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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 nudge up as pound hit by latest election poll London stocks nudged higher in early trade on Wednesday as the latest election poll suggested a hung parliament, denting the pound.
At 0830 BST, the FTSE 100 was up 0.2% to 7,540.13, while the pound was down 0.3% versus the dollar at 1.2817 after a YouGov poll published in The Times suggested Theresa May could fail to win an outright majority in the election on 8 June. According to the poll, the Conservatives could lose as many as 20 of the 330 seats they held in the last parliament, while Labour could gain nearly 30.
This followed on from an ICM poll earlier on Tuesday that gave the Tories a 12-point lead over Labour, down two points in the last week but better than the six-point lead suggested by the recent YouGov poll.
Neil Wilson, senior market analyst at ETX Capital, said: "Of course it's just one poll and all the rest give the Tories a healthy lead. But this is arguably much more accurate for our first past the post system and therefore commands attention.
"Corbyn, with his nationalisation plans and anti-business agenda, could send shivers down the spines of FTSE shareholders if he were to enter number 10. The blue chip index would take a beating if investors ditched shares in sectors that might be nationalised. In FX markets, the pound is displaying nerves over the uncertainty but ultimately a Corbyn-led centre-left coalition could yield a softer Brexit (preserving single market access, free movement of labour) and this could be positive for sterling."
Investors were also digesting the latest data out of China, where the official non-manufacturing purchasing managers' index rose to 54.5 in May from 54.0 the month before and the official manufacturing PMI was unchanged in May at 51.2, in line with expectations.
Elsewhere, the latest survey from GfK showed UK consumer confidence surprisingly improved marginally in May, rising to -5 from -7 the month before. The market had expected it to worsen to -8 as inflation and low wage growth increase the pressure on households.
This did not help sentiment for supermarket shares, which were down even though Morrisons, Tesco and Sainsbury's et el enjoyed their strongest period of trading in over three and a half years, as the 'big four', including Asda, lost market share to fast-growing discounters Aldi and Lidl. In the 12 weeks ending 21 May 2017, Kantar Worldpanel data showed grocery inflation of 2.9% to help boost overall sector sales by 3.8% year on year.
In corporate news, IG Group was in the black as it said revenue and profits for its fiscal year would be ahead of the previous year. It now expects to report full year revenue around 7% higher than in 2016, though after a fall in the third quarter this is down from the 14% increase in net trading revenue seen in the first half of the year.
LondonMetric was also trading higher as it announced the acquisition of three urban logistics warehouses and said net rental income in the year to 31 March rose 5% to £82m.
On the downside, NEX Group fell as it announced that Stuart Bridges has stepped down as chief financial officer and will be leaving the company later in the year. He will be succeeded by Samantha Wren, the current chief commercial officer for NEX Markets, who will join the board with immediate effect.
Payments processor Worldpay was hit by a downgrade to 'equalweight' at Barclays.
On the data front, investors will eye the release of net lending, consumer credit, and mortgage approvals at 0930 BST. |
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| Market Movers
FTSE 100 (UKX) 7,540.13 0.18%
FTSE 250 (MCX) 20,022.09 0.15%
techMARK (TASX) 3,630.63 0.26%
FTSE 100 - Risers
easyJet (EZJ) 1,417.00p 1.21%
Taylor Wimpey (TW.) 203.20p 0.94%
Hikma Pharmaceuticals (HIK) 1,690.00p 0.90%
Old Mutual (OML) 193.00p 0.89%
Associated British Foods (ABF) 3,010.00p 0.87%
Whitbread (WTB) 4,265.00p 0.85%
Barratt Developments (BDEV) 606.50p 0.83%
Mediclinic International (MDC) 796.00p 0.82%
British American Tobacco (BATS) 5,546.00p 0.82%
Diageo (DGE) 2,342.00p 0.82%
FTSE 100 - Fallers
Worldpay Group (WPG) 307.10p -2.66%
Anglo American (AAL) 1,034.00p -2.08%
Rio Tinto (RIO) 3,121.00p -1.95%
BHP Billiton (BLT) 1,183.50p -1.58%
Glencore (GLEN) 287.85p -1.42%
Antofagasta (ANTO) 800.50p -1.11%
Severn Trent (SVT) 2,515.00p -0.75%
Tesco (TSCO) 184.00p -0.73%
Fresnillo (FRES) 1,577.00p -0.50%
Morrison (Wm) Supermarkets (MRW) 246.50p -0.44%
FTSE 250 - Risers
Clarkson (CKN) 2,712.00p 2.57%
IG Group Holdings (IGG) 566.00p 2.26%
McCarthy & Stone (MCS) 185.50p 1.76%
Marston's (MARS) 135.80p 1.65%
Syncona Limited NPV (SYNC) 161.50p 1.51%
Just Eat (JE.) 661.00p 1.38%
Riverstone Energy Limited (RSE) 1,276.00p 1.27%
Paysafe Group (PAYS) 502.00p 1.21%
Pets at Home Group (PETS) 163.00p 1.18%
Spirax-Sarco Engineering (SPX) 5,720.00p 1.06%
FTSE 250 - Fallers
Ferrexpo (FXPO) 177.00p -3.07%
Vedanta Resources (VED) 632.50p -2.47%
Indivior (INDV) 314.90p -2.05%
Kaz Minerals (KAZ) 495.40p -1.80%
John Laing Group (JLG) 292.10p -1.68%
Hochschild Mining (HOC) 282.20p -1.67%
Ladbrokes Coral Group (LCL) 121.00p -1.31%
Wood Group (John) (WG.) 731.50p -1.15%
Amec Foster Wheeler (AMFW) 519.50p -1.05% |
