (DI) (PHNX) 865.50p 1.88%
Aldermore Group (ALD) 221.80p 1.84%
Kaz Minerals (KAZ) 157.00p 1.75%
Synthomer (SYNT) 350.00p 1.69%
Euromoney Institutional Investor (ERM) 985.00p 1.55%
Hays (HAS) 136.70p 1.26%
Grainger (GRI) 243.60p 1.16%
Serco Group (SRP) 105.10p 1.06%
B&M European Value Retail S.A. (DI) (BME) 293.50p 0.96%
Ophir Energy (OPHR) 71.00p 0.92%
FTSE 250 - Fallers
Homeserve (HSV) 480.90p -1.60%
Grafton Group Units (GFTU) 735.00p -1.28%
Card Factory (CARD) 361.70p -1.17%
Allied Minds (ALM) 333.40p -1.07%
Hikma Pharmaceuticals (HIK) 2,203.00p -1.03%
Rotork (ROR) 197.60p -1.00%
Bodycote (BOY) 593.50p -1.00%
Fidessa Group (FDSA) 2,314.00p -0.81%
Jupiter Fund Management (JUP) 436.70p -0.80% |
| | UK Event Calendar | | Friday 27 May
INTERIM DIVIDEND PAYMENT DATE
BlackRock Greater Europe Inv Trust, Mcbride, SCS Group , Swallowfield
QUARTERLY PAYMENT DATE
GLI Alternative Finance , Primary Health Properties
QUARTERLY EX-DIVIDEND DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (US) (13:30)
U. of Michigan Confidence (Final) (US) (15:00)
FINALS
Nature Group
SPECIAL DIVIDEND PAYMENT DATE
Elementis, ITV
AGMS
Acencia Debt Strategies Ltd., Diamond Bank GDR (Reg S), Escher Group Holdings, Flying Brands Ltd Units, Mincon Group , OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), Pires Investments, Tekcapital
FINAL DIVIDEND PAYMENT DATE
Acacia Mining, Cello Group, Cenkos Securities, Centamin (DI), Centaur Media, Cobham, Dunedin Income Growth Inv Trust, Elementis, Henderson Group, Highland Gold Mining Ltd., Inmarsat, ITV, Marshall Motor Holdings, Morgan Advanced Materials , Petrofac Ltd., Polymetal International, Randgold Resources Ltd., Regus, SafeCharge International Group Limited (DI), Servelec Group , SIG, SimiGon Ltd. (DI), Spirax-Sarco Engineering, SQS Software Quality Systems AG, Stock Spirits Group , Telit Communications, Travis Perkins, UBM |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower as oil retreats, ahead of Yellen speech European equity markets nudged lower in early trade as oil prices fell back and investors awaited a speech from Federal Reserve Chair Janet Yellen.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, Germany's DAX was off 0.2% and France's CAC 40 was 0.3% weaker.
At the same time, oil prices were on the back foot after Brent crude breached the $50 a barrel mark on Thursday for the first time since November. West Texas Intermediate was 0.7% lower at $49.16 a barrel and Brent crude was down 0.7% at $49.25.
"Markets here, and in the US and Asia have lost momentum after big gains midweek," said Lee Wild, head of equity strategy at stockbroker Interactive Investor.
"A drop in oil prices back below $50 and caution ahead of Fed chair Janet Yellen's speech tonight will make it difficult for them to make much headway, especially ahead of a long weekend in the UK. Revisions to US first-quarter GDP later could also fuel another dollar rally. A Fed rates meeting next month, the EU referendum and weak corporate earnings make this a tricky time for investors, and many are sitting on cash."
Market participants will be watching out for Yellen's speech on the economy at Harvard at 1530 BST, as they look for further clues on the timing of the next Fed rate hike.
"Sentiment towards the US economy has improved this month with an impressive array of domestic data bolstering speculation that US rates could be increased in June or July. With retail sales, inflation and new homes sales exceeding forecasts, the prerequisites for another US rate hike in Q2 could be fulfilled if US GDP and next week's non-farm payrolls exceed expectations," said FXTM Research Analyst Lukman Otunuga.
In corporate news, Spain's Banco Popular was under the cosh again a day after it announced a rights issue.
AstraZeneca edged lower. The pharmaceuticals giant announced positive results for its Faslodex drug for the treatment of metastatic breast cancer in post-menopausal women who have not had prior hormonal treatment for home-receptor-positive breast cancer.
On the downside, however, it also said the US Food & Drug Administration would not approve one of its new drugs for the treatment of high potassium levels because of a manufacturing problem.
Swiss pharmaceutical company Roche rallied after announcing positive results from its trial of drug Gazyva.
Building materials group Wolseley popped higher after it said Simon Nicholls will not be taking up his role as chief financial officer later this year, as announced back in January. The company did not provide any reasons as to why.
