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LONDON MARKET MIDDAY: Miners On The Up, Property Stocks Recover

Fri, 25th Jan 2019 12:13

LONDON (Alliance News) - The FTSE 100 was higher midday Friday, helped by rising commodity stocks, while the FTSE 250 has been helped by property firms clawing back losses made earlier in the session.The FTSE 100 was up 22.18 points, or 0.3% higher, at 6,841.13. The FTSE 250 was 37.46 points, or 0.2%, higher at 18,665.09, and the AIM All-Share was 0.5% lower at 911.78.The Cboe UK 100 was up 0.1% at 11,604.10, while the Cboe UK 250 was marginally higher at 16,672.97. The Cboe UK Small Companies was 0.4% higher at 11,186.12.On mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 1.0% and 1.6%, respectively. "It's been a mixed week for markets but stocks are in the green in Europe on Friday and US futures are pointing to similar gains at the open," said Oanda's Craig Erlam."Trade negotiations between the US and China continue to be a major focal point for investors, with an apparent softening of tensions since the G20 in December contributing to the improved risk appetite we're currently seeing," Erlam continued."The rhetoric coming from these talks has broadly been positive but this week, it has been a little mixed suggesting talks may have stalled with just over a month to go until the 90 day deadline.""Claims on Thursday by Wilbur Ross the two sides are 'miles and miles away' from an agreement with 'lots and lots of issues' come on the back of speculation earlier in the week planned preparatory talks - ahead of a meeting at the end of the month - had been cancelled," he continued."This was denied by Larry Kudlow, although that failed to kill suspicions talks aren't going as well as previously claimed."Stocks are pointed to a higher open in the US on Friday, with both the Dow Jones and S&P 500 called up 0.8% and the Nasdaq Composite is seen 1.1% higher.In economic news, the UK High Street has continued to face difficult conditions in January, the Confederation of British Industry said, though a decline in sales has halted.For the month of January, sales volumes in the retail sector were flat year-on-year, after a fall in December.Nevertheless, sales are "well below" average for the time of year, and are at their lowest level since November 2011.However, the CBI did say the outlook for February is better."The High Street has had another challenging month, with retail sales volumes flat and well below average for the time year," said CBI Chief Economist Rain Newton-Smith."Pressures on the retail sector remain high, with consumer spending expected to remain fairly subdued and competition fierce."There are early signs of companies bracing themselves for a no-deal Brexit: some of our wholesalers are now reporting that they're building up stocks in case the UK exits the EU without a deal," she continued."It's absolutely vital politicians act immediately to take No Deal off the table, protect the UK economy and avoid devastating disruption."UK Chancellor Philip Hammond has piled fresh pressure on Prime Minister Theresa May by declining to rule out quitting if the UK went through with a no-deal Brexit.Hammond said "a lot depends on the circumstances" after being repeatedly asked whether he could remain in the UK government's top financial post if the prime minister decided to take the UK out of the EU without a Withdrawal Agreement.His comments on BBC Radio 4's Today came after he had told the programme that a no-deal Brexit would cause "significant" disruption and damage to the economy, and that it went against what Leave voters had been told before the 2016 referendum.The pound was quoted at USD1.3101 midday, up from USD1.3034 at close on Thursday.On the London Stock Exchange, FTSE 100-listed Vodafone was down 2.3%. The telecommunications firm reiterated its annual guidance, despite reporting a fall in revenue for its third quarter.For the three months to December 31, Vodafone's revenue was EUR11.00 billion, down 6.8% on a reported basis year-on-year. This figure was hindered by accounting changes, the sale of Vodafone's stake in its Qatari business, and foreign exchange movements.In the third quarter, organic service revenue rose 0.1% year-on-year, slowing from 0.5% annual growth in the second quarter. Using Vodafone's previous accounting method, growth actually improved to 0.4% from 0.3% in the prior quarter.On a reported basis, Vodafone's service revenue fell to 3.9% to EUR9.79 