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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 push higher as corporate news lends a hand Stocks in London rose in early trade, underpinned by some well-received corporate news.
At 0830 GMT, the FTSE 100 was up 1.2% to 6,811.92.
Spreadex's Connor Campbell said: "As Trump begins to (inevitably controversially) appointment his presidential team, and China warns of the impact on iPhone and car sales if the US decides to impose any tariffs on trader, last week's electoral shock is continuing to dominate the markets. Not only that, but the markets themselves are continuing to confound expectations, seemingly reversing last Friday's reversal this Monday morning.
"Rising by 80 points the FTSE once again finds itself back above 6800, roughly in the middle of its pre-election lows and post-election highs. The pound, on the other hand, has relinquished some of the ground it took back last week; it has shed 0.7% against the dollar while losing 0.1% against the euro, crucially, however, meaning it still sits above 1.25 and 1.16 respectively.2
Meanwhile, oil prices were little changed amid ongoing worries about oversupply. West Texas Intermediate was up 0.1% to $43.44 a barrel and Brent crude was 0.4% firmer at $44.91.
On the corporate front, housebuilder Taylor Wimpey advanced as it said in a trading update that the UK housing market remained resilient, despite the implications of Brexit still being unclear, and hailed strong trading in the second half.
Irish distribution and business support services company DCC surged after reporting a rise in half-year revenue and saying full-year operating profit is likely to be ahead of market expectations.
Legal & General was on the front foot after announcing the completion of a £1.10bn pension buyout deal with Rolls-Royce.
Standard Life gained ground despite saying that the possible combination involving its Indian joint venture, HDFC Life, and Max Life Insurance Company, Max Financial Services and Max India, had hit a roadblock.
Bookmaker William Hill pushed higher after saying it expects full-year adjusted operating profit to be at the top end of its guidance, while Tesco rallied as HSBC upped its stance on the stock to 'buy' from 'hold'.
Irish convenience food group Greencore was a high riser after reporting a jump in full-year revenue and earnings as it hiked its dividend and announced the proposed acquisition of Peacock Foods for an enterprise value of $747.5m.
Shares in gaming software development company Playtech rose as it agreed to buy Consolidated Financial Holdings for up to $120m - a deal it said will enhance its position as it continues to build a B2B offering in its financials division. |
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| Market Movers
FTSE 100 (UKX) 6,802.47 1.07%
FTSE 250 (MCX) 17,593.35 0.85%
techMARK (TASX) 3,339.62 0.91%
FTSE 100 - Risers
DCC (DCC) 6,520.00p 8.04%
Anglo American (AAL) 1,185.50p 3.22%
Barclays (BARC) 207.80p 3.00%
Taylor Wimpey (TW.) 149.90p 2.95%
Tesco (TSCO) 203.70p 2.65%
Ashtead Group (AHT) 1,420.00p 2.53%
Rio Tinto (RIO) 3,140.50p 2.33%
Marks & Spencer Group (MKS) 334.20p 2.14%
Glencore (GLEN) 285.30p 2.13%
BHP Billiton (BLT) 1,326.50p 2.08%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 5,830.00p -2.10%
Fresnillo (FRES) 1,406.00p -2.02%
National Grid (NG.) 951.60p -0.43%
Severn Trent (SVT) 2,168.00p -0.41%
United Utilities Group (UU.) 875.50p -0.40%
Sky (SKY) 785.50p -0.32%
Mediclinic International (MDC) 759.00p -0.26%
Morrison (Wm) Supermarkets (MRW) 212.50p -0.14%
Centrica (CNA) 204.00p 0.20%
Polymetal International (POLY) 838.50p 0.24%
FTSE 250 - Risers
Vedanta Resources (VED) 853.50p 3.90%
ICAP (IAP) 533.50p 3.39%
Greencore Group (GNC) 301.00p 3.12%
OneSavings Bank (OSB) 318.10p 2.94%
Laird (LRD) 137.50p 2.84%
Evraz (EVR) 251.80p 2.78%
Bovis Homes Group (BVS) 820.50p 2.56%
William Hill (WMH) 290.80p 2.54%
Kaz Minerals (KAZ) 368.40p 2.39%
Auto Trader Group (AUTO) 396.90p 2.37%
FTSE 250 - Fallers
Hochschild Mining (HOC) 238.60p -3.32%
Centamin (DI) (CEY) 136.80p -3.05%
Pennon Group (PNN) 780.00p -1.83%
Millennium & Copthorne Hotels (MLC) 435.07p -1.77%
Acacia Mining (ACA) 446.30p -1.33%
Bankers Inv Trust (BNKR) 683.00p -0.87%
UK Commercial Property Trust (UKCM) 79.25p -0.81%
CMC Markets (CMCX) 202.50p -0.74%
JPMorgan Indian Investment Trust (JII) 630.00p -0.71% |
| | UK Event Calendar | | Monday 14 November
INTERIMS
DCC
INTERIM DIVIDEND PAYMENT DATE
Tandem Group, Tullett Prebon
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (EU) (10:00)
Wholesale Price Index (GER) (07:00)
Q3
Akers Biosciences, Inc. , New Europe Property Investments, Nord Gold SE GDR (Reg S)
FINALS
Carr's Group, Lonmin, Orchard Funding Group
SPECIAL DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust
AGMS
Macau Property Opportunities Fund Ltd., OPG Power Ventures
TRADING ANNOUNCEMENTS
Irish Continental Group Units
FINAL DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust
|
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| | US Market Report | | US close: Dow Industrials clocks in with biggest gain in five years Wall Street ended the week on a mixed note but only after a post-election surge that saw the biggest weekly gains for the main equity benchmarks for several years.
