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Posted at 24/4/2024 23:55 by master rsi Thursday preview: US Q1 GDP, Barclays in focus(Sharecast News) - Investors' attention on Thursday will be on a first reading for U.S. gross domestic product growth during the first quarter. Consensus is that the economy expanded at a quarterly annualised pace of 2.5%, which was slightly down on 3.4% at the end of 2023. Also scheduled to be published are weekly jobless claims numbers, as well as foreign trade and pending home sales data for March. At 0600 BST, consultancy GfK will publish the results of its consumer confidence survey for May. In the corporate arena and for Barclays's first quarter results, UBS's Jason Napier emphasised the importance of the lender's capital generation and distribution. His estimates called for £3bn in dividends and share buybacks for fiscal 2024, which would be flat year-on-year. Guidance from Barclays meanwhile was for net interest income of £6.1bn in FY24, rising to £7.4bn in FY26. Napier also judged that the shares were discounting return on tangible equity of 10.6% for 2026, which was 140 basis points below Barclays's own guidance for more than 12%. The reason? The analyst had a roughly £2bn lower revenue forecast, £1.7bn of which was in the investment bank. Fourth quarter results from U.S. social media heavyweight Meta will have been released the night before, while those from Intel and Microsoft are due out on Thursday evening. Thursday 25 April INTERIMS Focusrite, WH Smith INTERIM DIVIDEND PAYMENT DATE Hansard Global QUARTERLY PAYMENT DATE General Electric Co (CDI) QUARTERLY EX-DIVIDEND DATE City of London Inv Trust, JPMorgan Claverhouse Inv Trust, Tufton Oceanic Assets Limited NPV INTERNATIONAL ECONOMIC ANNOUNCEMENTS Continuing Claims (US) (13:30) GDP (Preliminary) (US) (13:30) GFK Consumer Confidence (GER) (07:00) Initial Jobless Claims (US) (13:30) Pending Homes Sales (US) (15:00) GMS Societatea Energetica Electrica SA GDR (Reg S) FINALS Aquila European Renewables (GBP), Argo Blockchain, Destiny Pharma , PureTech Health , Sainsbury (J), Zinc Media Group ANNUAL REPORT PureTech Health SPECIAL EX-DIVIDEND DATE Greggs, Sabre Insurance Group, Seed Innovations Limited, Seplat Energy (DI) EGMS SDIC Power Holdings Co.,Ltd GDR (Reg S) , Societatea Energetica Electrica SA GDR (Reg S) AGMS Admiral Group, AFC Energy, Beazley, BP, CLS Holdings, CRH (CDI), Develop North, Drax Group, Everest Global, Greencoat Renewables (CDI), Hammerson, Helios Towers , Hikma Pharmaceuticals, JSC Halyk Bank GDR (Reg S), London Stock Exchange Group, Persimmon, Premier Miton Global Renewables Trust, Relx plc, Sampo OYJ, Schroders, SThree, SThree, Weir Group, XP Power Ltd. (DI) TRADING ANNOUNCEMENTS Currys , Drax Group, Gem Diamonds Ltd. (DI), Hikma Pharmaceuticals, Ibstock , Ibstock , Inchcape, London Stock Exchange Group, London Stock Exchange Group, London Stock Exchange Group, PPHE Hotel Group Ltd, Unilever, W.A.G Payment Solutions , WPP FINAL EX-DIVIDEND DATE AVI Japan Opportunity Trust , Bakkavor Group , Bodycote, Cairn Homes (CDI), Central Asia Metals, Convatec Group , Derwent London, Eurocell , Greggs, Harworth Group, Legal & General Group, M. P. Evans Group, Me Group International, Morgan Advanced Materials , Morgan Sindall Group, Mortgage Advice Bureau (Holdings) , Murray International Trust, Portmeirion Group, Public Policy Holding Company, Inc.(DI), Rightmove, Sabre Insurance Group, Secure Trust Bank, Seplat Energy (DI), Shaftesbury Capital, Spirax-Sarco Engineering, St James's Place, Stelrad Group , Team Internet Group , Tyman, Wickes Group Q1 AstraZeneca, Barclays, Indivior |
Posted at 23/4/2024 09:18 by master rsi MARKET REPORTLONDON MARKET OPEN: AB Foods profit soars boosting interim dividend (Alliance News) - Stock prices in London continued to build on Monday's gains early on Tuesday, thanks to sentiment boosted by the prospect of interest rate cuts. In early corporate news, Primark-owner AB Foods took the spotlight, thanks to higher interim profit and a dividend to match it. The FTSE 100 index opened up 33.06 points, 0.4%, at 8,056.93. The FTSE 250 was up 54.48 points, 0.3%, at 19,653.87, and the AIM All-Share was up 2.14 points, 0.3%, at 751.32. The Cboe UK 100 was up 0.3% at 804.24, the Cboe UK 250 was up 0.2% at 17,036.88, and the Cboe Small Companies was up 0.1% at 15,055.24. In European equities on Tuesday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.7%. Stocks in London got a boost on Monday, after a member of the Bank of England's interest rate-setting committee said he thinks UK inflation could return to the target level and stay there for longer than the central bank's own predictions. Dave Ramsden said the UK is no longer an "outlier" but a "laggard" when it comes to its inflation performance, meaning it is slowly but surely catching up with international peers including the US and the eurozone. The FTSE 100 closed up at a new closing high on Monday and achieved an intraday high of 8,044.98, a touch off its best-ever level. The pound was quoted at USD1.2354 early on Tuesday in London, higher compared to USD1.2336 at the equities close on Monday. The euro stood at USD1.0667, higher against USD1.0642. Against the yen, the dollar was trading at JPY154.81, up compared to JPY154.78. In early economic news, investors were digesting the latest Kantar data. Kantar said annual UK grocery price inflation ebbed to 3.2% in the four weeks to April 14, its lowest level since February 2022, and down from 4.5% in March. For the same four-week period, the market research firm said overall take-home grocery sales rose 3.3%. For the 12 weeks to April 14, total grocery sales rose 4.3% to GBP33.92 billion from GBP32.51 billion a year prior. Fraser McKevitt, head of retail and consumer insight at Kantar, explains: "Higher prices have played a role in reaching that record spend figure, but the number of chocolate eggs sold in the seven days to Easter was also 3% higher this spring than last, with 37% of consumers buying one in that week. Hot cross buns were even more popular, enjoyed by 45% of Britons." Ocado Retail was the fastest growing retailer this month. The online-only grocer is a joint venture between Ocado Group and Marks & Spencer Group. Year-on-year