The second release of first-quarter US GDP is due at 1330 BST, while University of Michigan consumer sentiment is at 1500 BST. |
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| | US Market Report | | US close: Stocks end little changed as oil prices retreat US stocks failed to make any headway on Thursday as oil prices reversed early gains to settle lower and investors digested some encouraging economic news that could be seen as underpinning the case for a rate hike.
The Dow Jones Industrial Average ended down 0.1%, the Nasdaq closed up 0.1% and the S&P 500 finished flat.
Investors may also have been exercising some caution ahead of a speech on the economy by Federal Reserve chair Janet Yellen on Friday, which she is due to deliver during a visit to Harvard at 1530 BST.
"With a long weekend looming for both the US and UK, and comments from Janet Yellen before this, it is hardly surprising to see stock markets shift into pause mode," said IG's Chris Beauchamp.
"What is interesting, however, is what is going on with the US dollar; having rallied hard into the Fed minutes and then moved modestly higher by dint of Fed speakers seemingly every five minutes, the dollar index is now turning lower, as the 2016 downward trend reasserts itself. If this can carry on into next week, then the way looks clear for more upside in equities," he added.
Oil prices settled lower as the rally lost steam. West Texas Intermediate was down 0.5% to $49.32 a barrel while Brent crude was 0.7% weaker at $49.37, having breached the $50 mark earlier in the day for the first time since November. Prices had been supported by data from the Energy Information Administration on Wednesday that showed US crude supplies declined by 4.2m barrels for the week ended 20 May versus expectations of a 2.5m drop.
Meanwhile, the dollar was 0.3% firmer against the pound, but 0.3% and 0.4% weaker against the euro and the yen, respectively.
Economic data was a bright spot on Thursday, but it may well have been a case of 'good news is bad news' as signs of an improvement in the US economy support the argument for a rate rise.
Figures from the Labor Department showed the number of Americans filing for unemployment benefits fell more than expected last week.
US initial jobless claims decreased by 10,000 from the previous week's unrevised level to 268,000. Economists had been expecting a smaller drop, to 275,000.
Meanwhile, US durable goods rocketed 3.4% month-on-month in April, figures from the Department of Commerce revealed, although this was largely due to a 65% surge in orders for civilian aircraft.
The National Association of Realtors' pending home sales index jumped by 5.10% month-on-month in April - to reach its highest level since February 2006 - after a rise of 1.4% in March and versus consensus of 0.60%.
Investors also digested comments from Federal Reserve Governor Jerome Powell, who said in a speech that an interest rate hike could be appropriate fairly soon. Nevertheless, Powell insisted any hikes should be gradual, with no need to rush, particularly given global risks such as the British EU referendum on 23 June.
In corporate news, discount retailer Dollar Tree surged after lifting its outlook, while HP Inc rose sharply after releasing better-than-expecting second-quarter earnings late on Wednesday.
Dollar General racked up solid gains as its quarterly revenue surpassed estimates.
PVH Corp, the parent company of Calvin Klein, was also in the black after upping its guidance for the year.
On the downside, Abercrombie & Fitch tumbled as it posted a bigger-than-expected quarterly loss, while shares in Signet Jewelers lost their shine after its quarterly revenue fell short of expectations.
S&P 500 - Risers
Dollar Tree Inc (DLTR) $88.37 +12.77%
HP Inc (HPQ) $13.04 +6.89%
Patterson Companies Inc. (PDCO) $48.19 +5.87%
Dollar General Corp (DG) $88.01 +4.61%
PVH Corp. (PVH) $93.73 +4.34%
Costco Wholesale Corp. (COST) $149.71 +3.58%
United States Steel Corp. (X) $14.75 +3.29%
Yahoo! Inc. (YHOO) $36.76 +3.29%
Micron Technology Inc. (MU) $11.95 +3.02%
Netflix Inc. (NFLX) $102.81 +2.60%
S&P 500 - Fallers
Signet Jewelers Ltd (SIG) $97.00 -10.49%
Csra Inc. (CSRA) $24.17 -5.73%
Carnival Corp. (CCL) $47.59 -4.11%
Range Resources Corp. (RRC) $41.61 -3.23%
Marathon Petroleum Corporation (MPC) $34.55 -3.17%
Chesapeake Energy Corp. (CHK) $4.23 -2.76%
Marathon Oil Corp. (MRO) $13.17 -2.73%
Freeport-McMoRan Inc (FCX) $11.34 -2.66%
Royal Caribbean Cr (RCL) $75.46 -2.63%
NetApp Inc. (NTAP) $24.90 -2.43%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $100.41 +0.79%
Coca-Cola Co. (KO) $44.69 +0.70%
Home Depot Inc. (HD) $134.05 +0.64%
Verizon Communications Inc. (VZ) $50.16 +0.62%
Wal-Mart Stores Inc. (WMT) $70.85 +0.52%
International Business Machines Corp. (IBM) $152.44 +0.49%
McDonald's Corp. (MCD) $123.79 +0.43%
Boeing Co. (BA) $129.31 +0.35%
Intel Corp. (INTC) $31.49 +0.32%
Pfizer Inc. (PFE) $34.43 +0.23%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $66.96 -1.86%
