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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Upstream | LSE:UPS | London | Ordinary Share | KYG7393S1012 | ORD 0.25P (DI) |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 1.625 | GBX |
Upstream (UPS) Share Charts1 Year Upstream Chart |
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Intraday Upstream Chart |
| Date | Time | Title | Posts |
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| 27/4/2024 | 21:05 | SHARES STRONGLY UP during APRIL 2024 | 556 |
| 02/4/2024 | 08:43 | SHARES STRONGLY UP during March 2024 | 567 |
| 29/2/2024 | 23:08 | SHARES STRONGLY UP during February 2024 | 670 |
| 31/1/2024 | 22:24 | SHARES STRONGLY UP during January 2024 | 656 |
| 01/1/2024 | 20:09 | SHARES STRONGLY UP during December 2023 | 551 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 19/4/2024 22:24 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks tentative on rising Israel-Iran tensions (Alliance News) - Stock prices in London closed up on Friday, as investors showed caution in reaction to Israel carrying out retaliatory strikes on the Iranian central province of Isfahan. The FTSE 100 index closed up 18.80 points, or 0.2%, at 7,895.85. The FTSE 250 ended down 59.37 points, 0.3%, at 19,391.30, and the AIM All-Share closed up 0.38 of a point, 0.1%, at 745.67. Across the week, they were down 1.3%, 1.7% and 1.4% respectively. The Cboe UK 100 ended up 0.2% at 788.44, the Cboe UK 250 closed down 0.3% at 16,792.60, and the Cboe Small Companies ended up 0.1% at 14,785.62. Oil prices jumped before settling a little lower, after Iran's state media reported explosions in the central province of Isfahan on Friday. US media quoted officials saying Israel had carried out retaliatory strikes on its arch-rival. Israel had previously warned it would hit back after Iran fired missiles and drones at Israel almost a week ago, in retaliation for a deadly strike on Iran's embassy in Syria which Tehran blamed on its foe. Fears of a major regional spillover from the Gaza war have since soared. A barrel of Brent oil fell to USD87.01 at the London equities close on Friday, from USD87.15 at the European equities close on Thursday. It had previously, however, traded as high as USD90.71. "In a week that started with Iran's drone and missile attack on Israel and which ended with Israel's retaliatory strike on Iran, it is somewhat surprising that the price of Brent crude fell. After all, the risk to physical supply of oil has clearly risen with the latest attack on Iran," said Capital Economics analyst Caroline Bain. "However, we think it is not in the interests of either Iran or Israel to disrupt the regional trade in energy and that, for now, it will be off limits even if retaliatory attacks continue." Tensions in the Middle East have also boosted the dollar's "position", ING analysts said. Against the dollar, sterling fell to USD1.2410 at the London equities close on Friday, from USD1.2464 on Thursday. The euro rose to USD1.0664 from USD1.0660. Against the yen, the buck bought JPY154.52, down from JPY154.60. A recent re-assessment of Federal Reserve interest rate expectations has supported the dollar. The Fed's most recent projections suggested three rate cuts could be in the offing this year, though at least one of those has been priced out by the market. New York Fed President John Williams on Thursday said the US central bank feels no "urgency to cut interest rates". The next Fed decision is on May 1. Another rate hold is expected. Brown Brothers Harriman commented: "The fundamental backdrop of US economic outperformance coupled with hawkish Fed rhetoric remains in play. Fed officials have started to mention the possibility of hikes. "To be clear, a hike this year is unlikely. However, just the fact that Fed officials are acknowledging the possibility is a huge shift from its previous intent to begin cutting rates this year. If market pricing were to shift in favour of hikes, the impact on markets would be huge. Stay tuned." Stocks in New York were mixed at the London equities close, with the DJIA up 0.4%, the S&P 500 index down 0.4%, and the Nasdaq Composite down 1.1%. UK retail sales volumes climbed year-on-year in March, but were flat on the month before, numbers showed. According to the Office for National Statistics, retail sales rose 0.8% in March from a year prior, though were still 1.2% below the pre-pandemic level in February 2020. Sales had declined 0.3% on-year in February. Sales were flat in March from February, following a 0.1% rise in February from January. February's reading was upwardly revised. Retail sales volumes for that month were initially reported to have been flat from January. The outcome for March fell short of FXStreet-cited market consensus. Growth of 0.3% had been expected. Pantheon Macroeconomics analyst Rob Wood said that "stagnating March retail sales provide a disappointing end to the quarter." However, stagnation is a significant turnaround from the large retail volumes falls seen over the past two years, he noted, while retail sales volumes rebounded 1.9% quarter-to-quarter in the first three months of 2024. This will add 0.1 percentage points to first quarter gross domestic product, he estimated. In European equities on Friday, the CAC 40 in Paris closed marginally down, while the DAX 40 in Frankfurt ended down 0.5%. German producer prices fell year-on-year in March, but climbed on-month, numbers showed. According to Destatis, producer prices declined 2.9% in March from a year prior, easing from a 4.1% annual fall in February. On a monthly basis, they rose 0.2% in March, topping the FXStreet cited consensus, which had predicted producer prices to be flat from February. In February, producer prices declined 0.4% from January. Producer prices had risen 0.2% in January from December. In London's FTSE 100, Mondi topped gains, rising 9.3%. The packaging and paper company said it does not plan on making an offer for DS Smith, which lost 9.9%. In early March, DS Smith and Mondi agreed to an in principal takeover deal, which valued DS Smith shares at 373 pence each. At the time, Mondi said the possible merger would create a company worth more than GBP10 billion. On Friday, Mondi said it has considered the value of the takeover to its shareholders, and based on this, has decided against the transaction. On Tuesday, DS Smith accepted an takeover approach from International Paper Co, a Tennessee-based pulp and paper supplier. The offer will see DS Smith shareholders receive 0.1285 International Paper shares for every one held in DS Smith. The bid values DS Smith at around GBP5.8 billion on a fully diluted basis, and its enterprise value at around GBP7.8 billion. In the FTSE 250, Man Group led losses, falling 6.6%. The active investment manager focused on private markets said assets under management on March 31 were USD175.7 billion, up 4.9% from USD167.5 billion on December 31. Man Group suffered USD1.6 billion in net outflows in the first quarter of 2024, but recorded a positive investment performance of USD9.8 billion to create the rise in AuM. Alternative strategies saw USD3.2 billion in net outflows in the recent quarter, balanced by net inflows of USD1.6 billion into Long-only strategies. Elsewhere in London, 888 rose 4.8%. The sports betting and gambling company, which owns brands including 888casino and William Hill, said first-quarter revenue declined but topped expectations, ahead of a possible name change. First-quarter revenue was GBP431 million, down 3.2% on-year but ahead of the GBP420 million to GBP430 million it had predicted. 