| | | | | | | "Renewable energy is about to boom in africa and we need to pay attention to it" (Forbes) - Register your interest | | |
| | 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 as investors sift corporate news London stocks were little changed in early trade as investors chewed over a smorgasbord of corporate releases.
At 0830 GMT, the FTSE 100 was up 0.1% to 7,357.85. The economic calendar is fairly light on Tuesday, but on Wednesday all eyes will be on the Budget, while Friday sees the release of the US non-farm payrolls report.
On the corporate front, Ashtead was on the front foot after its third-quarter results revealed it remained en route to a strong year of growth, with gross capital expenditure expected towards the upper end of its our previous guidance
Testing, inspection and certification specialist Intertek rose as it said full-year 2016 sales rocketed 18.5% to £2.57bn as weakness in the pound continued to bolster its top-line.
Just Eat rallied after it reported a surge in 2016 revenue and earnings as it seeks to capture further share of the online food delivery market.
Newly merged bookmaker Paddy Power Betfair was in the red after saying its new financial year has started in line with expectations, as it reported a 35% rise in underlying earnings before interest, tax, depreciation and amortisation to £400m.
Electronic payments processor Worldpay fell despite posting a big jump in 2016 pre-tax profit.
Direct Line nudged lower after saying its full-year profit took a £175m hit from the reduction in the Ogden discount rate.
Power supplier Aggreko tanked as it issued a profit warning, saying its 2017 results would be offset by the "significant impact" of a reduction in pricing on contracts in Argentina.
Challenger bank Shawbrook was under pressure as it rejected a takeover offer from major investor Pollen Street after consulting with a number of its other large shareholders.
BHP Biliton was in the red after talk of Chile's presidential hopeful urging striking miners to refuse a poor contract offer, while other miners were in the spotlight as base metals diverge on digestion of slower China growth outlook.
Elsewhere, investors were digesting the latest figures from the British Retail Consortium, which showed UK retail sales softened in February as consumers adopted a more cautious approach, with non-food sales bearing the brunt of the reduction in spending.
Total retail sales rose by 0.4% year-on-year in February, down from a 1.1% rise in the same month one year ago and below the three-month average of 0.8% and the 12-month average increase of 0.9%.
On a like-for-like basis, retail sales slipped 0.4% during the same month, down from a 0.1% rise in the preceding year.
Pantheon Macroeconomics said: "The BRC's survey provides more evidence that the surge in retail sales in the second half of last year reflected consumers bringing forward purchases from 2017, because they anticipated price rises."
Earlier, the Reserve Bank of Australia left interest rates on hold at 1.5% as expected, and signalled that economic conditions were in line with its inflation and growth targets. |
| Market Movers
FTSE 100 (UKX) 7,357.85 0.11%
FTSE 250 (MCX) 18,885.06 0.02%
techMARK (TASX) 3,449.02 0.07%
FTSE 100 - Risers
Rio Tinto (RIO) 3,320.00p 1.51%
BHP Billiton (BLT) 1,357.00p 1.50%
Intertek Group (ITRK) 3,636.00p 1.17%
Carnival (CCL) 4,445.00p 1.09%
Coca-Cola HBC AG (CDI) (CCH) 1,956.00p 1.03%
Unilever (ULVR) 3,915.00p 1.01%
Glencore (GLEN) 329.45p 0.90%
Reckitt Benckiser Group (RB.) 7,356.00p 0.71%
Convatec Group (CTEC) 256.60p 0.63%
Antofagasta (ANTO) 807.00p 0.62%
FTSE 100 - Fallers
Worldpay Group (WPG) 265.90p -3.31%
Ashtead Group (AHT) 1,698.00p -2.64%
Paddy Power Betfair (PPB) 8,645.00p -1.59%
Standard Life (SL.) 394.10p -1.48%
SSE (SSE) 1,525.00p -1.17%
Centrica (CNA) 223.50p -1.15%
Admiral Group (ADM) 1,815.00p -0.82%
Informa (INF) 670.50p -0.81%
Direct Line Insurance Group (DLG) 346.00p -0.69%
Capita (CPI) 510.50p -0.68%
FTSE 250 - Risers
Grafton Group Units (GFTU) 654.50p 7.83%
