| | | | | | | Momentum Investing 5 FTSE Stocks Currently on Momentum At its core, Momentum Investing is about understanding the psychology of the market and how traders tend to "rush" into certain stocks. The goal being to identify and profit from such bull rushes. This report delves into the concept and looks at 5 Stocks that have seen positive momentum in 2018. Losses can exceed deposits. Download Report | | |
| | London open: Stocks climb as miners rally, Brexit Sec Davis resigns |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose to their highest level in almost a fortnight on Monday morning even in spite of the resurgent pound as Brexit Secretary David Davis resigned from the government. The FTSE 100 index jumped 30.79 points or 0.4% to 7,648.49, while sterling was up 0.27% on the dollar at 1.3319 and gained 0.2% versus the euro to 1.1329 as investors continued to digest the softer Brexit stance pushed through by Theresa May at Friday's crunch cabinet meeting at Chequers. The resignation of Davis and his two under-secretaries was in protest against the new Brexit proposals. "It’s unwelcome timing for the PM ahead of the UK’s white paper on Brexit, and before crucial talks with Brussels, but markets welcome the removal of a major impediment to a pro-business 'soft-Brexit'," said analyst Mike van Dulken at Accendo Markets. Analyst Jasper Lawler at London Capital Group added: "Today and the next few days will be key for Theresa May’s survival and the buoyancy of the pound. The pound has fallen away from its opening high versus the US dollar, but not actually swung lower on the day, suggesting that investors believe she will keep hold of the reins." Lawler said the trade war between US and China remained on the forefront of the market's hive-mind but that US jobs data had somewhat over-ridden some of the negative thoughts. "Just because US equities didn’t experience a sell off on Friday, it doesn’t mean that a trade war is already fully priced in. The actual trade tariffs are nothing new, the market has been aware of them for over a month, and for now conditions are still supportive for financial growth, allowing markets to move higher." Monday's should be quiet from data perspective but will pick up over the week. In company news, the FTSE's phalanx of heavyweight miners was leading the charge, with Antofagasta, BHP Billiton, Anglo American and Rio Tinto all on the leaderboard, as dollar weakness may hampering the earnings potential of some of the FTSE’s global stocks, but is a boon to the dollar-priced resources sector. Oil and copper prices are also both up. BP was also reported by Reuters to be in the lead to buy BHP Billiton’s US onshore oil assets. Stobart Group took off after it was confirmed over the weekend that chairman Iain Ferguson received enough votes at Friday's annual shareholder meeting to remain in his position. Ex-director Andrew Tinkler, who had been leading a campaign to replace Ferguson, was voted back onto the board, but the board quickly decided to vote him back off. Cairn Energy climbed as it said ongoing arbitration with the Government of India would face final arbitration hearings scheduled from 20 August in The Hague. Inmarsat was rising despite US suitor Echostar having abandoned its efforts to acquire the satellite company just after the close on Friday. Shares in TalkTalk were higher, with reports over the weekend that billionaire chairman Sir Charles Dunstone is facing an attempt by investors to kick him off the board. Sirius Minerals was up on the back of a materials handling agreement and lease signed with Redcar Bulk Terminal to provide port and ship loading services for up to 10m tonnes of fertiliser a year. The company said the deal will provide greater flexibility in storage and port operations and reduced construction risk and capital expenditure requirements during its current construction programme. Workspace Group was a little higher after exchanging contracts for the disposal of three properties in London for a total of £51.85m, a premium of 23.2% the March valuation. Student accommodation manager and developer Unite edged up after it issued a quarterly property valuation of its UK Student Accommodation Fund and the London Student Accommodation Joint Venture, with the former independently valued up 1.2% at £2.32bn and the latter up 2.5% to £1.2bn. On the downside, Egyptian gold miner Centamin reported production for the second quarter of 92,803 ounces, a 25% reduction year-on-year. Off the FTSE 350, Mothercare was tumbling again as the retailer went cap-in-hand to shareholders in an effort to raise £32.5m through a one-for-one placing and open offer and said it was now shutting 60 shops instead of the 50 originally earmarked. It added that its Childrens World division was being placed into administration after creditors failed to back a company voluntary arrangement. "Mothercare’s latest troubles demonstrate how difficult life is for high street retailers," said analyst Rebecca O'Keefe at Interactive Investor. "Transforming legacy businesses, making them relevant, and generating enough footfall that goes on to buy your product instore, rather than testing it out and then going home to get a better deal online, is incredibly tough. Many investors have given up on the high street retail sector altogether and others are wondering just how long they will have to wait for management to deliver their turnaround strategies, or if it is worth the wait at all." |
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| | US close: Biotech surges to just below record highs, alongside small-caps | | A solid employment report for the month of June saw Wall Street shrug-off concerns around the potential for a ratcheting-up in protectionist measures around the world. By the closing bell, the Dow Jones Industrial Average was higher by 0.41% or 99.74 points at 24,456.48, while the S&P 500 had gained 0.85% or 23.21 points to 2,759.82 and the Nasdaq Composite collected 1.34% or 101.96 to 7,688.39. Powering gains on the latter two indices, shares of Biogen finished the day almost 20% higher, adding over $12bn to the biotech giant's market capitalisation in the blink of an eye. In turn, that drove the NYSE Arca Biotech index up 3.45% to 5,008.06 - to within a whisker of its 52-week highs. Right behind on the sector leaderboard were: Non-ferrous metals (3.18%), Pharmaceuticals (2.11%) and Internet (1.78%). In the small-cap (and hypothetically less exposed to international trade frictions) arena, the Russell 2000 advanced 0.87% to 1,694.05 and was also trading just below its 52-week highs. The CBoE's VIX volatility index on