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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 clings to range-bound gains in positive start to June Stocks in London clung to their gains after a largely range-bound session that benefited from better-than-expected manufacturing data and amid continuing UK election jitters.
The FTSE 100 pushed up 0.32% to 7,543.77, while the FTSE 250 edged up 0.19% to 20,010.62. This was a theme seen also in Europe, and on Wall St.
Late this afternoon sterling was showing minor gains on the dollar, having spent most of the day lower.
Joshua Mahony, market analyst at IG, said the FTSE had laboured its way forward on Thursday.
"European markets are gradually gaining ground, with volatility remaining relatively anchored given the significant uncertainty that lies ahead," he said.
Jasper Lawler, senior market analyst at London Capital Group, said the FTSE 100 had started the June in the same kind of positive form that made May the strongest month this year thus far.
"It's a one-week countdown to the general election and sentiment in the market seems pretty healthy," he said.
The latest YouGov poll for The Times published overnight showed the Tory lead over Labour has narrowed to just three points.
This came hot on the heels of a projection by the pollster that suggested the Conservatives could lose as many as 20 seats, while Labour could gain 28, leading to a hung Parliament.
Michael Hewson, chief market analyst at CMC Markets UK, was another who noted the continuation of the recent theme of an improving economic environment.
"Positive manufacturing reports from across Europe and the UK has seen a buoyant tone throughout the day," he said.
The UK manufacturing purchasing managers' index from IHS Markit/CIPS slipped to 56.7 in May, from the three-year high of 57.3 in April. This was above consensus for 56.5.
Investors were also mulling over the latest survey from Nationwide, which showed UK house prices fell for the third month in a row in May, the first time this has happened since 2009.
On the corporate front, several miners were rising, as were many insurers and commercial property firms. Oil majors and pharmaceuticals were among other blue-chip sectors doing well.
Unsurprisingly house builders suffered with the latest Nationwide survey, with several utility companies and supermarkets heading lower, too.
Rolls-Royce rose after saying it has won an order to supply low-emissions gas engines for Norwegian ferry operator, Torghatten Nord.
3i was boosted as Barclays upped its target on the stock to 980p from 750p.
Micro Focus International was a top blue chip riser after reporting a healthy set of results.
Barclays increased the size of the sale of its stake in Barclays Africa Group due to "strong investor demand".
Lloyds Banking Group fell as it completed its acquisition of MBNA credit cards as expected.
Mediclinic slid back after being downgraded by Credit Suisse, while ITV has also come under pressure after being cut to "hold" by HSBC.
Taylor Wimpey is also sharply lower after going ex-dividend, and was also hurt on the Nationwide data. |
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| Market Movers
FTSE 100 (UKX) 7,543.77 0.32%
FTSE 250 (MCX) 20,010.62 0.19%
techMARK (TASX) 3,654.03 0.80%
FTSE 100 - Risers
Paddy Power Betfair (PPB) 8,420.00p 4.34%
3i Group (III) 927.00p 3.58%
Convatec Group (CTEC) 330.80p 3.37%
Micro Focus International (MCRO) 2,460.00p 2.76%
Rolls-Royce Holdings (RR.) 885.50p 2.07%
Antofagasta (ANTO) 817.50p 2.06%
Informa (INF) 684.50p 2.01%
Intu Properties (INTU) 277.20p 1.91%
Ashtead Group (AHT) 1,595.00p 1.85%
AstraZeneca (AZN) 5,328.00p 1.80%
FTSE 100 - Fallers
Taylor Wimpey (TW.) 190.00p -6.45%
National Grid (NG.) 1,050.00p -3.63%
Mediclinic International (MDC) 781.00p -3.40%
ITV (ITV) 191.60p -2.10%
Persimmon (PSN) 2,404.00p -2.08%
Marks & Spencer Group (MKS) 375.30p -1.88%
BT Group (BT.A) 303.85p -1.84%
Barratt Developments (BDEV) 602.00p -1.71%
easyJet (EZJ) 1,390.00p -1.70%
Vodafone Group (VOD) 229.40p -0.91%
FTSE 250 - Risers
Inmarsat (ISAT) 844.50p 5.56%
