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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 open: Stocks in the black as Trump worries subside for now London stocks edged higher in early trade, taking their cue from an upbeat session on Wall Street, where shares rebounded from this week's Trump-inspired selloff.
At 0830 BST, the FTSE 100 was up 0.4% to 7,462.68, with miners racking up healthy gains as copper prices rose. Meanwhile, the pound was 0.3% higher versus the dollar at 1.2977.
Stocks in the US ended higher on Thursday, recovering from losses earlier in the week amid concerns that President Trump could be impeached.
Oanda analyst Craig Erlam said: "Investors are clearly still a little anxious about the political situation in the US, which showed to an extent on Wednesday, but as it stands I don't think they're too concerned. Wednesday's sell-off may have shocked a few people but US indices remain in the same range they've traded in for the last few months and as long as that remains the case, it would suggest that investors are not too concerned."
In corporate news, Entertainment One pushed higher after announcing the start of production on a new series of Peppa Pig.
Private landlord group Grainger was also in the black as it hiked its interim dividend 10% after a first half where it secured half of its investment target and cut costs in a market where the proportion of privately rented homes is at its highest levels since records began in 1980.
Aviva was higher but Legal & General dropped after they updated the market on their Solvency II positions.
Close Brothers was firmer after reporting "solid" loan book growth in its banking division in the third quarter to the end of April, and saying it remains confident of delivering a good result for the full year.
Safestore advanced after saying it has refinanced its US private placement notes and amended bank facilities to extend the average maturity and lower the cost of its debt management by £34m a year.
Hikma Pharmaceuticals slumped as it updated its guidance on full year revenue to be $2bn-$2.1bn in constant currency after last week's rejection of its asthma drug by US regulators.
Just Eat was on the back foot after the Competition and Markets Authority said it is referring its proposed acquisition of Hungryhouse to an in-depth phase 2 investigation.
Senior was boosted by an upgrade at Raymond James, while SIG was lifted as Peel Hunt raised it to 'buy'.
However, Johnson Matthey and Experian were hit by downgrades from UBS and Jefferies, respectively, while Antofagasta fell after Deutsche Bank cut the stock to 'sell'. British Land and Land Securities were dented by downgrades to 'neutral' at JPMorgan Cazenove, while Thomas Cook was downgraded by Morgan Stanley.
On the data front, the CBI Industrial trends survey is at 1100 BST, with consensus for an unchanged reading of 4for May. |
| Market Movers
FTSE 100 (UKX) 7,462.68 0.35%
FTSE 250 (MCX) 19,766.99 0.38%
techMARK (TASX) 3,577.30 0.41%
FTSE 100 - Risers
Anglo American (AAL) 1,081.50p 1.36%
Rio Tinto (RIO) 3,141.00p 1.27%
Fresnillo (FRES) 1,601.00p 1.27%
Shire Plc (SHP) 4,875.00p 1.26%
AstraZeneca (AZN) 5,196.00p 1.09%
Rolls-Royce Holdings (RR.) 858.50p 0.94%
Ashtead Group (AHT) 1,556.00p 0.91%
Taylor Wimpey (TW.) 200.20p 0.81%
Smiths Group (SMIN) 1,642.00p 0.80%
Glencore (GLEN) 293.30p 0.79%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,589.00p -6.53%
Johnson Matthey (JMAT) 3,000.00p -2.60%
Experian (EXPN) 1,626.00p -2.05%
Land Securities Group (LAND) 1,074.00p -1.65%
Antofagasta (ANTO) 794.50p -1.43%
Legal & General Group (LGEN) 248.10p -1.12%
Centrica (CNA) 199.00p -0.95%
British Land Company (BLND) 633.50p -0.78%
Kingfisher (KGF) 365.30p -0.68%
Royal Mail (RMG) 431.20p -0.55%
FTSE 250 - Risers
Senior (SNR) 235.50p 5.99%
Berendsen (BRSN) 1,078.00p 3.06%
Renishaw (RSW) 3,462.00p 2.21%
SSP Group (SSPG) 482.60p 2.14%
