| Bargain Blue Chips 5 stocks trading significantly below their 2018 highs Seeking out undervalued companies that can offer attractive potential for a bounce back to what investors feel represents their "fair value" is a strategy often favoured by FTSE investors. With this approach in mind, our latest report looks at 5 Bargain Blue Chip stocks; medium-term charts, potential support and resistance levels, broker recommendations and target prices 78% of retail clients lose money, consider affordability. Get the report here » | | | London open: Stocks edge lower but Sky bucks trend on Comcast deal | | | | | London stocks edged lower in early trade on Monday as fresh US-China trade tariffs kicked in, but Sky bucked the trend after Comcast outbid Fox for the broadcaster. At 0840 BST, the FTSE 100 was down 0.2% to 7,476.42, while the pound was up 0.3% versus the dollar and the euro at 1.3108 and 1.1166, respectively. Traders were looking east after China cancelled the latest round of US trade talks, bolstering trade war concerns, just as new US tariffs were due began. Beijing declined an invitation to explore further trade talks and summoned Washington’s ambassador to Beijing to protest over Russia-related sanctions imposed on a Chinese general. Market analyst Rebecca O’Keeffe at Interactive Investor said: "During the first stages of the US-China trade war, markets concluded that the US President clearly held the upper hand and US markets reached new highs. However, as a new round of tariffs are imposed, the market is far less sure that this is a smart thing for the President to be doing. Not only has China retaliated immediately, but many of the new US tariffs are likely to have a direct negative impact on US companies and consumers. "Last week, US chipmaker Micron warned of the negative effects of new tariffs on its business outlook, while consumer companies including Walmart and Target warned that US shoppers would have to pay higher prices as a result of the new tariffs. Support for tariffs in the US works as long as it doesn’t have a direct impact on US consumers, jobs or share prices. If this latest move starts to result in higher prices for customers or lower corporate profitability, the President may find the going much tougher, even with his most ardent fans." On the UK data front, the CBI industrial trends survey is at 1100 BST. In corporate news, Thomas Cook tumbled 23% after warning over its full-year profits as it said unseasonably hot weather hit bookings. TUI was also under the cosh. Drax slipped after confirming that it is in talks with Spain’s Iberdrola about the potential acquisition of a UK portfolio of pumped storage, renewable hydro and gas-fired generation assets. AstraZeneca ticked a little lower even as it said that its diabetes drug Farxiga met a key goal in a major clinical study to show the medicine’s heart-protecting benefits. On the upside, Sky surged nearly 9% as it urged its shareholders to accept a takeover offer from US-based Comcast after it outbid Rupert Murdoch’s 21st Century Fox for the London-listed broadcaster. Sky said the Comcast offer of £17.28 represents an "excellent outcome" for its shareholders, at a premium of 125% to the closing price 6 December 2016, which was the last business day before Fox’s initial approach. O’Keeffe said: "Sky shareholders are popping the champagne after this weekend’s bidding auction valued the company at eye watering levels. The premium that is being offered by Comcast in indicative of how much pressure is on traditional media platforms. "Their newer tech savvy rivals have revolutionised the way people engage with TV and internet content and these technology giants are investing huge amounts of money into both popular shows and new content to keep customers coming back for more." Randgold Resources rallied as it agreed to a merger with larger Canadian rival Barrick Gold to create a $18.3bn giant while Pennon was a touch higher as it maintained its full-year expectations. Oil stocks were boosted as crude oil prices continued to rally, with a barrel of Brent up 2% to $80.38. In broker note action, Smiths was downgraded to 'neutral’ at Bank of America Merrill Lynch, while SSP was rated new 'hold’ at Jefferies. Spire Healthcare was resumed at 'hold’ by Peel Hunt and Johnson Matthey was started at 'outperform’ by Bernstein. Capital & Counties was lifted to 'outperform’ from 'neutral’ by Credit Suisse. | | | | | Free FXCM Conference, Friday 28th Sept. Join a team of professional traders such as Siam Kidd and Phillip Konchar at the Grange Hotel Tower Bridge. Book your free seat here.
