ADVFN Morning London Market Report: Thursday 15 April 2021

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London open: Stocks edge higher as miners rally


London stocks edged higher in early trade on Thursday, underpinned by a solid showing in the mining sector and well-received updates from the likes of Entain and AO World.

At 0830 BST, the FTSE 100 was up 0.4% at 6,963.53.

Spreadex analyst Connor Campbell noted that the top-flight index has found its way back to the pre-pandemic levels struck at the tail end of last week.

“The FTSE 250 was even better, climbing half a percent to 22,450 – that’s around 20 points off last Thursday’s closing record, and 140 points short of yesterday’s intraday peak,” he said.

In equity markets, miners were on the rise, with AntofagastaAnglo American and Rio all higher as metals prices pushed up.

B&Q owner Kingfisher was the top gainer on the FTSE 100, however, after an upgrade to ‘neutral’ at Citi, which said ongoing DIY strength amid extended lockdowns provides good support to current expectations.

Ladbrokes owner Entain gained after it said momentum continued into 2021 as it experienced a strong first quarter of online trading.

Builders’ merchant Travis Perkins rallied after it posted like-for-like sales growth of 17% for the first quarter, excluding Wickes.

Online electricals retailer AO World advanced as it said full-year underlying earnings are set to be in line with market expectations despite Covid-related costs, as revenues surged 62%.

Lost cost airline Wizz Air was also in the black after saying it expects a full-year loss of up to €590m and only a “gradual” traffic recovery into late summer.

On the downside, Legal & GeneralBarratt DevelopmentsStandard Life AberdeenLloyds and Jupiter Fund Management were all weaker as they traded without entitlement to the dividend.


Top 10 FTSE 100 Risers

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# Name Change Pct Change Cur Price
1 Kingfisher Plc +2.65% +9.00 348.90
2 Bunzl Plc +2.42% +59.00 2,492.00
3 Antofagasta Plc +2.05% +37.00 1,839.50
4 Bhp Group Plc +1.88% +41.50 2,249.50
5 Johnson Matthey Plc +1.83% +57.00 3,172.00
6 Diageo Plc +1.76% +55.50 3,212.00
7 Rio Tinto Plc +1.74% +102.00 5,951.00
8 Anglo American Plc +1.48% +46.50 3,190.00
9 Rentokil Initial Plc +1.45% +7.40 517.00
10 Smiths Group Plc +1.43% +23.00 1,627.50


Top 10 FTSE 100 Fallers

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# Name Change Pct Change Cur Price
1 Legal & General Group Plc -3.96% -11.50 279.20
2 St. James’s Place Plc -2.76% -37.50 1,321.00
3 Standard Life Aberdeen Plc -1.78% -5.20 286.30
4 Tui Ag -1.78% -7.10 391.90
5 Evraz Plc -1.70% -10.60 614.20
6 Carnival Plc -1.40% -24.20 1,705.40
7 Glaxosmithkline Plc -1.30% -16.80 1,272.80
8 Compass Group Plc -1.12% -18.00 1,585.00
9 Centrica Plc -1.06% -0.60 55.88
10 Lloyds Banking Group Plc -0.90% -0.39 43.44


US close: Markets mixed as Fed Beige Book shows pick-up in growth

Wall Street stocks finished in a mixed state on Wednesday, as market participants rifled through some strong earnings from several of the nation’s largest banks.

At the close, the Dow Jones Industrial Average was up 0.16% at 33,730.89, while the S&P 500 lost 0.41% to 4,124.66 and the Nasdaq Composite was off 0.99% at 13,857.84.

The Dow closed 53.62 points higher on Wednesday, reversing losses recorded in the previous session after the Food and Drug Administration and the Centers for Disease Control recommended the use of Johnson & Johnson‘s single-dose Covid-19 vaccine be temporarily halted.

That was after reports that six people out of the seven million who had received the jab developed blood clots.

The Federal Reserve released its ‘Beige Book’ survey late in the session, which showed an acceleration in economic growth in the early spring, as well as an increase in hiring.

Inflation, however, also picked up, with firms reporting higher costs for food, fuel, metal and timber.

“National economic activity accelerated to a moderate pace from late February to early April,” the report said.

On the macro front, import prices increased more than predicted last month, according to the Labor Department, which said import prices rose 1.2% on the prior month in March, while export prices rose 2.1% month-on-month.

Prices were lifted by heightened costs for petroleum products and tight supply chains.

Coinbase was also drawing a lot of investor attention, with the company’s stock market debut viewed as a major milestone for the cryptocurrency industry, as its stock finished the day up 31.31%.

Pfizer managed to reverse earlier losses to close up 0.03%, after the drugmaker said it could deliver 10% more vaccine doses to the US by the end of May than previously expected.

Corporate earnings were firmly in focus on Wednesday, with JPMorgan down 1.87% even after it reported an $11.4bn jump in first-quarter profit to $14.3bn.

The bank attributed the rise partly to an “improving economy” and the fact it was able to release billions of dollars from its loan-loss reserves.

Goldman Sachs rose 2.34% after it posted a huge jump in first-quarter profits from $1.12bn to $6.84bn, with the group taking advantage of record levels of dealmaking activity throughout the period.

Wells Fargo leapt 5.53% after it said that both revenues and net income had grown in the three months ended 31 March.


Thursday newspaper round-up: Greensill, Uber, Coinbase, Flybe

Tory MPs have voted en masse to block a broader inquiry into the Greensill scandal as Labour claimed there was now evidence of sleaze at the heart of government. The opposition day motion in the Commons, which would have created a cross-party committee of MPs to look into Greensill and wider issues of lobbying, was defeated by 357 votes to 262, after the government opposed the plan. – Guardian

Uber has been ordered to reinstate five British drivers who were struck off from its ride-hailing app by robot technology. The five drivers, backed by the App Drivers & Couriers Union (ADCU) and the campaign group Worker Info Exchange, argued that they had been wrongly accused of fraudulent activity based on mistaken information from Uber’s technology, and that the company had failed to provide the drivers with proper evidence to support the allegations. – Guardian

Britain’s aerospace companies have warned the Government of an impending shortage of critical parts for planes if Britain’s steel industry is allowed to collapse. The sector’s trade body, which counts Airbus and Rolls-Royce among its members, called for Business Secretary Kwasi Kwarteng’s “urgent intervention” in the crisis, as steel tycoon Sanjeev Gupta battles to keep his GFG empire afloat. – Telegraph

Shares in Coinbase Global jumped by as much as 71 per cent yesterday in a listing hailed as a breakthrough for cryptocurrencies, shifting them from the fringes of global finance to the mainstream. The digital currency exchange was fleetingly valued at more than $100 billion as trading began in New York. Meanwhile, bitcoin rose to a record high ahead of the highly anticipated debut. – The Times

Flybe is seeking to return to the skies after a vulture fund completed a rescue deal for the collapsed airline. Administrators at EY have sold the business and assets including the brand, intellectual property and equipment to Cyrus Capital, a former part-owner of the carrier, for an undisclosed sum after an agreement in October. – The Times


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