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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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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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1 Month Upstream Chart |
Intraday Upstream Chart |
| Date | Time | Title | Posts |
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| 09/5/2024 | 23:56 | SHARES STRONGLY UP during MAY 2024 | 154 |
| 30/4/2024 | 22:56 | SHARES STRONGLY UP during APRIL 2024 | 621 |
| 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 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 09/5/2024 16:49 by master rsi Barclays sees huge upside for NatWest despite recent rally(Sharecast News) - NatWest's share-price surge since the start of the year could well continue, according to analysts at Barclays, who hiked their target price for the stock on Thursday. Barclays reiterated its 'overweight' rating on the stock, which has gained 15% over the past month and 45% since the start of the year. "Despite strong share-price performance (+45% YTD), we continue to see significant upside," Barclays said in a research note. As a result of higher earnings and lower cost of equity, Barclays hiked its target price from 330p to 400p, a level not seen since 2015, compared with Wednesday's closing price of 317p. "EPS momentum is turning positive, we are 10%+ ahead of [consensus], and with an exit of UK government firmly in sight, we expect an ongoing re-rating on strongly growing tangible net asset value," Barclays said. NatWest shares were up 0.4% at 318.3p by 1551 BST. |
Posted at 07/5/2024 13:56 by master rsi MARKET REPORTLONDON MARKET MIDDAY: Stocks buoyed by local data, strong US equities (Alliance News) - Stock prices in London were up at midday on Tuesday, boosted by positive local economic data and tracking European equities that were buoyed by strong US stocks performance on Monday. Markets in London reopened on Tuesday after being closed for a UK public holiday on Monday. The FTSE 100 index was up 82.73 points, 1.0%, at 8,296.22. The FTSE 250 was up 225.42 points, 1.1%, at 20,389.96, and the AIM All-Share was 5.72 points, 0.7%, at 777.25. The Cboe UK 100 was up 1.0% at 828.39, the Cboe UK 250 was up 1.0% at 17,662.42, and the Cboe Small Companies was down 0.1% at 15,773.92. In European equities on Tuesday, the CAC 40 in Paris was up 0.4%, while the DAX 40 in Frankfurt was 0.7%. Sterling was quoted at USD1.2537 at midday Tuesday, lower than USD1.2549 at the London equities close on Friday. The euro traded at USD1.0762 on Tuesday midday, lower than USD1.0769 late Friday. Against the yen, the dollar was quoted higher at JPY154.60 from JPY152.89. Growth in the UK construction sector quickened in April, according to the latest purchasing managers' index survey results from S&P Global. The headline S&P Global UK construction PMI in April rose to 53.0 in points in April from 50.2 in March. The reading indicates an expansion of growth, rising further above the 50.0 no-change mark. FXStreet-cited consensus had been expecting a reading of 50.4. It also marked expansion for the second month in a row, S&P Global said. Pantheon Macroeconomics analyst Rob Wood commented on the data: "Housebuilding took a breather in April but civil engineering and commercial activity surged as economic conditions continued to improve. Remarkably the construction PMI has recovered to only one point below its 1998-to-2019 average, having been nine points below last September, and is consistent with official construction output rising 0.6% three-months-on-thre Annual growth in UK house prices quickened last month, while they returned to slight growth on a monthly basis, numbers from mortgage lender Halifax showed Tuesday. UK house price growth quickened to 1.1% year-on-year in April, Halifax said, from a 0.4% rise in March. Prices ticked up 0.1% in April from March, having fallen 0.9% in March from February. The monthly rise in April was expected to be 0.2%, according to FXStreet-cited consensus. The average UK house price in April was GBP288,949, up from GBP288,781 in March. "Housebuilders were among the stocks in demand after British house prices returned to growth, albeit only by a fraction. Halifax data gave hope that the property market was getting up on its feet after a soggy patch, enticing investors to look at names such as Persimmon and Barratt," said AJ Bell analyst Russ Mould. Persimmon and Barratt both rose 2.6% and 1.7% respectively. Elsewhere in the FTSE 100, BP ticked down 0.1%. The oil major said replacement cost profit was down to USD1.61 billion from USD8.67 billion a year earlier, but up from USD1.53 billion from the fourth quarter. Total first quarter revenue was down to USD48.88 billion from USD56.18 billion a year earlier, and down from USD52.14 billion in the fourth quarter, while first quarter upstream