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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 but Hiscox bucks trend on Harvey estimates London stocks edged higher in early trade on Monday, taking their cue from a positive session in Asia.
At 0825 BST, the FTSE 100 was up 0.5% to 7,253.01, while the pound was flat against the euro at 1.1375 and down 0.3% versus the dollar at 1.3558.
"Having been battered in the wake of last week's sterling super surge, the FTSE is using a quiet Monday morning to claw back some of its losses," said analyst Connor Campbell of Spreadex.
"The upcoming week isn't the most exciting, especially when compared to last week's data banquet. Nevertheless it does feature the kind of Wednesday that could really test cable's current levels, with a UK retail sales reading in the morning followed by the evening's September Fed meeting, where Janet Yellen and co are set to announce the reduction of its hefty balance sheet."
In corporate news, Dairy Crest Group was in the black after saying cheese sales volumes and values in the six months to September are ahead of last year, with profit also increased, while BAE Systems advanced on news that Qatar's defence minister has signed a letter of intent to buy 24 Typhoon jets from the company.
Esure was also trading higher following press reports that founder Sir Peter Wood is planning to sell his controlling stake in the insurer.
On the downside, insurer Hiscox was in the red after saying it expects to see claims of around $150m as a result of Hurricane Harvey. It said this was within the group's modelled range for an event of this nature and added that reinsurance protections remain "substantially intact".
Petra Diamonds shares tumbled after it reported a 4% drop in full-year adjusted earnings before interest, tax, depreciation and amortisation and warned that restrictions on exports from Tanzania after the seizure of some of its diamonds could dent its lending facilities.
IP Group retreated after saying it has extended the takeover offer for Touchstone Innovations to 6 October and that it had secured support from Touchstone shareholders with a combined 96.5% stake in the company.
Investors were also digesting the latest figures from Rightmove, which showed average UK asking prices fell in September, dragged lower by a big drop in the capital.
The average UK asking price fell by 1.2% on the month in September to £310,000 following a 0.9% decline in August, with asking prices in the capital down 2.9%. This marked the first monthly fall at this time of year since 2013.
Rightmove said that excluding London, the decline would have been a much smaller 0.5%. It added that London's higher-end boroughs were seeing the biggest drops, with falls in five out of the six most expensive. |
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| Market Movers
FTSE 100 (UKX) 7,253.01 0.52%
FTSE 250 (MCX) 19,422.35 0.23%
techMARK (TASX) 3,415.77 0.39%
FTSE 100 - Risers
BAE Systems (BA.) 611.00p 2.52%
GKN (GKN) 345.50p 1.98%
Admiral Group (ADM) 1,809.00p 1.34%
Smiths Group (SMIN) 1,582.00p 1.15%
Ashtead Group (AHT) 1,757.00p 1.09%
Hargreaves Lansdown (HL.) 1,410.00p 1.00%
HSBC Holdings (HSBA) 714.90p 0.97%
Rolls-Royce Holdings (RR.) 894.00p 0.96%
Provident Financial (PFG) 801.50p 0.94%
Antofagasta (ANTO) 940.00p 0.91%
FTSE 100 - Fallers
Fresnillo (FRES) 1,432.00p -0.62%
Randgold Resources Ltd. (RRS) 7,500.00p -0.60%
Morrison (Wm) Supermarkets (MRW) 230.00p -0.52%
Barratt Developments (BDEV) 580.50p -0.51%
Merlin Entertainments (MERL) 438.10p -0.45%
Sky (SKY) 931.00p -0.16%
CRH (CRH) 2,636.00p -0.15%
Glencore (GLEN) 344.00p -0.15%
Taylor Wimpey (TW.) 186.60p -0.11%
International Consolidated Airlines Group SA (CDI) (IAG) 591.00p -0.08%
FTSE 250 - Risers
esure Group (ESUR) 275.80p 5.03%
AA (AA.) 173.40p 4.14%
Nostrum Oil & Gas (NOG) 383.70p 3.09%
Rotork (ROR) 247.80p 2.52%
Daejan Holdings (DJAN) 6,000.00p 2.21%
Marshalls (MSLH) 447.50p 2.15%