888 noted that revenue was up, however, by 2% from the fourth quarter of 2023. It explained that this reflects "a continuation of positive sequential quarter-on-quarter trends." UK & Ireland online revenue alone fell 1% due to "reduced sports venues and increased customer investment across the Cheltenham Festival in comparison to last year", which a 4% growth in gaming could not offset. 888 shareholders will also get a vote on its possible name change to Evoke PLC at its annual general meeting in May. Gold traded at USD2,391.85 an ounce at the London equities close on Friday, up from USD2,384.41 late Thursday. In Monday's UK corporate calendar, Mobico posts its full-year results. The economic calendar has the release of the latest interest rate decision for China. |
Posted at 18/4/2024 22:23 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks recover some of recent Fed talk losses (Alliance News) - Stock prices in London closed up on Thursday, despite the prospect of higher for longer US interest rates hanging over stocks, while initial jobless claims for the week came in steady. The FTSE 100 index closed up 29.06 points, 0.4%, at 7,877.05. The FTSE 250 ended up 110.53 points, 0.6%, at 19,450.67, and the AIM All-Share closed up 2.17 points, up 0.3%, at 745.29. The Cboe UK 100 ended up 0.2% at 786.93, the Cboe UK 250 closed up 0.3% at 16,833.88, and the Cboe Small Companies ended marginally up at 14,776.22. US jobless claims were steady in the most recent week, according to the US Department of Labor. In the week ending April 13, US initial jobless claims were unchanged from the previous week's revised level at 212,000. The previous week's level was revised up by 1,000 from 211,000. This was lower than market consensus for initial jobless claims to rise to 215,000. The four-week moving average was 214,500, unchanged from the previous week's revised average. The previous week's average was revised up by 250 from 214,250. Stocks in New York were higher at the London equities close, with the DJIA up 0.8%, while the S&P 500 index and the Nasdaq Composite were both up 0.5%. In European equities on Thursday, the CAC 40 in Paris and the DAX 40 in Frankfurt both ended up 0.5%. Global equities began to recover, with most major indices down on-week. "Fears that interest rates will stay higher for longer, as inflation stubbornly does the same, mean the yield on government bonds are also refusing to go down and that in turn is starting to put a little pressure on share prices," said AJ Bell analyst Russ Mould. "This is partly because investors can grab a higher yield on certain UK gilts or US Treasuries than they can from headline share indices and do so for less risk, at least in theory." Against the dollar, sterling rose to USD1.2464 at the London equities close on Thursday, from USD1.2447 late Wednesday. The euro was up at USD1.0660, from USD1.0637. Against the yen, the buck bought JPY154.60, down from JPY154.67. In London's FTSE 100, British Airways parent International Consolidated Airlines Group rose 4.3% in a positive read-across from budget airline easyJet. easyJet rose 2.3%, after it reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half. Sales amounted to EUR819.6 million in the quarter, down 9.3% from EUR903.2 million a year prior. In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million. "Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network." Segro rose 1.6%, after the property investment firm hailed "strong growth" in rent roll during the first quarter of the year as it noted a stabilisation of industrial and logistics asset values. It reported total new headline rent signed of GBP29 million during the first quarter of 2024, up 21% from GBP24 million a year prior. The occupancy rate edged down to 94.5% from 95.7% year-on-year due to speculative development completions. Customer retention edged up to 90% from 82%. In London's FTSE 250, Hipgnosis Songs Fund jumped 30%. It has agreed to a USD1.40 billion cash takeover from music rights acquirer Alchemy Copyrights, which trades as Concord. Concord will pay USD1.16, or 93.2 pence, in cash per Hipgnosis Songs Fund share. The price is a 32% premium to its Wednesday close. Concord said Higpnosis Songs Fund shareholders will stand to receive up to an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended. Hipgnosis Songs Fund is in dispute with its investment adviser, alleging misconduct against Hipgnosis Songs Management and its founder Merck Mercuriadis. The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint venture between Hipgnosis Songs Management and private equity firm Blackstone. This triggered board changes at the fund. Among London's small-caps, Petrofac rose 2.7%, after it was awarded a technical services contract with the national oil company of Equatorial Guinea, helping local staff to manage their oil and gas assets. The energy infrastructure company with core markets in the Middle East and North Africa won a five-year USD350 million contract with Compania Nacional de Petroleos de Guinea Ecuatorial, or GEPetrol, to deliver technical services to the operation of Equatorial Guinea's regional Block B asset. The contract draws on Petrofac services such as operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services. Petrofac will deliver technical services across onshore support bases, a floating production storage & offloading unit and a platform on behalf of operator GEPetrol. On AIM in London, Surgical Innovations rose 25%, after the surgical and medical instrument manufacturer reported that revenues increased to GBP12.01 million from GBP11.3 million a year earlier, slightly exceeding board expectations. Pretax loss widened to GBP728,000 from GBP57,000. Surgical Innovations also agreed two new UK distribution contracts. The first is a five-year exclusive contract with Microline Surgical Inc, Boston, US, and the second is a three-year exclusive arrangement with Peters Surgical, based in Paris, France. A barrel of Brent oil slumped to USD87.15 at the London equities close on Thursday from USD88.68 late Wednesday. Gold traded at USD2,384.41 an ounce at the London equities close on Thursday, up slightly from USD2,383.47 on Wednesday. In Friday's UK corporate calendar, Man Group posts a trading statement. The economic calendar has German producer price inflation and UK retail sales data both out at 0700 SAT. |