Auto Trader Group (AUTO) 435.00p 4.54%
IWG (IWG) 343.90p 3.49%
Britvic (BVIC) 720.50p 2.93%
Ferrexpo (FXPO) 176.40p 2.74%
Ladbrokes Coral Group (LCL) 122.40p 2.68%
Sophos Group (SOPH) 464.50p 2.67%
Hochschild Mining (HOC) 293.40p 2.44%
Aveva Group (AVV) 1,982.00p 2.38%
Hill & Smith Holdings (HILS) 1,473.00p 2.36%
FTSE 250 - Fallers
FirstGroup (FGP) 142.30p -5.01%
Aldermore Group (ALD) 233.90p -3.98%
Daejan Holdings (DJAN) 6,565.00p -3.24%
Clarkson (CKN) 2,600.00p -2.99%
Entertainment One Limited (ETO) 237.50p -2.82%
Nostrum Oil & Gas (NOG) 517.50p -2.63%
Crest Nicholson Holdings (CRST) 615.00p -2.61%
Dechra Pharmaceuticals (DPH) 1,901.00p -2.21%
CYBG (CYBG) 261.90p -1.95% |
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| | 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% |
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| | Broker Tips | | Broker tips: Barclays, Spirax Sarco, Auto Trader Investec's Ian Gordon hailed Barclays's decision to dispose of the majority of its stake in its African unit, reiterating that it was the broker's preferred large-cap UK lender.
The analyst also urged the lender's directors to use its robust capital position to call its costly $2.65bn of preference shares, which carried an 8.125% coupon.
Tuesday night's divestment also underpinned his expectation for a "material step-up" in the 2018 dividend.
"We regard Barclays' capital position as robust, and as such, it is now time to deploy that capital strength to boost earnings. Calling the prefs would "cost" c.25bps of CET1 capital, but save a £0.2bn p.a. coupon cost," the analyst said.
Overnight, Barclays said it would sell a 33.7% slice of Barclays Africa - more than had originally been expected - reducing its holding in the lender to 14.9%.
Analysts at Deutsche Bank reiterated their 'buy' recommendation on shares of Spirax Sarco on the back of the engineer's shift away from special dividends and towards non-organic growth.
The broker highlighted how over the past six months the firm had spent £540m scooping up Chromalox, Gestra AG and Aflex House.
That was roughly five times the amount spent over the preceeding 10 years and followed its 2014 strategic review, in which management set out leveraging strengths in key sectors, expanding the addressable market and capitalizing on the most attractive opportunities as its main objectives.
"We view reinvestment in M&A as a welcome move away from a recent track record of special dividends, with £190m distributed 2010-14.
Auto Trader got a boost on Thursday as Barclays bumped the stock up to 'overweight' from 'equalweight' and lifted the price target to 470p from 425p ahead of the full-year results on 8 June.
The bank said there are risks in the outlook for used car pricing, but it does not expect wide forecourt closures. Even if that were to happen, what matters most for Auto Trader are levels of used car stock, Barclays pointed out.
"Here a decent outlook for used car transaction volumes should be a tailwind. We have also dug into new products: part exchange, financing and new cars. We think the latter two, in particular, will become meaningful contributors." |
| | Market Analysis 01/06/2017 Today’s highlights: Another record for Ethereum - Seven-month winning streak for Nasdaq: Despite closing nearly flat yesterday, all three major indices on Wall Street finished May higher. For the Nasdaq, this caps a seven-month winning streak – the longest since 2013.
- New all-time high for Ethereum: The cryptocurrency rose above $230 for the first time yesterday, before showing a slight correction.
- Nikkei rises more than 1%: Despite many markets in Asia seen lower this morning, Japan’s Nikkei showed gains of more than 1%. The China50 index was also trading higher this morning.
- Oil rises ahead of Inventories Report: After showing losses in the last two sessions, oil prices recovered this morning, after an early report suggested that the Crude Oil Inventories Report, to be released today at 15:00 GMT, will show a decline in US stockpiles.
Read More... |
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