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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 close: FTSE 100 sets fresh record high London stocks lumbered through a dull Friday with blue chips again benefiting from a period of sterling weakness during the session.
Sterling was down firmly on the euro, and had spent much of the day down on the dollar.
Nevertheless, the FTSE 100 closed up 0.66% or 48.76 points to 7,435.39, pushing past its previous record close of 7,429.81 set back in March. The FTSE 250 on the other hand ended down 0.17% to 19,762.97.
Over in the US, the Dow, S&P 500 and Nasdaq were all tending lower, while in Europe the Euro Stoxx 50, Dax and Cac 40 were up mildly at the time of writing.
"The UK General Election continues to be a boost to the FTSE 100, which has been tip-toeing higher for the past two weeks," said Jasper Lawler at London Capital Group.
"The UK may also be benefiting from renewed investor confidence in Europe," said the senior market analyst.
"Whether we reach a record high next week could depend on the release of party manifestos."
Chris Beauchamp, chief market analyst at IG, said the week just been could not be described as the most exciting.
"Weakness in today's US CPI figures is probably accounting for a degree of nervousness on Wall St, since it calls into question the strength of the Fed's hiking path," said Beauchamp.
"With US earnings season out of the way, it looks like investors are fast running out of reasons to buy stocks."
Taking a closer look at blue chips, it was pharmas, gold-sensitive miners, consumer goods, tobacco and insurers putting in positive performances.
General miners, banks and utilities were broadly losing ground.
AstraZeneca firmed as its durvalumab immuno-oncology drug became the first such to successfully treat advanced lung cancer patients who had not had success with chemotherapy.
Others in the medicines sector did well, but Hikma Pharmaceuticals suffered another down day, leading the fallers following its asthma drug delay news from Thursday.
Non-standard lender Provident Financial was also in the red despite announcing its Vanquis Bank and Moneybarn operations had made a good start to the year.
Broker notes helped to provide some further action. Standard Life was boosted by an upgrade to 'outperform' from 'sector performance' by RBC Capital Markets.
Lloyds Banking Group was under the cosh following a report that it may have to pay £80m to compensate customers in a fresh mis-selling scandal. |
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| Market Movers
FTSE 100 (UKX) 7,435.39 0.66%
FTSE 250 (MCX) 19,762.97 -0.17%
techMARK (TASX) 3,594.31 1.49%
FTSE 100 - Risers
AstraZeneca (AZN) 5,176.00p 9.03%
BT Group (BT.A) 305.95p 2.72%
Vodafone Group (VOD) 211.05p 2.33%
GlaxoSmithKline (GSK) 1,665.00p 2.30%
Standard Life (SL.) 392.60p 1.95%
Royal Mail (RMG) 430.50p 1.77%
ITV (ITV) 191.80p 1.48%
Shire Plc (SHP) 4,750.50p 1.45%
Rentokil Initial (RTO) 259.20p 1.45%
St James's Place (STJ) 1,182.00p 1.37%
FTSE 100 - Fallers
Provident Financial (PFG) 3,192.00p -2.24%
Persimmon (PSN) 2,360.00p -1.87%
Hikma Pharmaceuticals (HIK) 1,762.00p -1.84%
Glencore (GLEN) 285.00p -1.74%
GKN (GKN) 345.70p -1.68%
Pearson (PSON) 698.00p -1.55%
Ashtead Group (AHT) 1,597.00p -1.48%
Lloyds Banking Group (LLOY) 68.66p -1.44%
Schroders (SDR) 3,224.00p -1.29%
Taylor Wimpey (TW.) 196.10p -1.26%
FTSE 250 - Risers
Just Eat (JE.) 585.50p 4.46%
Metro Bank (MTRO) 3,625.00p 4.20%
Allied Minds (ALM) 151.00p 3.71%
Auto Trader Group (AUTO) 420.00p 2.92%
Ibstock (IBST) 237.70p 2.90%
Aberdeen Asset Management (ADN) 298.90p 2.36%
Dechra Pharmaceuticals (DPH) 1,790.00p 2.34%
TalkTalk Telecom Group (TALK) 167.60p 2.26%
Renishaw (RSW) 3,605.00p 2.21%
Inmarsat (ISAT) 770.00p 1.99%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 700.00p -14.06%
Evraz (EVR) 187.10p -6.92%
Tullow Oil (TLW) 195.70p -4.30%
Ferrexpo (FXPO) 158.60p -3.76%
Amec Foster Wheeler (AMFW) 539.00p -3.58%
Paragon Group Of Companies (PAG) 469.50p -2.90%
Wood Group (John) (WG.) 756.00p -2.89%
Vedanta Resources (VED) 612.50p -2.78%
Entertainment One Limited (ETO) 236.90p -2.71% |
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| | US Market Report | | US open: Retailers drag on Wall Street again Retailers were again weighing on Wall Street's main stockmarket gauges on Friday, amid a mixed bag of first-tier economic data.