billion.Mexican miner Fresnillo was 2.9% higher, the best large cap performer, after UBS raised the stock to a Buy rating from Neutral.Fellow commodity firm Glencore was 2.5% higher, and Antofagasta 1.5% higher. Anglo American was 1.3% higher, Rio Tinto up 1.4%, and BHP up 1.6%. The firms were up on a rise in commodity prices.Safety products firm Halma was 1.4% higher, following a rating upgrade from Exane BNP from Outperform from Neutral. Losing out in the large cap index was British Land, down 0.5%, though it has regained some earlier losses, after Citigroup cut its rating to Sell from Neutral.Likewise, Citigroup reduced its rating on peer Land Securities to Sell from Neutral, though the stock had moved into the green, up 0.1%, by midday. In the FTSE 250, Citigroup downgraded property peer Great Portland Estates to Sell from Neutral, with the stock down 1.1%, again clawing back from heavier losses earlier in the session. Fellow property investor Derwent London was likewise suffering at the hands of Citigroup, though the stock had recovered to be lower by 0.6%. Citigroup has also reduced shopping centre owners Hammerson and intu Properties to Sell from Neutral. Hammerson was 0.4% lower, and intu down 1.4%. On Thursday, Goldman Sachs had cut intu to Sell from Neutral.Irn Bru-maker AG Barr was 3.0% lower as it reported "continued positive trading" in its year ending Saturday, with revenue guided to be 5% up year-on-year at around GBP277 million.Core brands did well, AG Barr said, with further UK market share gains made in soft drinks.Value growth has "significantly" outstripped volume growth in the period due to the UK government's soft drinks levy, and AG Barr expects to return to a more value-led strategy in 2019.Looking ahead, AG Barr is confident despite Brexit uncertainty and likely further regulatory intervention in the soft drinks industry in the UK.Elsewhere, west London brewer and pub operator Fuller, Smith & Turner climbed 16% as it announced it has sold its beer business to Japan's Asahi Group for an enterprise value of GBP250 million.The business includes all beer, cider, and soft drink production, wine wholesaling, as well as all distribution.Fuller's expects net cash from the sale of GBP205M, and it will return between GBP55 million and GBP69 million of this to shareholders via dividends, which will not affect its existing dividend plan.Meanwhile, Fuller's said trading as been "very strong", with like-for-like sales in Managed Pubs & Hotels rising 5.6% year-on-year in the 10 weeks to January 19 and 4.7% in the 42 weeks to the same date.Earthport jumped 28% as it received an increased offer from Mastercard, and has agreed a 33 pence per share deal. Previously, Visa had offered 30p per share.The new agreement values Earthport at GBP233 million, and Earthport's board has recommended shareholders accept the offer.A quiet calendar Friday sees the World Economic Forum in Davos coming to a close. US data releases are likely to be postponed due to the US government shut-down.A splintered Senate has voted down competing Democratic and Republican plans for ending the 35-day partial government shutdown in the US.However, the twin setbacks prompted a burst of bipartisan talks aimed at temporarily halting the longest-ever closure of federal agencies and the damage it is inflicting around the country.In the first serious exchange in weeks, Senate majority leader Mitch McConnell quickly called minority leader Chuck Schumer to his office to explore potential next steps for solving the stalemate.Brent oil was quoted at USD61.01 a barrel, lower than USD61.08 late Thursday"Ahead of the US open, global oil prices remain bid as turmoil in Venezuela has generated concerns its crude exports could soon be disrupted," said Oanda's Dean Popplewell. The US State Department has ordered non-emergency US government employees to leave Venezuela, its Bureau of Diplomatic Security said Thursday, after President Nicolas Maduro gave Washington a 72-hour deadline to pull out its diplomats."The US government has limited ability to provide emergency services to US citizens in Venezuela," according to the statement, which advised US citizens who are living or travelling in the South American country to "strongly consider departing."Maduro on Wednesday announced Caracas was breaking off diplomatic relations with Washington after President Donald Trump's government recognized National Assembly speaker Juan Guaido as Venezuela's interim president.