Nevertheless, while stocks were the main beneficiaries of the surprise election victory by Donald Trump, some data appeared to indicate that global fund managers were either undecided or mixed on how to proceed following Tuesday night´s unexpected result.
The Dow Jones Industrials tacked on 0.21% or 39.78 points to end at 18,847.66 on Friday, the S&P 500 drifted lower by 0.14% or 3.03 points to end at 2,164.45 and the Nasdaq Composite added 0.54% or 28.32 points to finish at 5,237.11.
To take note of, Goldman Sachs´s equity strategists estimated that each percentage point reduction in the US corporate tax rate was worth $1.50 of S&P 500 2017 earnings per share, Bloomberg reported.
For the week as a whole, the Dow Industrials advanced 959 points - its best weekly performance in five years - while the S&P 500 rose 3.8% and the Nasdaq-100 was up 1.5%.
Financial Analyst Connor Campbell at Spreadex commented: "The markets remained a mess this Friday afternoon, a variety of different post-election interpretations causing the trading boards to become increasingly splashed with red."
He added that despite the Dow Jones failing to build on yesterday's "historic high" it may regain ground after the European markets close as it "has consistently proved it has spare pockets of fuel late into the last few US sessions."
Campbell's observations were confirmed by the results Bank of America-Merrill Lynch 'flash' Fund Managers Survey, released the day before, showing investors had mostly chosen to sit on their cash piles following Trump's victory, with the remainder evenly split between those who increased their liquidity as a precaution and those who deployed some of it.
Some asset classes, such as bonds and cyclicals, had also already reached so-called 'overbought' levels, BofA-Merrill said in a separate report.
Yet by the close of trading in New York banks had added another 1.0%.
Oil prices took a hit, with West texas Intermediate down by 47 cents to $48.23.
Significantly, Federal Reserve Vice Chairman Stanley Fischer spoke at the Central Bank of Chile on Friday, outlining the central bank's plan for monetary policy going forward.
According to Fischer, the US has almost reached its goals for maximum employment and price stability, strengthening the case for raising interest rates. He also said the case for removing accommodation is "quite strong".
Consumer sentiment in the US improved more than expected in November, hitting its highest level since mid-2016. The University of Michigan's preliminary consumer sentiment index rose to 91.6 in November from 87.2 the month before and 91.3 in the same month last year, beating expectations for a reading of 87.5.
US economist at Capital Economics Andrew Hunter was however sceptical of the findings. "This index hasn't been a very good guide to consumption growth recently, and we suspect that growth of closer to 2% is more realistic, especially if the election result ends up having a more adverse impact on confidence than the pre-election data suggest," said Hunter.
For Richard Curtin, the chief economist behind the UofM survey: "These increases must be replicated before they can be taken to indicate a troublesome development; thus far, the data has simply repeated the March 2016 peaks. Nonetheless, it may be viewed as added justification for next month's expected interest rate hike. [...] Unfortunately, the November data must be accompanied by the proviso that it was collected before the result of the Presidential election was known late Tuesday."
The dollar index ended the day 0.14% higher at 98.99.
In corporate news, JC Penney's shares advanced even after the company cut its sales forecast for this year.
Walt Disney share price went up as its fourth quarter profits rose by 10% to $1.77bn, but failed to deliver on analysts' expectations.
Nvidia rallied after it said late on Thursday that third-quarter profit more than doubled.
From a sector stand-point the best performance was seen among the following industrial groups: Autos (2.76%), Hotels & Lodging 2.65%), Semiconductors (2.65%), Real estate holdings (2.13%) and Coal (2.10%).