sales at Britain's two largest grocers, Tesco and Sainsbury's, climbed by 6.8% and 5.9% respectively in the 12-week period to GBP9.28 billion and GBP5.18 billion. Further, their shares of the market nudged up by 0.4 percentage points each to 27.4% and 15.3% respectively. Shares in Ocado, Marks & Spencer, Tesco and Sainsbury were up 4.7%, 1.7%, 1.3%, and 1.1%, respectively. Elsewhere in the FTSE 100, Primark owner AB Foods shot up 7.3% to the top of the index. AB Foods reported that pretax profit jumped 37% to GBP881 million in the 24 weeks ended March 2, from GBP644 million a year earlier. Revenue rose to GBP9.73 billion from GBP9.56 billion. On the back of higher profit, the company upped its interim dividend by 46% to 20.7p from 14.2p. Looking ahead, AB Foods said it is on track to deliver growth in both profitability and cash generation ahead of expectations. JD Sports rose 1.8%, after the sports retailer announced plans to buy Hibett for an enterprise value of USD1.11 billion. Hibbett is listed on the Nasdaq in the US, and is a Birmingham, Alabama sports fashion-inspired retailer. It is located in 36 states across the US, JD noted. "The transaction represents an important strategic milestone for the group, accelerating its growth plans in North America and aligning with the group's stated strategy of enhancing its presence in the world's biggest and most attractive sportswear market," it said. In the FTSE 250 index, Ferrexpo jumped 8.7%. The Baar, Switzerland-based producer of iron ore pellets said commercial production rose to 2.0 million tonnes of iron ore pellets and concentrate in the first quarter of 2024. This was up from 677,168 tonnes in the fourth quarter. "This is our best quarterly performance since the full-scale invasion of Ukraine and is a tribute to the significant contribution of our workforce that has worked tirelessly since February 2022 to maintain operations in exceptionally challenging conditions," said Executive Chair Lucio Genovese. In Asia on Tuesday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was down 0.7%, while the Hang Seng index in Hong Kong was up 1.8%. The S&P/ASX 200 in Sydney closed up 0.5%. In the US on Monday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.7%, the S&P 500 up 0.9% and the Nasdaq Composite up 1.1%. Brent oil was quoted at USD87.26 a barrel early in London on Tuesday, up from USD86.92 late Monday. Gold was quoted down at USD2,309.50 an ounce against USD2,337.50. Still to come on Tuesday's economic calendar, there is PMI data from the eurozone and the UK out at 0900 BST and 0930, respectively. |
Posted at 18/4/2024 14:24 by master rsi Carr's prepares for strategic transformation as profit slumps(Alliance News) - Carr's Group PLC on Thursday said opportunities for its Engineering division are being explored as part of an ongoing strategic review. The Carlisle, England-based agriculture and engineering company reported a 31% decline in pretax profit to GBP3.4 million for the six months ended February 29, from GBP5.0 million last year. Although the adjusted figures show pretax profit remained largely unchanged at GBP5.6 million. Revenue increased by 2.0% to GBP81.4 million from GBP79.8 million. And an interim dividend of 2.35 pence per share, up from 1.175p, will be paid on June 5. In December, the board concluded that the current business model with the two divisions, Agriculture and Engineering, is inefficient and lacks synergistic benefits. The company's Agriculture division particularly struggled during the first half with revenue falling 7.5% in contrast to Engineering's 26% growth. However, the board believes both divisions hold value creation opportunities and the Agricultural division is to be optimised through transformation plans developed by recently appoint Chief Executive Officer of Agriculture Josh Hoopes. Looking ahead, Carr's expects trading condition in agriculture to remain challenging over the short-term, particularly in the US where the industry is contending with cyclical herd reductions and regional droughts. The company is however confident in its Engineering division over the near-term with its order book and strong first half performance. Chair Tim Jones said: "We have concluded that our Engineering division represents a significant opportunity to deliver incremental value to shareholders now, and that it is the right thing to do to explore that opportunity." In preparation for this the company extended its GBP25 million bank facilities until December 2026, and cost reduction measures will continue into next year. Carr's shares were up 3.9% to 118.97 pence each in London on Thursday afternoon. |
Posted at 11/4/2024 22:29 by master rsi MARKET REPORTLONDON MARKET CLOSE: Dwindling US Fed cut hope unnerves markets (Alliance News) - Stock prices in London closed lower on Thursday, with a hawkish interest rate outlook for the Federal Reserve and geopolitical tensions hurting investor enthusiasm. Elsewhere in the central banking space, the European Central Bank appeared to lay the groundwork for a June rate cut, while a UK rate setter said the Bank of England is "way off" easing bank rates. The FTSE 100 index ended down 37.41 points, 0.5%, at 7,923.80. The FTSE 250 lost 14.88 points, 0.1%, at 19,786.87, though the AIM All-Share added 3.64 points, 0.5%, at 758.83. The Cboe UK 100 ended down 0.5% at 791.95, the Cboe UK 250 rose 0.1% to 17,220.35, and the Cboe Small Companies added 0.2% to 14,770.34. In European equities on Thursday, the CAC 40 in Paris ended down 0.3%, while the DAX 40 in Frankfurt fell 0.8%. The pound was quoted at USD1.2513 late Thursday afternoon in London, down compared to USD1.2546 at the equities close on Wednesday. The euro stood at USD1.0705, lower against USD1.0743. It had traded just below USD1.07 at one point, a year-to-date low. Against the yen, the dollar was trading at JPY153.30, up compared to JPY152.88. The European Central Bank remains on course to lower interest rates at its June meeting. The ECB left its key interest rates unchanged, as widely expected, but policymakers said they will cut rates should they gain confidence that inflation is falling to the bank's 2% target. European Central Bank President Christine Lagarde again affirmed a "data dependent" approach to