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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 edge lower amid deluge of retail updates Stocks in London edged lower in early trade as investors sank their teeth into a deluge of corporate releases, with retailers in focus following updates from Marks & Spencer, Tesco, Primark owner Associated British Foods, JD Sports, and Debenhams, among others.
At 0830 GMT, the FTSE 100 was down 0.2% to 7,275.46. Meanwhile, oil prices were little changed, with West Texas Intermediate up 0.1% to $52.30 a barrel and Brent 0.4% firmer at $55.33.
Spreadex's Connor Campbell said: "The FTSE stumbled out of the gate this Thursday, despite a wave of surprisingly strong Christmas updates from the UK's key retailers.
"Falling 0.3% after the bell, the FTSE dipped away from the post-7,300 highs it struck during yesterday's trading, in part hampered by a the pound's half a percent rebound against the dollar. A lack of economic data meant that the morning's main focus was on the cavalcade of trading statements sent out before the market opened."
Marks & Spencer rallied as it said third-quarter revenue rose, with investors particularly pleased that its embattled clothing division saw sales growth for the first time in nearly two years.
JD Sports Fashion surged as it said headline pre-tax profit for the current financial year is likely to be ahead of consensus market expectations of £200m by up to 15%.
Department store Debenhams advanced after saying like-for-like sales rose 5% in the seven-week Christmas period.
Clothing retailer Supergroup pushed higher as it reported that interim group revenue rose 31.1% to £334m, with retail revenue up 25% in the period.
Tesco was weaker despite notching an eighth consecutive quarter of like-for-like growth and its first quarterly market share gain in five years. Over the 13 weeks ended 26 November that made up the third quarter, UK LFL sales rose 1.8% although slowed to 0.7% in the six Christmas weeks to 7 January.
Primark owner Associated British Foods was also in the red despite reporting that group revenue from continuing operations was 10% ahead of the same period last year at constant currency, with good growth delivered by all of its business arms.
As a result of the weakening of sterling in late summer last year, sales from continuing operations at actual exchange rates were strongly ahead with a 22% increase.
Online fashion retailer ASOS nudged a touch lower despite posting a 36% increase in total retail sales for the four months to the end of December.
Dunelm slipped as it reported a jump in total sales in the first half of the year but a drop in like-for-like sales.
Online electrical retailer AO World slumped after posting a 12.3% jump in third-quarter revenue and saying it is on track to meet guidance for the fiscal year.
Away from retailers, housebuilder Barratt Developments fell as it said pre-tax profit for the six months to the end of December is expected to be up 7% on the same period a year ago, with overall market conditions healthy amid strong demand for new homes.
Private healthcare provider Spire Healthcare tumbled after saying the group's underlying performance for the year is expected to be towards the top end of the revenue and EBITDA guidance for 2016, but overall results were hit by the recent trading performance at St Anthony's hospital.
Estate agent Savills racked up impressive gains as it said results for the year to the end of December are likely to be "meaningfully ahead" of its previous expectations following a strong finish to the year.
Recruiter Hays gained ground after posting a rise in second-quarter net fees.
There are no UK data releases of note due but in the US, initial jobless claims are at 1330 GMT. |
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| Market Movers
FTSE 100 (UKX) 7,275.46 -0.21%
FTSE 250 (MCX) 18,342.98 -0.28%
techMARK (TASX) 3,398.34 -0.89%
FTSE 100 - Risers
Marks & Spencer Group (MKS) 357.70p 5.08%
Fresnillo (FRES) 1,421.00p 2.90%
Randgold Resources Ltd. (RRS) 6,715.00p 2.36%
Burberry Group (BRBY) 1,590.00p 1.86%
Rio Tinto (RIO) 3,386.00p 1.20%
Glencore (GLEN) 313.60p 1.16%
BHP Billiton (BLT) 1,435.50p 1.09%
Anglo American (AAL) 1,297.50p 0.97%
easyJet (EZJ) 1,065.00p 0.95%
Next (NXT) 4,176.00p 0.94%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,845.00p -3.10%
Tesco (TSCO) 203.55p -2.51%
Shire Plc (SHP) 4,573.50p -2.31%
Direct Line Insurance Group (DLG) 345.60p -1.87%
Associated British Foods (ABF) 2,651.00p -1.74%
ITV (ITV) 204.00p -1.21%
BT Group (BT.A) 393.10p -0.94%
AstraZeneca (AZN) 4,534.00p -0.94%
WPP (WPP) 1,863.00p -0.85%
Barratt Developments (BDEV) 496.90p -0.82%