Posted at 18/4/2024 12:46 by master rsi MARKET REPORTLONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook (Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks. Stocks in New York are called to open higher, reclaiming back some of the losses suffered on Wednesday. The FTSE 100 index was 14.38 points higher, 0.2%, at 7,862.37. The FTSE 250 was up 63.75 points, 0.3%, at 19,403.89. The AIM All-Share was up 0.59 of a point, 0.1%, at 743.71. The Cboe UK 100 was a touch higher at 785.28, the Cboe UK 250 was up 0.1% at 16,800.79, and the Cboe Small Companies was down 0.1% at 14,764.93. Against the dollar, sterling rose to USD1.2479 early Thursday afternoon, from USD1.2447 late Wednesday. The euro was up at USD1.0677, from USD1.0637. Against the yen, the buck bought JPY154.39, down from JPY154.67. In New York, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, are all called 0.3% higher on Thursday. "The risk on sentiment being felt today has helped drive the dollar lower, following a period of gains that saw the greenback reach a five-month high yesterday. What has been notable over recent months has been the outperformance of European indices compared with their US counterparts, as their lofty valuations bring greater profit taking. The Federal Reserve are facing elevated inflation pressures and a solid economy, raising the likeliness of a divergence this year as European central banks cut rates ahead of their US counterparts," Scope Markets analyst Joshua Mahony commented. "Market sentiment appears to be heavily entrenched with the trajectory of crude oil, with the slump in oil prices helping to lift sentiment today. While oil is priced in dollars, the classic inverse relationship has switched of late to reflect the concern that higher oil prices will spur a second wave of inflation." A barrel of Brent oil slumped to USD86.27 early Thursday afternoon from USD88.68 late Wednesday. The weaker oil price sent BP and Shell 1.6% and 0.9% lower in London on Thursday. In European equities on Thursday, the CAC 40 in Paris rose 0.4% and the DAX 40 in Frankfurt was flat. Share price falls for Rheinmetall and Sartorius hurt the DAX. Arms and automotive manufacturer Rheinmetall lost 4.1%. Fellow defence firm BAE Systems fell 2.8% in London. Shares in the duo have enjoyed a rip-roaring gain over the past two years, on the expectation that there will be a rise in military spending amid intensifying geopolitical tensions. Sartorius plunged 12%. The laboratory equipment supplier said net profit in the first-quarter of 2024 totalled EUR36.7 million, down 61% from EUR93.1 million in the first quarter of 2023. In London, easyJet shares rose 2.2%. It reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half. Sales amounted to EUR819.6 million in the quarter, down 9.3% from EUR903.2 million a year prior. In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million. "Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network." Chief Executive Johan Lundgren said the firm is "well set up operationally" for the upcoming summer season. Shares in British Airways parent International Consolidated Airlines Group added 4.0% in a positive read-across. Budget carrier Wizz Air rose 5.3%. Hipgnosis Songs Fund jumped 30% to 91.66 pence. It has agreed to a USD1.40 billion cash takeover from music rights acquirer Alchemy Copyrights, which trades as Concord. Concord will pay USD1.16, or 93.2 pence, in cash per Hipgnosis Songs Fund share. The price is a 32% premium to its Wednesday close. Concord said Higpnosis Songs Fund shareholders will stand to receive up to an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended. Hipgnosis Songs Fund is in dispute with its investment adviser, alleging misconduct against Hipgnosis Songs Management and its founder Merck Mercuriadis. The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint-venture between Hipgnosis Songs Management and private equity firm Blackstone. This triggered board changes at the fund. AJ Bell analyst Russ Mould commented: "An end is in sight for one of the most chaotic events to unfold in the world of investment trusts for years. After much hype led to great disappointment, soundtracked by questionable corporate governance, Hipgnosis Songs Fund is now the recipient of a takeover bid from Concord. This might be the final chapter in the trust's life as a listed entity, one that's been filled with many dud notes. "Whether it will be a smooth exit is another thing. It's worth noting that chairman Robert Naylor has pleaded with the trust's investment adviser Hipgnosis Songs Management and HSM's majority owner Blackstone to agree an orderly termination of the investment advisory agreement." Elsewhere in London, LBG Media, which owns the Ladbible news and entertainment and viral video site, shot up 12%. It hailed a positive outlook in the US. It said revenue in 2023 rose 7.5% to GBP67.5 million from GBP62.8 million in 2022. Its pretax profit, however, fell 19% to GBP5.9 million from GBP7.3 million. LBG added: "Our positive revenue momentum and platform for growth in the US leaves the group at a significant juncture in its evolution and provides a clear line of sight to achieving GBP200 million of revenue. We have made a good start to 2024, entering our second quarter with positive momentum." Jubilee Metals fell 6.0%. It said it delivered an "exceptional" performance in the first nine months of its financial year, though its platinum output declined and it cut its copper production outlook. Platinum group metals production dropped 18% to 8,339 ounces quarter-on-quarter in the third quarter to March 31, from 10,131 ounces, mainly due to a reduction in available stock of lower-grade feed material, Jubilee said. Nine-month PGM production was 3.6% lower at 28,583 ounces, compared to 29,645 ounces. Chrome production rose 7.2% to 408,710 tonnes for the third quarter, from 381,114 tonnes in the second. For the nine months that ended March 31, chrome concentrate output jumped 19% to reach 1.1 million tonnes. Copper production declined 8.4% to 691 tonnes in the third quarter from 749 tonnes in the second, but it surged 69% to 2,374 tonnes in the nine months from 1,409 tonnes a year before. Jubilee revised down its copper production guidance to between 3,250 and 4,000 tonnes, from 5,850 predicted previously. For 2023, copper production was 2,923 tonnes. Still to come on Thursday is a US initial jobless claims reading at 1330 BST. Gold traded at USD2,382.63 an ounce midday Thursday, down ever-so-slightly from USD2,383.47 at the London equities close on Wednesday. |
