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LONDON MARKET OPEN: Miners Rise; Deals Lift Fuller's And Earthport

Fri, 25th Jan 2019 08:42

LONDON (Alliance News) - The FTSE 100 was in the green early on Friday, helped by commodities stocks, while a number of midcap firms were suffering from broker ratings cuts. Elsewhere on the London Stock Exchange, brewer Fuller, Smith, & Turner and cross-border payments firm Earthport surged. Fuller's has sold its beer business, and will pay out extra dividends with the proceeds, while Earthport has received an increased takeover offer. The FTSE 100 was up 11.05 points, or 0.2%, at 6,830.00 in early trade.The FTSE 250 was 5.05 points lower at 18,622.58, and the AIM All-Share was 0.5% lower at 912.45.The Cboe UK 100 was up 0.1% at 11,605.35, while the Cboe UK 250 was up 0.1% at 16,677.24. The Cboe UK Small Companies up marginally at 11,147.87.On mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.5% and 0.9% respectively. In Asia on Friday, the Japanese Nikkei 225 index closed up 1.0%. In China, the Shanghai Composite closed up 0.4%, while the Hang Seng index in Hong Kong ended 1.7% higher.In the US on Thursday, Wall Street closed higher, with the Dow Jones Industrial Average ending down 0.1%, but the S&P 500 up 0.1% and the Nasdaq Composite up 0.7%.In the FTSE 100, Vodafone was down 1.1%. 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.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 1.9% higher, Antofagasta also 1.9% higher. Anglo American was 1.4% higher, and Rio Tinto and BHP both were up 1.3%. Losing out in the large cap index was British Land, down 2.1%, after Citigroup cut its rating to Sell from Neutral. Likewise, Citigroup has reduced its rating on peer Land Securities to Sell from Neutral, with the stock 1.4% lower. In the FTSE 250, a number of firms were lower after ratings cuts by brokers. Citigroup has reduced both Hammerson and intu Properties to Sell from Neutral. Hammerson was 1.7% lower, and intu down 4.6%. On Thursday, Goldman Sachs had cut intu to Sell from Neutral. Citigroup downgraded Great Portland Estates to Sell from Neutral, with the stock down 4.5%.Derwent London was likewise suffering at the hands of Citigroup, with shares down 3.4% following a cut to Sell from Neutral.Irn Bru-maker AG Barr was 0.5% 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 surged 25% 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 was 23% higher as it said it has received an increased offer from Mastercard, and has agreed a 33 pence per share deal. Previously, Mastercard had offered 30p per share.The new agreement values Earthport at GBP233 million, and Earthport's board has recommended shareholders accept the offer.The pound was quoted at USD1.3085 early Friday, up from USD1.1.3034 at close on Thursday.A quiet economic calendar Friday will see the World Economic Forum in Davos come to a close. US data releases are being postponed due to the US government shut-down.The US Senate was unable Thursday to reach agreement on ending the partial shutdown of the federal government, now in its 34th day, after two rival bills each failed to gain enough votes to advance.The shutdown has led to some 800,000 federal workers not being paid, while key agencies like law enforcement and air traffic control say they are struggling to carry out their duties. More agencies will run out of funding as time passes.One bill, sponsored by President Donald Trump's centre-right Republicans, included some protections for certain immigrants and USD5.7 billion in funding for a border wall on the frontier with Mexico.

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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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