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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 nudge up in quiet trade Stocks in London ticked a touch higher in early trade as activity kicked off again following the Christmas break, but volumes are likely to remain thin, with many traders still away form their desks in the run-up to the New Year.
At 0830 GMT, the FTSE 100 was up 0.1% to 7,076.35. Meanwhile, oil prices were a little firmer, with West Texas Intermediate and Brent crude up 0.5% to $54.15 a barrel and $56.37, respectively.
Miners were the standout gainers as metals prices rose, with Anglo American, BHP Billiton and Fresnillo at the top of the index.
Oil giant BP nudged higher after agreeing to buy the Australian fuels business of Woolworths Ltd for AUD1.79bn.
Housebuilder Bovis Homes slumped as it warned that volume delivery for the year is expected to be lower than anticipated and that there will be a "modest" reduction in the operating margin.
Volume delivery for the year ended 31 December is expected to be between 3,950 and 4,000 homes, depending on the number of legal completions in the remaining days of the year.
Discount chain Sports Direct was higher after saying it will sell its Dunlop business to Sumitomo Rubber Industries for $137.5m in cash as part of its strategy to move upmarket.
The Dunlop Business currently operates in the UK, Europe, Asia (except Japan, Korea and Taiwan), USA and Canada. For the year to 24 April 2016, it had combined revenue of £42.64m, gross assets of £41.76m and pre-tax profits of £4.06m.
Riverstone Energy was in focus after announcing it has invested $93m into its portfolio company Centennial Resource Development (CDEV) as part of a deal to buy independent oil and gas firm Silverback Exploration.
Listed infrastructure investment company International Public Partnerships edged up after it acquired a further 3.33% interest in the Gold Coast Light Rail Project from Aveng Group.
Online fashion retailer Boohoo.com advanced after saying it has entered into an asset purchase agreement to buy certain intellectual property assets from US retailer Nasty Gal for $20m.
On the data front, BBA mortgage approvals are at 0930 GMT while in the US, pending home sales are at 1500 GMT. |
| | The Top Stock Picks for 2017 | | This comprehensive report looks the 10 hottest prospects for the coming 12-months, asks whether 2017 will pick up where 2016 left off, covers the trailblazers, rangers, and a potential comeback king, and provides broker consensus and an average target price for each stock assessed. Download here Losses can exceed deposits |
| Market Movers
FTSE 100 (UKX) 7,076.35 0.12%
FTSE 250 (MCX) 17,925.82 0.09%
techMARK (TASX) 3,354.48 0.05%
FTSE 100 - Risers
Anglo American (AAL) 1,173.50p 4.26%
BHP Billiton (BLT) 1,309.00p 4.10%
Fresnillo (FRES) 1,143.00p 2.79%
Mondi (MNDI) 1,643.00p 2.37%
Glencore (GLEN) 277.05p 2.36%
Randgold Resources Ltd. (RRS) 5,970.00p 2.31%
Rio Tinto (RIO) 3,128.50p 2.11%
Antofagasta (ANTO) 685.50p 1.48%
Smurfit Kappa Group (SKG) 1,904.00p 1.38%
Old Mutual (OML) 201.20p 1.16%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 446.30p -2.38%
easyJet (EZJ) 1,016.00p -1.84%
Rolls-Royce Holdings (RR.) 669.50p -1.62%
Bunzl (BNZL) 2,059.00p -1.39%
Taylor Wimpey (TW.) 151.80p -1.36%
Schroders (SDR) 2,947.00p -1.27%
Hammerson (HMSO) 562.00p -1.23%
InterContinental Hotels Group (IHG) 3,558.00p -1.19%
Direct Line Insurance Group (DLG) 363.70p -1.11%
Persimmon (PSN) 1,746.00p -1.08%
FTSE 250 - Risers
Hochschild Mining (HOC) 196.20p 4.98%
Ferrexpo (FXPO) 138.60p 3.05%
Tullow Oil (TLW) 314.90p 2.71%
Kaz Minerals (KAZ) 365.20p 2.61%
Polymetal International (POLY) 815.00p 2.58%
Centamin (DI) (CEY) 131.60p 2.57%
Redefine International (RDI) 39.01p 2.44%
Ibstock (IBST) 187.00p 2.41%
Acacia Mining (ACA) 360.60p 2.18%
International Personal Finance (IPF) 168.40p 2.00%
FTSE 250 - Fallers
Bovis Homes Group (BVS) 813.50p -4.96%
John Laing Group (JLG) 270.30p -1.96%
Crest Nicholson Holdings (CRST) 456.80p -1.70%
Synthomer (SYNT) 374.40p -1.58%
Berkeley Group Holdings (The) (BKG) 2,813.00p -1.37%
Evraz (EVR) 222.10p -1.33%
Auto Trader Group (AUTO) 399.80p -1.26%
Polypipe Group (PLP) 315.00p -1.22%
Redrow (RDW) 421.00p -1.15% |
| | 2016 market review One City commentator provided what may prove the pithiest and most accurate summary of the last 12 months: “2016 – not for the faint-hearted.” Remarkably, he was speaking not at the end of the year but close to its beginning, when the big story was an apparently endless share price crash on the Shanghai stock market, and associated fears that the emerging market boom had very definitely gone bust. Read More... |
| | UK Event Calendar | | Wednesday December 28
INTERIM DIVIDEND PAYMENT DATE
Phaunos Timber Fund Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Pending Homes Sales (US) (15:00)
SPECIAL DIVIDEND PAYMENT DATE
Canadian General Investments Ltd. |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed but banks gain; Italy outperforms European stocks were little changed at the open in holiday-thinned volumes, with all eyes firmly on the banking sector as Deutsche Bank and Credit Suisse gained following settlements with the US Department of Justice, and Itlay approved a bailout of Monte dei Paschi.
