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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 ends lower as sterling advances and resources stocks weigh UK blue chips inched their way to a lower close on Wednesday as sterling shrugged off its most-of-day weakness to nip higher, while falls among heavyweight resources stocks told.
The FTSE 100 closed the day down 0.09% to 7,519.95, and the FTSE 250 slipped 0.10% to 19,972.17. Europe was on a mixed footing, and Wall St was faltering early on.
Early rises in blue chips had been helped by sterling weakness, triggered by election polls that suggested a runaway Tory win was perhaps not as likely as previously thought.
That, however, changed as the session approached its end.
"The pound has made a surprise recovery today, with the FTSE 100 pulling back from its early gains as a result," said Joshua Mahoney, market analyst at IG.
"Ultimately, the (election) polls remain largely in favour of a Theresa May win, despite her uninspiring and surprisingly out of touch decisions," he said.
The YouGov/Times poll raised the prospect of a hung parliament, while a PanelBase one gave the Tories a 15-point lead over Labour.
"It looks like the FX market has decided to shrug off that YouGov survey which indicated a hung parliament is the most likely outcome from the June 8th poll," said Neil Wilson, senior market analyst at ETX Capital.
"Instead the pound was buoyed by a PanelBase poll that gives the Tories a very healthy 15-point lead over Labour," he said, also noting the "usual" month-end rebalancing taking place.
Connor Campbell, financial analyst at Spreadex, suggested that the FTSE wanted a Tory win just as badly as sterling.
This was "even if the weakened pound has been the main driver behind the UK index travelling to its current record levels."
UK macro data out earlier on Wednesday did little to inspire the overall mediocre sentiment in the countdown to the election on June 8.
Among this data, monthly UK mortgage approvals slipped, while net lending to individuals fell and M4 money supply increased more than expected.
A GfK survey revealed UK consumer confidence surprisingly improved marginally in May.
Taking a closer look at the FTSE, house builders such as Barratt Developments and Taylor Wimpey were lower. In the wider retail sector, Unilever, Reckitt Benckiser, Burberry, Sainsbury and Kingfisher did well.
By contrast, general miners were firmly lower amid falling iron ore prices, with Glencore, Anglo American, Rio Tinto and BHP Billiton among the worst hit.
These were followed by oil stocks BP and Shell, which suffered with crude prices on renewed oversupply fears and worries about the effectiveness of Opec's output curb extension. |
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| Market Movers
FTSE 100 (UKX) 7,519.95 -0.09%
FTSE 250 (MCX) 19,972.17 -0.10%
techMARK (TASX) 3,624.88 0.10%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 7,365.00p 2.79%
Mediclinic International (MDC) 808.50p 2.41%
Barratt Developments (BDEV) 612.50p 1.83%
Merlin Entertainments (MERL) 529.00p 1.83%
GlaxoSmithKline (GSK) 1,703.50p 1.82%
Burberry Group (BRBY) 1,815.00p 1.62%
Whitbread (WTB) 4,291.00p 1.47%
Wolseley (WOS) 5,110.00p 1.39%
Intertek Group (ITRK) 4,299.00p 1.15%
Vodafone Group (VOD) 231.50p 1.03%
FTSE 100 - Fallers
Rio Tinto (RIO) 3,102.50p -2.53%
BHP Billiton (BLT) 1,173.00p -2.45%
Glencore (GLEN) 285.10p -2.36%
Anglo American (AAL) 1,031.50p -2.32%
Old Mutual (OML) 188.20p -1.62%
ITV (ITV) 195.70p -1.61%
Worldpay Group (WPG) 310.60p -1.55%
Severn Trent (SVT) 2,500.00p -1.34%
United Utilities Group (UU.) 1,029.00p -1.15%
BP (BP.) 466.70p -1.14%
FTSE 250 - Risers
Nostrum Oil & Gas (NOG) 531.50p 7.68%
IG Group Holdings (IGG) 584.00p 5.51%
NMC Health (NMC) 2,272.00p 3.89%
Ibstock (IBST) 252.30p 3.87%
Pets at Home Group (PETS) 166.40p 3.29%
Marshalls (MSLH) 409.10p 3.26%
TalkTalk Telecom Group (TALK) 177.50p 3.14%
Just Eat (JE.) 671.50p 2.99%
Dechra Pharmaceuticals (DPH) 1,944.00p 2.91%
Capita (CPI) 582.50p 2.73%
FTSE 250 - Fallers
Hunting (HTG) 506.00p -6.22%
Ferrexpo (FXPO) 170.90p -5.97%
Vedanta Resources (VED) 611.50p -5.71%
Tullow Oil (TLW) 182.80p -5.14%
Nex Group (NXG) 644.50p -4.45%
Petrofac Ltd. (PFC) 380.00p -4.09%
Kaz Minerals (KAZ) 485.20p -3.83%
OneSavings Bank (OSB) 407.30p -3.83%
Cobham (COB) 134.00p -3.46%
Wood Group (John) (WG.) 715.50p -3.31% |
| | US Market Report | | US open: Commodity stocks, banks drive losses Falling prices for metals and a sharp drop in crude oil futures weighed on the main Wall Street averages as investors waited on the release of the US central bank's Beige Book later in the session.