Ted Baker (TED) 2,493.00p 2.05%
Elementis (ELM) 267.40p 1.71%
Millennium & Copthorne Hotels (MLC) 461.30p 1.63%
Ocado Group (OCDO) 303.20p 1.51%
FTSE 250 - Fallers
Petra Diamonds Ltd.(DI) (PDL) 76.75p -8.63%
Carillion (CLLN) 43.00p -2.23%
Hiscox Limited (DI) (HSX) 1,228.00p -1.84%
IP Group (IPO) 121.10p -1.70%
Softcat (SCT) 387.00p -1.65%
Spire Healthcare Group (SPI) 256.20p -1.54%
PZ Cussons (PZC) 334.50p -1.47%
Genus (GNS) 2,006.00p -1.28%
Big Yellow Group (BYG) 739.50p -1.20% |
| | UK Event Calendar | | Monday September 18
INTERIMS
Concurrent Technologies, Ergomed , Learning Technologies Group , M. P. Evans Group, Medica Group , Secure Income Reit , Veltyco Group
INTERIM DIVIDEND PAYMENT DATE
Barclays, GKN
QUARTERLY PAYMENT DATE
Royal Dutch Shell 'A', Royal Dutch Shell 'B'
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
FINALS
Bluefield Solar Income Fund Limited, City of London Investment Group, Finsbury Food Group, Green Reit, Petra Diamonds Ltd.(DI)
SPECIAL DIVIDEND PAYMENT DATE
Neptune-Calculus Income & Growth VCT
AGMS
Mercia Technologies , Ormonde Mining
TRADING ANNOUNCEMENTS
Dairy Crest Group
|
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
But which is the better buy?
In this Complimentary Guide we explain in plain English what’s really going on at these key British Banks.
Find out:
Are Lloyds shares set to rocket?
Why Barclays has a ‘secret weapon’ that could unlock serious value
How do they compare in value and safety?
What you’re about to find out may surprise you…
Click here for your Complimentary Guide |
| | US Market Report | | US close: S & P sees biggest gain since January despite high valuations Investors pushed the Dow Jones Industrials and S&P 500 to fresh record highs at the end of a week that saw the biggest five-day advance for the latter since January.
That was despite another test missile launch by North Korea overnight and very weak readings on US economic activity in August as hurricane Harvey barrelled through the US Gulf coast towards the end of the month.
By the closing bell, the Dow Jones Industrial Average was higher by 0.29% or 64.86 points to 22,268.34, while the S&P 500 gained 0.18% or 4.61 points to 2,500.23 and the Nasdaq Composite rose 0.30% or 19.38 points to 6,448.47.
In the background, there was some 'market chatter' regarding stocks' then high valuations, what with US stocks trading at a cyclically-adjusted price-to-earnings ratio of about 30 - a level only seen just before the Great Depression and again prior to the 'Dot com' bubble.
Indeed, such readings made equity strategists at Barclays Research "uncomfortable", to use their own words.
Depite that, in a note sent to clients on 15 September, they said: "Yet, global and European valuations are only near the trough levels of 2003. Moreover, prospects for earnings are the most positive in nearly five years. On the face of it, the outlook appears serene. However we feel a bit uncomfortable.
"[...] Profitability of US stocks is also near highs. Crucially, our economists' forecasts suggest this placid environment remains in 2018. Without a spike in inflation, or a fall in profitability, a significant de-rating of US valuations appears unlikely."
The S & P 500 ended the week 1.6% higher and the Dow Industrials up by 2.2%, for a one-year gain in the latter of 26%.
From a sector standpoint, on Friday the best performance was seen in the following industrial groups: Semiconductors (1.90%), Fixed line telecommunications (1.78%), Telecommunications (1.68%) and Railroads (1.49%).
Acting as a backdrop, investors reacted with a certain degree of calm to news that North Korea has launched another missile over Japan. The missile was said to have travelled 3,700km before landing in the sea off Hokkaido, flying further and higher than another one fired over Japan last month. The launch came just days after the UN Security Council approved fresh sanctions against Pyongyang for its nuclear test on 3 September.