Dow Jones - Risers
Walt Disney Co. (DIS) $97.68 2.86%
Goldman Sachs Group Inc. (GS) $203.94 1.53%
Cisco Systems Inc. (CSCO) $31.36 1.16%
General Electric Co. (GE) $30.71 0.99%
Nike Inc. (NKE) $50.77 0.75%
Procter & Gamble Co. (PG) $83.58 0.75%
International Business Machines Corp. (IBM) $161.27 0.66%
Home Depot Inc. (HD) $129.85 0.64%
Travelers Company Inc. (TRV) $110.28 0.60%
Apple Inc. (AAPL) $108.43 0.59%
Dow Jones - Fallers
Pfizer Inc. (PFE) $32.59 -2.69%
E.I. du Pont de Nemours and Co. (DD) $69.21 -2.45%
Exxon Mobil Corp. (XOM) $85.67 -1.59%
Merck & Co. Inc. (MRK) $63.95 -1.55%
Chevron Corp. (CVX) $106.64 -1.07%
Johnson & Johnson (JNJ) $118.47 -0.90%
Caterpillar Inc. (CAT) $93.01 -0.47%
McDonald's Corp. (MCD) $114.22 -0.25%
Wal-Mart Stores Inc. (WMT) $71.23 -0.22%
Verizon Communications Inc. (VZ) $46.69 0.00%
S&P 500 - Risers
Nvidia Corp. (NVDA) $87.97 29.81%
TEGNA Inc (TGNA) $21.24 7.27%
Nordstrom Inc. (JWN) $58.72 4.80%
Kohls Corp. (KSS) $53.22 4.41%
United States Steel Corp. (X) $25.71 4.26%
Urban Outfitters Inc. (URBN) $37.87 4.12%
Micron Technology Inc. (MU) $17.67 4.00%
Carmax Inc. (KMX) $54.78 3.89%
Qorvo, Inc. (QRVO) $53.52 3.80%
Rockwell Collins Inc. (COL) $88.54 3.64%
S&P 500 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $113.62 -10.45%
Newmont Mining Corp. (NEM) $31.59 -8.91%
Centene Corp. (CNC) $50.68 -8.57%
Archer-Daniels-Midland Co. (ADM) $41.73 -7.64%
Diamond Offshore Drilling Inc. (DO) $15.66 -5.32%
Chesapeake Energy Corp. (CHK) $5.43 -4.74%
Murphy Oil Corp. (MUR) $27.41 -4.53%
Hess Corp. (HES) $47.58 -4.15%
Pioneer Natural Resources Co. (PXD) $172.09 -4.09%
Allergan plc (AGN) $207.57 -4.08%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $87.97 29.81%
Micron Technology Inc. (MU) $17.67 4.00%
Western Digital Corp. (WDC) $58.89 3.61%
Tractor Supply Company (TSCO) $71.10 3.54%
Seagate Technology Plc (STX) $37.25 2.99%
NetEase Inc. Ads (NTES) $234.57 2.60%
Applied Materials Inc. (AMAT) $28.82 2.27%
Comcast Corp. (CMCSA) $66.46 2.09%
Intuit Inc. (INTU) $111.38 1.97%
Activision Blizzard Inc. (ATVI) $39.41 1.83%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $113.62 -10.45%
Vertex Pharmaceuticals Inc. (VRTX) $92.00 -3.52%
Biomarin Pharmaceutical Inc. (BMRN) $91.46 -2.22%
Intuitive Surgical Inc. (ISRG) $621.76 -2.17%
Cerner Corp. (CERN) $48.47 -2.00%
Expedia Inc. (EXPE) $121.20 -1.97%
PACCAR Inc. (PCAR) $59.17 -1.92%
Skyworks Solutions Inc. (SWKS) $74.51 -1.84%
Gilead Sciences Inc. (GILD) $76.42 -1.82% |
| | Q4 Top 10 Stock Picks | | Moving into the final quarter of the year, a packed events calendar is going to create opportunities aplenty for investors, and we've highlighted the top 10 stocks we believe could outperform the market in Q4. Download this report today Losses can exceed deposits |
| | Newspaper Round Up | | Monday newspaper round-up: Trade, wages, ads, Black Friday, RBS Britain must "adapt to the moment and evolve its thinking" to become a global leader in free trade, Theresa May is to say. The prime minister will pledge to lead the charge in remaking globalisation, days after Donald Trump was elected US president on the promise of protecting American industry and ending a string of free trade agreements. - Guardian
Nissan and other big Japanese manufacturers can only work in the UK if they are free to import parts from the EU, the country's ambassador said, warning the government not to slap taxes on the trade post-Brexit. Factories can only work efficiently if there are not arduous border checks holding up trade, Koji Tsuruoka said, adding that companies working in Britain want as little change to this setup as possible. - Telegraph
Real wages are likely to fall next year and employment growth to slow as companies grapple with rising inflation, research shows. Employers are predicting median rises in basic pay of only 1.1 per cent for the 12 months ahead, according to the latest quarterly survey from the Chartered Institute of Personnel and Development (CIPD) and the recruitment agency Adecco. - The Times
Sir Martin Sorrell's advertising group, WPP, has called an end to the Brexit shock that has hammered the ad market since the EU referendum vote in June and upgraded its forecast for the industry. The world's largest marketing services company, which manages more than $100bn (£79bn) a year in advertising spend through its Group M media arm, said it was surprised to be upping its forecasts for ad spending in 2016 and 2017, describing the short-term impact of the Brexit vote as negligible. - Guardian