Just Eat (JE.) 540.00p 4.25%
Ferrexpo (FXPO) 159.60p 3.30%
Fidessa Group (FDSA) 2,643.00p 2.64%
Travis Perkins (TPK) 1,472.00p 2.15%
Marston's (MARS) 135.10p 1.89%
Ibstock (IBST) 206.90p 1.87%
Vedanta Resources (VED) 863.50p 1.47%
Hunting (HTG) 576.00p 1.32%
PayPoint (PAY) 996.00p 1.27%
FTSE 250 - Fallers
Aggreko (AGK) 951.00p -10.11%
Mitie Group (MTO) 197.90p -5.81%
Paysafe Group (PAYS) 401.30p -5.04%
Sports Direct International (SPD) 291.70p -2.57%
IP Group (IPO) 151.70p -2.13%
Shawbrook Group (SHAW) 313.30p -1.88%
McCarthy & Stone (MCS) 188.60p -1.62%
Berendsen (BRSN) 807.00p -1.47%
Wetherspoon (J.D.) (JDW) 950.00p -1.25% |
| | Banking Sector Outlook for 2017 | | In the first of a two-part series, this report covers the sector and its main players ahead of a barrage of full year results releases. We take an in-depth look at how US & UK Banks fared during 2016, reporting dates and forecasts for 2017, and what early US results have shown us. Get your copy of the Banking Sector Outlook for 2017 today! Losses can exceed deposits |
| | UK Event Calendar | | Tuesday March 07
INTERIMS
Craneware, Purecircle Limited (DI), St Ives
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Consumer Credit (US) (20:00)
Factory Orders (GER) (07:00)
Gross Domestic Product (EU) (10:00)
Q3
Ashtead Group, Ashtead Group
FINALS
Apax Global Alpha Limited , Autins Group, Bioquell, Direct Line Insurance Group, Escher Group Holdings, Grafton Group Units, Headlam Group, Ibstock , Intertek Group, Just Eat , LSL Property Services, Paddy Power Betfair, SDL, Servelec Group , Shawbrook Group, SQS Software Quality Systems AG, Tritax Big Box Reit , Tyman, Worldpay Group, XLMedia
AGMS
CareTech Holding, JPMorgan Russian Securities
UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
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| | US Market Report | | US close: Markets end lower as geopolitical tensions tighten US stocks traded lower on Monday as geopolitical concerns weighed on investors' minds, while they also continued to mull over a prospective rate hike by the Federal Reserve next week.
The Dow Jones Industrial Average was down 0.24% at 20,954.32, the S&P 500 fell 0.33% to 2,375.31 and the Nasdaq 100 was 0.25% weaker at 5,360.31.
Meanwhile, West Texas Intermediate was down 0.32% at $53.16 per barrel and Brent crude rose 0.07% to $55.94.
During a speech in Chicago on Friday, Fed chair Janet Yellen said: "We currently judge that it will be appropriate to gradually increase the federal funds rate if the economic data continue to come in about as we expect.
"Indeed, at our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate."
Ipek Ozkardeskaya, senior market analyst at London Capital Group, said that Yellen left little to the imagination for an interest rate hike and "also hinted that there could be more tightening in 2017, meaning that the Fed could raise rates more than three times anticipated by the markets.
"The US 10-year yields are now ready to successfully test the 2.5%".
Elsewhere, investors were digesting news that North Korea fired four missiles that fell into the Sea of Japan, with three falling in Japan's exclusive economic zone, early on Monday morning, Seoul time.
In corporate news, shares of General Motors were down 0.86% after it said it will sell its European unit with the Opel and Vauxhall brands for $2.3bn to PSA Group.
US-listed shares in Deutsche Bank dropped 3.72% after it announced plans for a €8bn share sale to bolster its capital position.
Time Warner fell 0.65% after it was downgraded to 'neutral' from 'buy' by UBS, while Albemarle Corp was down 2.54% after Citi downgraded the chemical company to 'neutral' from 'buy'.
Snap fell 12.26% following the surge in shares at its debut on the New York Stock Exchange last week.
On the data front, factory orders rose 1.2% in January, from 1.3% in December and more than the 1% expected.
Excluding transportation, factory orders increased 0.3%, while industrial machinery orders were up 6.6% and photographic equipment orders fell 15%.
