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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 100 heads south as UK votes on 'blockbuster' Thursday The FTSE 100 was weaker at the close as the UK voted in the snap election called by PM Theresa May, and traders worked their way through a full platter of US and European news on so-called 'blockbuster' Thursday.
The market was keenly attuned to the European Central Bank's (ECB) policy meeting early this afternoon, and also to testimony before a Sentate committee from former FBI boss James Comey.
The ECB stood pat on rates, while the market appeared to have decided there was no smoking gun to be found in Comey's testimony about Russia's alleged involvement in the US presidential election.
At the close of trade, the FTSE 100 was down 0.38% to 7.449.98, while the FTSE 250 was up 0.24% to 19,743.41. It was still far too early to divine the outcome of the UK election.
Key indices in continental Europe were ahead, while Wall St was mostly tending higher.
"The FTSE 100 is sliding today as dealers are concerned about the UK general election," said David Madden, market analyst at CMC Markets UK.
Chris Beauchamp, chief market analyst at IG, was pleased at the distraction provided by ECB President Mario Draghi.
"At least we have him to distract us from the ennui caused for market watchers by the UK's polling day, when the frenetic activity of the past six weeks fades away and we are left simply to wait," said Beauchamp.
In addition to holding rates, the ECB added that it expected them to remain at present levels for an extended period of time, removing the reference to a possibility of lowering.
However, the ECB reiterated that, if necessary, it stood ready to increase the size of its quantitative easing programme.
"QE remains, and it is the knowledge that this is unchanged which is helping eurozone stocks to hold their ground," said Beauchamp.
Madden continued: "The Dax and Cac are outperforming their London equivalent as the ECB chief, Mario Draghi, downgraded the inflation forecast for the region over the next three years.
"A leak yesterday stated he would, but the lowering of the CPI forecast for next year from 1.6% to 1.3% was a particularly big cut."
To all of this, Connor Campbell, financial analyst at Spreadex, added that nothing had materialised to deliver on the potential for "triple threat" Thursday.
In corporate news, Vodafone, Johnson Matthey, WPP were all weaker as their stock went ex-dividend. Wolseley was hit by a note from UBS.
Gold miners Randgold Resources and Fresnillo retreated with the price of the yellow metal, but their multi-commodity peers were generally higher after Glencore and Rio Tinto.
Further weight was provided by consumer goods, pharmaceuticals and retails stocks, while to the plus side it was property, utilities and banks doing well.
Broadcaster ITV was a standout gainer following comments by chief executive officer Adam Crozier at an FT conference in London.
Crozier said ITV was arguably undervalued given short-term ad issues. He added a buyout was not inevitable and the company should continue its current strategy. |
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| | Market Analysis 08/06/2017 Today’s highlights: General election in the UK - UK citizens head to the polls: Recent surveys show Prime Minister Theresa May still has a significant lead in a vote that will determine the nature of the Brexit negotiations.
- Wall Street closes higher: A recovery was seen in US markets yesterday, as the Dow Jones, NASDAQ and S&P 500 all closed in the green. Market could be affected by the Unemployment Claims report, to be released at 12:30 GMT.
- ECB rate decision expected today: The European Central Bank will announce its rate decision at 11:45 GMT, followed by a press conference with President Mario Draghi at 12:30 GMT.
- Oil crashes on US inventories report: After the Crude Oil Inventories reports released yesterday showed an increase in stockpiles, the black gold crashed to around $45. This morning, prices recovered slightly.