production was 2.4 million barrels of oil equivalent per day, up 2.1% from a year earlier. BP has started a new USD1.75 billion share buyback programme for the first quarter as planned, while it says a total of USD3.5 billion is still planned in share buybacks for the first half of 2024. It declared a quarterly dividend of 7.27 cents per share, unchanged from the fourth quarter and up from 6.61 cents a year earlier. Looking ahead, it expects upstream production to be slightly lower in the second quarter from the first quarter, while across 2024, it expects upstream production to be slightly up from 2023 on both a reported and underlying basis. "BP's first-quarter profits are down year-on-year and lower than expected thanks in the main to lower gas prices and temporary problems at a refinery in Indiana, US, although shareholders are unlikely to be too concerned given the company's ability to return USD3 billion to them via dividends and buybacks in just three months," said AJ Bell's Mould. "BP is on course to return the same amount in the next three months of 2024 and if it maintains that pace for the whole year then the oil and gas major will return more than 11% of its stock market valuation to investors, a cash yield that easily exceeds Bank of England base rates, government gilt yields and inflation." In the FTSE 250, SDCL Energy Efficiency rose 3.7%, after it agreed to sell UU Solar to UK Power for GBP90.8 million. The investor in assets in the energy efficiency sector said the agreed price represents a 4.5% premium to UU Solar's September 30 valuation. SDCL Energy Efficiency said the sale proceeds will be used to reduce short term borrowings under its revolving credit facility. Among London's small-caps, Robert Walters rose 4.6% to 385 pence, after Deutsche Bank starts its coverage of the recruitment consultancy firm with a 'buy' rating, setting a target price of 600p per share. Mears Group also rose 5.0% to 386.5p, after Deutsche Bank also starts its coverage of the housing maintenance and social housing provider with a 'buy' rating, setting a target price of 425p per share. On AIM in London, Totally rose 19%. In a trading update for the financial year that ended March 31, the healthcare services provider said it expects revenue to fall to GBP106 million from GBP135.7 million a year earlier, but with earnings before interest, tax, depreciation and amortisation to double to around GBP2.3 million from GBP1.1 million. Totally said the improved bottom-line was against a tough operational backdrop and follows a review by the board of its "structures, systems and processes to ensure it remains focused on growth and the provision of support to its commissioners when required". Stocks in New York were called mixed. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 index marginally up, while the Nasdaq Composite was called down 0.2%. Brent oil was trading at USD83.07 a barrel on Tuesday midday, higher than USD82.91 late Friday. Israel carried out strikes on the Gazan city of Rafah overnight as it sought to put "pressure" on Hamas ahead of talks in Egypt on Tuesday aimed at sealing a truce proposal endorsed by the militants. After having vowed for weeks to push into the southern border town, Israel called on Monday for Palestinians in eastern Rafah to leave for an "expanded humanitarian area" ahead of a ground incursion. After talks earlier in the day failed to produce an agreement, Hamas said Monday evening that it had informed mediators Egypt and Qatar of its "approval of their proposal regarding a ceasefire" in the seven-month-old war. Israeli Prime Minister Benjamin Netanyahu's office said the proposal "is far from Israel's essential demands", but the government would send negotiators for talks "to exhaust the potential for arriving at an agreement". Gold was quoted at USD2,313.54 an ounce, higher than USD2,301.11. |
Posted at 07/5/2024 11:08 by master rsi SMALL-CAP WINNERS & LOSERS: Macfarlane notes challenging start to 2024(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday. SMALL-CAP - WINNERS Robert Walters PLC, up 6.6% at 392.10 pence, 12-month range 344.00p-490.00p. The recruitment consultancy firm's share price rises after Deutsche Bank starts its coverage of the stock with a 'buy' rating, setting a target price of 600p per share. ---------- Mears Group PLC, up 3.0% at 379.00p, 12-month range 231.00p-380.00p. The housing maintenance and social housing provider share price rises after Deutsche Bank starts its coverage of the stock with a 'buy' rating, setting a target price of 425p per share. SMALL-CAP - LOSERS Macfarlane Group PLC, down 8.1% at 130.47p, 12-month range 98.38p-147.50p. In a trading statement ahead of its annual general meeting, the packaging company says the start of 2024 had been challenging, with first quarter sales and profit lower than a year earlier. Sales fall 9.5%, which Macfarlane blamed on continued weak customer demand and price deflation, with the profit hit being partially offset by "strong gross margins and the benefit of acquisitions". Despite this, it says its expectations for the full-year are unchanged. Macfarlane expects an improved trading performance in the second half of 2024 through the "conversion of a strong new business pipeline combined with some sales recovery from existing customers, good management of gross margins, control of costs and further benefits from M&A activity". |