Dow Jones - Risers
Caterpillar Inc. (CAT) $95.66 0.57%
Exxon Mobil Corp. (XOM) $82.82 0.45%
Unitedhealth Group Inc. (UNH) $168.70 0.30%
E.I. du Pont de Nemours and Co. (DD) $79.82 0.26%
International Business Machines Corp. (IBM) $180.47 0.23%
Visa Inc. (V) $88.94 0.17%
Nike Inc. (NKE) $56.77 0.12%
McDonald's Corp. (MCD) $128.03 0.10%
Microsoft Corp. (MSFT) $64.27 0.03%
Johnson & Johnson (JNJ) $123.73 -0.06%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $122.42 -1.46%
JP Morgan Chase & Co. (JPM) $91.93 -0.95%
Intel Corp. (INTC) $35.57 -0.92%
Coca-Cola Co. (KO) $42.18 -0.71%
Boeing Co. (BA) $180.93 -0.69%
United Technologies Corp. (UTX) $111.66 -0.61%
Walt Disney Co. (DIS) $110.67 -0.51%
Pfizer Inc. (PFE) $34.35 -0.49%
American Express Co. (AXP) $79.50 -0.48%
Home Depot Inc. (HD) $147.16 -0.46%
S&P 500 - Risers
Range Resources Corp. (RRC) $28.47 4.13%
Cabot Oil & Gas Corp. (COG) $23.15 3.53%
Southwestern Energy Co. (SWN) $7.94 2.98%
Netflix Inc. (NFLX) $141.94 2.01%
Marathon Oil Corp. (MRO) $16.47 1.79%
Signet Jewelers Ltd (SIG) $65.60 1.58%
Activision Blizzard Inc. (ATVI) $47.81 1.57%
Eog Resources Inc. (EOG) $100.07 1.52%
Alcoa Corporation (AA) $36.93 1.51%
Devon Energy Corp. (DVN) $43.94 1.36%
S&P 500 - Fallers
Endo International Plc (ENDP) $11.40 -6.94%
Kohls Corp. (KSS) $39.40 -4.69%
Csra Inc. (CSRA) $28.67 -4.28%
Frontier Communications Co. (FTR) $2.76 -3.83%
First Solar Inc. (FSLR) $33.33 -3.70%
Transocean Ltd. (RIG) $13.05 -3.55%
Westrock Company (WRK) $52.16 -3.48%
Macy's Inc. (M) $30.69 -3.40%
United Continental Holdings Inc. (UAL) $73.14 -3.24%
American Airlines Group (AAL) $45.31 -3.23%
Nasdaq 100 - Risers
Liberty Global Plc Lilac Class C (LILAK) $24.23 3.02%
Liberty Global Plc Lilac Class A (LILA) $24.05 2.56%
Netflix Inc. (NFLX) $141.94 2.01%
Liberty Interactive Corporation QVC Group (QVCA) $19.21 1.86%
Activision Blizzard Inc. (ATVI) $47.81 1.57%
Liberty Global plc Series C (LBTYK) $34.58 1.41%
Expedia Inc. (EXPE) $121.49 1.14%
CA Inc. (CA) $32.82 1.05%
Liberty Global plc Series A (LBTYA) $35.24 1.03%
Regeneron Pharmaceuticals Inc. (REGN) $381.93 0.86%
Nasdaq 100 - Fallers
American Airlines Group (AAL) $45.31 -3.23%
Autodesk Inc. (ADSK) $82.94 -2.79%
Mylan Inc. (MYL) $44.04 -2.52%
Monster Beverage Corp (MNST) $46.98 -2.21%
Biomarin Pharmaceutical Inc. (BMRN) $91.90 -2.18%
Express Scripts Holding Co (ESRX) $70.05 -2.14%
Costco Wholesale Corp. (COST) $166.73 -2.07%
Incyte Corp. (INCY) $134.38 -1.85%
Cognizant Technology Solutions Corp. (CTSH) $58.83 -1.75% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Oil, Vauxhall, Efta, Sky, ITV A global glut of oil could turn into a shortage within three years unless billions of dollars worth of new investments are made in the industry, the International Energy Agency said yesterday. In its latest five-year oil market forecast, the agency said that supplies of oil until 2020 appeared comfortable but after that it predicted a rapid fall in new supply growth, the consequence of a sharp drop in investment since crude prices plunged in 2014. - The Times
The North Sea oil industry is in dire need of fresh capital investment to drive activity in the embattled basin beyond 2020. The stark warning emerged from an annual industry-wide report from trade group Oil and Gas UK which found that the green shoots which have emerged in the last year mask a deeper problem for the oil basin which is suffering from record lows for new capital investment. - Telegraph
Vauxhall workers are likely to take a significant cut to their pensions before any decision about the long-term future of their jobs after the sale of the UK-based automotive group to PSA Peugeot Citroen. The French carmaker yesterday signed a deal with Vauxhall's US parent General Motors to take control of its European operations - Vauxhall and its larger German sister company Opel. - The Times
The culture secretary yesterday gave the clearest indication yet that she would take account of failures of corporate governance at News Corporation during the phone hacking scandal when considering the £11.7 billion bid by 21st Century Fox to take full control of Sky. On Monday she told the House of Commons: "I am concerned about the nature of a number of breaches of broadcasting standards by 21st Century Fox as well as the behaviour and corporate governance failures at News Corporation in the past." - The Times
Rupert Murdoch's attempted takeover of Sky must be thoroughly investigated by Ofcom in light of corporate governance failures surrounding the phone-hacking scandal, Tom Watson, the shadow culture secretary, has said. During a debate in the House of Commons on Monday, Watson pressed the culture secretary, Karen Bradley, to refer the deal to the regulator on grounds that allow it to properly examine the corporate governance record at Murdoch's media empire. - Guardian
