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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 mired in range trade as oil majors drop after Opec pledge Shares in London flickered around their starting levels for most of the day, mimicking the disappointing pattern of range-bound trade also seen among Europe's main indices.
The FTSE 100 closed up by 0.04% to 7,517.17, while the FTSE 250 was higher by 0.09% to 19,967.58. The Euro Stoxx 50, Dax and Cac 40 on the other hand ended slightly lower.
"The major indices in Europe have been flickering in between positive and negative territory but the common theme is a small trading range," said David Madden of CMC Markets UK.
Chris Beauchamp at IG also noted the sideways trade.
"In a bull market, you buy the strongest performing assets with the Nasdaq 100 nearly a fifth higher year-to-date, it is clear that momentum lies here, leaving the staid S&P 500 and FTSE 100 far behind," he said.
Wall St began positively after the US Fed last night released minutes from its May meeting that showed it wanted to make sure the recovery continued before lifting rates again.
In commodities the spot prices for gold, silver and copper were ahead, but both classes of crude fell as Opec extended its production cuts for a well flagged nine-months.
This disappointed some who were looking for a larger extension, and encouraged others to take profits. Shares of major oil companies Shell and BP were heavily down.
"We see a better than 50/50 chance Opec pre-announces additional cuts before the next scheduled meeting in November," said Jasper Lawler at London Capital Group.
If oil chat dominated the afternoon session, it was the fall in the UK's first-quarter GDP growth to 0.2%, from a previous estimate of 0.3% and 0.7% in the last quarter of 2016.
"There's a strong likelihood that growth will pick up in the second quarter, but whether robust growth can be sustained further ahead remains highly uncertain," said Chris Williamson, chief business economist at IHS Markit.
Elsewhere, British Bankers Association data showed British high street banks approved fewer mortgages in April from March, but consumer lending via credit cards bounced back.
In corporate news, progress in London was hampered by a catalogue of stocks going ex-dividend, including Bunzl, Capita, Carnival, DCC, Morrisons, Whitbread and Worldpay.
On the list of FTSE 100 gainers, consumer goods, high-street retail and pharmaceuticals shares tended to do well, while banks, commercial property and insurers congregated among fallers.
BT retreated as Exane BNP Paribas downgraded the stock to 'underperform' from 'neutral', saying the underlying business appears to be "teetering on the edge".
British Land and Oxford Properties confirmed they had completed the sale of The Leadenhall Buildinhg to C C Land.
Aviva announced it would begin a share buy-back of its ordinary shares for a maximum consideration of up to £300m.
United Utilities fell as it upped its dividend 1.1% after a year where revenue and profit both leaked modestly lower but it remained confident of meeting its long-term targets.
3i got a boost as Canaccord Genuity bumped up its price target on the stock to 975p from 875p following strong full-year results earlier this month. |
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| Market Movers
FTSE 100 (UKX) 7,517.71 0.04%
FTSE 250 (MCX) 19,967.58 0.09%
techMARK (TASX) 3,606.55 -0.01%
FTSE 100 - Risers
3i Group (III) 871.50p 3.69%
easyJet (EZJ) 1,381.00p 2.75%
Royal Mail (RMG) 438.10p 2.12%
Antofagasta (ANTO) 827.50p 1.66%
Tesco (TSCO) 187.00p 1.66%
International Consolidated Airlines Group SA (CDI) (IAG) 616.00p 1.48%
Informa (INF) 650.50p 1.40%
Unilever (ULVR) 4,269.50p 1.35%
Burberry Group (BRBY) 1,774.00p 1.26%
British American Tobacco (BATS) 5,500.00p 1.25%
FTSE 100 - Fallers
Anglo American (AAL) 1,057.50p -2.44%
DCC (DCC) 7,425.00p -1.26%
BT Group (BT.A) 313.00p -1.22%
BP (BP.) 472.95p -1.16%
Experian (EXPN) 1,647.00p -1.14%
Barclays (BARC) 214.05p -1.11%
Paddy Power Betfair (PPB) 8,300.00p -1.07%
Marks & Spencer Group (MKS) 389.40p -1.02%
GlaxoSmithKline (GSK) 1,618.00p -0.95%
British Land Company (BLND) 630.50p -0.94%
FTSE 250 - Risers
Intermediate Capital Group (ICP) 920.00p 14.00%
Wizz Air Holdings (WIZZ) 2,204.00p 13.26%
UDG Healthcare Public Limited Company (UDG) 811.50p 3.38%
QinetiQ Group (QQ.) 318.70p 3.21%
Halfords Group (HFD) 370.20p 3.18%
Paysafe Group (PAYS) 496.60p 3.14%
Rank Group (RNK) 218.90p 3.06%
Just Group (JUST) 137.00p 3.01%
Ferrexpo (FXPO) 175.20p 3.00%
Evraz (EVR) 199.00p 2.95%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 430.80p -29.95%
Acacia Mining (ACA) 265.80p -12.85%
OneSavings Bank (OSB) 434.00p -7.17%
Amec Foster Wheeler (AMFW) 504.00p -5.62%
Capita (CPI) 547.00p -5.28%
Tate & Lyle (TATE) 749.00p -5.19%
Wood Group (John) (WG.) 715.00p -4.22%
Tullow Oil (TLW) 204.90p -3.80%
Polypipe Group (PLP) 421.10p -3.53% |
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| | US Market Report | | US open: Wall Street setting new records ahead of Memorial Day weekend Investors are pushing the main Wall Street averages to fresh record highs ahead of the long Memorial Day weekend, with the much maligned retailers leading the charge.
