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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 limps to mildly lower close after Manchester terror attack London stocks limped to a mildly lower close as a sombre UK came to terms with the deadly suicide bomb attack in Manchester last night.
The blast, at an Ariana Grande concert in the Manchester Arena, left 22 people dead and 59 injured. Prime Minister Theresa May condemned it as a callous terrorist attack.
General election campaigning has been suspended and a meeting of the Cobra emergency committee was held.
Against this grim backdrop, the FTSE 100 slipped 0.15% to 7,485.29, and the FTSE 250 added 0.04% to 19,920.12. The Dax and Cac 40 advanced, as did the Dow and S&P 500.
"It would appear the 'Trump fade trade' is fading back to the 'Trump trade'," said Jasper Lawler, senior market analyst at London Capital Group.
"European markets edged up while Wall Street opened slightly higher on Tuesday despite the shock of the terror attack in Manchester," he said.
Sterling was down on the dollar and the euro, its decline to multi-week lows linked to the UK's bigger-than-expected budget deficit in April, while public sector net borrowing shrank.
"April's public borrowing figures suggest that the slowdown in GDP growth in the first quarter won't be just a blip," said Pantheon Macroeconomics analyst Samuel Tombs.
The latest Distributive Trades survey from the Confederation of British Industry was no cheerier, showing sales slowed in the year to May following strong growth in April.
"The market became more subdued as Tuesday went on, with little to engender any significant movement," said Connor Campbell, financial analyst at SpreadEx.
"As for the UK, investors' minds were understandably elsewhere," he added in reference to the Manchester tragedy.
Among the FTSE 100 stocks making headway were a good number of US interest rate-sensitive utilities, along with banks, insurers and general financials.
The financial stocks rising included Royal Bank of Scotland, Old Mutual, St Jame's Place, Lloyds Banking Group and RSA Insurance, among a number of others.
Among the utilities pushing higher were National Grid, SSE, Centrica and United Utilities.
Severn Trent declared another chunky dividend and said it planned an enhanced payout for the next three years after spying further potential efficiencies in the business. In the year to end-March, underlying pre-tax profit before interest rose 4.3% to £525m.
Budget airline easyJet flew higher after RBC Capital Markets upped the stock to 'sector perform'.
Retail and mining did not do so well. Marks & Spencer, Tesco and Burberry were all lower in the wider retail sector, while among miners Randgold Resources and Glencore led others south.
Gold-specialist miner Fresnillo said it produced robust financial results for 2016 despite price volatility. It said it was poised to continue to optimise its performance, maintain a strong financial position and deliver considerable long-term value for shareholders.
AstraZeneca said on Tuesday that its Bydureon EXSCEL trial met its primary safety objective in type 2 diabetes patients at a wide range of cardiovascular risk. |
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| Market Movers
FTSE 100 (UKX) 7,485.29 -0.15%
FTSE 250 (MCX) 19,920.12 0.04%
techMARK (TASX) 3,587.92 -0.37%
FTSE 100 - Risers
Babcock International Group (BAB) 969.50p 2.97%
easyJet (EZJ) 1,301.00p 2.52%
Convatec Group (CTEC) 313.40p 2.42%
Rentokil Initial (RTO) 260.10p 1.76%
Severn Trent (SVT) 2,491.00p 1.76%
Associated British Foods (ABF) 2,954.00p 1.62%
Croda International (CRDA) 3,978.00p 1.56%
Johnson Matthey (JMAT) 3,112.00p 1.47%
Hikma Pharmaceuticals (HIK) 1,680.00p 1.45%
Royal Bank of Scotland Group (RBS) 264.90p 1.26%
FTSE 100 - Fallers
Kingfisher (KGF) 359.20p -2.42%
Shire Plc (SHP) 4,710.00p -2.35%
WPP (WPP) 1,673.00p -2.16%
Mediclinic International (MDC) 869.00p -2.03%
Marks & Spencer Group (MKS) 387.70p -1.97%
Paddy Power Betfair (PPB) 8,415.00p -1.69%
Randgold Resources Ltd. (RRS) 7,240.00p -1.63%
Glencore (GLEN) 291.95p -1.53%
Merlin Entertainments (MERL) 517.50p -1.52%
Direct Line Insurance Group (DLG) 342.10p -1.50%
FTSE 250 - Risers
Homeserve (HSV) 777.50p 10.75%
Greencore Group (GNC) 243.80p 7.26%
Allied Minds (ALM) 149.70p 4.74%
Cranswick (CWK) 2,956.00p 4.64%
Syncona Limited NPV (SYNC) 160.50p 4.58%
UDG Healthcare Public Limited Company (UDG) 788.00p 2.87%
NMC Health (NMC) 2,143.00p 2.10%
Evraz (EVR) 192.10p 2.07%
Sophos Group (SOPH) 409.00p 1.94%
Essentra (ESNT) 566.00p 1.80%
FTSE 250 - Fallers
Restaurant Group (RTN) 312.90p -7.04%
Aveva Group (AVV) 1,945.00p -4.80%
Hunting (HTG) 549.00p -4.02%
Pets at Home Group (PETS) 158.50p -3.59%
ZPG Plc (ZPG) 358.10p -3.16%
Wood Group (John) (WG.) 760.50p -2.31%
AO World (AO.) 146.60p -2.27%
Amec Foster Wheeler (AMFW) 544.00p -2.25%
Petrofac Ltd. (PFC) 632.00p -2.17% |
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| | US Market Report | | US open: Stocks mixed as economic data comes in below forecasts Wall Street is trading on a mixed note on Tuesday following weaker than expected readings on the US economy and as investors wait on speeches from central bank officials later in the day.
