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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 flat, pound loses ground as Tory lead over Labour narrows London stocks were steady in early trade while the pound lost ground as the first poll since the Manchester bomb attack showed the Tory lead over Labour narrowing.
The FTSE 100 was flat at 7,520.84, while the pound was down 0.5% versus the dollar and the euro at 1.2876 and 1.1487 respectively, as the latest YouGov/Times poll showed Labour has slashed the Conservatives' lead to just five points.
Spreadex analyst Connor Campbell said: "Any growth managed by sterling since April has largely been predicated on the assumption that the Conservatives would secure a landslide victory. That this presently doesn't seem to be the case has helped further erode confidence in the currency's current position."
Meanwhile, oil prices reversed heavy losses to trade higher, with West Texas Intermediate up 0.3% to $49.05 a barrel and Brent crude up 0.5% to $51.74. 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.
CMC Markets analyst Michael Hewson said; "The rise in oil prices that we'd seen this month in the lead up to this week's OPEC meeting came to an abrupt and shuddering halt yesterday in the wake of the expected announcement that members, as well as non OPEC members, had agreed to extend the cuts agreed in November last year for another 9 months, until March 2018.
"The resultant market sell-off shouldn't really have been too much of a surprise given that having delivered on expectations, markets didn't really have anywhere else to go."
In corporate news, Informa was the top riser after it reiterated its full-year expectations and said first-quarter trading in Global Exhibitions remains strong, while trading in the events business is steady.
The Restaurant Group surged after a first-quarter trading update which showed like-for-like sales fell 1.8%. The update prompted JPMorgan Cazenove to upgrade the stock to 'overweight' from 'neutral', as it said the company "has had a better start to 2017 than many in the market may have expected".
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, while Spirax-Sarco Engineering rallied as it agreed to buy US-based electrical products provider Chromalox from Irving Place Capital for a cash-free, debt-free consideration of $415m (£319m).
FTSE 250 hospital group Spire Healthcare was also in the black as it said trading from 1 January to 25 May has been in line with expectations and reiterated its 2017 guidance.
On the downside, 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.
There are no major UK data releases due but in the US, first-quarter GDP is at 1330 BST. |
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| Market Movers
FTSE 100 (UKX) 7,520.84 0.04%
FTSE 250 (MCX) 19,995.97 0.14%
techMARK (TASX) 3,617.11 0.29%
FTSE 100 - Risers
Informa (INF) 670.50p 3.07%
Randgold Resources Ltd. (RRS) 7,205.00p 1.55%
Rolls-Royce Holdings (RR.) 863.50p 1.41%
GlaxoSmithKline (GSK) 1,635.50p 1.08%
Burberry Group (BRBY) 1,787.00p 0.79%
Scottish Mortgage Inv Trust (SMT) 396.60p 0.79%
BT Group (BT.A) 315.55p 0.69%
Relx plc (REL) 1,647.00p 0.67%
Smurfit Kappa Group (SKG) 2,171.00p 0.65%
Taylor Wimpey (TW.) 201.90p 0.65%
FTSE 100 - Fallers
Experian (EXPN) 1,605.00p -2.49%
Intertek Group (ITRK) 4,242.00p -1.67%
United Utilities Group (UU.) 1,037.00p -1.61%
Shire Plc (SHP) 4,685.50p -1.11%
Lloyds Banking Group (LLOY) 72.45p -0.89%
Barclays (BARC) 212.25p -0.84%
Royal Bank of Scotland Group (RBS) 263.80p -0.83%
easyJet (EZJ) 1,371.00p -0.65%
SSE (SSE) 1,528.00p -0.52%
BHP Billiton (BLT) 1,203.50p -0.50%
FTSE 250 - Risers
Restaurant Group (RTN) 355.00p 11.85%
Spirax-Sarco Engineering (SPX) 5,585.00p 5.18%
Spire Healthcare Group (SPI) 346.70p 2.63%
Marshalls (MSLH) 399.50p 1.86%
Wizz Air Holdings (WIZZ) 2,241.00p 1.68%
BTG (BTG) 633.00p 1.28%
Senior (SNR) 233.70p 1.26%
Cairn Energy (CNE) 213.60p 1.23%
Allied Minds (ALM) 150.00p 1.15%
Bankers Inv Trust (BNKR) 795.00p 1.15%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 415.50p -3.55%
Britvic (BVIC) 702.50p -2.84%
Acacia Mining (ACA) 260.00p -2.22%
Pets at Home Group (PETS) 160.90p -1.89%
Cranswick (CWK) 2,935.00p -1.84%
Hunting (HTG) 538.50p -1.82%
Wood Group (John) (WG.) 703.50p -1.61%
Fidessa Group (FDSA) 2,446.00p -1.37%
BGEO Group (BGEO) 3,726.00p -1.17% |
| | UK Event Calendar | | Friday May 26
INTERIMS
MedicX Fund Ltd.
