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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: Falling resources, rising sterling, ex-dividends dampen FTSE Equities in London were held back by big falls among miners as metals prices dropped, and also by a stronger sterling in the aftermath of better than expected UK services data.
A strong UK services purchasing-managers' index (PMI) reading early in the session helped sterling higher, which in turn retarded the FTSE 100. This followed sterling gains after the US Federal Reserve held rates unmoved last night.
The FTSE 100 closed up 0.19% to 7,248.10, and the FTSE 250 erased early losses to end almost perfectly flat at 19,680.81. A long list of ex-dividend stocks weighed on progress from the start of the session.
This was in contrast to the buoyancy across the Channel, where Germany's Dax and France's Cac 40 performed altogether better than the indices in Brexit-divided UK, where 95-year-old Prince Philip today announced his retirement in the autumn from royal duties.
"Mainland European markets have led the way today, as last night's final French election debate seemed to put yet another nail in the coffin of Marine Le Pen's presidential campaign," said Joshua Mahony, market analyst at IG.
"The FTSE has once again suffered at the hands of a buoyant home currency, with the completion of a hat-trick of remarkably strong PMI readings adding further fuel to an already resilient pound."
Michael Hewson, chief market analyst at CMC Markets UK, added that all European markets barring the FTSE 100 had outperformed.
"The FTSE 100 has been the exception, weighed down by an underperforming mining sector, a slide in oil prices, and some concerns about UK retail," he said, as Brent crude falling almost 4% to $48.85 a barrel.
Jasper Lawler, senior market analyst at London Capital Group, was another who said signs from the services industry that the UK economy was not down-and-out just yet had renewed interest in sterling.
In corporate news, Royal Dutch Shell gushed higher as it said first-quarter profit more than doubled. HSBC was firming as its first-quarter profits were hit by currency movements, masking a strong underlying improvement on the year and quarter.
RSA Insurance advanced as it posted a 14% increase in first-quarter net written premiums, while Morrisons gained after its first-quarter sales rose thanks to price cuts and solid trading over Easter.
Randgold Resources spiked in early trade but was in the red by noon despite reporting a 33% jump in first-quarter profit and a rise in gold production.
Fellow miners BHP Billiton and Antofagasta were weighed down as iron ore futures lost up to 7% and copper futures extended losses past 2% in the session.
Glencore was therefore in the red even as it raised its full-year profits target slightly to between $2.3bn and $2.6bn, while Anglo American shares dropped as it agreed the sale of its 88% stake in the Drayton thermal coal mine in New South Wales.
Next was under the cosh after it trimmed the top end of its full-year profits guidance as sales fell in the first quarter of its financial year. Peer Marks & Spencer was dragged down on the implications for the sector.
Convatec was weaker despite reiterating its guidance for 2017 and reporting in-line trading for the first quarter. |
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| | Market Analysis 04/05/2017 Today’s highlights: another new record for Bitcoin - Bitcoin crosses $1,500: Another milestone for the cryptocurrency, which rose above the $1,500 for the first time.
- Ethereum continues to climb: The second-largest cryptocurrency also showed impressive gains climbing more than 7% and breaching the $80 mark.
- Wall Street closes mixed after rate decision: The Federal Open Market Committee left rates unchanged yesterday, leaving the door open for a rate hike in June. As a result, banking stocks jumped, while other sectors showed mixed result. The Dow Jones closed slightly higher, while the Nasdaq (NSDQ100) and S&P 500 closed lower.
- Gold recovers slightly: After reaching a six-week low, gold prices rose slightly following the Fed’s decision.
- Oil continues slip: After a lower-than-expected decline in US stockpiles, the black gold’s price....