Posted at 07/5/2024 09:13 by master rsi MARKET REPORTLONDON MARKET OPEN: Stocks track global equities rise while BP falls (Alliance News) - Stock prices in London opened up on Tuesday, tracking European markets in reaction to New York stocks extending their rally on weaker US jobs data, while markets reopened in London after a bank holiday on Monday. The FTSE 100 index opened up 69.25 points, 0.8%, at 8,282.95. The FTSE 250 was up 187.86 points, 0.9%, at 20,352.21, and the AIM All-Share was up 4.81 points, 0.6%, at 776.37. The Cboe UK 100 was up 0.9% at 826.93, the Cboe UK 250 was up 0.9% at 17,633.61, and the Cboe Small Companies was down 0.6% at 15,692.84. In European equities on Tuesday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.4%. Annual growth in UK house prices quickened last month, while they returned to slight growth on a monthly basis, numbers from mortgage lender Halifax showed Tuesday. UK house price growth quickened to 1.1% year-on-year in April, Halifax said, from a 0.4% rise in March. Prices ticked up 0.1% in April from March, having fallen 0.9% in March from February. The monthly rise in April was expected to be 0.2%, according to FXStreet-cited consensus. The average UK house price in April was GBP288,949, up from GBP288,781 in March. In the US on Monday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.5%, the S&P 500 up 1.0% and the Nasdaq Composite up 1.2%. "The week started on a positive note for the global equities which continue to surf on the optimism that the Federal Reserve's next move won't be a rate hike, which I think is overdone and that next week's US inflation data could be a rude awakening," said Swissquote Bank analyst Ipek Ozkardeskaya. "But one thing is sure, the earnings season is going well and analysts project that the S&P500 earnings will grow 17% this year." Sterling was quoted at USD1.2538 early Tuesday, lower than USD1.2549 at the London equities close on Friday. The euro traded at USD1.0767 early Tuesday, lower than USD1.0769 late Friday. Against the yen, the dollar was quoted higher at JPY154.13 from JPY152.89. In the FTSE 100, BP was one of the few losers, falling 0.9%. The oil major said replacement cost profit was down to USD1.61 billion from USD8.67 billion a year earlier, but up from USD1.53 billion from the fourth quarter. Total first quarter revenue was down to USD48.88 billion from USD56.18 billion a year earlier, and down from USD52.14 billion in the fourth quarter, while first quarter upstream production was 2.4 million barrels of oil equivalent per day, up 2.1% from a year earlier. BP has started a new USD1.75 billion share buyback programme for the first quarter as planned, while it says a total of USD3.5 billion is still planned in share buybacks for the first half of 2024. It declared a quarterly dividend of 7.27 cents per share, unchanged from the fourth quarter and up from 6.61 cents a year earlier. Looking ahead, it expects upstream production to be slightly lower in the second quarter from the first quarter, while across 2024, it expects upstream production to be slightly up from 2023 on both a reported and underlying basis. In the FTSE 250, SDCL Energy Efficiency rose 3.8%, after it agreed to sell UU Solar to UK Power for GBP90.8 million. The investor in assets in the energy efficiency sector said the agreed price represents a 4.5% premium to UU Solar's September 30 valuation. SDCL Energy Efficiency said the sale proceeds will be used to reduce short term borrowings under its revolving credit facility. Elsewhere in London, Macfarlane lost 8.4%. In a trading statement ahead of its annual general meeting, the packaging company said the start of 2024 had been challenging, with first quarter sales and profit lower than a year earlier. Sales were down 9.5%, which Macfarlane blamed on continued weak customer demand and price deflation, with the profit hit being partially offset by "strong gross margins and the benefit of acquisitions". Despite this, it said its expectations for the full-year were unchanged. Macfarlane expects an improved trading performance in the second half of 2024 through the "conversion of a strong new business pipeline combined with some sales recovery from existing customers, good management of gross margins, control of costs and further benefits from M&A activity". In Asia on Tuesday, the Nikkei 225 index in Tokyo ended 1.6% higher. In China, the Shanghai