interest rate decisions, but did add that some in the Governing Council already have the confidence to cut. Lagarde said in a post-decision press conference: "A few members felt sufficiently confident [to cut interest rates], on the basis of the limited data that we received in April." However, they then "rallied to the consensus" of the large majority of euro area monetary policymakers. ING analysts commented: "During the press conference, ECB President Christine Lagarde repeatedly stressed the hint at upcoming rate cuts mentioned above – but she also added that the ECB was not pre-committing to any path for policy rates. At the same time, Lagarde also mentioned that few ECB members had already been in favour of a rate cut today. Today's meeting marked another step in the very gradual transition of the ECB's communication since December from hawkish to dovish, even if it was probably the mildest shift. "The ECB clearly opted against giving more explicit guidance for a June cut. This reluctance to be more outspoken – combined with the fact that some ECB members were already in favour of a rate cut today – implies a higher degree of disagreement within the central bank. It seems as if at least some ECB members fear that still high services inflation and the recent surge in oil prices, as well as wage developments in Germany, suggest that there still is a considerable risk of inflation re-accelerating." The aftermath of Wednesday's robust US consumer price inflation was still reverberating in European equities, though US tech shares were higher in mixed trade on Wall Street. The Dow Jones Industrial Average was down 0.6% at the time of the London equities close, the S&P 500 fell 0.1%, though the Nasdaq Composite added 0.3%. On Wednesday, the Bureau of Labor Statistics reported that the year-on-year rate of consumer price inflation picked up to 3.5% last month, from 3.2% in February, taking it further above the Fed's 2% inflation target. The rate of consumer price inflation had been expected to pick up to just 3.4%, according to FXStreet cited consensus. The rate of inflation is now at its most lofty since September. Thursday's US producer price data was less robust, but did pick up. US producer price growth accelerated to 2.1% year-on-year in March, from 1.6% in February. Berenberg analyst Holger Schmieding noted a "growing gap" between the ECB and Fed. "The eurozone needs rate cuts, the US economy does not as long as the pre-election fiscal expansion neutralises the impact of high Fed rates," Schmieding added. Elsewhere, Bank of England rate setter Megan Greene said interest rate cuts "should still be a way off" in the UK, predicting that the "last mile" in getting inflation down "may prove the hardest". Greene, one of the more hawkish members of the BoE's monetary policy committee, argued in the Financial Times that investors had underestimated the risk that inflation would remain high for longer in the UK than in other advanced economies. In London, shares in airlines slumped amid rising global tensions. British Airways parent International Consolidated Airlines Group gave back 3.7%, budget carrier easyJet fell 3.6%. Israel was on alert Thursday after its arch foe Iran threatened reprisals over a strike in Syria this month that killed two Iranian generals, and as the war against Hamas ground on in Gaza. Days after Israel strengthened its air defences and paused leave for combat units, the US also warned of the risk of an attack by Iran or its allied groups at a time Middle East tensions have soared. Iran is "threatening to launch a significant attack on Israel," US President Joe Biden said Wednesday, pledging "ironclad" support for its top regional ally despite diplomatic tensions over Israel's military conduct in Gaza. Crude prices were higher than they were this time on Wednesday, though Brent remained a touch below USD90 a barrel. Brent oil was quoted at USD89.94 a barrel late in London on Thursday, up from USD89.31 late Wednesday. Gold was quoted at USD2,338.05 an ounce, up against USD2,334.91. Back in London, consumer goods firm Reckitt, lender Lloyds Banking Group and insurer Aviva fell 2.3%, 4.6% and 6.4%. The trio went ex-dividend, meaning new share buyers do not qualify for the latest payout. At the other end of the large cap index, AstraZeneca, once of its largest constituents, added 2.1%. It said it plans to increase its dividend by 7% in 2024, having left the payout flat last year. The Cambridge, England-based pharmaceutical company said the increase will be by 20 US cents to USD3.10 per share. For 2023, AstraZeneca had paid a total dividend of USD2.90, which was unchanged from 2022, despite skyrocketing profit on the back of lower sales costs. DIY retailer Kingfisher and engineering company Smiths rose 2.4% and 2.7%. Both were raised to 'buy' from 'hold' by HSBC. Elsewhere in London, Lok'n Store Group jumped 17% to 1,120.56 pence, after it accepted a takeover approach from Shurgard Self Storage that values the business at GBP378 million. The cash bid is worth 1,110 pence per Lok'n Store share, a 16% premium to the self-storage provider's closing price of 958p on Wednesday, and 2.3% above its all-time closing high of 1,085p in January 2022. Brussels-based Shurgard, the largest developer, owner and operator of self-storage facilities in Europe, said the deal represented an "attractive opportunity" to accelerate its growth strategy and create value for shareholders. Lok'n Store said it considered the terms of the offer "fair and reasonable", and recommended shareholders accept the bid. Shurgard said that, as of Wednesday, it has received irrevocable undertakings to vote in favour of the deal for about 19% of Lok'nStore's shares. Friday's economic calendar has a UK gross domestic product reading and German inflation data at 0700 BST. In the local corporate diary, building materials company SigmaRoc reports a trading statement. Over in New York, the banking earnings season kicks off. Citigroup, JPMorgan Chase and Wells Fargo release first-quarter numbers. Asset manager BlackRock also reports. |