Economic data was almost uniformly weak on Friday, mainly as a result of hurricane Harvey's impact, save for the so-called Empire State manufacturing index for September which slipped by just 0.8 points to 24.4, denoting confidence in the sector's outlook, according to analysts.
In parallel, the Commerce Department reported a 0.2% drop for retail sales volumes in August (consensus: 0.1%), alongside downwards revisions to prior month's data.
August industrial production figures also fell well short of the mark, dropping by 0.9% month-on-month (consensus: 0.1%), according to figures from the Federal Reserve, as mining and utilities output.
Worth noting, the Fed estimated that Harvey subtracted roughly 0.75 percentage points from total industrial production, while the BLS said the gathering of data in areas impacted by the hurricane was slower than in previous months.
Meanwhile, the University of Michigan reported a drop in its consumer confidence gauge for September to 95.3, down from a reading of 96.8 in the month before (consensus: 96.5). Again, here too those two hurricanes left a clear imprint, with survey responses showing a clear link between them and weaker expectations for the economy.
On the back of the retail sales and industrial production figures, Barclays Research took down its third quarter tracking estimate for US GDP from 2.6% to 2.0%.
Nonetheless, Berenberg sounded an optimistic note on the underlying trend for investment, pointing to the results from the Empire State survey to back up its conclusions.
Meanwhile, in the corporate space, Oracle's share price got pummelled after co-CEO Safra Catz guided toward growth in fiscal second quarter sales of between 2% to 4%, versus market forecasts calling for an increase of 4.7%.
Steel-maker Nucor was also lower as the company lowered its outlook for third quarter profits.
Amazon.com also attracted some attention at the end of the week on the heels of market speculation that it might be set to buy German-listed Shop Apotheke, with stock in the latter up by a further 15% despite denying it was in talks with the US internet giant.
Dow Jones - Risers
Boeing Co. (BA) $249.25 1.54%
Verizon Communications Inc. (VZ) $47.86 1.44%
Intel Corp. (INTC) $37.00 1.43%
Apple Inc. (AAPL) $159.88 1.01%
American Express Co. (AXP) $86.99 0.93%
3M Co. (MMM) $213.35 0.91%
Wal-Mart Stores Inc. (WMT) $80.38 0.88%
Cisco Systems Inc. (CSCO) $32.44 0.78%
Caterpillar Inc. (CAT) $121.35 0.74%
Microsoft Corp. (MSFT) $75.31 0.72%
Dow Jones - Fallers
General Electric Co. (GE) $23.93 -1.36%
Pfizer Inc. (PFE) $35.36 -1.04%
Visa Inc. (V) $105.30 -0.74%
Goldman Sachs Group Inc. (GS) $225.15 -0.72%
Home Depot Inc. (HD) $158.39 -0.61%
International Business Machines Corp. (IBM) $144.78 -0.49%
Procter & Gamble Co. (PG) $93.27 -0.30%
United Technologies Corp. (UTX) $113.08 -0.05%
McDonald's Corp. (MCD) $157.07 -0.05%
Exxon Mobil Corp. (XOM) $80.06 -0.02%
S&P 500 - Risers
Nvidia Corp. (NVDA) $180.11 6.32%
First Solar Inc. (FSLR) $50.45 4.17%
Western Digital Corp. (WDC) $88.52 3.18%
Seagate Technology Plc (STX) $33.55 2.76%
Qorvo, Inc. (QRVO) $75.49 2.74%
Macy's Inc. (M) $22.58 2.64%
Twenty-First Century Fox Inc Class B (FOX) $26.65 2.50%
Skyworks Solutions Inc. (SWKS) $109.55 2.31%
Union Pacific Corp. (UNP) $113.40 2.29%
TripAdvisor Inc. (TRIP) $43.93 2.23%
S&P 500 - Fallers
Henry Schein Inc. (HSIC) $82.88 -48.57%
Oracle Corp. (ORCL) $48.74 -7.67%
Carnival Corp. (CCL) $65.94 -4.07%
Equifax Inc. (EFX) $92.91 -3.81%
Mallinckrodt Plc Ordinary Shares (MNK) $34.27 -2.67%
Mylan Inc. (MYL) $32.03 -2.56%
Tenet Healthcare Corp. (THC) $16.73 -2.51%
Yum! Brands Inc. (YUM) $75.25 -2.48%
Chesapeake Energy Corp. (CHK) $4.00 -2.44%
United Continental Holdings Inc. (UAL) $59.78 -2.37%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $180.11 6.32%
Western Digital Corp. (WDC) $88.52 3.18%
Seagate Technology Plc (STX) $33.55 2.76%
Twenty-First Century Fox Inc Class B (FOX) $26.65 2.50%
Skyworks Solutions Inc. (SWKS) $109.55 2.31%
Discovery Communications Inc. Class C (DISCK) $20.64 2.18%
Discovery Communications Inc. Class A (DISCA) $21.95 2.14%