Posted at 18/4/2024 09:30 by master rsi MARKET REPORTLONDON MARKET OPEN: Europe up as overlooks New York tech sell-off (Alliance News) - Stock prices in London opened higher on Thursday, with the FTSE 100 supported by some promising corporate updates. Market sentiment in Europe was confident on Thursday morning, though tech shares in New York sold off overnight, as US interest rate worries continued to linger. The FTSE 100 index opened 42.60 points higher, 0.5%, at 7,890.59. The FTSE 250 was up 50.21 points, 0.3%, at 19,390.35. An early wave of corporate trading statements from mid-caps were mixed, though it did have some M&A impetus, as Hipgnosis Songs Fund agreed to a takeover. The AIM All-Share was up 0.57 of a point, 0.1%, at 743.69. The Cboe UK 100 rose 0.4% to 787.94, the Cboe UK 250 was flat at 16,789.50, and the Cboe Small Companies was largely unmoved at 14,767.32. In European equities on Wednesday, the CAC 40 in Paris rose 0.5% and the DAX 40 in Frankfurt added 0.2%. The Dow Jones Industrial Average ended down 0.1% in New York on Wednesday. The S&P 500 fell 0.6%, while the Nasdaq Composite slumped 1.2%. Earnings from Amsterdam-listed ASML disappointed, sending chipmakers in New York lower. "The results raised a few eyebrows regarding the sustainability of demand from chipmakers and the future of the AI rally. As such, Nvidia – which has become the icon of the AI rally – fell nearly 4%," Swissquote analyst Ipek Ozkardeskaya commented. On Thursday, Taiwan Semiconductor announced a nearly 9% increase in net profit in the first quarter of 2024. TSMC - whose clients include Apple and Nvidia - controls more than half the world's output of silicon wafers, used in everything from smartphones and cars to missiles. Net profit increased 8.9% on-year in January-March to TWD225.4 billion, around USD6.97 billion, compared to TWD206.9 billion in the same period last year. Some of the dollar's progress this week eased on Thursday morning. The greenback has been supported by the expectation that the Federal Reserve's first rate cut of the cycle will come later than initially expected. Though was once hope that the first cut could have come as early as March, though that did not materialise. Another hold in May as all but certain, and the odds of a June cut have dwindled to as low as 17%, from over 50% a month ago, according to the CME FedWatch Tool. At the moment, a September Fed cut is the best bet, according to the tool. Against the dollar, sterling rose to USD1.2478 early Thursday, from USD1.2447 late Wednesday. The euro was up at USD1.0687, from USD1.0637. Against the yen, the buck bought JPY154.19, down from JPY154.67. The UK is also grappling with sticky inflation, numbers showed Wednesday. According to the Office for National Statistics, the UK consumer price inflation rate was a touch loftier than expected last month, though it cooled to its tamest level since September 2021. The ONS said the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February. Commerzbank analyst Michael Pfister commented: "It seems that the UK also has a bit of an inflation problem. While the US figures are understandably more in the spotlight at the moment, yesterday's UK figures showed quite clearly that disinflation has stalled here as well. In fact, the figures surprised on the upside across the board, with the seasonally adjusted monthly rate of change for the core rate ending up just above the average for the last 10 months. "With each passing month, it becomes clearer that while the core rate is likely to fall slightly on a year-on-year basis (probably to 3.4-3.5% in the next two months on base effects alone), not much more is expected thereafter. This should make it very difficult for the Bank of England to cut rates significantly in the near future." Stocks in Asia were higher. The Nikkei 225 rose 0.3% in Tokyo. In China, the Shanghai Composite added 0.1%, while the Hang Seng in Hong Kong was up 1.0% in late trade. The S&P/ASX 200 climbed 0.5%. A barrel of Brent oil slumped to USD86.72 early Thursday from USD88.68 late Wednesday. Gold traded at USD2,375.34 an ounce, down from USD2,383.47. In London, easyJet shares rose 3.9%. It reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half. In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million. "Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network." Chief Executive Johan Lundgren said the firm is "well set up operationally" for the upcoming summer season. Shares in British Airways parent International Consolidated Airlines Group added 3.4% in a positive read-across. National Grid added 2.6%. It raised its guidance for underlying earnings per share, following an accounting change. The London-based electricity infrastructure and gas utility company said the reporting change will be reflected in its financial 2024 results, which will lead to an expected increase to underlying EPS of around 8p per share. As a result, National Grid expects underlying earnings per share for financial 2024 to be line with its prior year. The company's financial year ended March 31. In financial 2023, National Grid reported underlying EPS of 69.7p. Elsewhere in the utilities space, SSE added 2.1%. Hipgnosis Songs Fund jumped 31%. The company agreed to a USD1.40 billion takeover from music rights acquirer Alchemy Copyrights, which trades as Concord. Concord will pay USD1.16, or GBP0.932, in cash per Hipgnosis share. The price is a 32% premium to its Wednesday closing level. Concord said Higpnosis Songs Fund shareholders will stand to receive an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended. HSM is chaired by Merck Mercuriadis, who also founded Hipgnosis Songs Fund. Hipgnosis Songs Fund has at loggerheads with Mercuriadis. The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint-venture between Hipgnosis Songs Management and private equity firm Blackstone. AJ Bell added 7.0%. The investment platform provider reported an increase in customer numbers in its second-quarter ended March 31, taking it above the half a million milestone. Customer numbers increased by 19,000 in the quarter to 503,000. It hailed "record" assets under administration of GBP80.3 billion, a rise of 17% on-year and 5% on-quarter. "Gross and net inflows across the platform in the run-up to the