Composite ended up 0.2%, while the Hang Seng index in Hong Kong was 0.7% lower in late dealings. The S&P/ASX 200 in Sydney closed up 1.4%. Brent oil was trading at USD83.22 a barrel early Tuesday, higher than USD82.91 late Friday. Israel carried out strikes on the Gazan city of Rafah overnight as it sought to put "pressure" on Hamas ahead of talks in Egypt on Tuesday aimed at sealing a truce proposal endorsed by the militants. After having vowed for weeks to push into the southern border town, Israel called on Monday for Palestinians in eastern Rafah to leave for an "expanded humanitarian area" ahead of a ground incursion. After talks earlier in the day failed to produce an agreement, Hamas said Monday evening that it had informed mediators Egypt and Qatar of its "approval of their proposal regarding a ceasefire" in the seven-month-old war. Israeli Prime Minister Benjamin Netanyahu's office said the proposal "is far from Israel's essential demands", but the government would send negotiators for talks "to exhaust the potential for arriving at an agreement" Gold was quoted at USD2,320.62 an ounce early Tuesday, higher than USD2,301.11 on Friday. |
Posted at 03/5/2024 08:57 by master rsi Warpaint London raises £31.5m in upsized placing(Sharecast News) - Warpaint London concluded an upsized placing of seven million shares on Friday, raising £31.5m in a bid to broaden its shareholder base and position it for future growth. The AIM-traded cosmetics firm said the placing, at a price of 450p per share, was originally set at six million shares when announced on Thursday. It was subsequently increased to seven million shares during the accelerated bookbuild to accommodate high demand. The board said the placing shares now represented 9.06% of its current issued share capital. Post-placing, chief executive officer Samuel Bazini and managing director Eoin Macleod would retain 20.64% of the company's issued share capital each, holding 15.95 million shares, subject to a lock-up period of 12 months following completion of the placing. Warpaint said the move aimed to increase its free float and broaden its shareholder base, positioning it for future growth opportunities. At 0803 BST, shares in Warpaint London were down 0.52% at 475p. |
Posted at 02/5/2024 08:48 by master rsi UPSEEE 6.95p ( 6.70 v 7.20p On the ups and downs of this Gold and Copper share, yesterday looks like it was the lowest in this cycle. Despite good results on the drilling the share price holds at lows. --------------- Intraday -------------------- INDICATORS |
Posted at 30/4/2024 12:49 by master rsi MARKET REPORTLONDON MARKET MIDDAY: FTSE 100 outperforms; carmakers slide in Europe (Alliance News) - London's FTSE 100 was higher on Tuesday afternoon, defying more tepid trade in mainland Europe, as eyes turn to the Federal Reserve and as investors consider what the latest batch of eurozone data means for the ECB. The FTSE 100 index was up 47.90 points, 0.6%, at 8,194.93. The FTSE 250 slipped just 2.92 points, to 20,081.87, and the AIM All-Share was up 0.85 of a point, 0.1%, at 764.18. The Cboe UK 100 was up 0.5% at 818.36, the Cboe UK 250 added 0.2% to 17,373.57, and the Cboe Small Companies was down 0.1% at 15,696.39. The pound was quoted at USD1.2547 around midday Tuesday, down slightly from USD1.2554 at the time of the London equities on Monday. The euro stood at USD1.0733, rising from USD1.0717. Against the yen, the dollar was trading at JPY156.92, up from JPY156.64. The eurozone's annual inflation rate was steady in April, according to numbers on Tuesday, as separate figures showed the single currency area's economy grew in the early months of 2024. According to Eurostat, yearly consumer price inflation in the eurozone was unmoved at 2.4% in April, where it had stood in March. The figure was in line with FXStreet cited consensus. Core inflation, which strips out of energy, food, alcohol & tobacco prices from the calculation, was hotter than expected, however. Core consumer prices rose 2.7% on-year in April, easing from a 2.9% climb in March, but topping the FXStreet cited consensus of 2.7%. On a monthly basis, consumer prices rose 0.6% in April, easing from a 0.8% rise in March. Core consumer prices rose 0.7% in April from March. They had surged 1.1% in March from February. Scope Markets analyst Joshua Mahony commented: "The annual figure may rest close to target at 2.4%, but it looks likely that this final hurdle will be a difficult one to overcome in the coming months. Instead, the ECB are faced with the predicament of whether to hold off or proactively cut rates ahead of any return to 2% inflation. With inflation likely to remain above target and growth picking up, we are arguably seeing the case for a swift rate cut from the ECB fade." In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was down 0.4%. Share price falls for automotive firms hurt the DAX. Mercedes fell 4.4%, BMW