Posted at 28/3/2024 10:34 by master rsi International PPL ups dividend and "confident" in long-term prospects(Alliance News) - International Public Partnerships Ltd on Thursday reported a decline in its net asset value, amid a "volatile macroeconomic environment". The infrastructure investor said its net asset value decreased by 4.1% to GBP2.9 billion in 2023. NAV per share fell by 4.1% to 152.6 pence at December 31, from 159.1p the year before. In London on Thursday morning, International PPL shares were down 1.5% to 123.71 pence each. The company maintained its target of growing the dividend each year, increasing the 2023 payout by 5.0% to 8.13p from 7.74p. On June 13, a 4.07p dividend for the last six months of the year will be paid, a rise of 5.2% from 3.87p a year prior. IPPL is aiming for an 8.37p per share dividend for 2024, a 3.0% rise, before a total 8.58p payout in 2025, an increase of 2.5% from the expected level of this year. |
Posted at 27/3/2024 09:19 by master rsi MARKET REPORTLONDON MARKET OPEN: FTSE 100 slips as unease lingers before US data (Alliance News) - Stock prices in London edged lower after the open on Wednesday, with some nervy trade ahead of a US inflation reading later in the week. The latest core personal consumption expenditures reading, the Fed's preferred inflation gauge, is released on Friday. Financial markets across the globe, including in London and New York, will be closed that day for Good Friday, however. The FTSE 100 index opened down 13.02 points, 0.2%, at 7,917.94. The FTSE 250 was down 23.35 points, 0.1%, at 19,754.29, and the AIM All-Share was up 0.27 of a point at 739.79 The Cboe UK 100 was down 0.2% at 791.57, the Cboe UK 250 was marginally down at 17,166.97, and the Cboe Small Companies was up 0.1% at 14,639.45. In European equities on Wednesday, the CAC 40 in Paris was marginally higher, while the DAX 40 in Frankfurt edged up 0.1%. Sterling was quoted at USD1.2620 early Wednesday, lower than USD1.2655 at the London equities close on Monday. The euro traded at USD1.0825 early Wednesday, lower than USD1.0850 late Tuesday. Against the yen, the dollar was quoted higher at JPY151.78 versus JPY151.34. "We expect dollar crosses to keep stabilising until Friday's US PCE," analysts at ING commented. "When it comes to Fed pricing, we doubt expectations for the June meeting will change much this week unless we see a surprise in Friday's PCE. There is still 19bp priced in for June and 78bp by year-end, which pretty much mirrors the March median dot plot. Some quarter-end flows may slightly mix up the FX picture today, but the dollar appears in stabilisation mode." According to FXStreet cited consensus, the rate of core PCE inflation is expected to have been unmoved at 2.8% in February. The headline rate is expected to have picked up to 2.5% in February, from 2.4% in January. In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.4%. Investors also digested some industrial data from China, while elsewhere in Asia, focus was also on the yen, which tumbled to a 34-year low. The unit weakened to JPY151.97 per dollar, its softest since 1990, raising speculation that authorities will intervene in markets to prop up the currency. But its value soon recovered to levels of around JPY151.72. The drop came after a top central bank official suggested it would continue to pursue an accommodative policy for the time being, echoing previous comments from the BoJ. In Asia on Wednesday, the Nikkei 225 index in Tokyo rose 0.9%. In China, the Shanghai Composite ended down 1.3%, while the Hang Seng index in Hong Kong lost 1.4%. The S&P/ASX 200 in Sydney closed up 0.5% In London's FTSE 100, Diploma was the top performing stock, soaring 12%, after announcing the proposed acquisition of Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets, for around GBP236 million. The London-based supplier of specialised technical products and services said it expects the transaction to complete in the next few weeks, following customary regulatory clearances. Smiths Group rose 7.4%, continuing gains from strong half-year results on Tuesday, when it also appointed a new chief executive officer and unveiled plans for a new GBP100 million share buyback programme. Sainsbury's improved 2.7%, after UBS raised its rating for the supermarket to 'buy' from 'neutral', setting an improved target price of 295 pence from 275p. Its current share price is 269.3p. AstraZeneca rose 1.0%, after the pharmaceutical firm announced two drug approvals in Japan. In collaboration with Sanofi, the pharmaceutical firm's Beyfortus treatment was approved for the treatment of lower respiratory tract disease caused by respiratory syncytial virus in infants and children. AstraZeneca expects Beyfortus to be available for the upcoming 2024/25 RSV season, in line with existing Japanese guidelines. Meanwhile, its Truqap treatment in combination with Faslodex has also been approved in Japan for the treatment of adult patients with various forms of breast cancer after treatment with hormone therapy. In the FTSE 250, Ithaca Energy fell 0.7%. The London-based North Sea oil and gas operator signed an exclusivity agreement with Eni for a "potential transformational combination" with substantially all of Eni's UK upstream assets. Eni has granted Ithaca Energy exclusivity for a period of four weeks from today. Executive Chair Gilad Myerson commented: "We believe this potential combination would be a strong strategic fit with Eni UK's cash generative portfolio complementing Ithaca Energy's high-quality, long-life asset base with significant development opportunity." Ithaca Energy also reported pretax profit in 2023 fell to USD302.0 million from USD2.24 billion in 2022, while revenue declined to USD2.32 billion from USD2.60 billion. It said full-year production of 70,200 barrels of oil equivalent per day was in line with its previously stated range of 68,000 to 74,000 boe per day, while it expects 2024 production of between 56,000 to 61,000. Among London's small-caps, CMC Markets rose 11%. The London-based online trading platform operator for retail investors and financial institutions said it expects net operating income in the financial year ending Sunday to exceed the top end of the previously guided range of between GBP290 million and GBP310 million. It also expects operating costs to be in line with guidance at around GBP240 million, while noting it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins. "Following