tax-year-end were significantly higher than in the comparative quarter last year," AJ Bell added. Gross inflows rose 36% annually to GBP3.4 billion. Net inflows were up a third at GBP1.6 billion. AJ Bell shares are up just 0.8% year-to-date. Towards the back end of last year, shares in investment platforms suffered after the UK Financial Conduct Authority set out concerns on the treatment of retained interest on customer cash balances. The FCA said it was concerned some practices may not be providing fair value to customers and "may not be understood by consumers or properly disclosed". Dunelm fell 4.8% as it backed guidance but noted tough homewares market conditions. Total sales in the third-quarter to March 30 rose 3% year-on-year to GBP435 million. It expects full-year pretax profit to be "broadly in line with market expectations", citing consensus of GBP202 million, which would be up 4.7% from GBP193 million in financial 2023. Centamin fell 3.9% as it reported "slightly lower production year-on-year". The gold miner has interests in Egypt, Burkina Faso and the Ivory Coast. It noted the "scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter hit output. Gold output declined 1.0% on-year to 104,821 ounces. Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million. It left its 470,000 to 500,000 ounces output target for the year unmoved. Elsewhere in London, LBG Media, which owns the Ladbible news and entertainment and viral video site, shot up 5.9%. It hailed a positive outlook stateside. It said revenue in 2023 rose 7.5% to GBP67.5 million from GBP62.8 million in 2022. Its pretax profit, however, fell 19% to GBP5.9 million from GBP7.3 million. LBG added: "Our positive revenue momentum and platform for growth in the US leaves the group at a significant juncture in its evolution and provides a clear line of sight to achieving GBP200 million of revenue. We have made a good start to 2024, entering our second quarter with positive momentum." |
Posted at 12/4/2024 22:23 by master rsi MARKET REPORTLONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere (Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle. The FTSE 100 index ended up 71.78 points, 0.9%, at 7,995.58, closing below the 8,000 point mark despite approaching its best-ever level earlier in the day. The FTSE 250 shed 65.63 points, 0.3%, at 19,721.24, and the AIM All-Share lost 2.92 points, 0.4%, at 755.91. For the week, the FTSE 100 added 1.1%, the FTSE 250 barely budged, while the AIM All-Share climbed 2.1%. The Cboe UK 100 added 1.0% to 799.46 on Friday, the Cboe UK 250 fell 0.5% to 17,126.64, and the Cboe Small Companies climbed 0.6% to 14,862.69. In European equities on Friday, the CAC 40 in Paris lost 0.2% and the DAX 40 in Frankfurt fell 0.1%. In New York, the Dow Jones Industrial Average was down 0.8%, the S&P 500 0.9% lower, and Nasdaq Composite giving back 1.0%. Share price rises for miners helped the FTSE 100 find its groove, while peers across the Atlantic in mainland Europe struggled. Gold producer Fresnillo surged 7.6%, tracking bullion prices higher. Gold was quoted at USD2,396.43 an ounce late Friday, higher against USD2,338.05 on Thursday. Gold was not alone in shining. Base metals prices were also on the up, as was oil. This pushed shares in miners Glencore and Anglo American up 5.1% and 3.7%, and oil majors Shell and BP up 2.6% and 3.7%. Brent oil was quoted at USD91.05 a barrel late on Friday afternoon in London, up from USD89.94 late Thursday. Rising global tensions boosted oil prices. Iran's threats of reprisals against Israel after a strike in Syria this month that killed two Iranian generals remain "real" and "viable," the White House said on Friday. "We still deem the potential threat by Iran here to be real, to be viable," National Security Council spokesman John Kirby told reporters. Defence Minister Yoav Gallant said Friday that Israel and the US were "shoulder to shoulder" in facing the threat from Iran, after talks with US Central Command chief Michael Kurilla. "Our enemies think that they can pull apart Israel and the US, but the opposite is true – they are bringing us together and strengthening our ties", Gallant said in a statement, after the two discussed Iran's threats of retaliation for a deadly air strike on its consulate in Syria widely blamed on Israel. Rising tensions hurt shares in airlines. easyJet lost 1.9% and British Airways parent International Consolidated Airlines Group fell 3.8%. The dollar was largely higher in the world of foreign exchange, though the threat of currency intervention supported the yen. The pound fell to USD1.2451 late Friday afternoon in London, down from USD1.2513 at the equities close on Thursday. The euro stood at USD1.0643, lower against USD1.0705. Against the yen, the dollar was trading at JPY153.09, falling from JPY153.30. Sterling traded below the USD1.25 mark for the first time since November. The euro was around its lowest level since November. Analysts at ING said the red-hot US consumer price index report on Wednesday "was the trigger to a substantial dollar rally". A "dovish shift" by the European Central Bank and Bank of Canada "has now made that rally more sustainable", the Dutch bank believes. "Both banks have given a nod to market bets for a rate cut in June, and rightly so given the considerably more encouraging domestic inflation outlook than in the US. As things stand now, the Federal Reserve looks unlikely to match that same dovishness, and the case for a growing divergence between an immobile FOMC and a bunch of dovish central banks is getting stronger," analysts at ING commented. The pound fell on the greenback despite data suggesting the UK is out of recession. According to the Office for National Statistics, UK gross domestic product rose by 0.1% in February from January, in line with FXStreet cited consensus. UK GDP had expanded 0.3% on-month in January, according to revised data. Back in London, Huddled Group rose 7.7% after the investor in e-commerce brands said it will acquire Food Circle Supermarket for up to GBP300,000. Food Circle is an online retailer based in Dinnington, South Yorkshire. In 2023, it delivered revenue of around GBP1.4 million. According to Huddled, the acquisition is complementary to its Discount Dragon business and is "the next step in the group's strategy to build a portfolio of e-commerce brands". Bens Creek plummeted 24% after it reported that it has laid off 44 employees. The owner and operator of metallurgical coal mines across North America said that the move is due to "the depressed metallurgical coal price", as well as "financial constraints at the company and production difficulties", at its mining project in West Virginia. Bens Creek added that the mine will be operated on a care and maintenance basis for the time being. Bens Creek added that lower coal prices and interruptions in production at the mine in West Virginia had put a strain on the company's cashflow in the first months of 2024. Monday's economic calendar has a eurozone industrial production reading at 1000 BST, before US retail sales data at 1330 BST. The UK corporate calendar has a trading statement from emerging markets-focused investment manager Ashmore Group. |