At 1528 BST, the Dow Jones Industrial Average was up 0.14% to 20,927.85, while the S&P 500 was higher by 0.14% to 2,397.22 but the Nasdaq Composite was down 0.06% at 6,129.07.
Meanwhile, stocks in the UK were edging a little higher despite a suicide bomb attack at an Ariana Grande concert in Manchester that has left 22 people dead - including children - and more than 50 injured.
IHS Markit's manufacturing sector purchasing managers' index retreated unexpectedly from a reading of 52.8 for April to 52.5 in May (consensus: 53.4).
However, that was offset by a jump in an equivalent gauge for the country's services sector from 53.1 in April to 54.0 for May - a four-month high.
Commenting on Tuesday's PMI surveys, Chris Williamson at Markit said: "Growth of US business activity gained a little
momentum for a second successive month in May, but the upturn still looks somewhat underwhelming."
In parallel, US new home sales plummeted 11.4% month-on-month in April to reach 569,000 (consensus: 610,000), although the blow from the data was softened by upwards revisions to prior months' figures.
Oil prices were on the back foot ahead of Thursday's OPEC meeting in Vienna. West Texas Intermediate was down 1% to $50.66 a barrel and Brent crude was off 1.1% to $53.31.
IG analyst Chris Beauchamp said: "We have already had plenty of headlines this morning, as Kuwait lets everyone know that a big extension in cuts could be difficult to achieve. This sounds like expectation management - given the surge in crude prices in recent weeks, the cartel needs to play down hopes of a deal, so that when one arrives the market will roll over obediently and continue bidding up the oil price.
To take note of, Minneapolis Fed chief Neel Kashkari told an audience he was in no hurry to raise interest rates.
Kashkari, the lone dissenter when the central bank last raised interest rates, said recent soft prints on inflation were "concerning".
Philadelphia Fed president Patrick Harker was still set to deliver a speech at 2200 BST, ahead of the release of the Fed's latest minutes on Wednesday.
In corporate news, shares of Agilent Technologies were trading on the frontfoot after the firm lifted its earnings and revenue guidance for the year late on Monday.
