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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 little changed but Tesco and Booker surge on merger news London stocks were little changed in early trade as investors looked to US economic growth figures and a meeting between UK Prime Minister Theresa May and US President Donald Trump, as Tesco and Booker surged on news the two are merging.
At 0830 GMT, the FTSE 100 was up 0.1% to 7,166.38.
Accendo Markets' Mike van Dulken said: "In focus today will be the preliminary figure for US GDP while UK PM Theresa May's meeting with US President Donald Trump across the Atlantic this afternoon could provide some details on a potential new Transatlantic trade deal alongside the usual sound bites as to how the two countries' "special relationship" can be revamped in the Trump era.
"The US GDP figure is expected to have cooled off somewhat after Q3's greater than 2% surge in growth to 3.5% as the US Fed look to begin a gradual course of rate hikes from 2017 to 2019. Any upside surprise will most likely be jumped upon by the Trump team as an indication of the strengthening of the US economy, however a fall in Personal Consumption levels could highlight some economic uncertainty in the world's largest economy."
There are no major UK data releases due, but investors will eye the release of fourth-quarter US gross domestic product figures at 1330 GMT.
M&A news kept things interesting in London, as the boards of food retailer Tesco and wholesaler Booker Group - which owns Londis and Budgens - announced an agreement on the terms of a recommended share and cash merger to create the UK's leading food business. Under the terms of the merger, each Booker scheme shareholder would receive 0.861 new Tesco shares and 42.6p in cash, representing a value of £3.7bn for Booker's ordinary share capital. Shares in both companies rallied.
Elsewhere, telecoms company BT Group was a little weaker after it said third-quarter revenue rose but profit fell as it deals with an accounting scandal at its Italian business, and faces a "challenging" outlook in the UK. For the quarter ended 31 December 2016, revenue was up 32% to £6.12bn, compared to the previous year, while pre-tax profit fell 37% to £526m.
Specialist lender Paragon Group was in the black as it reported first-quarter underlying operating profit of £33.1m, in line with management's expectations and supported by good underlying trends in volumes, margins, cost control and bad debts. |
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| Market Movers
FTSE 100 (UKX) 7,166.38 0.07%
FTSE 250 (MCX) 18,161.75 0.11%
techMARK (TASX) 3,219.98 -0.31%
FTSE 100 - Risers
Tesco (TSCO) 202.40p 7.09%
International Consolidated Airlines Group SA (CDI) (IAG) 502.00p 2.20%
Rio Tinto (RIO) 3,583.50p 1.42%
Old Mutual (OML) 213.80p 0.94%
Fresnillo (FRES) 1,383.00p 0.80%
Johnson Matthey (JMAT) 3,244.00p 0.75%
Marks & Spencer Group (MKS) 343.60p 0.70%
WPP (WPP) 1,858.00p 0.60%
Compass Group (CPG) 1,400.00p 0.57%
National Grid (NG.) 918.40p 0.56%
FTSE 100 - Fallers
easyJet (EZJ) 974.00p -2.11%
AstraZeneca (AZN) 4,218.50p -1.85%
Shire Plc (SHP) 4,368.00p -1.58%
Antofagasta (ANTO) 824.00p -1.55%
Barclays (BARC) 229.10p -1.40%
ITV (ITV) 202.50p -1.22%
Royal Bank of Scotland Group (RBS) 230.10p -1.20%
BT Group (BT.A) 300.45p -0.55%
Prudential (PRU) 1,578.00p -0.54%
Land Securities Group (LAND) 1,001.00p -0.50%
FTSE 250 - Risers
Booker Group (BOK) 206.90p 13.00%
Centamin (DI) (CEY) 146.80p 2.37%
Renishaw (RSW) 2,855.00p 2.15%
Barr (A.G.) (BAG) 509.00p 2.02%
Acacia Mining (ACA) 401.60p 1.90%
Shawbrook Group (SHAW) 244.30p 1.29%
Card Factory (CARD) 252.60p 1.28%
Thomas Cook Group (TCG) 86.50p 1.17%
Hochschild Mining (HOC) 232.00p 1.13%
Zoopla Property Group (ZPLA) 353.90p 1.06%
FTSE 250 - Fallers
Ferrexpo (FXPO) 133.00p -5.14%
Computacenter (CCC) 754.00p -2.90%
Softcat (SCT) 293.30p -2.56%
Euromoney Institutional Investor (ERM) 1,088.00p -2.51%
PayPoint (PAY) 937.00p -2.40%
Ibstock (IBST) 184.60p -2.28%
Dignity (DTY) 2,375.00p -2.10%
Genus (GNS) 1,684.00p -2.09%
McCarthy & Stone (MCS) 164.40p -1.97% |