At 1542 BST, the Dow Jones Industrial Average is up by 0.39% or 79,92 points to 21,092.06, while the S&P 500 is adding 0.45% or 10.89 points to 2,415.28 and the Nasdaq Composite 36.51 points to 6,199.42.
Worth noting, Memorial Day is typically associated with the summer lull in trading volumes.
On Wednesday, the S&P 500 closed at a record, while the Dow and the Nasdaq closed at their second-highest levels ever after minutes from the latest Federal Reserve meeting showed most members were in favour of a rate hike "soon" as long as the economy continues to rebound from first-quarter weakness.
Linked to the above - possibly - the latest tally for initial weekly US unemployment claims rose by just 1,000 to 234,000, marking a fourth straight week below 240,000.
That led Ian Shepherdson, chief US economist at Pantheon Macroeconomics to muse that: "so it's starting to look more like a shift in trend rather than just noise, but we still need more data to be sure.
"Low and falling claims numbers don't guarantee faster payroll growth, but they are consistent with robust increases, at least, and we expect sustained 200K-plus gains over the next few months, pushing unemployment down to new lows and scaring the Fed."
In the background, oil prices came under selling pressure even after OPEC members agreed to extend an earlier 1.8m-barrel-a-day production cut by nine months, although Saudi Arabian oil minister Khalid al-Falih said any deeper cuts were unnecessary.
West Texas Intermediate was down 0.73% to $50.99 a barrel and Brent crude was 0.6% lower at $53.65.
Oanda analyst Craig Erlam said: "It would appear a nine month extension with the potential for deeper cuts was almost fully priced in so when the statements were made, there was nowhere left for prices to go but lower.
Meanwhile, on the economic front, America's deficit in its trade in goods with the rest of the world widened by 3.8% to $67.6bn, according to the Census Bureau.
Economists' forecasts were calling for a smaller shortfall of -$64.0bn
US retail and wholesale inventories both shrank by 0.3% month-on-month in April.
From a sector standpoint, the biggest gains were being seen in the following industrial groups: Specialty Retailers (2.79%), Clothing & Accessories (1.30%), Restaurants (1.29%) and General Retailers (1.23%).
Shares in Best Buy shot higher as investors cheered stronger than expected profits, improved outlook and an unexpected rise in its like-for-like sales from the consumer electronic retailer.
Sears posted its first quarterly profit in two years sending its shares flying.
Discount retailer Dollar Tree was also trading on the front foot despite disappointing investors on most of its main financial metrics, including LFLs.
Hewlett Packard on the other hand was trading lower even after it reported the first simultaneous growth in its sales of printers and PCs since 2010.