At 0850 GMT, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all up just 0.1%. Italy's FTSE MIB was outperforming its peers, up 0.8%, with the FTSE Italia All-Share Banks index 1.5% firmer after the Italian cabinet gave the green light to rescue Banca Monte dei Paschi di Siena, as it failed to raise €5bn from private investors.
As we head into the Christmas break, volumes on the CAC were 41% lower than the 10-day average, while volumes on the FTSE MIB were a whopping 90% lower and volumes on the DAX were down 12%.
Meanwhile, oil prices retreated, with West Texas Intermediate down 0.7% at $52.60 a barrel and Brent crude 0.6% lower at $54.75.
It wasn't just Monte dei Paschi in the spotlight in terms of banks on Friday.
In London, Barclays was weaker after the US Department of Justice filed a lawsuit against the bank and two of its former executives on civil charges of fraud in the sale of mortgage-backed securities in the run-up to the financial crisis.
Barclays said on Friday that it rejects the claims made in the complaint and considers that they are "are disconnected from the facts", adding that it will "vigorously defend the complaint".
News about Barclays came as peers Deutsche Bank and Credit Suisse agreed billion-dollar fines with US authorities to settle allegations of mis-selling mortgage-backed securities. Deutsche Bank will pay a $7.2bn fine, while Credit Suisse will fork out $5.3bn. Both stocks were in the black.
Naeem Aslam at Think Markets said: "Deutsche bank's agreement is less than what the bank feared and this is music to investors' ears. The amount of $14bn which was initially expected by Deutsche could have put the bank under a lot of strain."
Elsewhere, AstraZeneca nudged up after completing an agreement with Pfizer for the sale of the commercialisation and development rights to its late-stage small molecule antibiotics business, comprising the approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in clinical development.
Investors were also digesting the latest monthly survey from market research group GfK, which showed German consumer sentiment is expected to remain positive into next year.
The overall consumer climate index is forecast to nudge up to 9.9 points in January from 9.8 points in December, beating economists' expectations for it to be unchanged.
"Consumers seem to be totally immune to a series of risk factors, such as the outcome of the US elections, Brexit, the flare-up in the financial crisis in Italy following the failed referendum and the resignation of Prime Minister Renzi, and the persistently high terror threat," GfK said.
Having fallen for three months in a row, the economic expectations sub-index increased to 16.4 points in December from 15.3 the month before. Meanwhile, the index for Income expectations rose 11.1 points to 55.6, driven by the excellent condition of the labour market. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: BHS, house prices, Co-op, Monte dei Paschi A hardship charity once chaired by Charles Dickens has been overwhelmed with requests for support from struggling shopworkers in the months since the collapse of BHS. The failure of the department store chain earlier this year, which triggered 11,000 job losses, has led to a record number of applications to the Fashion and Textile Children's Trust for help. - Guardian
House prices will rise by between 1% and 4% in 2017, according to Halifax's annual forecast, marking a sharp deceleration from 2016, as it raised the prospect of falling prices in London. Britain's biggest mortgage lender said a slowdown in economic growth, potential rises in unemployment and pressure on household incomes will put a brake on the property market after several years of growth. - Guardian
Co-op plans to spend £70m to open 100 stores across the UK next year, as its larger supermarket rivals shelve growth plans amid retail market jitters. The Co-op said the new convenience outlets would be predominantly based across London and the South East, with five stores opening in the capital before the end of March. - Telegraph
Royal Bank of Scotland is braced for the Bank of England to order an independent inquiry into its plans to offload Williams & Glyn (W&G), the 314-branch network the state-backed lender has been struggling to divest for more than seven years. It is understood the Prudential Regulation Authority (PRA), the arm of the Bank that oversees financial stability, has held discussions with RBS about potentially starting a skilled persons report, also known as a section 166 report, if the lender decides to sell W&G to either challenger bank CYBG or Santander. - Telegraph
London house prices will stall next year as slowing growth and higher inflation eat into household incomes, according to the annual survey of 48 leading economists by The Times. After years of runaway growth that has seen the average price of a home in the capital soar from £294,000 before the crisis to £474,000, the majority of the respondents expect London prices to flatline or contract in 2017. - The Times |
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