the strong trading performance seen in the third quarter, the positive momentum continued in the fourth quarter. We continue to see strength in the institutional and [business-to-busines On AIM in London, Strix fell 4.5%, after it said a recent acquisition helped boost its annual revenue, but it lowered its dividend as it aims to focus on debt reduction. The Isle of Man-based provider of kettle safety controls said revenue jumped 35% to GBP144.6 million in 2023 from GBP106.9 million the year before. This was largely driven Billi Australia Pty Ltd, which it acquired back in 2022, and "continues to be highly profitable and is strongly cash generative." The full-year inclusion of Billi revenues stood at GBP41.3 million, Strix said. Billi is an Australia-based supplier of premium filtered and non-filtered instant boiling, chilled and sparkling water systems. Pretax profit rose by 9.9% to GBP17.7 million as a result, from GBP16.1 million the year before. Strix declared a total dividend for 2023 of 0.9 pence per share, down 85% from 6.0p the year before. In addition, it announced a "temporary pause in the final and interim dividend payments in calendar year 2024". Looking ahead, Strix said it is undertaking a rebasing of its core business in 2024 to "build strong foundations for medium-term growth opportunities as the market continues to recover." It added that Billi's double-digit revenue and profit growth is expected to continue, helped by a staged expansion into key European markets. Gold was quoted at USD2,178.63 an ounce early Wednesday, higher than USD2,171.90 on Tuesday. Brent oil was trading at USD84.80 a barrel, lower than USD86.00 late Tuesday. "Oil prices have dipped back...as traders weigh up continuing supply concerns amid data showing that stockpiles rose by more than expected in the US. Production in Russia is still under scrutiny, with Ukraine targeting refineries affecting around 12% of processing capacity, and Moscow ordering an output cut in the second quarter of the year to meet Opec reduction pledges," said Hargreaves Lansdown analyst Susannah Streeter. "But data from the US Department of Energy shows that stockpiles at the Strategic Petroleum Reserve rose by another 0.7 million barrels, to 363 million, the highest since last April. However, renewed attacks by Houthi rebels in the Red Sea over the past few days and the absence of a ceasefire in Gaza are set to help keep a floor under prices." Still to come on Wednesday's economic calendar, eurozone consumer confidence and economic sentiment index data come out at 1000 GMT. |
Posted at 26/3/2024 14:15 by master rsi MARKET REPORTLONDON MARKET MIDDAY: FTSE 100 flat amid China-West tension (Alliance News) - The FTSE 100 recovered slightly from a tricky morning on Tuesday to trade flat heading into the afternoon, though simmering global tensions have kept a lid on its progress in the early part of the week. The FTSE 100 index was up just 3.00 points at 7,920.57. The FTSE 250 was up a more convincing 90.13 points, 0.5%, at 19,703.66, while the AIM All-Share was down just 0.02 of a point at 737.24. The Cboe UK 100 was marginally up at 792.06, the Cboe UK 250 was up 0.5% at 17,120.72, and the Cboe Small Companies was up 0.3% at 14,660.84. In European equities on Tuesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.6%. The FTSE 100 underperformed as investor digested news concerning China, a major buyer of minerals. Rio Tinto fell 1.2%, while Anglo American lost 0.9%. The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials. In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable. The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives." Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan. With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission. Sterling was quoted at USD1.2661 at midday on Tuesday, higher than USD1.2606 at the equities close on Monday. The euro traded at USD1.0857 on Tuesday midday, higher than USD1.0817 late Monday. Against the yen, the dollar was higher at JPY151.35 versus JPY151.27. Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday. ActivTrades analyst Pierre Veyret said the looming data kept risk-off trade in check. "Risk appetite is taking a break this week ahead of Friday's highly anticipated US PCE data, which is expected to provide traders with more clues regarding the outlook for monetary policy. Market sentiment is also affected by uncertainties on the corporate front; investors are starting to wonder whether the next slew of earning reports will support the extremely high stock valuations seen everywhere," Veyret added. Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.5%. In the FTSE 100, Ocado was the top performing stock, rising 7.3%. In the 13 weeks that ended March 3, the grocer and warehouse technology firm said Ocado Retail volumes rose 8.1% on-year, while retail revenue rose 11% to GBP645.3 million from GBP583.7 million. Average orders per week rose 8.4%, while active customers across the period rose 6.4%. Looking ahead, Ocado maintained its group annual revenue growth guide in the "mid-high single digits" range. "Any joint enterprise doesn't have the best prospects if participants are at odds with each other, but the Ocado Retail venture has enjoyed a robust period of trading despite the differences between partners Marks & Spencer and online groceries specialist Ocado. Sales were up and not just because of rising prices. The venture is actually seeing significant volume growth as it wins market share. This is partly because it saw less price inflation than the wider market," said AJ Bell analyst Russ Mould. "This positive trading comes after a long period of disappointing performance and you can understand Marks & Spencer's frustration – when it agreed the tie-up with Ocado in 2019 it set targets which have subsequently not been met...At least the turnaround efforts at Ocado Retail appear to be bearing fruit." Marks & Spencer was up 1.7%. Smiths Group rose 4.1%. The engineering company operating in the energy, industrial, security and aerospace sectors said that a strong performance by its John Crane division had spared its interim results from a semiconductor market hit. Revenue for the half-year ended January 