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 09/4/2024 21:41 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks struggle in nervy trade before US data (Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high. The FTSE 100 index ended down 8.68 points, 0.1%, at 7,934.79. The FTSE 250 ended down 91.23 points, 0.5%, at 19,763.35, while the AIM All-Share rose 2.15 points, 0.3%, at 750.98. The Cboe UK 100 ended down 0.2% at 792.86, the Cboe UK 250 fell 0.5% at 17,208.36, and the Cboe Small Companies finished up 0.5% at 14,760.33. The CAC 40 in Paris ended down 0.9%, while the DAX 40 in Frankfurt slumped 1.3%. In New York, the Dow Jones Industrial Average was down 0.4% at the time of the London equities close. The S&P 500 was 0.6% lower. The Nasdaq Composite gave back 0.5%. "In an otherwise quiet trading session without major economic data releases, investors sold stock indices as risk off sentiment dominated the agenda ahead of Wednesday's Federal Open Market Committee minutes and CPI print," IG analyst Axel Rudolph commented. Wednesday's US inflation data is expected to show the rate of year-on-year consumer price growth picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus. If the rate of consumer price inflation picks up by more than expected, it could mean the Federal Reserve will re-think its interest rate outlook. In its last set of economic projections, the dot-plot showed three rate cuts were still the best bet for 2023. The pound was quoted at USD1.2672 in London late Tuesday afternoon, higher compared to USD1.2652 at the equities close on Monday. The euro stood at USD1.0856, rising slightly against USD1.0854. Against the yen, the dollar was trading at JPY151.65, down compared to JPY151.82. Gold was quoted at USD2,347.44 an ounce, higher against USD2,330.93. Gold hit a new record high earlier Tuesday, above USD2,365 per ounce, before easing back. DHF Capital analyst Bas Kooijman commented: "Despite reaching peak levels, gold prices remain supported by solid demand, evidenced by rising net long positions. However, following its strong surge, gold could be exposed to price corrections over the short term in particular if Wednesday's US data comes in stronger than expected." Bank of America on Tuesday suggested the price of gold could hit USD3,000 an ounce. "Gold and silver are among our most preferred commodities, with the yellow metal pushed up by central banks, China investors and, increasingly, Western buyers on a confluence of macro factors, including an end to hiking cycles," BofA explained. The bank adjusted price targets for several London-listed mining stocks and upgraded its recommendation on Fresnillo. Shares in Fresnillo rose 4.0% on Tuesday. Brent oil was quoted at USD89.82 a barrel at the time of the London equities close on Tuesday, down from USD89.93 late Monday. More than six months into the war, Hamas said it was "studying" a new proposal for a temporary truce, taking some heat out of Crude prices. Nonetheless, shares in BP and Shell rose 1.3% and 0.8%. BP said it expects first quarter upstream production to be higher than the previous three-month period but cautioned lower prices would hurt performance elsewhere. The London-based oil and gas major said upstream production in the quarter ending March is expected to be higher compared to the prior quarter, with output higher in oil production & operations and slightly higher in gas & low carbon energy. But in the gas & low carbon energy segment, lower gas prices compared to the prior quarter are expected to have an adverse impact in the range of USD200 million to USD400 million, BP said. There is also expected to be an adverse impact of around USD200 million as a result of the devaluation of the Egyptian pound. In the oil production & operations segment, lower realizations compared to the prior quarter are expected to have an adverse impact in the range of USD300 million to USD600 million, BP commented. Analysts at Jefferies commented: "BP's first trading update suggests limited downside to consensus numbers (Bloomberg USD3 billion net income). Strong gas trading will address a key concern during the quarter, while strong oil trading provides a good uplift quarter-on-quarter. Key operational upsets in the quarter (Whiting, Freeport) seem to have caused a lower impact than feared." It was a tough day for defence stocks across Europe. BAE Systems fell 4.5% in London, the worst large-cap performer. In Frankfurt, Rheinmetall gave back 6.2%. Shares in the duo have enjoyed a rip-roaring gain over the past two years, on the expectation that there will be a rise in military spending amid intensifying geopolitical tensions. Elsewhere, ProCook shares rose 4.4%. The company predicted annual profit to be "marginally" ahead of market expectations, shaking off "subdued" economic conditions. The Gloucester-based kitchenware company reported revenue of GBP13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of GBP62.6 million, an increase of 0.4% from the previous year. ProCook said its fourth-quarter sales were in line with board expectations. It also noted "strong margin and cost discipline". It means it expects full-year underlying pretax profit to be between GBP500,000 and GBP1.0 million, which would top the current company-compiled consensus of GBP400,000, and represent a swing from a GBP200,000 loss in financial 2023. Tasty shares tumbled 17% as it announced a restructuring plan to combat "difficult recent trading conditions", and struck a GBP750,000 loan agreement to bolster its coffers and "stabilise the company" in 2024. It plans to close "20 loss-making sites". For the 53 weeks to December 31, Tasty expects to report revenue of GBP46.9 million, a 6.6% increase from the GBP44.0 million of revenue in the year prior. It expects to post a loss before interest, tax, depreciation and amortisation of GBP900,000 narrowing from a loss of GBP2.7 million. "The group has made reasonable progress since the year end and despite difficult recent trading conditions, management continue to navigate through challenging times to mitigate cost rises and lower trading performance," Tasty said. "The cost-of-living crisis, transportation strikes, and interest rate rises continued to significantly impact 2023 revenue and inflationary pressure on labour, food and utilities continue to adversely affect profitability. The group's financial performance has been inhibited by a tail of underperforming sites, despite efforts at improving operational performance." The loan agreement is with Will Roseff, a "high net worth investor" who is a shareholder in bet365. He is also a director at the gambling firm. Wednesday's economic calendar has the US inflation reading and Fed minutes at 1330 BST and 1900 BST. There is a producer price index reading from Japan overnight. The UK corporate calendar has annual results from grocer Tesco. |