Read More... |
| Market Movers
FTSE 100 (UKX) 7,449.98 -0.38%
FTSE 250 (MCX) 19,743.41 0.24%
techMARK (TASX) 3,579.64 -0.84%
FTSE 100 - Risers
Ashtead Group (AHT) 1,640.00p 3.02%
Glencore (GLEN) 288.90p 2.08%
Rio Tinto (RIO) 3,224.00p 1.82%
Next (NXT) 4,352.00p 1.54%
Centrica (CNA) 198.80p 1.43%
ITV (ITV) 186.20p 1.25%
Anglo American (AAL) 1,062.50p 1.19%
BHP Billiton (BLT) 1,183.00p 1.07%
SSE (SSE) 1,492.00p 1.02%
Barratt Developments (BDEV) 590.00p 0.94%
FTSE 100 - Fallers
Vodafone Group (VOD) 218.00p -4.80%
WPP (WPP) 1,631.00p -2.68%
Imperial Brands (IMB) 3,547.00p -2.19%
Diageo (DGE) 2,285.00p -1.93%
Randgold Resources Ltd. (RRS) 7,495.00p -1.90%
Unilever (ULVR) 4,269.00p -1.69%
Reckitt Benckiser Group (RB.) 7,852.00p -1.55%
British American Tobacco (BATS) 5,507.00p -1.36%
Barclays (BARC) 205.40p -1.32%
Coca-Cola HBC AG (CDI) (CCH) 2,317.00p -1.28%
FTSE 250 - Risers
Berendsen (BRSN) 1,229.00p 11.02%
Ferrexpo (FXPO) 184.20p 5.35%
Kaz Minerals (KAZ) 499.70p 4.63%
Petrofac Ltd. (PFC) 363.40p 4.13%
Workspace Group (WKP) 909.50p 3.76%
Euromoney Institutional Investor (ERM) 1,180.00p 3.52%
Marshalls (MSLH) 409.00p 3.07%
Hays (HAS) 168.50p 3.06%
esure Group (ESUR) 277.70p 3.04%
OneSavings Bank (OSB) 420.10p 2.84%
FTSE 250 - Fallers
Electra Private Equity (ELTA) 1,840.00p -33.45%
Hochschild Mining (HOC) 301.60p -3.33%
Auto Trader Group (AUTO) 418.50p -3.06%
Booker Group (BOK) 191.10p -2.95%
Assura (AGR) 62.00p -2.29%
Cobham (COB) 130.60p -2.25%
Vedanta Resources (VED) 582.00p -2.18%
Redefine International (RDI) 38.62p -2.00%
Polymetal International (POLY) 983.00p -1.99% |
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| | US Market Report | | US open: Audible sigh of relief after Comey's Senate testimony Stocks on Wall Street gained slightly throughout the open part of former FBI director James Comey's testimony to a senate panel, with no new special revelations having apparently come to light.
At 1645 BST, the Dow Jones Industrials Average was ahead by 0.30% or 62.34 points at 21,235.36, as the S&P 500 gained 0.15% or 3.54 points to 2,436.38 and the Nasdaq Composite added 0.21% or 13.47 points to 6,310.80.
Nevertheless at one point during his testimony Comey indicated it was not for him to say whether his conversation with the US president constituted an attempt to obstruct justice. He also indicated that he kept notes of the meetings because he was concerned Trump might lie.
From a sector standpoint, the best performance was being put in by the following industrial groups: Iron&Steel (4.34%), Industrial metals (3.99%) and Banks (2.51%).
Meanwhile, the yield on the benchmark 10-year US Treasury note was up by three basis points at 2.20%.
Commenting on Comey's testimony, Chris Beauchamp, chief market analyst at IG, said: "And thank goodness also for James Comey; his testimony has not proved to be a 'hole below the waterline' moment for Mr Trump, but it has done little to dispel the image of a president firing on a whim, rather than allowing a professional civil servant to do his job.
"US markets are not particularly fazed by the developments, perhaps because they are already aware of the peculiar nature of this presidency. And indeed, it looks like there is little overspill into the US economy, at least for now. Instead, they will concentrate on the possibility of a rate hike next week from the Fed."
Initial weekly jobless claims dropped by 10,000 last week to 245,000 (consensus: 240,000). The previous week's figures was revised higher by 7,0000.
In corporate news, stock in Yahoo was sharply higher after it emerged late on Wednesday that as many as 2,100 jobs could be lost due to the expected combination of Yahoo and AOL.
Nordstrom rocketed after the department store operator said it was studying 'going private' as a result of a possible offer from a group of investors which included several members of the founding family.