At 1628 BST the Dow Jones Industrial Average was down by 0.18% to 20,993.89, with the S&P 500 off by 0.23% at 2,407.45 and the Nasdaq Composite losing 0.27% to 6,186.05.
The worst performing segments of the market were: Aluminium (-3.48%), Coal (-3.19%), Industrial Metals (-2.47%) and Oil Equipment and Services (-2.14%).
Driving those losses, overnight Chinese investors pushed iron ore, steel rebar and coking coal futures for September on the Dalian Commodity Exchange metals prices sharply lower.
West Texas Intermediate crude futures were falling in tandem, on news that Libya's oil production was continuing to recover, rising to 827,000 barrels per day and above a three-year peak of 800,000.
Banks were also lower after JP Morgan Chase finance chief Marianne Lake reportedly told investors that trading had declined by roughly 15% in the second quarter.
Investors appeared to brush off Lake's assertion that it was a normal seasonal variation, sending the KBW index of lenders' shares 1.82% lower to 88.40 points.
Stock in Michael Kors suffered a sharp drop - the steepest on the NYSE - after the company reported a high single-digit drop in fiscal fourth quarter like-for-likes.
Still on the economic calendar for later in the day, San Francisco Fed President John Williams was scheduled to deliver a speech in Seoul, South Korea later on Wednesday after the close of markets.
The Federal Reserve's Beige Book, a compendium of anecdotal evidence from around the country compiled ahead of each monetary policy meeting, was scheduled for release at 19:00 BST.
Dow Jones - Risers
Pfizer Inc. (PFE) $32.70 1.77%
Johnson & Johnson (JNJ) $128.52 1.11%
Wal-Mart Stores Inc. (WMT) $78.65 0.64%
Procter & Gamble Co. (PG) $87.94 0.62%
Merck & Co. Inc. (MRK) $65.28 0.61%
3M Co. (MMM) $203.65 0.60%
Travelers Company Inc. (TRV) $124.38 0.52%
International Business Machines Corp. (IBM) $152.51 0.51%
Boeing Co. (BA) $187.81 0.50%
Verizon Communications Inc. (VZ) $46.41 0.45%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $211.63 -3.11%
JP Morgan Chase & Co. (JPM) $82.36 -1.84%
Chevron Corp. (CVX) $103.31 -0.72%
American Express Co. (AXP) $76.59 -0.65%
Exxon Mobil Corp. (XOM) $80.63 -0.58%
Microsoft Corp. (MSFT) $70.05 -0.51%
Unitedhealth Group Inc. (UNH) $175.69 -0.51%
Walt Disney Co. (DIS) $107.86 -0.44%
Apple Inc. (AAPL) $153.09 -0.38%
Caterpillar Inc. (CAT) $105.11 -0.34%
S&P 500 - Risers
Perrigo Company plc (PRGO) $71.47 5.23%
Analog Devices Inc. (ADI) $87.98 3.75%
Vertex Pharmaceuticals Inc. (VRTX) $123.02 2.18%
Pfizer Inc. (PFE) $32.70 1.77%
Eli Lilly and Company (LLY) $79.72 1.75%
Endo International Plc (ENDP) $13.13 1.39%
Advance Auto Parts (AAP) $134.53 1.16%
Abbott Laboratories (ABT) $45.51 1.14%
Johnson & Johnson (JNJ) $128.52 1.11%
Dentsply International Inc. (XRAY) $63.30 1.09%
S&P 500 - Fallers
Diamond Offshore Drilling Inc. (DO) $10.90 -5.75%
Southwestern Energy Co. (SWN) $6.04 -4.88%
Transocean Ltd. (RIG) $8.81 -4.86%
CF Industries Holdings Inc. (CF) $26.77 -4.07%
Tenet Healthcare Corp. (THC) $16.74 -4.01%
Freeport-McMoRan Inc (FCX) $11.24 -3.68%
Alcoa Corporation (AA) $31.88 -3.36%
Navient Corporation (NAVI) $14.20 -3.27%
Chesapeake Energy Corp. (CHK) $4.93 -3.24%
Under Armour Inc. Class A (UAA) $18.93 -3.22%
Nasdaq 100 - Risers
Analog Devices Inc. (ADI) $87.98 3.75%
Vertex Pharmaceuticals Inc. (VRTX) $123.02 2.18%
Tesla Inc (TSLA) $341.27 1.84%