Posted at 08/4/2024 21:58 by master rsi MARKET REPORTLONDON MARKET CLOSE: Miners and airlines in demand as FTSE 100 climbs (Alliance News) - Investors bought in London on Monday, as the FTSE 100 rose with gold hitting a new high before fading, airlines and miners were in demand, while Entain prospered on bid speculation. The FTSE 100 index closed up 32.31 points, 0.4%, at 7,943.47. The FTSE 250 ended up 128.64 points, 0.7%, at 19,854.58, and the AIM All-Share closed up 8.78 points, or 1.2%, at 748.83. The Cboe UK 100 ended up 0.5% at 794.13, the Cboe UK 250 closed up 0.8% at 17,288.54, and the Cboe Small Companies ended up 0.1% at 14,693.06. The brighter mood was reflected in Europe. The CAC 40 in Paris closed up 0.7% while the DAX 40 in Frankfurt climbed 0.8%. Across the pond, stocks in New York were mixed at the London equities close, with the DJIA slightly lower, the S&P 500 slightly higher, and the Nasdaq Composite up 0.1%. On Wednesday, US inflation figures will be released. The report is expected to show that the rate of US annual consumer price inflation picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus. Last Friday, strong jobs data tilted appeared to tilt the balance against a rate cut at June's FOMC meeting. According to the Bureau of Labor Statistics, nonfarm payroll employment rose by 303,000 in March, higher than the FXStreet-cited consensus of 200,000. The figure for February was revised down by 5,000, from 275,000 to 270,000 while January's total was adjusted upwards by 27,000, from 229,000 to 256,000. This means employment in January and February combined was 22,000 higher than previously reported. Nonetheless, the CME FedWatch tool places a 51% chance that interest rates will be lowered by 25 basis points in June, albeit lower when compared to 57% this time a week ago. The pound was quoted at USD1.2652 at the London equities close on Monday in London, up from USD1.2621 late Friday. The euro rose to USD1.0854 from USD1.0831. Against the yen, the dollar rose to JPY151.82 from JPY151.54. Gold hit a new record high on Monday, above USD2,350 per ounce before easing back. Gold was quoted at USD2,330.93 an ounce on Monday at the London equities close, up from USD2,325.89 late Friday. UBS thinks the gold price has further to run in 2024 despite its strong start to the year. UBS explained it had previously expected gold to rise to USD2,250 per ounce by the end of the year. "But it has rallied faster and more forcefully than our already bullish expectations," the broker noted. The Swiss bank increased its forecasts by USD250 per ounce, expecting gold to trade at USD2,300 per ounce in June and at USD2,500 per ounce at end-2024 and end-March 2025. The move in the price supported gold miners Fresnillo in the FTSE 100, which rose 2.6%, and Hochschild Mining, which led the FTSE 250 risers, up 5.4%. Other mining stocks prospered with Rio Tinto up 4.2%, Anglo American up 3.2% and Glencore up 1.9%. Elsewhere, in London's FTSE 100, Entain climbed 4.7% after The Sunday Times reported it was considering its options for a number of assets, reigniting bid speculation. The bookmaker, which owns Ladbrokes and Coral, has called on investment bank Moelis to help with a review of its brands, the report claimed. The future of "a whole range" of assets are under consideration, The Sunday Times reported, citing sources. The Sunday Times said that a number of buyout firms, including the likes of Apollo Global Management Inc and CVC Capital Partners, are watching on with interest. The latter already has a hand in the gambling market, as it owns German bookmaker Tipico. Entain has previously been the subject of failed bid attempts from MGM and Draftkings. DS Smith closed down 0.3%. Sky News reported International Paper is closing in on a formal GBP5 billion-plus bid for the paper and packaging group. A recommended offer from the US-based predator would still leave the door ajar for Mondi, DS Smith's London-listed rival, to trump the International Paper bid, Sky said. Both International Paper and Mondi have made all-share bid propositions for DS Smith. A barrel of Brent oil fetched USD89.93 at the London equities close on Friday, down from USD91.31 on Thursday. The respite in the oil price helped support shares in airlines easyJet, up 3.3%, and IAG, the owner of British Airways, up 2.3%, on hopes of lower fuel bills. easyJet was given an additional push by UBS which reiterated a 'buy' rating and raised its share price target to 850 pence each from 820p. In London's FTSE 250, shares in Currys gained 1.1% after The Sunday Times reported a shareholder has called on the consumer electronics seller to dispose of its mobile phone service division. Fund manager JO Hambro said Currys should sell ID Mobile, a business which provides monthly phone contracts, the report claimed. The Sunday Times said the division is valued at around GBP350 million. JO Hambro holds a 4.5% stake in Currys and is the eighth-largest shareholder in Currys, the newspaper noted. In March, Elliott Advisors announced it will not make an official bid for Currys, after having made a roughly GBP750 million proposal. JD.com, another potential bidder for Currys, also said it would not be making a bid. On AIM, Mirriad Advertising leapt 37%. The provider of in-content advertising technology struck a deal with TripleLift, an operator of supply-side digital advertising platform. As part of the pact, TripleLift will facilitate automated selling of Mirriad's in-content advertising inventory into leading media buying platforms such as Google's DV360. In Tuesday's UK corporate calendar, Imperial Brands releases a trading statement. The economic calendar week has consumer and producer price inflation data for the US out on Wednesday and Thursday respectively, while inflation figures for China and the latest European Central Bank interest rate decision are also out on Thursday. On Friday, German CPI is out, alongside UK gross domestic product data. |