Dentsply International Inc. (XRAY) $59.35 2.10%
Twenty-First Century Fox Inc Class A (FOXA) $27.05 2.08%
Texas Instruments Inc (TXN) $84.84 1.86%
Nasdaq 100 - Fallers
Henry Schein Inc. (HSIC) $82.88 -48.57%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $57.25 -2.57%
Mylan Inc. (MYL) $32.03 -2.56%
Liberty Global Plc Lilac Class A (LILA) $24.97 -1.92%
Mercadolibre Inc. (MELI) $282.57 -1.81%
Comcast Corp. (CMCSA) $36.93 -1.78%
Regeneron Pharmaceuticals Inc. (REGN) $433.45 -1.77%
Liberty Global Plc Lilac Class C (LILAK) $24.50 -1.76%
Charter Communications Inc. (CHTR) $369.47 -1.74% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Monday newspaper round-up: 'Footnotes' debt, trains, housebuilders, gambling The world's top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system. The scale of this lending greatly increases the risk of a future funding crisis if inflation ever forces the US Federal Reserve to tighten hard, draining worldwide liquidity and potentially triggering a dollar surge. - Telegraph
The boss of Britain's last state-owned train operator today attacked Labour's plans to renationalise the railways, insisting that the move would dramatically force up fares. Michael Holden, who ran the renationalised east coast network, warned that abolishing private operators would lead to the loss of at least £800 million a year in investment. - The Times
Boris Johnson will use a showdown meeting with Theresa May this week to demand reassurances that the Prime Minister will not agree to make substantial payments to the EU after Brexit. The Foreign Secretary is concerned by reports that Mrs May is preparing to announce that she will carry on paying up to £10 billion per year to the EU during a transition period, which could be as long as three years. -Telegraph
Housebuilders must diversify their debt from the biggest five banks or risk shutting off access to vital capital, an analyst at KPMG has warned. More than 80pc of the listed housebuilders' £10bn of debt is held by just five banks: RBS, Barclays, HSBC, Lloyds and Santander, and no other industry has this level of concentration. - Telegraph
The UK's debt-laden pub giants are beginning to struggle because of a squeeze on earnings and rising costs, according to an industry stress test by ratings agency Moody's. Analysts said publicans are facing a perfect storm of rising business rates, labour costs and inflation, as well as falling beer consumption and fears about a consumer spending downturn. - Telegraph
A bidding battle could be about to ensue for the Metro after the Russian owner of the Evening Standard expressed interest in buying the free commuter newspaper. Evgeny Lebedev, the 37-year-old owner of the Evening Standard, is reported to have made an approach to the Daily Mail and General Trust (DMGT), which has put the Metro up for sale for between £30 million and £40 million as part of a wider plan to streamline its business. - The Times
Asking prices for homes in London have recorded their biggest annual fall so far this decade and have dropped on average by £18,000 in the space of just a month, the property site Rightmove said on Monday. But this headline finding masks much larger falls in some of the capital's most expensive boroughs. The average asking price of a home in Kensington and Chelsea plummeted by more than £300,000 between August and September, and Camden was also hit hard. - Guardian
Betting firms and broadcasters have made an offer to the government to fund an £8m addiction awareness campaign, in a move Labour warned must not be a "stitch-up" to stave off tighter regulation of adverts. The Department for Digital, Culture, Media and Sport (DCMS) will publish a long-awaited review of the gambling industry within weeks, including the government's view on the rising number of betting adverts on television. - Guardian
The aviation minister attacked Ryanair for leaving thousands of passengers stranded by cancelling more than 160 flights over the weekend. Lord Callanan demanded that travellers be fully compensated as the budget airline said it would drop 40 to 50 flights a day for the next six weeks. Ryanair said its decision was partly because it had "messed up" its pilots' holiday rota. - The Times