SIG (SHI) 135.40p 2.03%
Syncona Limited NPV (SYNC) 151.40p 1.95%
Cineworld Group (CINE) 729.50p 1.74%
Electra Private Equity (ELTA) 2,694.00p 1.66%
IMI (IMI) 1,241.00p 1.64%
Virgin Money Holdings (UK) (VM.) 312.20p 1.53%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 91.65p -3.73%
AO World (AO.) 148.30p -2.05%
PayPoint (PAY) 1,002.00p -1.28%
Clarkson (CKN) 2,731.00p -0.94%
Millennium & Copthorne Hotels (MLC) 458.00p -0.74%
NewRiver REIT (NRR) 344.60p -0.55%
Rank Group (RNK) 209.20p -0.52%
Brewin Dolphin Holdings (BRW) 324.50p -0.52%
Acacia Mining (ACA) 429.80p -0.51% |
| | "Renewable energy is about to boom in Africa and we need to pay attention to it" (Forbes) - Register your interest |
| | UK Event Calendar | | Friday 19 May
INTERIMS
Future, Grainger, LightwaveRF
INTERIM DIVIDEND PAYMENT DATE
AB Dynamics, Barratt Developments, Kier Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Current Account (EU) (09:00)
Producer Price Index (GER) (07:00)
GMS
National Grid
SPECIAL DIVIDEND PAYMENT DATE
Henderson Group, Sherborne Investors (Guernsey) 'B' Limited
AGMS
Acencia Debt Strategies Ltd., Aminex, Asian Growth Properties Ltd Com Shs (DI), Cairn Energy, CPP Group, Cronin Group , Derwent London, Eurocell , Greggs, Hikma Pharmaceuticals, Hunters Property , Hygea VCT, John Laing Infrastructure Fund Ltd, Moss Bros Group, SafeCharge International Group Limited (DI), Volga Gas
TRADING ANNOUNCEMENTS
Close Brothers Group
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
BBA Aviation, Bovis Homes Group, Capital Drilling Ltd. (DI), Costain Group, Fidelity European Values, Gulf Marine Services, Henderson Group, Highland Gold Mining Ltd., IMI, John Laing Group , Kerry Group 'A' Shares, National Express Group, Novae Group, Petrofac Ltd., Prudential, RPS Group, STV Group, Taylor Wimpey, Tyman, Unite Group, Vesuvius, Vitec Group. |
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| | US Market Report | | US close: Wal-Mart and Apple lead modest rebound US stocks rebounded on Thursday, as Wal-Mart and Apple gained and combined with economic data to boost the mood.
Following the worst trading day in over seven months amid impeachment calls for President Donald Trump, the Dow Jones Industrials Average bounced back modestly with a 0.27% gain to 20,663.02, while the S&P 500 climbed 0.37% to 2,365.72, alongside a 0.73% improvement for the Nasdaq composite.
"Such a bounceback was eminently predictable, especially since there have been no further developments in Trumpland," said IG's chief market analyst Chris Beauchamp, though news titbits continued to emerge around Trump's sacking of FBI chief James Comey as he was investigating possible links between the billionaire property developer and Russia in the run up to last year's election.
"The rally is small, and in no way really changes the bearish picture that was created yesterday - once options expiry and the weekend is out of the way there is a high probability that the selling will resume," Beauchamp said.
"Longer-term, this is still a dip, and one that will be bought in due course, but there seems to be an awful lot more downside to come. The bottom line is that faith in the Trump rally has been shaken, if not yet quite destroyed, and it is unlikely to return any time soon."
The dollar gained against the euro and recouped early losses against the pound thanks to better than expected jobless claims and comments from Cleveland Fed president Loretta Mester, who reiterated her argument that the Federal Open Market Committee needs to keep raising interest rates this year if economic conditions continue on their current pace.
"I think that it's important for the FOMC to remain very vigilant against falling behind, especially given the low level of interest rates and the large size of our balance sheet," Mester said, adding that the rate-setting committee should raise rates more than once this year.