FTSE 250 - Risers
JD Sports Fashion (JD.) 352.00p 8.17%
Savills (SVS) 725.00p 5.00%
Debenhams (DEB) 56.80p 4.51%
Pagegroup (PAGE) 438.00p 3.87%
Hochschild Mining (HOC) 229.40p 3.01%
Hays (HAS) 163.00p 2.64%
Aveva Group (AVV) 1,986.00p 2.32%
Acacia Mining (ACA) 409.40p 2.15%
Supergroup (SGP) 1,753.00p 2.04%
Centamin (DI) (CEY) 148.30p 1.85%
FTSE 250 - Fallers
AO World (AO.) 173.70p -5.75%
Spire Healthcare Group (SPI) 326.40p -5.42%
Inmarsat (ISAT) 714.00p -4.74%
BTG (BTG) 585.00p -4.02%
SIG (SHI) 96.00p -3.57%
CLS Holdings (CLI) 1,530.00p -3.23%
Jupiter Fund Management (JUP) 431.30p -3.08%
Cobham (COB) 135.90p -3.00%
Dunelm Group (DNLM) 777.00p -2.51% |
| | Share tips 2017 Prudential low risk International insurance and investment product supplier Prudential has had a successful 2016 with the company raising its dividend, reporting an increase in profits whilst all the time continuing to benefit from favourable structural opportunities in its key markets, particularly in Asia. Investors should appreciate that although the group’s Asian exposure is a risk due to the volatility of Asian markets, the demographics of many Asian regions, and the rise of the middle class, should provide a good growth story for Prudential for some time to come. Prudential believes it has adequate capital surplus to withstand further significant deterioration in the European market, which should provide some reassurance to investors. Furthermore, the group’s asset management business M&G continues its expansion into Europe and its retail funds are registered for sale in 20 regions. Ultimately, this is a company which has a good mix of business across a number of regions, with a long-term Asia growth story underpinning the investment case. Read More... Capital at Risk |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge lower as healthcare takes a hit; retailers in focus European stocks were a little weaker in early trade, with healthcare shares under pressure and retailers in focus following trading updates from Marks & Spencer, Tesco, and Primark owner Associated British Foods.
At 0845 GMT the benchmark Stoxx Europe 600 index was down 0.5%, while Germany's DAX and France's CAC 40 were 0.6% lower. Meanwhile, oil prices were fairly steady, with West Texas Intermediate up 0.1% to $52.29 a barrel and Brent crude 0.4% firmer at $55.31.
Healthcare stocks were among the fallers after President-elect Donald Trump took a swipe at the sector in his press conference on Wednesday, saying they were "getting away with murder" when it comes to drug prices. The Stoxx 600 sub-index for healthcare was down 1.7%.
CMC Markets' Michael Hewson said: "If pharmaceutical companies were hoping for an easier ride from President elect Donald Trump than Hillary Clinton they were quickly disabused of this notion last night when the President elect let rip at the industry's pricing policies.
"Last year was notable for a number of stories related to price gouging including the Mylan story around the Epipen price hikes, and Valeant's policy of buying older niche drugs and then hiking the prices aggressively, and the antipathy that resulted from these stories has made the industry an easy target for a President who may feel compelled to get some quick political wins.
"At a time when pharmaceutical companies were hoping for a more benign investment environment last night's remarks were a reminder, if any were needed, as well as a warning to the sector and other sectors as well, of the President elects propensity to adopt a scatter gun approach to domestic policy."
In individual company news, Marks & Spencer rallied as it said third-quarter revenue rose, with investors particularly pleased that its embattled clothing division saw sales growth for the first time in nearly two years.
Tesco was weaker despite notching an eighth consecutive quarter of like-for-like growth and its first quarterly market share gain in five years. Over the 13 weeks ended 26 November that made up the third quarter, UK LFL sales rose 1.8% although slowed to 0.7% in the six Christmas weeks to 7 January.
Primark owner Associated British Foods was also in the red despite reporting that group revenue from continuing operations was 10% ahead of the same period last year at constant currency, with good growth delivered by all of its business arms.
As a result of the weakening of sterling in late summer last year, sales from continuing operations at actual exchange rates were strongly ahead with a 22% increase.
On the upside, luxury goods group Richemont surged as it posted an unexpected rise in revenue over the Christmas period thanks to solid demand for luxury jewellery and a watches.