The UK has won its third export deal for the Typhoon fighter aircraft after signing a deal likely to be worth more than £2 billion with Qatar. The Gulf state agreed a potential order for 24 Typhoons to be assembled at BAE's Warton site in Lancashire, providing a boost for the defence manufacturer and the UK's attempts to win more export deals for the £80 million aircraft. - The Times
Airbus, Europe's largest aerospace multinational, has launched an internal investigation into possible corruption after the Guardian uncovered a series of questionable financial transactions resulting in an unexplained payment. Hundreds of pages of leaked bank records, internal memos and financial statements reveal that two companies secretly controlled by the aviation giant engaged in transactions involving €19m (£16.7m), a large part of which was then routed to a mysterious company via a tax haven. - Guardian
The AA reneged on a promise to let Bob Mackenzie, its executive chairman, work part-time and instead piled on the pressure in a move that ultimately led to his dismissal, his legal team have alleged. A letter from Ian Rosenblatt, Mr Mackenzie's lawyer, claims that the executive was placed under increasing strain. He was dismissed from the automotive services group after a physical confrontation with Mike Lloyd, head of its insurance business. - The Times
The chair of an influential parliamentary committee is calling for urgent action to ensure that British pensioners living in Spain or other EU countries do not find their payments stopped after Britain leaves the EU in 2019. UK firms may not be legally able to pay out personal pension or insurance contracts to UK expats and other citizens living in the EU after Brexit, Nicky Morgan, chair of the Treasury select committee, wrote in a letter to the chancellor, Philip Hammond. - Guardian
The UK partners at PWC have seen their incomes fall by £50,000 each after lower growth and investment in new areas took their toll on profit. The group of 953 equity partners earned on average £652,000 in the year to June 30, down 8 per cent from £706,000 the previous year. - The Times
Brighton magistrates court will be the venue this week for the latest chapter in the ongoing saga surrounding the collapse of BHS. Dominic Chappell, the former owner of the company, is to be prosecuted by the pensions watchdog for failing to give information for an investigation into its sale. Chappell, who bought BHS for £1 from Sir Philip Green in 2015, faces three charges of neglecting or refusing to provide information and documents without a reasonable excuse - a criminal offence which can result in a fine. - The Guardian
The public relations firm that launched the career of Bell Pottinger's former chief executive could be about to change hands for up to £50 million. Vitruvian Partners, the private equity firm, has asked advisers at Deloitte and Raymond James to find a buyer or new investor for Instinctif Partners, one of the largest financial public relations firms in the City of London. - The Times
Billionaire Russian oligarchs and Ukrainian elites accused of corruption are among hundreds of people who have acquired EU passports under controversial "golden visa" schemes. The government of Cyprus has raised more than €4bn since 2013 by providing citizenship to the super rich, granting them the right to live and work throughout Europe in exchange for cash investment. - Guardian
Plans to introduce low-emissions taxis in London are helping create more than 130 jobs in south Wales, as the firm tasked with making lightweight bodywork for eco-friendly black cabs reopens a factory in the area. The Norwegian aluminium company Sapa is investing £9.6m to reopen a mothballed plant in Bedwas, near Caerphilly, which it closed in 2014 because of tough market conditions and overcapacity. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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