Dell Technologies was set to reveal its quarterly figures later on Thursday evening.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $220.18 2.04%
JP Morgan Chase & Co. (JPM) $85.61 2.03%
Boeing Co. (BA) $190.68 1.37%
Caterpillar Inc. (CAT) $104.78 1.23%
International Business Machines Corp. (IBM) $152.51 1.01%
Chevron Corp. (CVX) $104.63 0.83%
Travelers Company Inc. (TRV) $124.26 0.62%
E.I. du Pont de Nemours and Co. (DD) $81.78 0.52%
Cisco Systems Inc. (CSCO) $31.77 0.51%
United Technologies Corp. (UTX) $120.38 0.50%
Dow Jones - Fallers
Walt Disney Co. (DIS) $104.65 -1.19%
Merck & Co. Inc. (MRK) $63.41 -1.01%
Procter & Gamble Co. (PG) $88.03 -0.84%
Coca-Cola Co. (KO) $45.21 -0.67%
Verizon Communications Inc. (VZ) $46.23 -0.58%
Microsoft Corp. (MSFT) $72.04 -0.48%
Unitedhealth Group Inc. (UNH) $182.40 -0.44%
Visa Inc. (V) $95.75 -0.35%
Apple Inc. (AAPL) $154.98 -0.25%
McDonald's Corp. (MCD) $151.58 -0.24%
S&P 500 - Risers
Endo International Plc (ENDP) $13.85 11.69%
Nordstrom Inc. (JWN) $44.55 10.05%
Yahoo! Inc. (YHOO) $54.82 8.45%
United States Steel Corp. (X) $22.18 6.28%
Nvidia Corp. (NVDA) $158.09 6.02%
Under Armour Inc. Class A (UAA) $21.44 4.41%
Regions Financial Corp. (RF) $14.15 4.16%
Freeport-McMoRan Inc (FCX) $12.17 3.84%
Citizens Financial Group, Inc. (CFG) $35.84 3.82%
CF Industries Holdings Inc. (CF) $27.19 3.70%
S&P 500 - Fallers
Urban Outfitters Inc. (URBN) $16.77 -8.01%
Molson Coors Brewing Co. Class B (TAP) $86.46 -3.70%
Borg Warner Inc. (BWA) $42.50 -2.79%
Brown Forman Corp. Class B (BF.B) $49.32 -2.72%
Snap On Inc. (SNA) $156.62 -2.65%
Occidental Petroleum Corp. (OXY) $58.71 -2.37%
Advance Auto Parts (AAP) $127.72 -2.22%
Comcast Corp. (CMCSA) $40.96 -2.22%
NiSource Inc. (NI) $25.86 -2.17%
Crown Castle International (CCI) $100.99 -2.15%
Nasdaq 100 - Risers
Yahoo! Inc. (YHOO) $54.82 8.45%
Nvidia Corp. (NVDA) $158.09 6.02%
Alexion Pharmaceuticals Inc. (ALXN) $103.13 2.99%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $51.92 2.22%
Tesla Inc (TSLA) $366.66 1.95%
JD.com, Inc. (JD) $41.88 1.70%
Tractor Supply Company (TSCO) $55.35 1.58%
Wynn Resorts Ltd. (WYNN) $134.39 1.57%
Fastenal Co. (FAST) $42.70 1.25%
American Airlines Group (AAL) $51.48 1.22%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $334.38 -3.33%
Comcast Corp. (CMCSA) $40.96 -2.22%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $52.81 -2.17%
Dish Network Corp. (DISH) $63.56 -2.05%
Symantec Corp. (SYMC) $29.72 -1.82%
Baidu Inc. (BIDU) $184.76 -1.48%
Starbucks Corp. (SBUX) $62.60 -1.41%
O'Reilly Automotive Inc. (ORLY) $231.99 -1.23%
Vodafone Group Plc ADS (VOD) $28.67 -1.22% |
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| | Broker Tips | | Broker tips: BP, RPC Group, Mothercare Deutsche Bank reiterated its 'buy' stance on shares of BP, telling clients the oil major's downstream operations were being significantly undervalued.
Ahead of BP's Downstream Day on 14 June, analyst Lucas Hermann pointed out how consensus was still only estimating just over $6bn of free cash flow from the segment by 2012, versus the between $9bn to $10bn the company itself was guiding towards.
The mix of businesses that made up BP's downstream ops were more "more robust, better positioned and appeared to hold substantially more potential" than they were credited for, Hermann said.
"Our analysis suggests the potential for capital-light growth that is way ahead of the evident consensus," he said.
BP's downstream units were also significantly undervalued versus those of its peers Royal Dutch Shell and Total.
As the costs associated with Macondo fell, investors should gain greater conviction in BP's dividend, according to the analyst.
Hermann stayed at a 'buy' recommendation on BP with a target of 515.0p.
JP Morgan said investors risked overlooking the merits of RPC Group's 'equity story' amid the din of the negative share price reaction to the company's fiscal year 2017 results.
RPC has an established trackrecord of extracting "meaningful and sustainable" cost synergies as it consolidates a fragmented packaging market, the investment bank explained.
"This is a strategy that we believe will continue to generate shareholder value in the years ahead."
Changing hands on a price-to-earnings multiple of 10, that opportunity was not being captured in the share price, the broker said.
Analysts at Berenberg upgraded their recommendation on shares of Mothercare from 'sell' to 'hold' after its UK arm moved past breakeven and ahead of an expected boost to its foreign operations from a weaker pound.
Since they downgraded the company to 'sell' in April 2016 the stock had fallen by roughly 20%, versus a gain of the same magnitude for the FTSE All Share.
Estimates were now more "reasonable", the broker added.
Furthermore, management had guided towards a further reduction of the company's footprint in the UK from about 150 stores at present to between 80 to 100 over the next five years.
In parallel, now that its pre-Brexit currency hedges had rolled off it would begin to feel the benefit of weakness in Sterling. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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