INTERIM DIVIDEND PAYMENT DATE
BlackRock Greater Europe Inv Trust, British Smaller Companies VCT, Swallowfield
QUARTERLY PAYMENT DATE
Primary Health Properties, SQN Secured Income Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
U. of Michigan Confidence (US) (15:00)
GMS
Lebanese Co for the Development & Reconstruction of Beirut Central District SAL GDS (Reg S)
FINALS
Volvere
ANNUAL REPORT
Scottish Mortgage Inv Trust
SPECIAL DIVIDEND PAYMENT DATE
Elementis, EP Global Opportunities Trust, esure Group, Volga Gas
EGMS
PJSC Novorossiysk Commercial Sea Port GDR (Reg S)
AGMS
4D Pharma , Access Intelligence, Circassia Pharmaceuticals, Escher Group Holdings, Informa, Intertek Group, Restaurant Group, Rotala, Spectris, Spire Healthcare Group
FINAL DIVIDEND PAYMENT DATE
Antofagasta, Cello Group, Cenkos Securities, Centaur Media, Charles Taylor, Communisis, Dunedin Income Growth Inv Trust, Ebiquity, Elementis, EP Global Opportunities Trust, esure Group, Fevertree Drinks, Frenkel Topping Group, Fresnillo, Greggs, Inmarsat, IWG , JRP Group, Marshall Motor Holdings, Maven Income & Growth 4 VCT, Maven Income & Growth VCT, Microgen, Morgan Advanced Materials , Polymetal International, Randgold Resources Ltd., Senior, Servelec Group , SimiGon Ltd. (DI), Spirax-Sarco Engineering, StatPro Group, Stock Spirits Group , Total Produce, Travis Perkins, Volga Gas |
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| | US Market Report | | US close: Nasdaq hits new record as tech and retail lead way Investors chased the Nasdaq and S&P to new record closings highs on Thursday ahead of the long Memorial Day weekend, with the tech sector driving the gains to offset falling oil prices as Opec's production cut disappointed.
The Dow Jones Industrial Average finished 0.34% higher at 21,082.95, while the S&P 500 finished higher for a sixth successive day to set a new record, rising 0.44% to 2,415.07 and the Nasdaq Composite similarly ascended 0.69% to a new peak of 6,205.26.
While Europe remains becalmed US markets clock up new highs, despite the fact that European data has been much stronger of late than its US counterpart, observed market analyst Chris Beauchamp at IG.
"Amazon and Google find themselves locked in a race for $1000; tech firms continue to leave the old economy far behind, with momentum continuing to drive the sector higher," he said.
"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."
Markets also began the day on the front foot on the back of a week of gains and after the previous day's minutes from the Federal Reserve meeting that showed most members were in favour of a rate hike "soon" as long as the economy continues to rebound from first-quarter weakness.
What little data there was on Thursday was not enough to disrupt the positive mood, with initial weekly US unemployment claims rising by just 1,000 to 234,000, better than expected and marking a fourth straight week below 240,000.
That led Ian Shepherdson, chief US economist at Pantheon Macroeconomics to muse that: "it's starting to look more like a shift in trend rather than just noise, but we still need more data to be sure".
Meanwhile, 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.
Oil prices fell after Opec's agreement to extend an earlier 1.8m-barrel-a-day production cut by nine months did not seem long enough to satisfy oil traders, even if Saudi Arabian oil minister Khalid al-Falih said any deeper cuts were unnecessary.
West Texas Intermediate was down 5.2% to $48.68 a barrel and Brent crude was 5.0% lower at $51.27.
Analyst Neil Wilson at ETX Capital said a nine-month extension "just isn't enough to really lift oil prices as we'll continue to see US shale fill the gap" and with the oil cartel having said they'd do whatever it takes they were now "looking a bit toothless".
"Instead of deepening cuts they are continuing to tinker at the margins by curbing production by around 1.8m b/d along with several non-OPEC members. It also looks like no new non-OPEC members are joining the curbs, which would have helped."
