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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: Sterling slump after surprise election poll result shoves FTSE higher Stocks in London got an unexpected shove higher on Friday as a new election poll revealed a narrowing Tory lead over Labour, causing sterling to sour and helping the FTSE advance.
The latest polls from YouGov showed that Theresa May's Tories had only a five-point lead over Jeremy Corbyn's Labour.
"The precipitate fall in the pound is undoubtedly helping, with the currency taking a rather dramatic tumble below $1.28 as the script for the general election is torn up," said IG's Chris Beauchamp.
Jasper Lawler at London Capital Group said the prospect of currency-enhanced foreign earnings for FTSE firms was outstripping the political uncertainty triggered by the poll.
The FTSE 100 was up 0.40% to 7,547.63, and the FTSE 250 was 0.29% higher to 20,024.92. These were record closing highs for both indices.
Over in Europe the mood was sour, with much the same story unfolding in early US deals.
Safe-haven gold was enjoying a boost, while West Texas Intermediate and Brent crude were making cautious progress after yesterday's Opec-inspired sell-off. This helped both BP and Shell.
The cartel extended its production curbs by nine months and into 2018, which disappointed some who wanted something longer and seeing others jump into profit-taking.
Mining companies Fresnillo and Randgold Resources did well alongside the rise in gold prices, and better than the rises seen among their general-commodity peers.
Returning to sterling, Michael Hewson at CMC Markets UK observed that today's marked weakness in the British currency had helped push both the FTSE 100 and FTSE 250 to new highs.
"On the flip side of the coin broader European markets have continued to struggle despite economic data which to all intents and purposes points to a continued improvement in economic activity across the whole of Europe," he said.
In specific blue-chip news, Informa advanced after it reiterated its full-year expectations and said first-quarter trading in Global Exhibitions remained strong, while trading in the events business was steady.
Retail property developer Hammerson nudged up after saying it has exchanged contracts for the sale of two retail parks to clients of BMO Real Estate Partners for £80m.
RBS was the biggest loser as the High Court pushed back until 1 June the start of a trial with a shareholder action group claiming compensation over its 2008 rights issue. The group is refusing to accept a settlement in their £700m legal claim against the bank, with the state-backed lender having offered about £200m, or 82p per share held.
Testing and certification group Intertek was in the red despite posting a 14% jump in revenues for the first four months of the year and saying it was on track to deliver its 2017 targets.
Credit checking agency Experian was weaker as Deutsche Bank downgraded the stock to 'sell' from 'hold' and cut the price target to 1,460p from 1,560p. |
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| Market Movers
FTSE 100 (UKX) 7,547.63 0.40%
FTSE 250 (MCX) 20,024.92 0.29%
techMARK (TASX) 3,630.91 0.68%
FTSE 100 - Risers
Informa (INF) 688.50p 5.84%
Johnson Matthey (JMAT) 3,175.00p 2.58%
Rolls-Royce Holdings (RR.) 873.00p 2.52%
British American Tobacco (BATS) 5,591.00p 1.75%
Scottish Mortgage Inv Trust (SMT) 400.00p 1.65%
Hikma Pharmaceuticals (HIK) 1,692.00p 1.62%
GlaxoSmithKline (GSK) 1,643.50p 1.58%
Wolseley (WOS) 4,988.00p 1.55%
WPP (WPP) 1,737.00p 1.52%
Randgold Resources Ltd. (RRS) 7,200.00p 1.48%
FTSE 100 - Fallers
Lloyds Banking Group (LLOY) 71.74p -1.86%
Shire Plc (SHP) 4,651.50p -1.83%
United Utilities Group (UU.) 1,035.00p -1.80%
Royal Bank of Scotland Group (RBS) 261.60p -1.65%
DCC (DCC) 7,290.00p -1.62%
Provident Financial (PFG) 3,091.00p -1.31%
Standard Life (SL.) 383.90p -1.23%
Centrica (CNA) 203.20p -1.22%
Barclays (BARC) 211.65p -1.12%
SSE (SSE) 1,519.00p -1.11%
FTSE 250 - Risers
Restaurant Group (RTN) 350.60p 10.46%
Spirax-Sarco Engineering (SPX) 5,760.00p 8.47%
Countryside Properties (CSP) 326.10p 7.62%
Acacia Mining (ACA) 285.80p 7.48%
Capita (CPI) 569.50p 4.30%
Allied Minds (ALM) 154.60p 4.25%
Euromoney Institutional Investor (ERM) 1,207.00p 4.05%
Sophos Group (SOPH) 436.80p 3.80%
GVC Holdings (GVC) 811.00p 3.71%
Wizz Air Holdings (WIZZ) 2,285.00p 3.68%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 389.00p -9.70%
ZPG Plc (ZPG) 360.10p -3.79%
Intermediate Capital Group (ICP) 892.00p -3.04%
Aldermore Group (ALD) 246.30p -2.53%
Britvic (BVIC) 705.00p -2.49%
Crest Nicholson Holdings (CRST) 617.00p -2.37%
Tate & Lyle (TATE) 732.00p -2.27%
Ibstock (IBST) 235.80p -2.16%
OneSavings Bank (OSB) 427.20p -2.04%
Cranswick (CWK) 2,931.00p -1.97% |
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| | US Market Report | | US open: Stocks flat as investors mull economic data Wall Street's main market gauges are slightly lower heading into the Memorial Day weekend following the release of mixed economic data.
