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May 11, 2018

Evening Euro Markets Bulletin

 
ADVFN III Evening Euro Markets Bulletin
Daily world financial news Friday, 11 May 2018 17:26:50
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London close: Stocks carried higher by upbeat Wall Street mood
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London stocks made a late surge on Friday as the pound could not regained ground and Wall Street looked to finish the week on the front foot.

The FTSE 100 finished up 23.58 points or 0.31% at 7,724.55, up almost 3% over the week, as the pound could not hold onto its earlier gains against the dollar, finishing around 0.2% higher at 1.3551 and gave up earlier ground on the euro to end flat at 1.1344.

Speaking to BBC radio in the morning, BoE deputy governor Ben Broadbent denied that the central bank was sending out mixed messages on interest rates: "We have given some guidance that we are going to raise rates over the next few years but that has never been a promise that we are going to raise rates at a particular point in time," he said.

"If you read what we said in the early part of the year it was clearly a conditional statement. It says if the economy turns out in line with the forecast then interest rate rises may come sooner than people expected."

Market analysts Chris Beauchamp at IG said momentum was taking over for investors. "Equities continue to exhibit signs of strength, buoyed by a strong earnings season and valuations that have reminded investors of the compelling fundamental outlook. Investors should take heart from the resilience equities have shown as geopolitical tensions rise, and signs that stock can weather the storms of Iran, North Korea and others should encourage fresh flows into equity markets."

Looking at next week, all Beauchamp could find was oil data and German economic data. "The latter is especially important, given the recent weakness in the eurozone. As earnings season diminishes in importance, markets will cast around for other reasons to worry, but the solid performance of equities in recent weeks should send a signal to investors that the bull market is reasserting itself."

In corporate news, Zoopla and PrimeLocation owner ZPG rocketed after agreeing to be bought by US private equity firm Silver Lake Management for 490p per share in cash, or £2.2bn. Rightmove and Auto Trader also gained on positive read-across from the deal.

BBA Aviation rose after saying its trading performance in the first quarter remained in line with expectations, with revenue for the period up 9.7% year-on year, reflecting good organic growth in its Signature division.

3i Infrastructure was higher as it hailed an "outstanding" year, with net asset value up 28.6%, while Wood Group racked up strong gains after saying it was seeing good momentum in trading.

Paragon Banking nudged up after announcing the appointment of senior independent director Fiona Clutterbuck as its new chairman with effect from 10 May, succeeding Bob Dench.

On the downside, AstraZeneca slipped after saying that a late-stage trial for its first respiratory biologic drug failed to meet its primary goal in treatment of chronic obstructive pulmonary disease.

Interserve fell as the City watchdog's enforcement division launched an investigation into the company's handling of inside information and its disclosures to the market over its troublesome exit from the energy-from-waste business.

Embattled retailer Carpetright was in the red as it said it has agreed a £15m unsecured loan from its biggest shareholder, Meditor, ahead of its planned £60m equity placing next week.

In broker note action, ITV was lifted by strong broker write-ups following its results a day earlier, with JP Morgan Cazenove highlighting its "strategic value".

Bakery chain Greggs was lower after Berenberg downgraded the stock to 'hold'. Severn Trent was under the cosh as Bernstein cut the stock to 'underperform' from 'market perform', along with United Utilities where analysts cut their price target.

Renishaw fell after a downgrade to 'reduce' at Peel Hunt and EasyJet was lifted to 'buy' by Goodbody. RBS was upgraded to 'hold' at Societe Generale and Rathbone Brothers was bumped up to 'buy' at Canaccord.

InterContinental Hotels was downgraded to 'neutral' from 'buy' at Bank of America Merrill Lynch, while G4S was lifted to 'outperform' at Exane.