Goldman Sachs Group Inc. (GS) $159.22 -1.26%
JP Morgan Chase & Co. (JPM) $65.03 -0.75%
Caterpillar Inc. (CAT) $72.08 -0.68%
3M Co. (MMM) $168.91 -0.64%
Exxon Mobil Corp. (XOM) $89.80 -0.51%
Microsoft Corp. (MSFT) $51.89 -0.44%
Johnson & Johnson (JNJ) $112.90 -0.40%
Unitedhealth Group Inc. (UNH) $132.98 -0.33%
Procter & Gamble Co. (PG) $81.22 -0.32%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $88.37 +12.77%
Costco Wholesale Corp. (COST) $149.71 +3.58%
Yahoo! Inc. (YHOO) $36.76 +3.29%
Micron Technology Inc. (MU) $11.95 +3.02%
Netflix Inc. (NFLX) $102.81 +2.60%
Tesla Motors Inc (TSLA) $225.12 +2.52%
Akamai Technologies Inc. (AKAM) $53.98 +2.12%
Citrix Systems Inc. (CTXS) $84.86 +2.07%
Intuit Inc. (INTU) $106.83 +1.72%
Liberty Interactive Corporation QVC Group (QVCA) $26.97 +1.62%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $219.07 -2.89%
NetApp Inc. (NTAP) $24.90 -2.43%
American Airlines Group (AAL) $31.51 -2.05%
Biomarin Pharmaceutical Inc. (BMRN) $87.26 -1.75%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $45.78 -1.70%
Incyte Corp. (INCY) $81.78 -1.66%
Gilead Sciences Inc. (GILD) $85.29 -1.41%
Autodesk Inc. (ADSK) $58.11 -1.36%
Bed Bath & Beyond Inc. (BBBY) $43.98 -1.28% |
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| | Newspaper Round Up | | Friday newspaper round-up: Brexit, Hinkley Point, Sports Direct, BHS G7 leaders warned on Friday that a British vote to leave the EU next month would seriously threaten the world economy, as they promised "more forceful" policies to boost global growth but papered over differences about fiscal stimulus. "There are potential shocks of a non-economic origin," the leaders said in a declaration issued during their summit in Ise-Shima, central Japan. "A UK exit from the EU would reverse the trend towards greater global trade and investment, and the jobs they create, and is a further serious risk to growth." - Financial Times
The workers' committee at EDF on Thursday dealt a new blow to the controversial £18bn project to build a new nuclear power plant in Somerset, saying it is likely to vote against the plan. The French utility has been on the verge of giving the final approval to the Hinkley Point project for the past few months, but has delayed doing so on several occasions after a string of last-minute objections. - Financial Times
Sports Direct owner Mike Ashley has threatened to pull out of an appearance before MPs next month after they declined to visit the retailer's main warehouse. Mr Ashley said he is seeking legal advice over his scheduled appearance at a parliamentary select committee after his offer to show the politicians working conditions at the Derbyshire site was turned down. - Telegraph
The controversial High Speed 2 rail link is five times more expensive than a similar line being built in France, according to a new report which has sparked fresh fears about the investment required for the project. HS2, which will run between London and the North, is forecast to cost £105m per kilometre, compared to the £20m per kilometre that is being spent on a line between Tours and Bordeaux, a group of academics, led by Leeds University's Professor Tony May, said. - Telegraph
A Portuguese-backed consortium is closing in on a deal to rescue BHS and its 11,000 employees. The consortium, which is led by Greg Tufnell, the brother of former England cricketer Phil Tufnell, is understood to have already paid part of the sale proceeds to show its determination to complete a deal. - Guardian
Government plans to overhaul the pension scheme behind Tata Steel have been supported by the trustees despite warnings that the move would set a dangerous precedent. Allan Johnston, chairman of the board of trustees of the British Steel pension scheme, welcomed the government's decision to consult on a shakeup of the scheme as it would be a better outcome for members than entering the Pension Protection Fund (PPF), where Tata Steel workers would suffer a 10% cut to their benefits. - Guardian
The blast furnaces of Port Talbot may not have much in common with a rampaging pit bull terrier, but experts in the pensions industry were making just that comparison yesterday after the government tabled proposals to help to save Tata Steel UK. Just as a handful of canine attacks led to the rushed and flawed Dangerous Dogs Act of 1991, so the agonies of 11,000 steel workers were pushing ministers towards legislation that could open a Pandora's box with far wider implications than for just the British Steel pension scheme. - The Times
Three Lancashire brothers are set to make up to £30 million between them when a toilet roll manufacturer floats on the stock market. Accrol Papers said yesterday that it planned to list on the AIM in a deal expected to value the business at about £100 million. The flotation is expected to take place on June 10 in defiance of City nervousness ahead of the European referendum just two weeks later. - The Times |
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