Bargain hunters may love "Black Friday" but most UK retailers now believe that the American-style shopping bonanza is unprofitable and unsustainable. Research shows that almost two thirds of leading retailers feel that the event - which takes place on the 25th of this month - puts increasing strain on their business with little profitable return. - The Times
British businesses are bullish about the economic outlook over the next year, despite uncertainty surrounding the vote to leave the European Union, a survey shows. Hays, the white-collar recruitment company, said 93pc expected higher or stable activity in the next 12 months, down only slightly from 94pc before June's referendum. - Telegraph
Average asking prices for UK properties put on the market in November fell 1.1 per cent, the third monthly fall since the Brexit vote in June, according to the latest survey from website Rightmove. The average asking price in November was £305,670 compared to £309,122 in October. - Financial Times
The former high court judge who will oversee RBS's compensation scheme for thousands of companies mistreated by its restructuring unit was misled by the bank in a court case over a business dispute. RBS was criticised by the Court of Appeal in 2011 for providing "false" information to Sir William Blackburne, who was appointed last week to provide independent oversight of an RBS compensation scheme for small and medium-sized companies who suffered at the hands of the bank's Global Restructuring Group (GRG). - The Times
Mr Kipling maker Premier Foods will face fresh scrutiny from its activist investors this week as it is expected to say that its turnaround will face further pressure from sterling's slump. The St Albans-based company, which has manufacturing sites in Worksop and Barnsley, will be heavily hit from rising sugar, wheat and dairy prices after the EU referendum vote. - Telegraph
National Grid is in talks about a voluntary deal aimed at staving off a forcible break-up. John Pettigrew, the chief executive, said that the company was in advanced discussions with Ofgem and the Department for Business, Energy and Industrial Strategy about a deal that will see formal separation of its role operating the flow of power that ensures the lights stay on from the rest of the company. - The Times
With Donald Trump in the White House, the pharmaceutical sector could be set for a new era of mega-mergers, analysts have said. The president-elect has pledged to cut corporation tax for American companies and suggested that he could allow businesses to repatriate money earned overseas back into the US without having to pay hefty fines. - Telegraph
Losses at miner BHP Billiton dragged UK company revenues lower in the third quarter of the year. The latest Profit Watch report from The Share Centre shows revenues at UK plc dropped 0.8 per cent in the three months to September 30, equivalent to £7.4billion. - Mail
A quarter of Britain's trade with the EU, worth more than £90bn a year in imports and exports, depends on the Channel tunnel, according to a report into the economic benefits of the transport link. With Brexit negotiations expected to begin once article 50 is triggered next year, businesses are calling on the government to ensure that any new border controls - for customs or security - do not slow travel times and put jobs at risk. - Guardian
Increasing inability to get on the housing ladder is changing the way the nation shops, a report claims. As more people rent for longer, typically in smaller homes, retailers have had to adapt by selling smaller, cheaper furniture and devising space-saving solutions. - The Times
Hedge fund numbers are set to drop this year as investors plough cash into cheaper and more predictable alternatives. A study by Singapore firm Eurekahedge revealed that fund closures around the world were on track to outpace openings for the first time in more than 16 years. - Mail
GlaxoSmithKline has come top of a league table that monitors the availability of medicine in developing countries, with fellow UK drugmaker AstraZeneca making it into the top 10. The non-profit Access to Medicine foundation, which compiles the biennial index of drug companies, warned that while the availability of medicines is improving, the industry needs to do more on affordable pricing and the fight against corruption. - Guardian
Moldova has elected as president a pro-Russian politician who has threatened to derail co-operation with the EU, in another setback for Brussels in eastern Europe. Igor Dodon, whose campaign called for closer ties with Moscow, had won 55.4 per cent of the vote with over 96 per cent of ballots counted, according to Moldova's election commission. - Financial Times |
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