As of 1459 BST the Dow Jones Industrial Average is off by 0.08% or 14.82 points at 21,069.55, with the S&P 500 down by 0.01% or 0.28 points to 2,414.60 and the Nasdaq Composite retreating 0.04% or 2.17 points to 6,202.93.
From a sector standpoint, the worst performing areas of the market were: Oil equipment services (-3.26%), Coal (-2.74%) and Non-ferrous metals (-1.68%).
Meanwhile, oil prices reversed heavy losses to trade a little higher, with West Texas Intermediate up 0.51% to $49.15 a barrel. Prices had fallen sharply after the Opec meeting in Vienna resulted in a nine-month extension of the previously agreed 1.8m barrel-a-day production cut.
America's gross domestic product expanded at an upwardly revised pace of 1.2% during the first three months of 2017, revised data showed.
The Department of Commerce had initially pegged the rate of growth at 0.7% (consensus: 0.9%).
Orders for durable goods fell by 0.7% on the month in April, which was better than the 1.5% drop economists had been expecting. Significantly, growth for the prior month was revised up to show a rise of 2.3% instead of the 0.9% increase originally estimated.
Nonetheless, those revisions were on account of a sharp upwards revision to volatile data for aircraft orders in March. As well, core capital goods orders - perhaps the key gauge contained in that report - were flat in April (consensus: 0.5%).
The mood of US consumers was more buoyant in May, with the University of Michigan's sentiment index edging higher from 97.0 for April to 97.1.
That was lower than a preliminary reading of 97.5 but the expectations subindex improved from 87.0 to 87.7, a positive sign.
Shares in Deckers Outdoor surged 17.39% after the footwear designer surprised markets with first quarter earnings per share of 11 cents, which was far in excess of the -6 cent loss expected. The company's sales and full-year EPS guidance were also better-than-expected.
Discount retailer Big Lots is slightly higher after posting a first quarter EPS of $1.15, soundly beating estimates on the street for 99 cents.
However, its top line figure came in at $1.30bn, which was a shade below the $1.31bn analysts had anticipated. |
| | Market Analysis 25/05/2017 Today’s highlights: Positive trend seen in global markets - Another record for the S&P 500: Wall Street closed in the green yesterday, with the S&P 500 posting a fresh all-time high. The positive trend is affiliated to the FOMC minutes released yesterday, which showed that the Fed aims to trim its balance sheet and signaled that a rate hike is coming soon. US Markets could also be affected by the Unemployment Claims report to be released at 12:30 GMT.
- Asia seen higher: Following the positive trend seen in the US, Asian markets were also trading higher this morning. Impressive gains were seen in the China50 index, which climbed 2.5% this morning.
- Bitcoin crosses $2,500: The cryptocurrency passed the milestone yesterday, continuing its climb this morning.
- Ethereum eases after posting another record: After reaching the $200 mark yesterday, Ethereum reverted to losses, but is still maintaining its impressive levels from recent days.
Read More... |
| | Broker Tips | | Broker tips: Acacia Mining, Restaurant Group, Experian Jefferies slashed its target on Acacia Mining by 41% to 265p after a Tanzanian presidential committee accused the miner of under-reporting gold contained in 277 containers for export.
Acacia said the containers, which had been held at the Dar es Salaam port since March, carried around six weeks of concentrate production from Acacia's Bulyanhulu and Buzwagi mines, with roughly 30,000 oz of gold, but the government audit claimed this figure was more than 10 times greater.
The tenfold under-reporting was immediately refuted by Acacia and Jefferies felt the level was "a degree that is difficult to reconcile", akin to other analysts covering the stock, being higher than Bulyanhulu and Buzwagi's entire 2016 estimated concentrate production.
JPMorgan Cazenove upgraded Restaurant Group to 'overweight' from 'neutral' and lifted the price target to 380p from 340p following the company's first-quarter update on Friday, as it now sees upside to the share price.
The shares have lost 17% since 10 March and the stock is now trading at 6.7x FY2018 EV/EBITDA, which appears too cheap, JPM said.
It said the group "has had a better start to 2017 than many in the market may have expected". Like-for-like sales in the first 20 weeks were down 1.8%, but this is a better run-rate than the 4% drop in LFLs the bank had expected and continues to expect for 2017 as a whole.
JPM said sales were supported by three tailwinds so far this year: strong growth in UK passenger numbers which has boosted the performance of the concessions business; good weather, especially in April and late May, which has supported the pubs business; and strong cinema admissions, which have helped the leisure business.
However, JPM does not expect these tailwinds to continue and reckons the full effect of the company's investment in pricing will only be felt in the second half of the year.
Credit checking agency Experian was under the cosh on Friday as Deutsche Bank downgraded the stock to 'sell' from 'hold' and cut the price target to 1,460p from 1,560p.
It said that while the company delivered solid full-year results, there is increasing risk to the US credit services outlook from slower employment growth and a lower rate of growth in this division will leave Experian with much less room for manoeuvre on its investment programme.
"We believe the current valuation does not factor in likely slowing US employment growth, consumer deleveraging and structural pressure on the consumer services divisional margin."
DB noted that Experian trades at an all-time high forward 12-month price-to-earnings multiple despite a worsening outlook for top line growth and margin. It added that
"Operational gearing in this business has allowed them to invest for growth. The current P/E does not reflect this growth risk. At the same time we believe the margin in Consumer Services will come under pressure from competition, a reversal of the marketing budget cuts in 17e and the transition away from a subscription business model." |
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