Posted at 08/4/2024 13:49 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Sluggish blue-chips underperform European peers (Alliance News) - Blue-chips in London paused for breath on Monday midday, while mid-caps prospered, in the absence of fresh catalysts to provide direction. With US inflation figures and the European Central Bank meeting later in the week, it was very much a wait-and-see approach in the 'Square Mile.' The FTSE 100 index rose 9.70 points, 0.1%, at 7,920.86. The FTSE 250 climbed 68.77 points, 0.4%, at 19,794.71, and the AIM All-Share advanced 4.55 points, 0.6%, at 744.60. The Cboe UK 100 was up 0.2% at 792.10 the Cboe UK 250 was up 0.4% at 17,216.99, and the Cboe Small Companies was down 0.5% at 14,602.62. "Markets have taken a moment to reflect on last week’s barrage of data points which caught people by surprise," says Russ Mould, investment director at AJ Bell. "With little on the corporate reporting agenda and many people enjoying annual leave during the Easter school holiday, the pause has come just at the right time. It provides an opportunity to weigh up what’s really going on and what could happen next." But it was a brighter picture in Europe. The CAC 40 in Paris was up 0.6% while the DAX 40 in Frankfurt rose 0.6%. The European Central Bank announces its latest interest rate decision on Thursday. It is expected to leave rates unmoved, but focus will be on any clues on rate cut timing. Goldman Sachs expects the meeting to be "relatively uneventful." "We expect the Governing Council to leave its key policy language broadly unchanged without formally pre-committing to a June cut. Instead, President Lagarde is likely to reiterate that the Governing Council will have "a lot of data" in June to decide whether to lower policy rates. We expect little additional colour on the likely pace of rate cuts, with the emphasis on data dependence." Goldman regards back-to-back cuts as the "most likely outcome, particularly for June, July and September," but sees "risks of a slowdown to quarterly steps later in the year." In the FTSE 100, Entain gained 4.9% after The Sunday Times reported it was considering its options for a number of assets, reigniting bid speculation. The bookmaker, which owns Ladbrokes and Coral, has called on investment bank Moelis to help with a review of its brands, the report claimed. The future of "a whole range" of assets are under consideration, The Sunday Times reported, citing sources. The Sunday Times said that a number of buyout firms, including the likes of Apollo Global Management Inc and CVC Capital Partners, are watching on with interest. The latter already has a hand in the gambling market, as it owns German bookmaker Tipico. Entain has previously been the subject of failed bid attempts from MGM and Draftkings. Gold and silver miner Fresnillo gained 2.9%, while Endeavour Mining advanced 1.6% as the price of gold continued to sparkle. Gold was quoted at USD2,342.04 an ounce on Monday at midday, rising from USD2,325.89 late Friday. A barrel of Brent oil fetched USD90.35 at midday on Monday, down from USD91.31 at the London equities close on Friday. The respite in the oil price helped support shares in airlines easyJet, up 2.8%, and IAG, the owner of British Airways, up 1.1%. easyJet was given an additional push by UBS which reiterated a 'buy' rating and raised its share price target to 850 pence each from 820p. "We rate the shares buy and think easyJet offers the best risk/return profile of the European airlines that we cover," the Swiss bank commented. The pound was quoted at USD1.2633 on Monday at midday in London, up from USD1.2621 late Friday. The euro was also flat at USD1.0832 compared to USD1.0831. Against the yen, the dollar climbed to JPY151.84 from JPY151.54. Stocks in New York were called lower. The Dow Jones Industrial Average, S&P 500 Index and the Nasdaq Composite were all called down by 0.1%. In New York on Friday, the Dow Jones Industrial Average rose 0.8%, the S&P 500 added 1.1% and the Nasdaq Composite surged 1.2%. The gains came on the back of a robust US jobs report. According to the Bureau of Labor Statistics, nonfarm payroll employment rose by 303,000 in March, higher than the FXStreet-cited consensus of 200,000. The figure for February was revised down by 5,000, from 275,000 to 270,000 while January's total was adjusted upwards by 27,000, from 229,000 to 256,000. This means employment in January and February combined was 22,000 higher than previously reported. Focus this week turns to a US inflation reading. Data on Wednesday is expected to show that the rate of US annual consumer price inflation picked up to 3.4% last month, from 3.2% in February, according to FXStreet cited consensus. In London's FTSE 250, shares in Currys gained 0.4% after The Sunday Times reported a shareholder has called on the consumer electronics seller to dispose of its mobile phone service division. Fund manager JO Hambro said Currys should sell ID Mobile, a business which provides monthly phone contracts, the report claimed. The Sunday Times said the division is valued at around GBP350 million. JO Hambro holds a 4.5% stake in Currys and is the eighth-largest shareholder in Currys, the newspaper noted. In March, Elliott Advisors announced it will not make an official bid for Currys, after having made a roughly GBP750 million proposal. JD.com, another potential bidder for Currys, also said it would not be making a bid. On AIM, Cake Box gained 2.5%, after predicting annual profit slightly ahead of market expectations, despite a "continuing challenging economic climate" in the UK. Cake Box expects to report a revenue rise of 9.0% for the year ended March 31, from GBP34.8 million. It expects to report adjusted profit "slightly ahead of market expectations". Co-Founder and Chief Executive Officer Sukh Chamdal said: "We are delighted to have delivered a year of solid growth in all our key performance areas and full year profits slightly above expectations despite the backdrop of uncertain macroeconomic conditions. We expect to report an increase in all key financial metrics." |
Posted at 07/4/2024 10:00 by apotheki UPSBeacon Energy / LSE:BCE Share price = 0.0575 [mid] Reason: The upcoming SCHB-2 sidetrack operation. Beacon Energy has confirmed that the rig mobilisation is on track with the rig due to arrive on location in mid-April with the sidetrack operation scheduled to commence the following week. Now that we are in a new tax year as with other small caps Beacon Energy has all the potential to perform very well share price wise especially given the potentially extremely positive developments mentioned in paragraph one [plus see most recent RNS] Recommendation: Strong BUY [at these very low share price levels] |
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