The Government has incurred the wrath of the so-called "winners" of the business rates revaluation as their new bills reveal they are being denied reductions to compensate companies elsewhere in the country. Last month David Gauke, chief secretary to the Treasury, attempted to defend the burdensome business rates system by arguing that three quarters of UK companies will see a fall in rates. - Telegraph
A cross-party committee of MPs has urged the government to consider rejoining the European Free Trade Association to smooth the exit from the European Union. The international trade committee of MPs said that rejoining Efta, which Britain left to join the European Union in 1973, would "clearly be to Britain's advantage" and urged the government to publish a white paper on membership before the summer. - The Times
ITV won its legal battle yesterday to ensure that its channels cannot be transmitted online or on cable without the broadcaster's authorisation. The decision, which initially sent its share price soaring, should allow ITV to pursue its campaign to charge Virgin Media tens of millions of pounds for rebroadcasting ITV1, its main channel. - The Times
British customers of Talktalk, the telecoms giant, have been targeted by an industrial-scale scamming operation based in India, whistleblowers have claimed. Professional fraudsters have been running call centres in two Indian cities where hundreds of workers are paid to dupe UK victims into installing a computer virus, according to three sources. - The Times
Europe's largest financial groups face a big increase in the cost of running and regulating their investment banking businesses from London post-Brexit. Some of the City's biggest institutions, including Deutsche Bank, have begun negotiations with the Bank of England about their status when they lose their privileged access to London. - The Times
Apple could be forced to pay millions of pounds in extra taxes in the UK after losing a legal battle over whether its smartwatch straps are an accessory that should be taxed individually or part of the device. Ending a months-long legal battle, a tax tribunal in London has ruled that the straps are "pieces of plastic" and an "accessory", not part of the technology. - Telegraph
The head of the company behind Comparethemarket has said he is no rush to float as the firm celebrated a record start to its year. Matthew Donaldson, chief executive of BGL Group, said the Peterborough-based price comparison and insurance distribution specialist is in the "unusual and luxurious" position of not having to rush ahead with a float, but that he plans to be ready for a listing by the second half of this year. - Telegrpah
The boss of Smith & Nephew (S&N) has had his pay slashed by more than a third and the artificial hip maker has overhauled its remuneration policy following a backlash from shareholders last year. The total pay package for chief executive Olivier Bohuon dropped by 38pc to $3.32m (£2.7m) in 2016 after he fell short of his performance targets and the FTSE 100 company's remuneration committee cut his cash bonus by 10pc because the business did not hit its financial objectives. - Telegraph
The former JP Morgan Chase trader who became known as the "London Whale" may face legal action by US authorities, dragging the saga of the bank's multibillion-dollar losses back into the spotlight. In January lawyers for Bruno Iksil were told by the US Federal Reserve that it was considering an enforcement action against him. - The Times
British Land is to give equal benefits to its staff who have children, under changes to its parental leave conditions that will increase pay for the weeks after a baby is born. The company will provide parents with equal benefits in terms of pay following the birth or adoption of a child, on top of the existing statutory shared parental leave terms required by law. - Telegraph
The head of the organisation that represents adult care providers in England has accused the government of abdicating responsibility for social care and claimed that ageism is affecting treatment of the elderly. Speaking to the Guardian, Martin Green, the chief executive of Care England, warned the care home sector is at a tipping point and accused the government of lacking leadership on the issue. - Guardian
Junk food should be sold in plain packaging to help to stop people overeating, one of Britain's foremost brain researchers has argued. Ministers are facing calls to test the idea after Wolfram Schultz, a Cambridge University neuroscientist, said that the way fatty and sugary food was marketed triggered brain signals that some obese people could not resist. - The Times |
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