Vodafone Group Plc ADS (VOD) $30.27 1.37%
Charter Communications Inc. (CHTR) $342.75 1.13%
Dentsply International Inc. (XRAY) $63.30 1.09%
Regeneron Pharmaceuticals Inc. (REGN) $453.40 1.05%
Illumina Inc. (ILMN) $175.39 1.04%
Texas Instruments Inc (TXN) $82.79 0.99%
Microchip Technology Inc. (MCHP) $83.25 0.90%
Nasdaq 100 - Fallers
O'Reilly Automotive Inc. (ORLY) $241.92 -2.31%
Viacom Inc. Class B (VIAB) $34.27 -2.23%
JD.com, Inc. (JD) $40.02 -1.89%
Baidu Inc. (BIDU) $186.78 -1.64%
NetEase Inc. Ads (NTES) $283.77 -1.63%
Dollar Tree Inc (DLTR) $77.09 -1.39%
eBay Inc. (EBAY) $34.19 -1.26%
Symantec Corp. (SYMC) $29.69 -1.23%
Alphabet Inc. Class C (GOOG) $965.70 -1.04% |
| | Broker Tips | | Broker tips: Worldpay, IAG, British Land Barclays downgraded Worldpay to 'equal weight' on Wednesday as it raised some questions about the payment group's growth ambitions.
The bank, which left its price target unchanged at 315p, said "we cannot find enough upside to warrant a price target increase and we have some concern regarding the organic growth trend"
WPG has endured many one-off revenue impacts, which Barclays analyst Gerardus Vos attempted to exclude in order to root out an underlying organic growth trend: this showed that the business slowed in each of the last three half years.
Calculating that underlying organic growth peaked at 9.6% in the first half of 2015 and slowed to 6.3% in the second half of last year, he calculated that Worldpay is able to generate around 8-9% organic growth, with anything higher requiring market share gains, pricing or value chain expansion.
Analysts at HSBC bumped up their estimates and target for shares of IAG, admitting to clients that its 'reduce' recommendation was anti-consensual, but stuck to their view nonetheless.
Following the company's "confident" first quarter presentation the broker marked up its estimates for fiscal year 2017 earnings before interest and taxes and earnings per share by 13% and 19%, respectively.
In turn, HSBC also boosted its target on the stock from 490.0p to 525.0p.
However, its chosen method for measuring free cash flows had several drawbacks, according to analysts Andrew Lobbenberg, Achal Kumar and Edward Stanford.
In particular, IAG's decision to 'flex' to a higher share of operating lease aircraft flattered its cashflows "materially".
BA's pensions also constituted a "material call" on those cash-flows while excluding its exceptional costs.
Management had however been forthright and transparent with investors on its accounting practices and intentions going forward, they said.
Numis upgraded its recommendations on British Land and Land Securities to reflect their improved capital value assumptions for the pair, which had been overly bearish, even as it expressed a preference for small and mid-cap firms because of the risk aversion prevalent among management teams.
On the back of the latest full-year 2016 results from the sector, Numis said: "looking forward, we see little changing. Capital values are unlikely to collapse in either London or Retail so to differentiate themselves, REITs will need to actively create value but risk appetite is largely absent.
"The dominant theme, however, has been one of positioning for a disorderly unwind of the cycle (with Brexit an additional factor not the sole driver) rather than to exploit opportunities," they said. |
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