Read More... |
| Market Movers
FTSE 100 (UKX) 7,250.05 0.21%
FTSE 250 (MCX) 19,674.05 -0.05%
techMARK (TASX) 3,528.47 0.07%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,164.00p 2.92%
HSBC Holdings (HSBA) 663.70p 2.87%
Admiral Group (ADM) 2,126.00p 2.66%
RSA Insurance Group (RSA) 620.00p 2.65%
3i Group (III) 824.50p 2.61%
International Consolidated Airlines Group SA (CDI) (IAG) 569.50p 2.52%
Hikma Pharmaceuticals (HIK) 1,975.00p 1.86%
Whitbread (WTB) 4,074.00p 1.85%
Burberry Group (BRBY) 1,610.00p 1.77%
Smurfit Kappa Group (SKG) 2,149.00p 1.66%
FTSE 100 - Fallers
Next (NXT) 4,183.00p -5.15%
Anglo American (AAL) 998.30p -4.42%
Antofagasta (ANTO) 754.50p -4.37%
Paddy Power Betfair (PPB) 8,060.00p -3.99%
Kingfisher (KGF) 328.20p -3.78%
Glencore (GLEN) 277.20p -3.35%
BHP Billiton (BLT) 1,117.00p -2.53%
Marks & Spencer Group (MKS) 357.30p -2.51%
Imperial Brands (IMB) 3,617.50p -2.27%
Morrison (Wm) Supermarkets (MRW) 233.70p -2.22%
FTSE 250 - Risers
Mitie Group (MTO) 239.20p 3.42%
G4S (GFS) 325.10p 3.37%
esure Group (ESUR) 266.40p 2.90%
Softcat (SCT) 426.70p 2.50%
OneSavings Bank (OSB) 446.90p 2.27%
Homeserve (HSV) 700.00p 2.26%
Grafton Group Units (GFTU) 766.00p 2.20%
Vesuvius (VSVS) 541.00p 2.08%
SSP Group (SSPG) 450.20p 2.06%
BTG (BTG) 711.00p 2.01%
FTSE 250 - Fallers
Kaz Minerals (KAZ) 439.50p -10.23%
Vedanta Resources (VED) 595.00p -6.67%
Centamin (DI) (CEY) 154.30p -5.45%
Petrofac Ltd. (PFC) 787.50p -4.37%
Ladbrokes Coral Group (LCL) 123.10p -4.13%
Restaurant Group (RTN) 335.10p -4.12%
Hochschild Mining (HOC) 234.60p -4.09%
Hunting (HTG) 528.50p -3.82%
Derwent London (DLN) 2,859.00p -3.74% |
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| | Broker Tips | | Broker tips: HSBC, Sage, Evraz Goldman Sachs lifted its target on shares of HSBC, highlighting the lender's stable net interest income in the States and the potential for it to return capital to shareholders now.
Markets were likely to focus on the lender's better-than-expected revenues and capital formation, with its common equity Tier 1 ratio having been boosted by 70 basis points quarter-on-quarter to 14.3%, Goldman said.
The latter was well ahead of the 13.7% reading markets had anticipated with 40 basis points-worth of that attributable to better collateral netting and other movements.
"With HSBC now significantly above its c.13% CET 1 target range, we believe investor focus will be on what implications this could have for capital return potential. All-in, we expect a positive share price reaction," analysts Martin Leitgeb, Nick Baker, Sean Nordquist and Gurpreet Singh Sahi said in a research note sent to clients immediately following the results.
Following on from the above they bumped up their target on the shares from 725.0p to 740.0p while reiterating a 'Neutral' stance.
Analysts at VTB Capital reiterated a 'Buy' recommendation on shares of Evraz following the sale of its Nakhodka Trade Sea Port subsidiary which, they said, may give the steel-maker the financial power to pay dividends.
Dmitry Glushakov, Boris Sinitsyn and Nikanor Khalin highlighted how the $354.4m finally paid for the assets by the company's largest shareholder, Lanebrook Lmtd. was above the $260.0m which had been bandied about in the Russian press and being 18% above Evraz's current 2018 price-to-earnings multiple of 5.6 was "fair".
Net proceeds from the transaction of $295m equate to 6% of its year-end 2016 net debt and 7.8% of its market capitalisation, which in turn raises the possibility that it will be able to lower its net debt to EBITDA ratio below 2.0 by the end of the first half of 2017.
Analysts at JP Morgan bumped up their target for shares of Sage on account of the solid trading already evident in the second quarter and the confident note struck by management alongside the company's interims.
The business software developer said sales had already begun accelerating in the second quarter, reaching a clip of 6.3%, with management "very confident" in its ability to exceed its full-year guidance for revenues to rise 6% (including the US payments business).
They also expect operating margins to exceed 27%. | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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