At 1606 BST, the Dow Jones Industrial Average was off by 0.14% to 20,889.56, alongside a dip of 0.22% for the S&P 500 while the Nasdaq Composite was but marginally lower, slipping 0.05% at 6,114.30.
"We're ending another week with stocks at record highs and volatility at rock bottom. This week was notably good for the tech-heavy Nasdaq as Apple topped a market cap of $800bn for the first time. Things are very calm right now - and that's typically what happens before the next panic," LCG's Jasper Lawler told clients in a note.
Markets were focused on weaker-than-expected US inflation data at the end of the week.
The rate of gains in US consumer prices slipped from 2.4% year-on-year in March to 2.2% for April (consensus: 2.3%), according to the Bureau of Labor Statistics.
Core CPI also came in shy of forecasts at 1.9% on the year, following a rise of 2.0% in the prior month.
After Friday's lower-than-expected CPI print, analysts at Barclays reaffirmed their prediction that the US Federal Reserve would go ahead with a 25 basis point rate hike in June.
"Today's data do not alter our view that the Federal reserve will tighten policy in June. Labor markets remain strong, and communications from FOMC members have been clear that they remain focused on a tightening policy path. We think softer-than-expected CPI prints for March and April are unlikely to deter the FOMC from action," said Barclays's Blerina Uruci.
Indeed, Fed funds futures were still pricing 83.0% odds a June hike.
Nonetheless, speaking earlier during the same session the president of the Federal Reserve bank of Chicago, Charles Evans, reportedly indicated just one more interest rate hike in 2017 was a possible scenario.
Philadelphia Fed President Patrick Harker was set to speak at Drexel University in Philadelphia at 1730 BST.
In the corporate space, shares in JC Penney dived after the fashion retailer posted weaker than expected first quarter sales of $2.7bn.
From a sector standpoint the worst performance was being put in by the following industrial groups: Apparel retailers (-2.72%), heavy Construction (-2.69%) and Clothing&Accessories (-1.51%).
Eli Lilly shares were lower even after it said a late-stage study of a migraine treatment met its primary goals. |
| | Market Analysis 12/05/2017 Today’s highlights: Indices low while oil and gold show gains - Wall Street closes lower: All three major indices finished in the red at the end of yesterday’s trading day. Macy’s earnings report missed predictions, causing its stock to tank 17%.
- Boeing stock drops following 737 problem: Aviation powerhouse Boeing saw its stock price drop yesterday, after announcing it is suspending flights for its 737 Max model due to an engine problem. While prices recovered after the announcement, they fell slightly again after-hours.
- Asia seen lower: Indices in Asia were trading lower this morning, with the ASX 200 and Nikkei losing 0.87% and 0.57% respectively.
- Volatility expected for US Dollar today: CPI and Retail reports will be released at 12:30 GMT today. These reports..
Read More... |
| | Broker Tips | | Broker tips: StanChart, Hikma Pharmaceuticals, BT Group Analysts at Investec took their recommendation on shares of StanChart down from 'hold' to 'sell', telling clients the outlook for earnings per share and return on capital are now less convincing.
"Indeed, we find that the "Q1 conversation" tends to take place around the PBT line. We see the prospects for EPS/ROTE progression as much less convincing. Downgrade to Sell (from Hold)."
The broker's Ian Gordon did nevertheless bump up its target on shares of the lender from 685.0p to 690.0p.
RBC sounded a fairly upbeat note on BT Group despite the multiple calls on its cash which the company is expected to face over the next couple of years.
Its Openreach arm announced a consultation with all telecoms providers on full fibre FTTP starting summer, which the broker said would be detailed, complex and require a lot of planning.
That was in fact a positive for BT, as it would push any need for the roughly £5.0bn of capital expenditures associated with that initiative out to at least the beginning of its 2019 fiscal year.
Perfect. In the meantime, it would have more resources to deploy for pensions, a "substantial" amount of exceptionals in 2018 and accelerated tax in fiscal year 2019 associated with IFRS15.
RBC trimmed its target from 425.0p to 415.0p while reiterating its 'outperform' recommendation on the shares.
JP Morgan slashed its target on stock of Hikma Pharmaceuticals saying US regulatory approval of its generic Advair application might be postponed, which in turn made the investment bank less confident on the firm's entire drug pipeline.
On 11 May the Food and Drug Administration issued Hikma a major complete response letter in relation to its Abbreviated New Drug Application for VR315, its generic version of rival GlaxoSmithKline's Advair Diskus.
That, analyst James D. Gordon said, implied a delay on the drug's launch until early 2019 - with a 50.0% probability of success.
He also trimmed his estimates for the remainder of Hikma's Roxane pipeline.
All of the above drove sharp cuts to his earnings per share estimates for the year between 2017 and 2020 of 18%, 35%, 14% abnd 8%. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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