31 reached GBP1.51 billion, in line with market expectations and inching up 0.7% from GBP1.50 billion a year prior. Pretax profit rose 2.4% to GBP171 million from GBP167 million. Smiths has declared an interim dividend of 13.55p, up 5.0% from 12.9p a year before, and unveiled plans to commence a GBP100 million share buyback programme with immediate effect. Looking ahead, Smiths reaffirmed its organic, medium-term revenue growth target of 4% to 6%. Smiths also announced the appointment of Roland Carter as chief executive officer with immediate effect. Carter replaces Paul Keel, who has taken up a role as chief executive of a "US public company". Flutter Entertainment lost 0.4%, returning gains after a strong start. It talked up its US offering FanDuel, which it said achieved annual profit for the first time in 2023, as the Paddy Power and SkyBet owner gears up for a possible primary listing move to New York. The bookmaker, which already trades on the New York Stock Exchange, would lose its FTSE 100 status if shareholders back the primary listing move in a May poll. "Flutter delivered a strong 2023 performance as we continued to deliver on our strategy," Chief Executive Peter Jackson said. "As anticipated, our number one position in the US has transformed the group's earnings profile during 2023 as FanDuel delivered a positive US full year adjusted earnings before interest, tax, depreciation and amortisation for the first time." In 2023, Flutter achieved revenue of USD11.79 billion, up 25% from USD9.46 billion in 2022. Its pretax loss, however, stretched to USD1.09 billion from USD295 million. However, Flutter achieved adjusted Ebitda growth of 45% to USD1.87 billion from USD1.29 billion. Flutter said it has traded strongly so far in 2024, with revenue surging 23%. US revenue has jumped 56% so far, with sportsbook alone up 64%. In the FTSE 250, Softcat jumped 9.2%. The IT infrastructure and services provider said that it continued to see significant opportunities such as generative AI that it was focused on its long-term growth potential as it reported a profit increase. Pretax profit rose 8.1% to GBP68.2 million in the six months to January 31, from GBP63.1 million a year prior. Revenue declined 8.8% to GBP467.2 million from GBP512.4 million, while cost of sales decreased 19% to GBP270.6 million from GBP335.4 million and administrative costs increased 14% to GBP129.8 million from GBP114.0 million. The company declared an interim dividend of 8.5 pence per share, up 6.3% from 8.0p a year prior. Softcat highlighted: "During the period, there was growing interest from customers in engaging with generative‐AI and the possibilities it offers, over time, to transform their operations...We continue to see significant and expanding opportunities in our market and will maintain our investment approach to building the team, infrastructure and tools to capitalise on this exciting and long‐term growth potential." Elsewhere in London, 888 rose 11%. The sports betting and gambling company, whose brands include 888casino and William Hill, reported a pretax loss of GBP121.3 million for 2023, widening slightly from GBP115.7 million in 2022. Earnings per share dropped 55% to 12.6p from 28.3p. Revenue surged 38% to GBP1.71 billion from GBP1.24 billion. For this year, 888 proclaimed a "positive outlook" for revenue, in line with its medium term targets, "with consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments". Brent oil was trading at USD86.24 a barrel in London at midday on Tuesday, higher than USD85.80 late Monday. Gold was quoted at USD2,196.21 an ounce, higher than USD2,164.77. |
Posted at 26/3/2024 09:23 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks continue slow-down amid global tensions (Alliance News) - Stock prices in London opened lower on Tuesday as a slow start to the week continues, with investors having simmering global tensions to be mindful of. The FTSE 100 index opened down 10.79 points, 0.1%, at 7,906.78. The FTSE 250 was down 20.36 points, 0.1%, at 19,593.17, and the AIM All-Share was down 1.43 points, 0.2%, at 735.83 The Cboe UK 100 was down 0.2% at 790.55, the Cboe UK 250 was down 0.2% at 17,004.42, and the Cboe Small Companies was flat at 14,614.64. In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was marginally up. The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials. In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable. The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives." Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan. With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission. Sterling was quoted at USD1.2655 at the time of the London open on Tuesday, higher than USD1.2606 at the equities close on Monday. The euro traded at USD1.0851 early Tuesday, higher than USD1.0817 late Monday. Against the yen, the dollar was quoted essentially flat at JPY151.28 versus JPY151.27. In Asia on Tuesday, the Nikkei 225 index in Tokyo was marginally down. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was 0.9%. The S&P/ASX 200 in Sydney closed down 0.4% Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday. "US stocks traded cautiously on Monday as the holiday-shortened week began, with investors hesitating to increase their risk exposure ahead of critical inflation data. Although all three major US indices recovered from their intraday lows, the overall sentiment remained subdued," SPI Asset Management analyst Stephen Innes commented. "After a strong performance last week, investors may be taking a hiatus and possibly enjoying the spring break, while others are adopting a wait-and-see approach for the next bullish catalyst, such as a favourable outcome from the Fed's preferred inflation gauge. In this context, an 'all-clear' signal would entail the inflation data meeting consensus expectations or coming in lower than anticipated." In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.4%, while the S&P 500 and the Nasdaq Composite both lost 0.3%. In the FTSE 100, Ocado was the second-best performing stock, rising 2.8%. In the 13 weeks that ended March 3, the grocer and warehouse technology firm said volumes rose 8.1% on-year, while retail revenue rose 11% to GBP645.3 million from GBP583.7 million. Average orders