| | FTSE stocks that could benefit under the Trump Presidency With the inauguration of Donald Trump a matter of days away Ian Forrest, our investment research analyst, identifies some London-listed stocks that could benefit under the new President: After a tumultuous year, 2017 could be another rocky ride for investors as they eagerly await the first wave of initiatives from Donald Trump. From what we do know we believe there are some direct beneficiaries amongst London-listed companies. Firstly gold-related companies such as Fresnillo could benefit. All of the group’s operations are in Mexico but its revenues are reported in dollars, so the plummeting peso could lead to a significant reduction in its cost base. With investors turning to the defensive nature of gold in uncertain times, others in the sector that could see an advantage include the likes of Randgold Resources and Polymetal International. Investors should note however, that a rise in US interest rates will act to dampen gold prices. Read More... Capital at Risk |
| | UK Event Calendar | | Friday 27 January
INTERIM DIVIDEND PAYMENT DATE
Aberdeen New Dawn Investment Trust, Auto Trader Group , Burberry Group, Cranswick, Dixons Carphone , Ensor Holdings, Fulcrum Utility Services Ltd. (DI), Latham (James), Livermore Investments Group Ltd., Micro Focus International, Northern 2 VCT, Northern 3 VCT, RPC Group, Speedy Hire, Supergroup
QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust , Value and Income Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
Gross Domestic Product (US) (13:30)
M3 Money Supply (EU) (09:00)
U. of Michigan Confidence (US) (15:00)
Q3
BT Group
FINALS
Kcell Joint Stock Co GDR (Reg S), PJSC Magnit GDR (REG S)
AGMS
Caledonian Trust, Nektan (DI), Treatt
UK ECONOMIC ANNOUNCEMENTS
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Character Group, Inland Homes, Standard Life European Private Equity Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower as UBS drops, Tesco rallies European stocks nudged lower in early trade, with banks under pressure after results from UBS, as investors looked to the release of US economic growth figures later in the day.
At 0900 GMT, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all down 0.2%.
Accendo Markets' Mike van Dulken said: "The US GDP figure is expected to have cooled off somewhat after Q3's greater than 2% surge in growth to 3.5% as the US Fed look to begin a gradual course of rate hikes from 2017 to 2019. Any upside surprise will most likely be jumped upon by the Trump team as an indication of the strengthening of the US economy, however a fall in Personal Consumption levels could highlight some economic uncertainty in the world's largest economy."
On the corporate front, Swiss bank UBS was under the cosh after it reported a 47% drop in full-year net profit for 2016, although its fourth-quarter net profit was ahead of expectations.
Spain's Banco de Sabadell was also weaker after saying net profit declined 51% in the fourth quarter on the back of higher provisions.
Elsewhere, telecoms company BT Group fell back after it said third-quarter revenue rose but profit declined as it deals with an accounting scandal at its Italian business and faces a "challenging" outlook in the UK. For the quarter ended 31 December 2016, revenue was up 32% to £6.12bn, compared to the previous year, while pre-tax profit fell 37% to £526m.
Budget carrier easyJet flew lower but British Airways parent International Consolidated Airlines was in the black after Goldman Sachs downgraded and upgraded the stocks to 'neutral' and 'buy', respectively. EasyJet was also hit by a downgraded to 'underperform' from 'neutral' by Davy.
On the upsode, M&A news kept things interesting in London, as the boards of food retailer Tesco and wholesaler Booker Group - which owns Londis and Budgens - announced an agreement on the terms of a recommended share and cash merger to create the UK's leading food business. Under the terms of the merger, each Booker scheme shareholder would receive 0.861 new Tesco shares and 42.6p in cash, representing a value of £3.7bn for Booker's ordinary share capital. Shares in both companies surged.
On the macroeconomic calendar, US fourth-quarter gross domestic product data is at 1330 GMT. Investors will also be eyeing a meeting between UK Prime Minister Theresa May and US President Donald Trump. |
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| | US Market Report | | US close: Markets mixed as investors sift through earnings US stocks finished mixed on Thursday, slowing from Wednesday's gains as investors raked through another batch of earnings and data releases, while the dollar rose.