Elsewhere among stocks, several members of the embattled retailer sector impressed, with Best Buy shooting 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, while 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
Unitedhealth Group Inc. (UNH) $178.05 1.40%
Travelers Company Inc. (TRV) $123.72 1.37%
Microsoft Corp. (MSFT) $69.62 1.24%
3M Co. (MMM) $199.54 1.04%
Caterpillar Inc. (CAT) $105.01 1.03%
Boeing Co. (BA) $187.07 0.98%
Home Depot Inc. (HD) $156.45 0.94%
Coca-Cola Co. (KO) $45.41 0.84%
Nike Inc. (NKE) $52.35 0.65%
Verizon Communications Inc. (VZ) $45.31 0.60%
Dow Jones - Fallers
E.I. du Pont de Nemours and Co. (DD) $77.39 -1.26%
General Electric Co. (GE) $27.49 -1.22%
Chevron Corp. (CVX) $105.11 -1.05%
Exxon Mobil Corp. (XOM) $81.75 -0.66%
Goldman Sachs Group Inc. (GS) $222.47 -0.61%
JP Morgan Chase & Co. (JPM) $85.35 -0.42%
Walt Disney Co. (DIS) $107.27 -0.41%
Cisco Systems Inc. (CSCO) $31.44 -0.16%
Johnson & Johnson (JNJ) $127.53 0.02%
United Technologies Corp. (UTX) $122.25 0.14%
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $61.25 21.48%
PVH Corp. (PVH) $106.98 4.84%
Csra Inc. (CSRA) $31.01 4.62%
Norfolk Southern Corp. (NSC) $119.77 4.18%
GameStop Corp. (GME) $23.62 4.01%
Patterson Companies Inc. (PDCO) $44.75 3.90%
NetApp Inc. (NTAP) $40.96 3.54%
Netflix Inc. (NFLX) $163.05 3.36%
Alliance Data Systems Corp. (ADS) $245.62 3.33%
Dollar General Corp (DG) $72.47 3.22%
S&P 500 - Fallers
Signet Jewelers Ltd (SIG) $50.31 -7.76%
Transocean Ltd. (RIG) $9.65 -7.57%
Diamond Offshore Drilling Inc. (DO) $12.29 -7.25%
Marathon Oil Corp. (MRO) $13.50 -7.09%
Chesapeake Energy Corp. (CHK) $5.18 -6.67%
Hormel Foods Corp. (HRL) $33.13 -6.41%
FMC Technologies Inc. (FTI) $29.39 -6.13%
National Oilwell Varco Inc. (NOV) $32.60 -5.40%
Brown Forman Corp. Class B (BF.B) $51.60 -5.04%
Halliburton Co. (HAL) $45.39 -4.82%
Nasdaq 100 - Risers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $293.04 4.47%
Netflix Inc. (NFLX) $163.05 3.36%
CSX Corp. (CSX) $53.79 2.79%
American Airlines Group (AAL) $48.02 2.67%
Tractor Supply Company (TSCO) $54.38 2.37%
Tesla Inc (TSLA) $316.83 2.13%
Twenty-First Century Fox Inc Class B (FOX) $27.23 2.10%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.68 2.10%
Monster Beverage Corp (MNST) $50.76 1.74%
Twenty-First Century Fox Inc Class A (FOXA) $27.33 1.71%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $98.50 -2.55%
Mattel Inc. (MAT) $22.18 -1.03%
Celgene Corp. (CELG) $116.75 -0.85%
Fastenal Co. (FAST) $43.29 -0.80%
Biomarin Pharmaceutical Inc. (BMRN) $87.33 -0.80%
Liberty Global Plc Lilac Class A (LILA) $21.00 -0.71%
Regeneron Pharmaceuticals Inc. (REGN) $455.70 -0.55%
Western Digital Corp. (WDC) $89.27 -0.48%
Illumina Inc. (ILMN) $173.76 -0.41% |
| | 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... |
| | Newspaper Round Up | | Friday newspaper round-up: China, RBS, bitcoin China's structural reforms will not be enough to arrest its rising debt and another credit rating downgrade for the country is possible unless it gets its ballooning borrowing in check, two officials at Moody's ratings agency have said. Doubling down on comments earlier this week that China's financial strength will be eroded because of huge corporate and household debt, Moody's said the country's "vast reform agenda" would not be enough to prevent borrowing from weighing on economic growth. - Guardian
A group of "diehard" shareholders determined to see the former Royal Bank of Scotland chief executive Fred Goodwin in court are refusing to accept a settlement in their £700m legal claim against the bank. The state-backed lender has offered about £200m, or 82p per share held by investors, in an attempt to avoid a case that would see Goodwin take the stand on either 8 or 9 June. - Guardian
GCHQ has demanded that directors start taking charge of cyber security, warning that they are "devolving responsibility" for protecting businesses from hackers. Ciaran Martin, the head of the agency's National Cyber Security Centre (NCSC), said it is unacceptable for boards to plead ignorance about the threat from cyber attacks. - Telegraph
Theresa May's manifesto risks losing the Conservatives their image as the party of business, The Daily Telegraph can disclose, after Britian's small companies overwhelmingly rejected their policies and questioned the lack of costing in the policy diktat. A vanishingly small proportion of companies support the manifesto, while the Prime Minister's mantra of "strong and stable leadership" achieves only modest backing. - Telegraph
The political fallout has been unrelenting since the collapse of the longest running criminal trial in the history of the Irish state. Judge John Aylmer directed the jury in Dublin's central criminal court this week to acquit Sean Fitzpatrick, former chairman and chief executive of Anglo Irish bank, of charges of false accounting and concealing loans. - The Times |
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