Initial weekly US unemployment claims decreased by 4,000 during the latest reference week to reach 232,000 (consensus: 240,000).
Ian Shepherdson, chief US economist at Pantheon Macroeconomics, said the third consecutive week of initial claims below 240,000 was "noteworthy".
It chimed with his expectation that non-farm payrolls would expand at a greater than 200,000 person clip, on average, over the next few months.
Meanwhile, the Philly Fed's manufacturing index gauge jumped from a reading of 22.0 in April to 38.8 for May (consensus: 18.8).
Retail heavyweight Wal-Mart led the Dow on the back of a solid set of first quarter numbers. Like-for-like sales were up 1.4%, their 11th consecutive rise.
Apple was also back on the front foot, having seen $27bnn of its valuation temporarily evaporate during the previous day's steep sell-off.
Cisco led fallers even though third-quarter earnings beat Wall Street estimates, as it saw a "significant slowdown in the US public sector...due to the uncertainty in budgets". The enterprise tech firm vowed to axe a further 1,100 staff as part of its restructuring plan that has already identified 5,500 job cuts.
Ascena Retail, the owner of retail brands Ann Taylor, Justice and DressBarn, plummeted after the firm issued a profit warning.
Stock in Ralph Lauren was moving lower even after the company reported much better-than-expected first quarter earnings per share of 89 cents, versus the analyst consensus calling for 78 cents.
Dow Jones - Risers
Wal-Mart Stores Inc. (WMT) $77.54 3.22%
Unitedhealth Group Inc. (UNH) $171.45 1.53%
Apple Inc. (AAPL) $152.54 1.52%
Merck & Co. Inc. (MRK) $63.89 1.41%
Verizon Communications Inc. (VZ) $45.04 1.26%
Goldman Sachs Group Inc. (GS) $215.16 0.67%
E.I. du Pont de Nemours and Co. (DD) $77.04 0.63%
Travelers Company Inc. (TRV) $120.88 0.52%
Intel Corp. (INTC) $35.22 0.51%
Chevron Corp. (CVX) $105.17 0.45%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $31.38 -7.21%
Boeing Co. (BA) $177.40 -0.77%
Procter & Gamble Co. (PG) $85.87 -0.45%
JP Morgan Chase & Co. (JPM) $83.96 -0.37%
Coca-Cola Co. (KO) $43.79 -0.30%
Exxon Mobil Corp. (XOM) $81.75 -0.29%
Home Depot Inc. (HD) $155.70 -0.25%
Nike Inc. (NKE) $51.66 -0.23%
United Technologies Corp. (UTX) $119.37 -0.18% |
| | 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... |
| | Newspaper Round Up | | Grainger ups dividend as it sees great growth in residential rental market Private landlord group Grainger hiked its interim dividend 10% after a first half where it secured half of its investment target and cut costs in a market where the proportion of privately rented homes is at its highest levels since records began in 1980.
The FTSE 250 company also said it was seeing for the first time an increase in the number of households renting across the broadest age range of 25-64, which, coupled with an undersupply of housing, meant the private rented sector offered good growth prospects.
Net rental income of £20.0m was generated in the six months ended 31 March 2017, up 11% on the same period last year, with profit before tax up 13% to £41.2m.
Although cash generated from operating and investment activities decreased in the period, the dividend was hiked 10% to 1.6p per share.
Chief executive Helen Gordon said her strategy was delivering "strong results" and she expect this momentum to continue having secured £439m of PRS investment and with a further £425m in the planning or legal process to achieve the rest of the £850m target.
On average Grainger is scheduled to complete a new PRS building every two months over the next two years.
Having cut overheads 17% to £13.4m from the same period last year she said the business was a "focused, simpler and more efficient" and on track to deliver her £27.5m overhead target for the full year.
"We have made changes to the way we operate in order to enhance returns, through reducing costs, simplifying processes and improving the scalability of our operating platform." |
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