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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: Shares end slightly higher following RBS numbers, US GDP London stocks ended the session slightly higher, underpinned by a weaker pound and well-received US GDP data and third-quarter earnings from RBS. The FTSE 100 ended up by 0.25% or 18.53 points at 7,505.03, while the pound was down 0.34% against the dollar at 1.3114 and 0.22% stronger versus the euro at 1.1319. IG analyst Joshua Mahony said: "Despite fading towards the close, the FTSE has enjoyed yet another day in the green, following on from yesterday's welcome recovery. The focus for the day has been on the dollar, which has had an incredible run, with the dollar index breaking into a three-month high thanks to euro weakness and the continued outperformance of US economic data. "Today's impressive 3% GDP reading did little to quell the greenback, surged higher yet again, as traders mulled over the heightened prospect of a December rate hike. With the BoJ, FOMC and BoE all up to the plate next week, the focus shifts back onto the central banks after a week of heavy hitting US corporate earnings figures." US third-quarter GDP slowed far less than expected over the three months to September, from a 3.1% clip in the second quarter to 3.0% in the third, easily exceedingthe 1.8% pace economists had penciled in. Market participants were also continuing to keep an eye on Spain, where Catalan nationalist parties issued a declaration of independence. In corporate news, Royal Bank of Scotland was in the black after saying it swung to a profit of £392m in the third quarter versus a loss of £469m in the same period a year ago as restructuring and conduct costs fell. Specialty chemicals group Elementis rallied after saying it delivered "another good revenue performance" in the third quarter and that it remains on track overall, while insurer Hastings nudged up as it reported a rise in nine-month gross written premiums. In broker note action, Compass was boosted by an upgrade to 'outperform' at RBC Capital Markets, while Aviva was higher after Barclays upped the stock to 'overweight'. On the downside, British Airways and Iberia parent International Consolidated Airlines Group flew lower despite reporting reported a 20.7% jump in third-quarter operating profit to €1.46bn and saying operating profit for the full year should come in at around €3bn before exceptional items. Shares in Tullow Oil gushed lowerafter the company said its Araku-1 exploration well in Suriname found no significant reservoir quality rocks and is now being plugged and abandoned. IT infrastructure services provider Computacenter reversed earlier gains to trade down after saying overall revenue jumped 27% year-on-year in the third quarter, to £931m, while temporary power provider Drax also turned lower as it announced the appointment of Den Jones as interim chief financial officer from 1 November. |
| | The Top 10 Stocks for Q4 | | Our latest quarterly stocks report analyses the top and bottom 10 FTSE 100 performers of 2017 so far and looks at our Top Ten Stock Picks for Q4 including City broker consensus and their average target price for each stock. Losses can exceed deposits Download the report here |
| | Market Movers FTSE 100 (UKX) 7,505.03 0.25%
FTSE 250 (MCX) 20,146.06 -0.09%
techMARK (TASX) 3,506.59 0.18% FTSE 100 - Risers Reckitt Benckiser Group (RB.) 6,845.00p 3.09%
Experian (EXPN) 1,598.00p 2.77%
Compass Group (CPG) 1,638.00p 2.38%
Merlin Entertainments (MERL) 377.70p 2.27%
Rolls-Royce Holdings (RR.) 964.50p 2.17%
Shire Plc (SHP) 3,599.50p 2.17%
Royal Bank of Scotland Group (RBS) 285.80p 1.71%
Diageo (DGE) 2,608.00p 1.68%
BP (BP.) 497.90p 1.61%
Scottish Mortgage Inv Trust (SMT) 443.60p 1.58% FTSE 100 - Fallers International Consolidated Airlines Group SA (CDI) (IAG) 623.50p -6.94%
Berkeley Group Holdings (The) (BKG) 3,807.00p -3.47%
easyJet (EZJ) 1,273.00p -3.19%
Glencore (GLEN) 367.20p -3.05%
Antofagasta (ANTO) 956.50p -3.04%
Taylor Wimpey (TW.) 201.90p -2.65%
ITV (ITV) 164.00p -2.55%
Convatec Group (CTEC) 199.60p -2.44%
Persimmon (PSN) 2,831.00p -2.04%
Worldpay Group (WPG) 400.50p -2.01% FTSE 250 - Risers Polar Capital Technology Trust (PCT) 1,135.00p 3.28%
Softcat (SCT) 517.00p 2.99%
Stobart Group Ltd. (STOB) 277.00p 2.97%
Travis Perkins (TPK) 1,542.00p 2.46%
Mitchells & Butlers (MAB) 254.80p 2.40%
Greencore Group (GNC) 198.30p 2.37%
Tate & Lyle (TATE) 653.00p 2.27%
BTG (BTG) 751.50p 2.24%
William Hill (WMH) 249.00p 2.22%
Elementis (ELM) 286.40p 2.21% FTSE 250 - Fallers Ferrexpo (FXPO) 256.40p -4.83%
Inmarsat (ISAT) 589.50p -3.91%
Kaz Minerals (KAZ) 814.50p -3.84%
Crest Nicholson Holdings (CRST) 552.50p -3.73%
Intermediate Capital Group (ICP) 977.50p -2.88%
Auto Trader Group (AUTO) 343.00p -2.61%
Wizz Air Holdings (WIZZ) 3,171.00p -2.57%
Galliford Try (GFRD) 1,240.00p -2.52%
Tullow Oil (TLW) 178.00p -2.41% |
| | Who pockets your portfolio's profits? You or your broker? | | Make sure you’re not paying too much for your portfolio’s account admin by choosing fixed over percentage-based fees. Capital at risk. Read more |