Still to come on the macroeconomic front, eurozone industrial production is at 1000 GMT, while US initial jobless claims are at 1330 GMT. |
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| | UK Event Calendar | | Thursday 12 January
INTERIM DIVIDEND PAYMENT DATE
Alliance Pharma, Norcros
INTERIM EX-DIVIDEND DATE
Accrol Group Holdings, Hayward Tyler Group, QinetiQ Group
QUARTERLY PAYMENT DATE
GlaxoSmithKline, Total SA, XP Power Ltd. (DI)
QUARTERLY EX-DIVIDEND DATE
F&C Commercial Property Trust Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Import and Export Price Indices (US) (13:30)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (13:30)
SPECIAL EX-DIVIDEND DATE
DotDigital Group, Henderson Alternative Strategies Trust , Scottish Inv Trust
EGMS
Public Power GDR SA (Reg S)
AGMS
Debenhams
TRADING ANNOUNCEMENTS
Associated British Foods, Barratt Developments, Hays, The Gym Group
FINAL EX-DIVIDEND DATE
Connect Group, Countryside Properties, DotDigital Group, Dunedin Smaller Companies Inv Trust, easyHotel, Henderson Alternative Strategies Trust , Income & Growth VCT , JPMorgan Asian Investment Trust, Majedie Investments, Octopus VCT 3, Octopus VCT 4, Patisserie Holdings , Scottish Inv Trust, Unicorn AIM VCT , Urban&Civic , WH Smith
|
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| | US Market Report | | US close: Stocks end choppy session higher after Trump news conference US stocks ended a choppy session higher on Wednesday, with the Dow closing less than 50 points shy of the 20,000 mark following Donald Trump's first major speech since he was elected President on 8 November.
The Dow Jones Industrial Average rose 0.5% to 19,954.28, while the S&P 500 closed up 0.3% at 2,275.32 and the Nasdaq added 0.2% to end at a record 5,563.65.
Energy-related shares posted the biggest gains as oil prices rose, but biotech and pharmaceutical companies slid after Trump said in his speech that they were "getting away with murder" when it comes to drug prices. Exxon and Chevron advanced, while Alexion Pharmaceuticals, Biomarin Pharmaceuticals, Shire, Mylan and Biogen were among the biggest losers.
Oil prices settled higher, supported by a weaker dollar following Trump's news conference, and despite data showing a larger-than-expected build in weekly US crude and fuel inventories. West Texas Intermediate and Brent crude were up 3.1% to $52.42 per barrel and $55.34, respectively.
During his speech, Trump slammed "fake news", including reports that Russia has compromising material about the country's new leader. He also criticised Obamacare as a "complete disaster" and said that it will be repealed and replaced.
Trump also said US companies will be hit with a "major border tax" in order to protect jobs if they expand manufacturing facilities abroad for products to be sold domestically.
Ahead of his speech, Russia denied that it held compromising material on Trump, saying a dossier of unverified allegations was an "absolute fabrication" and a ploy to hurt relations between the US and Russia.
Naeem Aslam, chief market analyst at Think Markets, said: "The biggest impact on markets out of Trump news conference was on Biotech firms. You cannot say that this was not going to happen, as he has mentioned this a few times last year. But the reaction by investors was pure panic and we have experienced many traders pressing the sell button.
"We expect the US biotech and pharmaceutical sector to be very volatile in the coming days and any mergers and acquisition will not be that easy. Trump is going to create more competition among drug makers which is great for consumers as the price will become more competitive but not so good if you are the shareholder of the firm.
In corporate news, Supervalu slumped after the supermarket chain reported that it swung to a surprise loss in the most recent quarter.
Synnex Corp. nudged up after posting a 37% increase in fourth-quarter profit.
Merck & Co. gained after saying late on Tuesday that the US Food and Drug Administration will grant a priority review for one of its lung cancer drugs.