Dow Jones - Risers
Nike Inc. (NKE) $52.14 1.11%
Cisco Systems Inc. (CSCO) $31.80 0.66%
International Business Machines Corp. (IBM) $153.51 0.57%
Visa Inc. (V) $93.69 0.41%
Exxon Mobil Corp. (XOM) $82.55 0.32%
United Technologies Corp. (UTX) $122.04 0.31%
Coca-Cola Co. (KO) $44.31 0.29%
Pfizer Inc. (PFE) $32.21 0.26%
Chevron Corp. (CVX) $106.40 0.26%
E.I. du Pont de Nemours and Co. (DD) $77.57 0.25%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $174.49 -0.12%
Goldman Sachs Group Inc. (GS) $215.84 -0.08%
Walt Disney Co. (DIS) $107.55 -0.07%
Home Depot Inc. (HD) $155.95 -0.00%
Intel Corp. (INTC) $35.78 0.03%
Boeing Co. (BA) $183.76 0.05%
Wal-Mart Stores Inc. (WMT) $78.59 0.05%
American Express Co. (AXP) $77.05 0.09%
Travelers Company Inc. (TRV) $121.79 0.12%
JP Morgan Chase & Co. (JPM) $84.81 0.13%
S&P 500 - Risers
Agilent Technologies Inc. (A) $58.95 5.12%
NRG Energy Inc. (NRG) $16.52 3.54%
McKesson Corp. (MCK) $158.26 1.83%
Danaher Corp. (DHR) $84.35 1.74%
Activision Blizzard Inc. (ATVI) $58.10 1.72%
Electronic Arts Inc. (EA) $110.10 1.58%
eBay Inc. (EBAY) $34.38 1.54%
Wynn Resorts Ltd. (WYNN) $126.88 1.37%
First Solar Inc. (FSLR) $36.89 1.26%
PVH Corp. (PVH) $103.32 1.17%
S&P 500 - Fallers
AutoZone Inc. (AZO) $605.29 -8.22%
Xilinx Inc. (XLNX) $63.88 -5.39%
O'Reilly Automotive Inc. (ORLY) $236.29 -4.90%
Alexion Pharmaceuticals Inc. (ALXN) $111.27 -3.60%
Advance Auto Parts (AAP) $142.87 -3.05%
Helmerich & Payne Inc. (HP) $58.07 -3.02%
TripAdvisor Inc. (TRIP) $41.82 -2.68%
Lincoln National Corp. (LNC) $63.63 -2.29%
Ameriprise Financial Inc. (AMP) $122.55 -2.05%
GameStop Corp. (GME) $23.60 -1.87%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $300.82 2.43%
Liberty Global Plc Lilac Class A (LILA) $21.83 2.30%
Liberty Global Plc Lilac Class C (LILAK) $21.31 2.06%
Activision Blizzard Inc. (ATVI) $58.10 1.72%
Electronic Arts Inc. (EA) $110.10 1.58%
eBay Inc. (EBAY) $34.38 1.54%
Wynn Resorts Ltd. (WYNN) $126.88 1.37%
Monster Beverage Corp (MNST) $48.85 1.06%
Mylan Inc. (MYL) $39.02 0.98%
Liberty Global plc Series C (LBTYK) $30.10 0.87%
Nasdaq 100 - Fallers
Xilinx Inc. (XLNX) $63.88 -5.39%
O'Reilly Automotive Inc. (ORLY) $236.29 -4.90%
Alexion Pharmaceuticals Inc. (ALXN) $111.27 -3.60%
CA Inc. (CA) $31.50 -1.22%
Dollar Tree Inc (DLTR) $79.98 -1.16%
Symantec Corp. (SYMC) $29.30 -0.95%
Micron Technology Inc. (MU) $27.82 -0.86%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.11 -0.79%
Tesla Inc (TSLA) $307.99 -0.76% |
| | 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: Restaurant Group, easyJet Restaurant Group was under pressure on Tuesday as UBS downgraded the stock to 'sell' from 'neutral' and cut the price target to 275p from 310p following a strong run in the shares recently and pointing to the turnaround plans for Frankie & Benny's.
UBS said it has analysed the new F&B proposition following the recent menu launch, along with 20 key competitors, and found that although prices have fallen, there is a value gap versus the branded pub chains which are around 22% cheaper.
"Given these brands also focus on the family value orientated market, we see risk that the F&B price cuts will not drive the required footfall increase from the core family value orientated customer F&B is looking to attract to offset price reductions."
The bank cut its earnings per share estimates for 2017 and 2018 to 20.3p from 21.2p and to 19.1p from 23.0p, respectively, given less confidence in the turnaround. While UBS reckons the strategy is moving in the right direction, it sees greater risk that, with the F&B value positioning still ahead of core competitors, price cuts will not drive the required footfall increase to offset the like-for-like pressure from falling prices.
Budget airline easyJet flew higher on Tuesday as RBC Capital Markets upped its stance on the stock to 'sector perform' from 'underperform' and hiked the price target to 1,325p from 875p, saying it's likely the company has reached its profit nadir.
The bank said it was lifting the stock on the growing chance the EBITDAR margin has troughed. It also said the demand outlook has firmed and the balance sheet outlook has improved. "Our sector perform reflects a 70-75% chance this is already priced into the shares."
RBC argued the case for a better outlook, pointing to an improvement in the supply/demand balance and an expanding gap of strong customer rankings versus competitors.
"Our recent research suggests easyJet ranks strongly with its customers and staff - which we see as crucial advantages in building long-term revenues and profits (and a disadvantage to very poorly ranked competitors Air Berlin, British Airways and Vueling). |
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