| | US Market Report | | US open: Stocks jump on tech earnings, strong economic data Wall Street is heading into the weekend with sharp gains following quarterly updates from several heavyweights in the technology space. Helping the advance were a jump in crude oil futures as Russia and Saudi Arabia gave their support to a nine-month extension of their supply cut deal and positive economic data. Thus, at 1617 BST the Dow Jones Industrial Average was up by 0.11% or 25.01 points at 23,425.87, alongside a gain of 0.69% or 17.59 points to 2,577.99 for the S&P 500 and a 1.81% or 118.39 point advance to 6,675.58 for the Nasdaq Composite. Despite all of the above, the yield on the benchmark 10-year US Treasury note was four basis points lower to 2.42%, although the US dollar spot index was climbing past technical resistance and at roughly one-month highs. Joshua Mahony, market analyst at IG, said: "The focus for the day has been on the dollar, which has had an incredible run, with the dollar index breaking into a three-month high thanks to euro weakness and the continued outperformance of US economic data. "Today's impressive 3% GDP reading did little to quell the greenback, surged higher yet again, as traders mulled over the heightened prospect of a December rate hike. With the BoJ, FOMC and BoE all up to the plate next week, the focus shifts back onto the central banks after a week of heavy hitting US corporate earnings figures." In economic data, a preliminary reading on third quarter gross domestic product from the Department of Commerce revealed only a slight dip in the rate of GDP growth for the three months to September, from 3.2% to 3.1% (consensus: 2.5%), despite the impact from the various hurricanes that hit the Gulf of Mexico during that period. Elsewhere, the University of Michigan revised its consumer confidence index reading for October from a preliminary print of 101.1 to 100.7 (consensus: 101.0). Nevertheless, according to Richard Curtin, the survey's chief economist, that still marked just the second time ever that the index had climbed above the 100 point mark. From a sector standpoint, the best performing areas of the market were: Internet (4.89%), Software (3.37%) and Waste & Disposal (3.27%). More specifically, Amazon shares were moving higher after it posted a 34% jump in third-quarter sales to $43.7bn, while net income pushed up to $252m from $256m. Meanwhile, Google parent Alphabet was also on course for an up day after it said late on Thursday that revenue in the three months to the end of September rose 24%, while operating income was up 35%. Intel was also gaining ground after it reported third-quarter earnings per share of $1.01 versus expectations of $0.80 and revenue of $16.2bn compared with expectations of $15.7bn. Microsoft was bringing up the rear after reporting earnings per share in the third quarter came in at $0.84 compared with estimates of $0.72, while revenue printed at $24.5bn versus forecasts of $23.6bn. Elsewhere, Huntsman Corp was in focus after it and Swiss-based Clariant mutually agreed to drop their proposed merger plans following pressure from US activist investors. |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Broker Tips | | Broker tips: Provident Financial, Hunting, RSA Insurance Berenberg hiked its target for Provident Financial on Tuesday but stuck to a 'hold' recommendation on the shares, warning clients that it was impossible to anticipate the conclusion of the regulator's investigation into the door-step lender. "We do not think it is possible to usefully forecast the conclusion of the FCA investigation, and it is this variable that will be the key driver of the stock price over the medium term, in our view. We therefore retain our Hold recommendation," analysts Donald Tait and Robert Chantry said in a research note sent to clients. Furthermore, the broker explained how "the FCA has stated publically its commitment to helping potentially vulnerable borrowers and we think this may have further ramifications for earnings and returns." The potential for increased regulatory capital requirements as a result of the investigation into Provident's repayment option plan was still a worry as well, potentially curtailing its ability to pay any redress fine. On a more a positive note, the broker did expect the company home credit unit to recover, albeit not to the same size as before. Analysts at Canaccord Genuity raised their target for Hunting's shares following the company's third quarter trading update. The Canadian broker said it expected the "strong" levels of activity seen over the prior month to extend into October, adding that business was especially strong at the the oilfield services group's Titan unit. Hence, Canaccord bumped up its full-year 2017 earnings per share estimate from a loss of -$0.03 to a profit of $0.01, with similar-sized upwards revisions made to its estimates for 2018 and 2019. As a result, its target for the shares rose from 450p to 520p. "Outside the guns business, activity in other US onshore drilling focussed businesses (Hunting Specialty) is also reporting strong results. Notably, there is also some strength in the rest of the business, albeit that demand is primarily for US activity [...] We continue to believe that the recovery in the oil industry is taking hold, and current oil prices suggest that there is likely more to go for," analyst Alex Brooks said in a research note sent to clients. RSA Insurance got a boost on Tuesday as JPMorgan Cazenove upgraded the stock to 'overweight' from 'neutral' as it took a look at the UK non-life sector. The bank said its clear top pick in the sector is overweight-rated Direct Line, closely followed by RSA and then Hastings. It noted that RSA has underperformed in recent months, meaning the valuation is now attractive. "We believe the pricing backdrop in commercial lines may improve following recent natural catastrophe events, and with additional capital return likely to commence from FY18E, RSA's income credentials could be meaningfully improved." With relatively less upside to its valuations, the bank downgraded Admiral to 'neutral' from 'overweight' and Esure to 'underweight' from 'neutral'. It said Admiral's slower growth in the first half was due to a temporary competitive disadvantage and although this will be removed in January, it nevertheless could continue to weigh on growth in the second half. "With no obvious catalysts on the horizon, and only modest upside to our valuation, we move to neutral." | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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