S&P 500 - Risers
First Solar Inc. (FSLR) $35.00 +4.82%
CF Industries Holdings Inc. (CF) $34.19 +4.46%
Transocean Ltd. (RIG) $15.75 +4.03%
AES Corp. (AES) $11.77 +3.88%
NRG Energy Inc. (NRG) $14.10 +3.52%
Alcoa Corporation (AA) $31.97 +3.20%
Coca-Cola European Partners Limited (CCE) $32.50 +3.17%
ConocoPhillips (COP) $51.22 +3.14%
Diamond Offshore Drilling Inc. (DO) $19.47 +3.07%
Anadarko Petroleum Corp. (APC) $71.60 +2.90%
S&P 500 - Fallers
Endo International Plc (ENDP) $14.01 -8.49%
Perrigo Company plc (PRGO) $77.88 -6.90%
Mallinckrodt Plc Ordinary Shares (MNK) $50.44 -6.16%
Bristol-Myers Squibb (BMY) $56.80 -5.30%
Alexion Pharmaceuticals Inc. (ALXN) $136.66 -4.88%
AbbVie Inc (ABBV) $61.14 -4.57%
Mylan Inc. (MYL) $37.28 -4.29%
Amerisource Bergen Corp. (ABC) $81.53 -3.89%
Biogen Inc (BIIB) $287.11 -3.59%
Patterson Companies Inc. (PDCO) $40.47 -3.16%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $61.63 +2.85%
International Business Machines Corp. (IBM) $167.75 +1.35%
Goldman Sachs Group Inc. (GS) $245.76 +1.32%
Intel Corp. (INTC) $36.95 +1.12%
Exxon Mobil Corp. (XOM) $86.81 +1.02%
Walt Disney Co. (DIS) $109.44 +0.98%
Microsoft Corp. (MSFT) $63.19 +0.91%
Caterpillar Inc. (CAT) $94.65 +0.87%
Chevron Corp. (CVX) $115.93 +0.84%
JP Morgan Chase & Co. (JPM) $87.08 +0.75%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $32.83 -1.82%
Johnson & Johnson (JNJ) $114.73 -1.23%
Nike Inc. (NKE) $52.69 -0.79%
Cisco Systems Inc. (CSCO) $30.15 -0.76%
Verizon Communications Inc. (VZ) $52.46 -0.57%
Home Depot Inc. (HD) $135.70 -0.29%
United Technologies Corp. (UTX) $111.00 -0.23%
Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $34.91 +2.65%
Cerner Corp. (CERN) $50.51 +2.52%
Microchip Technology Inc. (MCHP) $66.48 +2.51%
Intuitive Surgical Inc. (ISRG) $678.16 +2.41%
Activision Blizzard Inc. (ATVI) $39.20 +2.14%
Walgreens Boots Alliance, Inc. (WBA) $84.43 +2.13%
Sba Communications Corp. (SBAC) $104.71 +2.06%
Mondelez International Inc. (MDLZ) $45.07 +2.04%
Liberty Global plc Series C (LBTYK) $33.37 +2.02%
Fastenal Co. (FAST) $47.43 +1.98%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $136.66 -4.88%
Biomarin Pharmaceutical Inc. (BMRN) $86.07 -4.79%
Shire Plc Ads (SHPG) $169.57 -4.33%
Mylan Inc. (MYL) $37.28 -4.29%
Biogen Inc (BIIB) $287.11 -3.59%
Incyte Corp. (INCY) $115.29 -3.36%
Regeneron Pharmaceuticals Inc. (REGN) $364.47 -2.29%
Celgene Corp. (CELG) $117.24 -2.28%
T-Mobile Us, Inc. (TMUS) $57.46 -2.18%
Seagate Technology Plc (STX) $36.87 -2.02% |
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| | Newspaper Round Up | | Thursday newspaper round-up: VW, Hammond, City, housebuilders Six former Volkswagen executives are being charged over their alleged roles in the 2015 emissions scandal, as the company admits liability and is ordered to pay a record $4.3bn (£3.5bn) penalty, US officials have said. The men are accused of running a near decade-long conspiracy during their time at the firm and are being charged with conspiracy to defraud the United States, violations of the Clean Air Act, and wire fraud, the US attorney general Loretta Lynch said on Wednesday. - Guardian
The chancellor, Philip Hammond, has attempted to pave the way for a smooth Brexit by assuring Germany that the UK has no desire to disrupt the EU during its divorce from Brussels. Germany has stressed that a precondition for a successful split will be an understanding that Britain wants the European economy and the euro to thrive. - Guardian
The City has ratcheted up the pressure on the Government by issuing a series of demands that banks and other financial firms want from a Brexit deal with Brussels, including a transition period to stop markets from falling into a tailspin. An influential lobby group chaired by veteran banker John McFarlane, the chairman of Barclays, has published a list of what it calls "key priorities" for ministers to consider in looming negotiations with the EU over the UK's future relationship with Europe. - Telegraph
Pharmaceuticals giant Shire is to pay $350m ($287m) to settle a lawsuit with the US Department of Justice (DoJ) in which it was claimed that the rare disease specialist used illegal kickbacks, such as lavish dinners and cash, to encourage doctors and clinics to buy its products. The settlement relates to Advanced BioHealing, a company that Dublin-domiciled Shire acquired in 2011 and sold in 2014, and its product Dermagraft, a human skin substitute used to treat diabetic foot ulcers. - Telegraph
The country's biggest housebuilders have distanced themselves from Bovis Homes over claims that it is "industry practice" to pay customers cash to complete on unfinished homes by a certain date. The Times revealed yesterday that Bovis Homes had offered its customers as much as £3,000 to complete on properties before December 23, despite acknowledging that more work still needed to be done on the homes. - The Times | | |
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