lost 2.6% and Volkswagen dropped 2.4%. Mercedes and VW both reported declines in first-quarter profit. Jeep owner Stellantis lost 1.2% in Paris. It said revenue in the first-quarter fell. Stocks in New York are called to open lower. The Dow Jones Industrial Average is called marginally lower, and the S&P 500 and Nasdaq Composite down 0.2%. The Federal Open Market Committee meeting kicks off Tuesday, with a decision on Wednesday. The Fed is expected to leave rates unmoved, with focus on what Chair Jerome Powell has to say at a subsequent press conference. AJ Bell analyst Russ Mould commented: "While the Fed is expected to maintain the status quo on interest rates, commentary on its current thinking on the trajectory of rates in the remainder of the year will likely have a significant impact on markets." In London, HSBC rose 4.6%, the best FTSE 100 performer. The London-based, Asia-focused lender said first-quarter net interest income fell 3.4% to USD8.65 billion from USD8.96 billion year-on-year, though came in higher than company-compiled consensus of USD8.50 billion. Net operating income increased 1.5% to USD20.03 billion from USD19.74 billion. Pretax profit was USD12.65 billion, 1.8% lower than the prior year's USD12.89 billion, but ahead of USD12.61 billion consensus. HSBC noted the figure included a USD4.8 billion gain following the disposal of its Canadian banking business, which was partially offset by a USD1.1 billion impairment related to the sale of its business in Argentina. HSBC said it has approved a first interim dividend of USD0.10 per share, up year-on-year from USD0.09. It will also pay a special dividend of USD0.21 following the sale of its Canadian banking business. In addition, it announced a new share buyback of up to USD3 billion, following the conclusion of the USD2 billion buyback announced with its full-year results. HSBC said Chief Executive Noel Quinn has informed the board of his intention to retire from the bank after nearly five years leading the company, and 37 years at the firm in total. Quinn said he plans to "pursue a portfolio career" going forward. Hargreaves Lansdown surged 5.8%. It reported assets under administration spiked to a record high in its recently-ended third-quarter, and it said "momentum" has continued this month. The wealth management platform reported net new business of GBP1.6 billion for the three months ended March 31. It noted "good momentum into tax year end with increased gross inflows, net new clients and share dealing volumes". Assets under administration rose 5.3% on-quarter to GBP149.7 billion, a record, from GBP142.2 billion. Hargreaves Lansdown noted the net new business outcome was a "significant step up versus the first half of the year". It posted net client growth of 34,000 in the quarter, picking up speed from 23,000 a year prior. Share dealing volumes averaged 794,000 per month, rising on-year from 770,000. Total revenue in the quarter was 6.2% higher year-on-year at GBP199.7 million from GBP188.1 million. It added: "Looking ahead to the remainder of the financial year, we are pleased to see momentum continue into April as clients take advantage of the benefits of investing at the start of the tax year. We continue to make good progress against our priorities for the year - improving our client proposition, controlling our costs and increasing our execution pace so that we can capitalise on the significant growth opportunities that lie ahead and create value for all our stakeholders." Panmure Gordon analysts commented: "It has been popular among commentators to write Hargreaves Lansdown off of late, but it appears that clients disagree. "It would be premature to call a lasting turn, cost of living pressures are still a material feature, but this is a good update and certainly a better performance than is discounted in the share price." On AIM, essensys slumped 29% as the provider of software and cloud services for the flexible workspace industry posted a half-year revenue decline. Revenue in the six months to January 31 declined 9.1% year-on-year to GBP11.7 million from GBP12.9 million. Its pretax loss, however, slimmed to GBP2.8 million from GBP7.7 million. Administrative expenses fell 34% to GBP9.9 million from GBP15.0 million. essensys cautioned on its full-year outcome, it said: "Whilst recurring revenue continues to track in line with management expectations full year revenue will be below market expectations due to lower than expected non-recurring revenue as customer capex budget pressures persist." Brent oil was quoted at USD87.49 a barrel early Tuesday afternoon, up from USD87.27 at the time of the London equities close on Monday. Gold was quoted at USD2,315.78 an ounce, down from USD2,337.40. |
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 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." |
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