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20 Sep 2019 12:05

LONDON MARKET MIDDAY: FTSE 100 Flat As Pound Rises On Brexit Deal Hope

(Alliance News) - Stock prices in London were flat to higher at midday on Friday, with the FTSE 100 hindered by strength in the pound, which hit its highest level since July on optimism a Brexit a

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20 Sep 2019 10:24

WINNERS & LOSERS SUMMARY: Rolls-Royce Down On Further Trent 1000 Delay

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Royal Bank of

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20 Sep 2019 09:23

BROKER RATINGS SUMMARY: HSBC Cuts Great Portland And Derwent London

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:----------FTSE 100----------CREDIT SUISSE RAISES BURBERRY GROUP TO

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20 Sep 2019 09:22

LONDON MARKET OPEN: FTSE 100 Dragged Down By Strong Pound, Rolls-Royce

(Alliance News) - Stock prices in London were mixed on Friday morning, as a stronger pound weighed on the large-cap index, while other indexes gained on raised hopes for a Brexit deal between the

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20 Sep 2019 08:10

LONDON BRIEFING: Rose Picked To Be First Woman To Lead RBS

(Alliance News) - Royal Bank of Scotland Group PLC on Friday said Alison Rose will succeed Ross McEwan as chief executive officer. McEwan will formally step down on October 31.RBS - which -

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12 Sep 2019 09:38

BROKER RATINGS SUMMARY: Goldman Raises AIB and Cuts Bank Of Ireland

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:----------FTSE 100----------GOLDMAN SACHS CUTS LLOYDS BANKING TO

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4 Sep 2019 09:32

BROKER RATINGS SUMMARY: Deutsche Bank Raises BHP And Cuts Antofagasta

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:----------FTSE 100----------DEUTSCHE BANK RAISES BHP

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22 Aug 2019 09:33

BROKER RATINGS SUMMARY: Liberum Cuts Anglo American, Rio, BHP To Sell

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:----------FTSE 100----------LIBERUM CUTS ANGLO AMERICAN TO - 1500

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22 Aug 2019 08:50

LONDON MARKET OPEN: FTSE 100 Dips Despite NMC Health Shares Soaring

(Alliance News) - London stocks opened Thursday's session on a downbeat note after a set of less dovish than expected minutes from the US Federal Reserve.The FTSE 100 was lower in early

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22 Aug 2019 07:28

TOP NEWS: Antofagasta Warns On Trade War Despite Strong Interims

(Alliance News) - Chilean copper miner Antofagasta PLC on Thursday reported a "robust" first-half performance, though cautioned on the impact trade issues are having on the copper a of a

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19 Aug 2019 08:44

LONDON MARKET OPEN: Stocks Surge On Hopes Of Economic Stimulus

(Alliance News) - Stock prices in London opened higher on Monday, amid hopes of economic stimulus and the prospect of renewed trade talks between the US and China. Amid fears of a global investors

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15 Aug 2019 16:56

LONDON MARKET CLOSE: US-China Trade Confusion Sinks Stocks Once Again

(Alliance News) - Stock prices in London closed lower on Thursday as the US and China continued to deliver confusing blows over the prospect of a trade truce between the two largest global FTSE or

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15 Aug 2019 15:59

UK Earnings, Trading Statements Calendar - Next 7 Days

Friday 16 August no events scheduled Monday 19 Advanced CommunicationsHalf

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14 Aug 2019 12:03

LONDON MARKET MIDDAY: Stocks Slide After Fleeting Tariff Delay Rally

(Alliance News) - US-China trade optimism in markets gave way to doubts over the outlook for relations between the two, leading the FTSE 100 to slump nearly 70 points at midday on blue-chip index

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14 Aug 2019 08:55

LONDON MARKET OPEN: US Tariff Move Fails To Lift Mood As China Weakens

(Alliance News) - Despite strong gains in the US overnight and broadly upbeat trade in Asia, London stocks got off to a soggy start on Wednesday, after poor economic readings from China and on got

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