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Market Status
 
 
change pct
-0.07%
 
cur price
7,695.46
 
change
-5.51
 
 
change pct
+0.39%
 
cur price
20,780.91
 
change
+81.50
 
 
change pct
-0.25%
 
cur price
3,485.54
 
change
-8.67

Top 10 FTSE 100 Risers

# NameChange PctChangeCur Price
1Randgold Resources+2.71%+154.005,828.00
2G4S+2.07%+5.40265.90
3ITV Plc+1.93%+3.10163.45
4Easyjet Plc+1.66%+28.001,717.50
5Royal Bank Of Scotland+1.47%+4.20290.70
6Fresnillo plc+1.31%+17.001,311.50
7Glencore+1.29%+4.85381.05
8BHP Billiton+1.25%+20.801,690.20
9Anglo American+1.10%+19.801,820.00
10Sainsbury+1.02%+3.10308.00

Top 10 FTSE 100 Fallers

# NameChange PctChangeCur Price
1United Utilities-2.59%-20.20761.00
2Convatec-2.18%-5.10228.70
3Severn Trent-2.10%-42.501,977.50
4Intercontinental Hotels Group-1.37%-66.004,758.00
5Kingfisher Plc-1.24%-3.70293.60
6Next Plc-1.08%-60.005,508.00
7National Grid-0.79%-6.70837.20
8GlaxoSmithKline-0.72%-10.601,466.40
9Relx Group-0.72%-11.501,594.00
10Old Mutual-0.69%-1.80259.10

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Crypto Currencies
#1 Bitcoin (BTC)
change
-0.44%
mktcap
150.63B
volume
41118.95T
price
8,967.22
#2 Ethereum (ETH)
change
+1.70%
mktcap
71.21B
volume
15541.11T
price
735.02
#3 Ripple (XRP)
change
-0.01%
mktcap
28.4B
volume
5246.03T
price
0.75
#4 Bitcoin Cash / BCC (BCH)
change
-6.06%
mktcap
25.08B
volume
5957.92T
price
1,541.26
#5 EOS (EOS)
change
+0.43%
mktcap
14.18B
volume
12417.65T
price
17.52

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US close: Markets higher amid solid employment data

Wall Street finished in the green on Thursday, as investors thumbed through weaker-than-expected inflation data and jobless claims figures that continued to indicate the US labour market was in good health.

The Dow Jones Industrial Average finished up 0.8% at 24,739.53, while the S&P 500 added 0.94% to 2,723.07 and the Nasdaq 100 was 1.02% higher at 6,963.55.

Earlier in the session and back across the pond, the Bank of England voted 7-2 to keep interest rates unchanged at 0.5% as expected, and downgraded its outlook for GDP growth and inflation.

On the data front in the US, the number of people applying for unemployment benefits throughout early May was flat at 211,000 for the second straight week, keeping initial jobless claims near a 49-year low according to the Labor Department.

Elsewhere, the core consumer price index, which excludes volatile food and energy prices, printed at up by 2.1% for April compared to the same period a year ago, the fastest clip since last February but behind the 2.2% forecast by economists.

Meanwhile, the consumer price index rose 0.2% in April, also a touch below forecasts.

In US corporate news, streaming hardware maker Roku reversed earlier gains to finish down 1.72%, even after it posted better-than-expected quarterly earnings late on Wednesday.

Cinema chain AMC Entertainment Holdings picked up 2.49% after it posted higher first-quarter earnings and revenues on the strength of films like Black Panther and Jumanji, while Tribune Media also gave up earlier gains to fall 0.48% after blowing past first-quarter estimates.


Friday broker round-up

Greggs: Berenberg downgrades to hold with a target price of 1,225p.

Vodafone Group: Berenberg reiterates buy with a target price of 250p.

CCH: JP Morgan reiterates neutral with a target price of 2,500p.

Experian: JP Morgan reiterates overweight with a target price 1,900p.

ITV: JP Morgan reiterates overweight with a target price of 200p.

Next: JP Morgan reiterates neutral with a target price of 5,240p.

BT Group: JP Morgan reiterates neutral with a target price of 260p.

Royal Bank of Scotland: Citigroup reiterates neutral with a target price of 285p.

Randgold: Citigroup reiterates buy with a target price of 7,200p.

Abcam: Numis reiterates hold with a target price of 1,316p.

SuperGroup: Numis hold with a target price of 1,250p.

Compass: Canaccord reiterates hold with a target price of 1,630p.

Rathbone Brothers: Canaccord upgrades to buy with a target price of 2,705p.

 

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