per week rose 8.4%, while active customers across the period rose 6.4%. Hargreaves Lansdown analyst Susannah Streeter commented: "Cost-of-living pressures are subsiding for more shoppers and Ocado appears to be succeeding in winning back old fans and drawing in new. "This should be clicked up as a win in the super tough grocery market and may reassure Ocado's partner Marks and Spencer that although the marriage has been through a rough patch, more harmonious times could be ahead." Looking ahead, Ocado annual revenue growth in the "mid-high single digits" and an underlying earnings before interest, tax, depreciation and amortisation of around 2.5%. Marks & Spencer was up 0.2% on the Ocado news. Flutter Entertainment also fared well, rising 2.5%. But the Paddy Power owner reported a pretax loss for 2023 of USD1.09 billion, widening from USD295 million in 2022, despite revenue rising 25% to USD11.79 billion from USD9.46 billion. Costs of sales rose 29% to USD6.20 billion from USD4.81 billion, sales and marketing expenses up 26% to USD3.78 billion from USD3.01 billion, while general and administrative expenses were up 37% to USD1.60 billion from USD1.17 billion. In 2024 trading to-date, it said revenue was up 23% from the equivalent period a year earlier. Looking ahead, Flutter expects 2024 revenue growth of around 18% from a year earlier and further adjusted earnings before interest, tax, depreciation and amortisation growth of 30%. "The US remains the engine of growth for Flutter, and is the area with which the group is increasingly being identified," said interactive investor analyst Richard Hunter. "Although the UK is presently the site of Flutter's primary listing, the shares began trading in New York in January, with the plan to switch the primary listing there later this year subject to shareholder approval. The move has already ignited investor interest in the US, giving the group access to deeper pools of liquidity." In the FTSE 250, Petershill Partners rose 1.8%. The private equity-focused investment group said it swung to a pretax profit in 2023 of USD397.1 million from a loss of USD505.1 million a year earlier. It swung to an investments gain at fair value of USD397.1 million from a loss of USD505.1 million, prompting the group to declare a final dividend of 10.1 US cents per year. This took total 2023 dividend payments to 15 cents per share, up from 14.5 cents. Petershill Partners said it was mulling launching share buyback programme worth up to USD100 million, serving a notice to terminate the current programme. "Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders," the company said. Elsewhere in London, Asos rose 4.6%. The online fast-fashion retailer said sales were down 18% in the 26 weeks ended March 3 compared to a year earlier, which was largely in line with its outlook. Asos said it was making strategy progress and clearing aged stock, while noting it was ahead on its plan to improve stock efficiency and reduce inventory. It said it backs full-year outlook, expecting a 5% to 15% decline in sales and a positive adjusted earnings before interest, tax, depreciation and amortisation. This is alongside restoring inventory back to pre-Covid levels, positive cash generation and reducing net debt. Brent oil was trading at USD85.93 a barrel early in London on Tuesday, higher than USD85.80 late Monday. Gold was quoted at USD2,178.07 an ounce, higher than USD2,164.77. |
Posted at 20/3/2024 11:32 by master rsi EKF Diagnostics says prospects "promising" but pauses dividends(Alliance News) - EKF Diagnostics Holdings PLC on Wednesday said it swung to profit in its latest year despite revenue falling. Shares in EKF were down 1.7% at 26.20 pence late on Wednesday morning in London. The Cardiff-headquartere Losses from exceptional items totalled GBP2.8 million, compared with a GBP17.5 million loss in 2022. Revenue decreased 21% to GBP52.6 million from GBP66.6 million, "in-line with market expectations". Excluding Covid-related and clinical chemistry sales, however, revenue increased slightly to GBP48.7 million from GBP48.6 million. EKF said the reduced revenue reflects "significantly lower" Covid-related revenue; its disposal of the ADL laboratory testing business; and a GBP3.5 million one-off inventory recovery item in 2022. For the Point-of-Care division, revenue rose 1.9% to GBP34.1 million. For the Life Sciences division, it fell 2.4% to GBP14.8 million. "Despite the challenges during 2023, the senior management team has successfully refocused the business back to pre-pandemic levels," said Executive Chair Julian Baines. EKF declared a final dividend of 1.2p per share for 2023, unchanged from the year before. However, the company said it has decided to pause dividend payments, citing "the potential need for continued modest investment in the growth of our core areas". It will focus on "[enhancing] shareholder value mainly through growth" instead. "The board will continue to review the option of recommencing dividend payments, but only if appropriate, and subject to the availability of surplus cash generation above the needs of the business," EKF added. This year, EKF said it plans to focus on its higher-margin products and services. "With a structured management team in place, a newly streamlined business, and the opening of our state-of-the-art fermentation facility in South Bend, we have a company that is well placed to deliver growth and improved returns from many of the investments made over the last two years," commented Baines. |