The Dow Jones Industrial Average finished up 0.16% at 20,100.91, with the Nasdaq 100 adding 0.11% to 5,156.92 and the S&P 500 falling 0.07% to 2,296.68.
On Wednesday, the Dow powered through the 20,000 mark for the first time, closing up 0.8% at 20,068.51, buoyed by some well-received corporate news and optimism over Donald Trump's policies, including lax regulation, increased infrastructure spending and tax cuts.
Michael Hewson, chief market analyst at CMC Markets, said: "After yesterday's record breaking session US markets opened in a somewhat mixed manner today with company earnings taking centre stage as weekly jobless claims surprisingly jumped to 259,00 from last week's 237,000.
"Despite this we've still managed to put in new record highs on both the Dow and S&P 500.
"The dollar has enjoyed a bit of a rebound after hitting eight week lows against a basket of currencies, with the Japanese yen amongst the bigger losers today, as yield differentials widen out in the dollars favour."
Oil prices advanced, with Brent crude up 1.85% at $56.12 a barrel and West Texas Intermediate 1.81% firmer at $53.72.
In corporate news, Fiat Chrysler Automobiles was up 1.18% after it reported that fourth quarter profit doubled, whereas Ford Motor was down 3.28% as the carmaker missed profit expectations and softened its outlook for 2017
Comcast, the parent company of NBC Universal, rose 2.81% after it reported that it beat fourth quarter earnings estimates.
Bristol-Myers Squibb fell 5.51% after the drugmaker cut its guidance for the year
Biogen rose 2.07% despite reporting that quarterly revenue fell short of expectations due to costs related to its multiple sclerosis drug.
Caterpillar slipped 0.95% after beating earnings expectations but trimmed its outlook after its losses widened.
Ebay surged 5% after it posted solid earnings late on Wednesday, while telecommunications group AT&T was also in the black by 0.92% after well-received fourth-quarter numbers.
Chip maker Qualcomm slipped 5.01% on the back of a weak second-quarter outlook.
Johnson & Johnson was down 0.85% after it agreed to buy Switzerland's Actelion for $30bn.
Google parent Alphabet, Microsoft, Intel and Starbucks, were due to report after the close.
On the data front, initial jobless claims increased by 22,000 to 259,000 in the week ended 21 January, which was below the 245,000 expected.
Claims for the earlier week were revised up to 237,000 from an initial reading of 234,000.
The trade balance, excluding services, fell 0.5% to $65bn in December, while wholesale inventories rose 1%.
IHS Markit's services purchasing managers' index rose to 55.1 in January from 53.9 a month earlier, analyst had expected a reading of 54.4.
New home sales fell 10.4% to 536,000 units in December, a 10 month low. November's sales pace was revised up to 598,000 units from an initial 592,000 units.
Analysts had expected a 1.2 drop to 585,000.
Dow Jones - Risers
E.I. du Pont de Nemours and Co. (DD) $77.99 1.72%
Boeing Co. (BA) $169.12 1.05%
Goldman Sachs Group Inc. (GS) $239.50 0.98%
Unitedhealth Group Inc. (UNH) $162.75 0.94%
Microsoft Corp. (MSFT) $64.27 0.93%
JP Morgan Chase & Co. (JPM) $86.80 0.84%
Home Depot Inc. (HD) $138.46 0.71%
Travelers Company Inc. (TRV) $118.13 0.39%
Exxon Mobil Corp. (XOM) $85.60 0.30%
International Business Machines Corp. (IBM) $178.66 0.21%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $49.12 -1.31%
Caterpillar Inc. (CAT) $97.22 -0.95%
Johnson & Johnson (JNJ) $111.84 -0.85%
Visa Inc. (V) $83.24 -0.79%
Coca-Cola Co. (KO) $41.81 -0.74%
Procter & Gamble Co. (PG) $86.60 -0.64%
Intel Corp. (INTC) $37.56 -0.63%
Chevron Corp. (CVX) $116.55 -0.59%
United Technologies Corp. (UTX) $110.36 -0.54%
Nike Inc. (NKE) $53.65 -0.39%
S&P 500 - Risers
United Rentals Inc. (URI) $127.06 11.20%
Royal Caribbean Cr (RCL) $95.64 9.09%
Southwest Airlines Co. (LUV) $53.92 9.02%
Sherwin-Williams Co. (SHW) $305.00 7.61%
eBay Inc. (EBAY) $31.74 5.00%
United States Steel Corp. (X) $33.54 4.32%
Textron Inc. (TXT) $48.51 3.81%
PulteGroup Inc. (PHM) $21.18 3.62%
American Airlines Group (AAL) $49.59 3.51%