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| | | | | Invest in the revolutionary combustion technology that’s reducing emissions and cutting costs – with 400% Projected ROI by year 3 Find Out More | | | US close: Stocks end on mixed note, but Dow hits record high | | | | | Wall Street finished on a mixed note on Friday, weighed down by weakness in the technology space, although the Dow Industrials did manage to eke out a fresh record high. By the end of the day, the Dow Jones Industrial had climbed 0.32% or 86.52 points to 26,743.50, while the S&P 500 was 0.04% lower at 2,929.67 and the Nasdaq Composite fell 0.51% or 41.28 points to 7,986.96. Connor Campbell, a financial analyst at SpreadEx, said: "For the Dow Jones, it could only add 40 or so points after the bell. Still, that was enough for the index to cross 26700, a record high for an index that has climbed and climbed since the start of July despite the unpleasant - but, in the eyes of investors, not as bad as it potentially could be - diplomatic and economic relationship between the US and China." Sentiment on Thursday was underpinned by some solid economic data, as jobless claims and the Philadelphia Fed's manufacturing index came in ahead of forecasts, while an index of leading economic indicators signalled that the US economy could grow by 3% in the second half of this year. CMC Markets analyst David Madden said: "The Dow Jones and S&P 500 hit all-time highs yesterday as fears surrounding the US-China trade standoff subsided. The tariffs that were announced by both sides during the week were deemed to be not as harsh as originally suspected. "The US, in particular, showed restraint, but that was partially so the Trump administration would have more ammunition should they feel it is required down the line. Now that the latest series of tariffs are out of the way, investors fell back into their bullish routine." In corporate news, Micron Technology was down 2.87% after its quarterly results late on Thursday were solid but the company's outlook was weaker-than-expected. Elsewhere, Wells Fargo was down by 1.01% after announcing late on Thursday that it could cut jobs as part of its "ongoing transformation". Adobe Systems retreated 2.05% following the bell as it announced an agreement to buy software maker Marketo for $4.8bn, while Medtronic edged higher by 0.38% after agreeing to buy Mazor Robotics for $1.64bn. Shares in Comcast and Walt Disney were little changed ahead of an auction for London-listed broadcaster Sky, the outcome of which was expected to be announced on Saturday. On the data front, IHS Markit's Manufacturing PMI improved to 55.6 in September, the highest reading for the index since May and ahead of consensus estimates for a reading of 55. "The seasonally adjusted IHS Markit Flash US Manufacturing Purchasing Managers' Index pointed to a robust improvement in business conditions across the manufacturing sector during September," the survey compiler said on Friday. In the services sector, the seasonally adjusted IHS Markit Flash US Services PMI Business Activity Index dropped to 52.9 in September, from 54.8 in August, signalling the weakest expansion of service sector output since March 2017. The Composite Purchasing Managers' index also fell to 53.4 in September - a 17- month low. | | | eToro Daily Update 21/09/2018 | | | | Today’s highlights: Wall Street reaches new heights - Dow Jones reaches new all-time high: For the first time since January, the Dow Jones soared to a new all-time high, joined by an all-time high by the S&P 500and gains by the Nasdaq. Several companies also reached record highs, including Nike, Microsoft and Visa.
- Asia follows Wall Street’s lead: Markets in the East were seen higher this morning, as the China50 index was up more than 2.5% at the time of writing, and the Hang Seng and Nikkei each climbed more than 1.3%.
Read More.. | | | Monday newspaper round-up: Danske Bank, River Island, Sky, Drax | | | | | US firms are taking advantage of the cheap pound to snap up some of Britain’s most successful businesses at bargain prices, according to the latest mergers and acquisitions data. The value of deals involving US companies buying UK businesses more than doubled to £79bn in 2017-18 from £36.8bn in the previous year. The low value of sterling, which last week slumped to $1.30 in the wake of Theresa May’s post-Salzburg statement, has given American buying power a boost and allowed US firms to outbid rivals. – Guardian Employee ownership schemes in large companies could result in almost 11 million workers being given up to £500 a year each, in plans to be expanded upon by the shadow chancellor on Monday. Under the scheme, every company with 250 or more employees will be expected to create an “inclusive ownership fund” (IOF) under a future Labour government, John McDonnell will say. - Guardian City regulators have been urged to
investigate UK links to a €200bn (£180bn) dirty-money scandal at Denmark’s largest lender Danske Bank. Anti-corruption groups told the Telegraph that the Serious Fraud Office (SFO) and Financial Conduct
Authority (FCA) should investigate the case and consider stripping Danske of its UK banking licence. - Telegraph Profits at River Island have plunged 40pc as the chain invested in the business to cope with the shift in shopping habits online. Ben Lewis, the chief executive, said sales were moving to its website, but shops remained a “very important part” of the customer experience. Operating profits sank to £80.6m for the year ending December 2017, down from £135.7m the year before, as it invested in stock, distribution and technology to underpin its multichannel offer. Sales edged 3pc lower to £944.5m. - Telegraph Jeremy Darroch, Sky’s chief executive, is in line to receive £50 million after the sale of the satellite broadcaster to Comcast for more than £30 billion. America’s largest cable television provider prevailed this weekend in a protracted takeover struggle against 21st Century Fox, which already owns 39 per cent of Sky and was bidding with Disney’s backing to take full control. - The Times Drax is in talks to buy Scottish Power’s gas and hydroelectric power plants in its latest attempt to diversify beyond its main North Yorkshire power plant. The FTSE 250 energy company derives the vast majority of its profits from Britain’s biggest power station, but it is trying to broaden its business. - The Times | |
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