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| | UK Event Calendar | | Wednesday May 31
INTERIM DIVIDEND PAYMENT DATE
Civitas Social Housing , Filta Group Holdings, Glencore
QUARTERLY PAYMENT DATE
City of London Inv Trust, Ediston Property Investment Company, Picton Property Income Ltd, TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:35)
Import Price Index (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (10:00)
Unemployment Rate (GER) (08:55)
FINALS
LondonMetric Property, Nature Group, Telford Homes
SPECIAL DIVIDEND PAYMENT DATE
Great Portland Estates
AGMS
Atlas Mara Limited (DI), Barr (A.G.), Central Asia Metals, Cluff Natural Resources, e-Therapeutics, F&C Commercial Property Trust Ltd., ICG-Longbow Senior Secured UK Property Debt Investments Ltd, Ingenta, Styles & Wood Group, Tekcapital
TRADING ANNOUNCEMENTS
IG Group Holdings, OPG Power Ventures
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (08:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Acacia Mining, Belvoir Lettings, Capital & Counties Properties , Empresaria Group, Equiniti Group , F&C Private Equity Trust, Ferrexpo, Hastings Group Holdings , London Stock Exchange Group, Lookers, Mortgage Advice Bureau (Holdings) , NAHL Group
Q1
PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)
|
| | Newspaper Round Up | | Wednesday newspaper round-up: poll shock, Ladbrokes, Allied Irish, BT The Conservative Party could be in line to lose 20 seats and Labour gain nearly 30 in next week's general election, according to new modelling by one of the country's leading pollsters. YouGov's first constituency-by-constituency estimate of the election result predicts that the Tories would fall short of an overall majority by 16 seats, leading to a hung parliament. - The Times
Britain's biggest bookmaker weakened rules designed to tackle money laundering and problem gamblers in order to increase profits, a whistleblower claims. A former Ladbrokes Coral employee has exposed tactics that the company used to encourage customers to increase betting on fixed odds betting terminals (FOBTs). - The Times
The Irish government has finally pushed the button on its planned €12bn (£10.4bn) float of Allied Irish Banks in what could be one of the biggest initial public offerings in London in recent years. The Irish state currently owns around 99.9pc of AIB, and plans to float 25pc of its stake on the London and Irish stock exchanges. - Telegraph
BT faces a strike threat after unions said they will consider industrial action if the company presses ahead with the closure of its final salary pension scheme. The firm's defined-benefits pension scheme has more than 300,000 members, and although the scheme had been closed to new entrants in 2001, existing members continue to build up benefits. - Telegraph
Three former Tesco directors charged with fraud are seeking to have the case against them dismissed, arguing that no false accounting took place. Barristers for Carl Rogberg, John Scouler and Christopher Bush have indicated that they will argue that there is no case to answer and that Tesco should not have restated its profits in a move that ultimately contributed to the grocer suffering a record loss in 2014. - The Times
Brussels is preparing to crack down on accountants and lawyers running tax-avoidance schemes in response to the Panama Papers scandal that showed how the rich and powerful hide their money. Jean-Claude Juncker, the European commission president, told MEPs on Tuesday that he would table a draft law before the end of June that aims to shed light on experts who help clients exploit tax laws and shift money to offshore tax havens. - Guardian
British Airways was still struggling to return baggage to passengers late on Tuesday as it attempts to salvage its battered reputation and investigate the cause of a computer system outage that left 75,000 people stranded at the weekend. Cancelled holidays and chaotic scenes at Heathrow and Gatwick airports over the bank holiday weekend have been followed by reports of passengers' baggage being forwarded to destinations abroad while its owners were unable to travel. - Guardian
Steven Cohen, the American hedge fund boss whose firm was shut by the US government three and a half years ago, is planning to return with a record-breaking $20 billion fund after his industry ban expires next year, according to reports last night. The new fund would exceed the $16 billion that Mr Cohen once oversaw as the boss of SAC Capital, which closed in 2013 after a long-running insider trading investigation. - The Times
The labour market in Japan is at its tightest in more than 43 years with employers struggling to fill gaps in the workforce and more jobs available than at the peak of the country's bubble economy in 1990. Government data showed the ratio of job openings to applications in April hit 1.48 in Japan. That means there were 148 jobs available for every 100 applicants. - The Times
One of Britain's best-known luxury housebuilders has acquired its first site in Birmingham in more than a decade. Berkeley Group, a FTSE 250 company that predominantly caters to the upper end of the London housing market, is believed to have acquired a plot of two and a half acres on the site of a former factory close to Birmingham city centre. - The Times |
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