the other hand shed 10.69% to 13.37. Also helping to boosting sentiment, non-farm payrolls printed at up by 213,000 for last month, alongside upwards revisions to the prior two months' worth of data of +37,000, leaving the average monthly print year-to-date for NFP at what some economists termed as a "steady and solid" 212,000. Commenting on Friday's figures from the Bureau of Labor Statistics, Michael Gapen at Barclays Research told clients: "This may not be the case going forward, and we will remain watchful for signs that business confidence is waning and hiring and spending plans are being postponed, but for now, the data on economic activity and labor markets continue to point to solid momentum in the domestic economy on the back of significant fiscal stimulus." "[...] That said, soft wage growth and a bump in the U3 unemployment rate do not send a signal that the Fed is behind the curve." At an annual pace of 2.7% (consensus 2.8%), the rate of growth in average hourly earnings was softer than May's reading of 2.8%, which saw the yield on both two and 10-year Treasuries slip one basis point to 2.54% and 2.82%, respectively. On the global trade front, 25% tariffs on $34bn-worth of Chinese goods kicked-in one minute past midnight in Washington D.C., with Beijing retaliating in kind shortly thereafter. Nevertheless, according to analysts at Oxford Economics, "Besides criticising the US move and vowing to retaliate, today's statement by China's Ministry of Commerce also indicated restraints and continued commitment to reform and globalisation." In the company space, shares of Biogen shot up 19.63% , after it announced positive Phase II trial results for its Alzheimer's treatment, alongside Japan's Eisai. JP Morgan edged higher by 0.33% as it denied a report in the German press that it might be interested in taking a stake in Deutsche Bank. Caterpillar lost 0.29% announced the second phase of its expansion to its North Little Rock facility, while WWE picked up 1.74% after it signed a new five-year deal with USA Network and Fox Sports. |
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| | Monday newspaper round-up: Audits, Sky, BT, Amazon | | The competition watchdog has challenged the accounting profession to find ways to improve choice in the auditing market that could save the Big Four firms from being broken up. Andrea Coscelli, chief executive of the Competition and Markets Authority, issued the challenge in meetings with the biggest accountants. It signals a reluctance from the regulator to force accountants to spin off their audit practices after they called the idea “unworkable”. - The Times Carillion’s collapse “could happen again” as the Government has not yet learned how to outsource work effectively, a group of MPs has warned. Public services are deteriorating as the Government prioritises costs above all else in outsourcing decisions, said a damning report from the Public Administration and Constitutional Affairs Committee. - Telegraph The former chief executive of Stobart Group has accused the company of treating shareholders with contempt for ignoring a vote that reinstated him as a director of the company. Shareholders at Stobart’s annual meeting on Friday proposed from the floor to appoint Andrew Tinkler as a director of the infrastructure group which owns Southend airport, despite him being dismissed from the board in June for an attempted boardroom coup. - The Times Dutch electronics firm Philips has warned it may shift production out of Britain in the event of a 'hard' Brexit, saying it was “deeply concerned about competitiveness” of its operations there. The Amsterdam-based group employs about 1,500 people in Britain, most notably at its factory at Glemsford in Suffolk making baby care products for export. - Guardian Comcast is expected to submit a formal £22 billion takeover bid for Sky this week, laying the ground for a bidding war for Britain’s largest commercial broadcaster. Brian Roberts, chairman and chief executive of the giant American cable company, has until Friday to publish the terms of its £12.50-a share-offer, which would then give 21st Century Fox a further 28 days to top Comcast’s offer. - The Times Plans to install hundreds of thousands of additional charging points for electric vehicles are to be announced by the transport secretary. Chris Grayling will unveil proposals aimed at making it easier to recharge electric vehicles than refuel those running on petrol or diesel, in an attempt to increase the take-up of ultra-low emission vehicles. - Guardian The pub industry could be toasting a return to growth soon after at least 40 years of decline in the number of pubs nationwide. According to data from MCA, the market analyst, the number of pubs will continue to fall for another two years, but then will flatten out from 2021 and will turn positive from 2023 as closures are more than offset by new openings. - The Times BT is preparing to sell off its City of London headquarters in a sale-and-leaseback deal that would take advantage of a resilient commercial property market. This year, the FTSE 100 telecoms group announced plans to shed 13,000 jobs over the next three years, to leave its City headquarters and to adjust its property portfolio. - The Times The UK’s official number crunchers are transforming their data gathering in order to measure the “Amazon effect” on the prices of goods and services. No longer just based on a traditional “shopping basket”, official figures on price rises will soon take account of the nation’s online shopping habits, measuring the sales of millions of items such as clothing, flights and package holidays. - Telegraph A mining company hopes to feed growing demand for electric vehicle batteries by digging up nickel and cobalt in Brazil. Brazilian Nickel will look to raise $30m (£23m) in an initial public offering on London’s junior Aim market later this month, and put the money towards a full feasibility study of its Piauí Nickel project, which it hopes to have in production by 2021. - Telegraph The duo dubbed the “Bitcoin billionaire twins” have snapped up the New York Stock Exchange’s tech chief, the latest executive to jump ship for a cryptocurrency venture. The Winklevoss twins, who sued Mark Zuckerberg claiming he stole their idea to create Facebook, have hired Robert Cornish to serve as Gemini cryptocurrency exchange’s first chief technology officer, making it the latest digital-asset business to bring in an executive with expertise serving professional investors and traders. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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