Dow Jones - Risers
Caterpillar Inc. (CAT) $105.68 1.66%
American Express Co. (AXP) $77.82 0.91%
Microsoft Corp. (MSFT) $69.37 0.88%
Unitedhealth Group Inc. (UNH) $177.05 0.83%
Nike Inc. (NKE) $52.42 0.79%
Travelers Company Inc. (TRV) $123.00 0.78%
Boeing Co. (BA) $186.62 0.74%
Home Depot Inc. (HD) $155.84 0.54%
3M Co. (MMM) $198.53 0.53%
Intel Corp. (INTC) $36.30 0.49%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $126.88 -0.49%
Merck & Co. Inc. (MRK) $64.74 -0.29%
E.I. du Pont de Nemours and Co. (DD) $78.20 -0.23%
General Electric Co. (GE) $27.78 -0.16%
Walt Disney Co. (DIS) $107.57 -0.13%
McDonald's Corp. (MCD) $149.32 -0.12%
Pfizer Inc. (PFE) $32.04 -0.03%
Chevron Corp. (CVX) $106.23 0.01%
Exxon Mobil Corp. (XOM) $82.44 0.18%
Visa Inc. (V) $95.03 0.23%
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $58.96 16.94%
Patterson Companies Inc. (PDCO) $45.55 5.76%
PVH Corp. (PVH) $107.18 5.04%
Csra Inc. (CSRA) $30.99 4.55%
Staples Inc. (SPLS) $9.09 3.53%
Alliance Data Systems Corp. (ADS) $245.98 3.48%
Netflix Inc. (NFLX) $162.50 3.01%
Dollar Tree Inc (DLTR) $80.28 2.82%
NetApp Inc. (NTAP) $40.66 2.78%
Dollar General Corp (DG) $72.14 2.76%
S&P 500 - Fallers
Hormel Foods Corp. (HRL) $33.32 -5.88%
Brown Forman Corp. Class B (BF.B) $51.97 -4.36%
FMC Technologies Inc. (FTI) $30.20 -3.51%
HP Inc (HPQ) $18.64 -1.95%
TripAdvisor Inc. (TRIP) $40.03 -1.88%
Signet Jewelers Ltd (SIG) $53.64 -1.63%
First Solar Inc. (FSLR) $38.33 -1.46%
Helmerich & Payne Inc. (HP) $55.33 -1.21%
Advance Auto Parts (AAP) $131.41 -1.21%
NRG Energy Inc. (NRG) $16.56 -1.19%
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $162.50 3.01%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $288.92 3.00%
Dollar Tree Inc (DLTR) $80.28 2.82%
Liberty Interactive Corporation QVC Group (QVCA) $23.94 2.33%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.60 1.94%
NetEase Inc. Ads (NTES) $293.85 1.82%
Tractor Supply Company (TSCO) $54.04 1.73%
Liberty Global Plc Lilac Class C (LILAK) $21.08 1.69%
Dish Network Corp. (DISH) $64.37 1.64%
Ross Stores Inc. (ROST) $62.90 1.53%
Nasdaq 100 - Fallers
Shire Plc Ads (SHPG) $183.91 -0.78%
Nvidia Corp. (NVDA) $137.53 -0.75%
Fastenal Co. (FAST) $43.35 -0.66%
Celgene Corp. (CELG) $117.01 -0.62%
Viacom Inc. Class B (VIAB) $34.60 -0.40%
Biomarin Pharmaceutical Inc. (BMRN) $87.71 -0.36%
Regeneron Pharmaceuticals Inc. (REGN) $456.95 -0.28%
Intuit Inc. (INTU) $137.47 -0.26%
Illumina Inc. (ILMN) $174.13 -0.20% |
| | 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: BT Group, National Grid, Acacia Mining Exane BNP Paribas downgraded shares of BT Group from 'neutral' to 'underperform'.
At the same time, the broker cut its target by 15% to 260p.
Exane said BT's underlying business was "teetering on the edge" and that it had identified more than a dozen factors - excluding regulations - which would drag on its operating profits and free cash flows more than markets were anticipating.
"In our view the market is mispricing BT as they transition from growth to decline," Exane said.
As far as the regulatory pressures bearing down on the company were concerned, Exane said that with Ofcom breathing down its neck BT faced the prospect of upwards pressures on its capital outlays just as consumer spending was plateauing.
The dividend also needed to be rebased by more than the company had hinted thus far.
"On our new estimates they face a £800m cash shortfall over 3 years to fund just 2% growth," analysts Sam McHugh, San Dhillon, Kohulan Paramaguru and Alexandre Roncier.
Analysts at Goldman Sachs boosted their target for shares of National Grid after rejigging their valuation methods for the company, but said the premium they were trading at was not justified, leading them to reiterate their 'sell' recommendation.
The investment bank said the company's allowed regulated returns would diminish as the average 10-year trailing iBoxx index to which they were indexed increasingly reflected the then current interest rate environment.
That would offset the benefits for the company from investing in its asset base, which together with rising interest costs and declining profits from its other businesses would result in muted earnings per share growth over coming years.
Nonetheless, the 12-month target was increased from 855p to 946p, albeit partially reflecting higher trading multiples for its regulated rivals, analysts Ajay Patel and Alberto Gandolfi said.
A committee of experts appointed by Tanzanian President John Magufuli stated on Wednesday that Acacia had not fully declared all of the minerals contained in the concentrate and so its export ban would remain in place.
"This is not a laughing matter," said Investec, "but it sounds like someone in the committee has missed a decimal point somewhere along the line. Alternative explanations don't bear thinking."
But Jonathan Guy at broker Numis said that given the scale of production at the mines, he did not believe that the accusation of a tenfold understatement is credible.
"However, it provides a further indication of how problematic the relationship between the company and the government has become," he said, but expressing confidence the company and government will resolve the dispute before too long.
RBC Capital Markets analyst Tyler Broda downgraded Acacia's shares to 'underperform' from 'sector perform' as he felt the developments may even put the miner's local operating license under pressure.
Broda felt the Tanzanian accusations were "highly unusual" and "metallurgically questionable" and therefore further investigations "may - in theory - provide some relief for the company although it is unclear what next steps can be taken to clarify this matter". |
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