Posted at 12/3/2024 09:40 by master rsi MARKET REPORTLONDON MARKET OPEN: FTSE 100 solidly higher but jobs data hurts pound (Alliance News) - Stock prices in London opened largely higher on Tuesday, in confident trade ahead of a US inflation reading, while the pound came under a bit of pressure after numbers showed the UK jobless rate picked up and wage growth slowed. The FTSE 100 index rose 59.85 points, 0.8%, to 7,729.08. The FTSE 250 climbed 34.28 points, 0.2%, at 19,564.37, though the AIM All-Share fell 2.09 points, 0.3%, at 736.19. The Cboe UK 100 was up 0.8% at 773.79, the Cboe UK 250 added 0.1% at 16,931.35, and the Cboe Small Companies was flat at 14,751.57. In European equities on Monday, the CAC 40 in Paris was up 0.1% while the DAX 40 in Frankfurt added 0.2%. The pound was quoted at USD1.2779 early Tuesday, falling from USD1.2801 at the London equities close on Monday. The euro was unmoved at USD1.0923. Against the yen, the dollar climbed to JPY147.35 from JPY146.89. The UK unemployment rate unexpectedly picked up in the three months to January, while the pace of wage growth eased, numbers on Tuesday showed. According to the Office for National Statistics, the nation's unemployment rate in three months to January increased to 3.9%, from 3.8% in the three months to December. The jobless rate was expected to remain at 3.8% for the period, according to FXStreet cited consensus. The ONS said average earnings excluding bonuses rose 6.1% on-year in the period, the pace of growth easing from 6.2% in the three months to December, where it had been expected to remain. Including bonuses, growth eased to 5.6% from 5.8%. According to FXStreet, only a slowdown to 5.7% was expected. "At the margin, the latest UK jobs report is slightly dovish for the Bank of England. The unemployment rate edged higher to 3.9%, with the usual caveat that there are still reliability question marks surrounding these numbers. Unfilled job vacancy numbers are falling steadily and are closing in on pre-Covid levels," ING analysts commented. "More importantly for the BoE, annual private sector wage growth dipped from 6.2% to 6.0%, and is now some way below last year's peak of 8.1%." ING analysts continued: "Given that we saw some very chunky month-on-month pay rises through the first and second quarter of last year, we'd expect this annual rate of wage growth in the private sector to slow to the 4-4.5% area by early summer." Still to come on Tuesday is a US inflation reading at 1230 GMT. According to FXStreet cited consensus, the US annual consumer price inflation rate is expected to have remained at 3.1% in February. Lloyds Banking Group analysts said there are some "upside risks" to the reading. "US Federal Reserve Chair Powell pointed to the likelihood of a US interest rate cut by mid-year unless the inflation outlook deteriorates, and today's outturns will probably not put that move in jeopardy. But they may reinforce Fed policymakers caution about making further cuts," the analysts added. Already out, numbers confirmed the German consumer price inflation rate cooled to 2.5% in February, from 2.9% in January. That is the lowest level of inflation since June 2021, when it stood at 2.4%. The figure was in line with a flash estimate. The harmonised index of consumer price index for Germany, which allows for EU-wide comparison, slowed to a 2.7% annual rise in February from 3.1% in January, also in line with the earlier flash. In London, TP ICAP shares surged 10%, the best FTSE 250 performer. The interdealer broker reported an annual revenue rise, said it will launch a new share buyback programme and added that it is mulling a minority float of its Parameta Solutions arm. Chief Executive Nicolas Breteau said on the market data solutions unit: "The board believes that Parameta's significant growth prospects, and the intrinsic value of the business, are not appropriately reflected in our share price. We are therefore exploring options for unlocking value for shareholders, whilst retaining ownership of the asset, which include a potential IPO of a minority stake in the business." TP ICAP said revenue in 2023 expanded 3.6% to GBP2.19 billion, from GBP2.12 billion in 2022. Pretax profit, however, fell 15% to GBP96 million from GBP113 million. On an adjusted basis, it rose 20% to GBP271 million from GBP226 million. The adjusted figure strips out "significant items" such as amortisation and impairment costs. TP ICAP lifted its final dividend by 27% to 10.0p, and upped its total annual dividend by 19% to 14.8p. It also announced the launch of a GBP30 million share buyback programme, after completing one of the same size in January. Pets At Home fell 4.9%, while peer CVS Group plunged 21%. This was in response to the UK Competition & Markets Authority finding "multiple concerns" in the pet care market. The watchdog said it has provisionally come to the conclusion that it should launch a "formal market investigation". One of its concerns is sector consolidation. "Since 2013 1,500 of the 5,000 vet practices in the UK have been acquired by the six large corporate groups," the CMA said, with Pets at Home and CVS among the six firms named. CVS said in response: "CVS has engaged constructively and proactively with the CMA throughout its review. As the announcement today cites, CVS along with certain other corporate groups who together own around 50% of first opinion practices in the UK, has already engaged constructively with the CMA and put forward a package of possible remedies to address its concerns. CVS continues to believe this package could be adopted across the market and could address the CMA's concerns more quickly than an 18-month investigation." Regional REIT plunged 36% as it confirmed it is mulling "a range of refinancing options" in respect to an existing GBP50 million retail bond which matures in August. Options include a debt or equity raise. The commercial property investor said, in a statement ahead of the equities open, that any equity issue would likely be "at a material discount" to its share price. Regional REIT shares had closed at 20.15p on Monday. Brent oil was quoted at USD82.65 a barrel early Tuesday in London, up from USD82.36 at the time of the last European equities close. Gold was quoted at USD2,176.76 an ounce, down from USD2,184.09. In New York, the Dow Jones Industrial Average rose 0.1% on Monday, though the S&P 500 and Nasdaq Composite fell 0.1% and 0.4%, respectively. In Tokyo, the Nikkei 225 closed down 0.1%. The Shanghai Composite ended 0.4% lower, though the Hang Seng shot up 3.1%. The S&P/ASX 200 in Sydney added 0.1%. On the rise in Asian dealings was Xiaomi, which jumped 11%. It said it will start deliveries of its first electric vehicle by the end of March. Up to now, Xiaomi's offering has consisted of items such as smartphones, tablets, headphones and scooters. In 2021, the Beijing-based firm announced its planned foray into the electric vehicle sector. |
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