L3 Technologies Inc (LLL) $155.65 3.18%
S&P 500 - Fallers
Mattel Inc. (MAT) $25.99 -17.65%
Whirlpool Corp. (WHR) $173.81 -8.55%
McKesson Corp. (MCK) $138.55 -8.31%
F5 Networks Inc. (FFIV) $133.72 -8.25%
Helmerich & Payne Inc. (HP) $75.11 -7.40%
Citrix Systems Inc. (CTXS) $89.52 -6.50%
Varian Medical Systems Inc. (VAR) $86.48 -6.44%
Hasbro Inc (HAS) $81.51 -6.05%
Bristol-Myers Squibb (BMY) $46.82 -5.51%
T. Rowe Price Group Inc. (TROW) $70.26 -5.28%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $333.15 7.36%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $44.29 5.38%
eBay Inc. (EBAY) $31.74 5.00%
T-Mobile Us, Inc. (TMUS) $63.37 4.33%
American Airlines Group (AAL) $49.59 3.51%
Seagate Technology Plc (STX) $43.90 2.88%
Comcast Corp. (CMCSA) $75.50 2.81%
Twenty-First Century Fox Inc Class B (FOX) $30.59 2.65%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $49.33 2.58%
Twenty-First Century Fox Inc Class A (FOXA) $31.00 2.31%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $25.99 -17.65%
Dish Network Corp. (DISH) $58.02 -6.77%
Citrix Systems Inc. (CTXS) $89.52 -6.50%
Hasbro Inc (HAS) $81.51 -6.05%
QUALCOMM Inc. (QCOM) $54.05 -5.01%
Xilinx Inc. (XLNX) $57.37 -3.68%
Regeneron Pharmaceuticals Inc. (REGN) $340.75 -2.34%
Cognizant Technology Solutions Corp. (CTSH) $56.27 -2.22%
Lam Research Corp. (LRCX) $114.33 -2.22% |
| | Missing an opportunity? Spread Betting and CFD trading offer an alternative to conventional investment products. | | Trade 12,000 markets across indices, FX, shares and commodities from 50p a point; on any device, anywhere. City Index has been executing quality trades for over 30 years. Discover opportunities today. Losses can exceed deposits. Find out more |
| | Newspaper Round Up | | Friday newspaper round-up: ATMs, Imperial Brands, nuclear power More than one in seven free-to-use cash machines across the UK could start charging or be shut down if the simmering row about the Link network cannot be resolved, an industry lobby group has warned. After a crucial meeting of the more than 30 members of the Link cash machine network failed to reach an agreement over a new charging system, the ATM Industry Association said 8,000 ATMs were at risk of being removed or starting to charge for withdrawals. - Guardian
Britain's wealthiest people appear to get preferential treatment from HM Revenue & Customs and are not being properly pursued for outstanding tax bills, parliament's spending watchdog has concluded. HMRC's failure to clamp down on rich tax dodgers is undermining confidence in the whole system, the public accounts committee said. - Guardian
The new wave of British nuclear power stations was in jeopardy after the government announced it would pull out of a Europe-wide nuclear co-operation organisation. Ministers sneaked out the news that the UK would leave the European Atomic Energy Community, known as Euratom, within the notes accompanying the bill published yesterday to trigger Article 50, the process for leaving the European Union. - The Times
Verizon and Charter Communications are exploring a near-$300 billion merger to create the largest telecommunications company in the world, it emerged yesterday. The companies have hired advisers to explore a potential deal, a banking source said. It was unclear whether or not the companies had met for formal or informal talks. Verizon is one of the world's largest telecoms companies, with a market capitalisation of about $200 billion. About 114 million customers subscribe to its mobile phone network in the US, making it the largest wireless operator in the country. It also operates Fios, the largest fibre optic network in America, which has 5.6 million subscribers. - The Times
Shareholders scored a major victory against fat cat pay as they forced a FTSE 100 giant to back down over plans to give a boss a £3million pay rise. Cigarette heavyweight Imperial Brands bowed to an investor rebellion by withdrawing a bumper pay rise for Alison Cooper, its chief executive. - Daily Mail | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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