Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAshtead Group Share News (AHT)

Share Price Information for Ashtead Group (AHT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 5,772.00
Bid: 5,792.00
Ask: 5,796.00
Change: 68.00 (1.19%)
Spread: 4.00 (0.069%)
Open: 5,798.00
High: 5,864.00
Low: 5,746.00
Prev. Close: 5,704.00
AHT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET CLOSE: Stocks and sterling slides amid China worries

Tue, 05th Sep 2023 17:00

(Alliance News) - Stock prices in London ended worse on Tuesday as lower-than-expected growth for the Chinese service sector reignited worries about the health of the world's second-largest economy.

The FTSE 100 index closed down 14.83 points, 0.2%, at 7,437.93. The FTSE 250 ended down 32.72 points, 0.2%, at 18,491.42, and the AIM All-Share closed down 0.54 of a point, or 0.1%, at 740.05.

The Cboe UK 100 ended down 0.2% at 740.46, the Cboe UK 250 closed down 0.2% at 16,145.65, and the Cboe Small Companies ended down 0.2% at 12,960.93.

Growth in China's services sector slowed in August, according to survey data on Tuesday, with companies reporting less export demand.

The Caixin services purchasing managers' index fell to 51.8 points in August from 54.1 in July. Slipping closer towards the 50-point no-change mark, it signals a more modest expansion in activity.

The composite PMI, which measures the manufacturing and services sector, fell to 51.7 points in August from 51.9 in July.

Pierre Veyret, technical analyst at ActivTrades, said the poor PMI data from China highlighted just how "fragile" the second-biggest economy in the world remains and has "seriously dent[ed]" hopes of a recovery in the region.

Veyret's colleague, Ricardo Evangelista, said, against this backdrop, fears will now grow that China's problems may have a "domino effect" over the rest of the global economy. Evangelista added that this should mean there will be "no lack of demand" for the safe-haven US dollar, however.

The pound was quoted at USD1.2564 at the London equities close on Tuesday, down from USD1.2620 at the close on Monday. The euro stood at USD1.0713, lower against USD1.0791. Against the yen, the dollar was trading at JPY147.66, higher compared to JPY146.46 late Monday.

In London, BP was the top blue-chip performer at the close on Tuesday, rising 2.0% on the news that Saudi Arabia and Russia would extend voluntary oil cuts until the end of the year, sending the price of Brent crude to a 10-month high.

Brent oil was quoted at USD90.31 a barrel at the London equities close on Tuesday, up from USD89.01 late Monday.

The Saudi production cut of one million barrels per day which first took effect in July will continue "for another three months until the end of December 2023", the kingdom's energy ministry said in a statement.

Russia's export cut of 300,000 barrels per day will continue for the same period, Deputy Prime Minister Alexander Novak said in a separate statement.

Ashtead lost 2.6% despite reporting a strong start to its financial year, as it lowered its rental revenue outlook for the UK.

In the first quarter ended July 31, the industrial equipment rental company said revenue rose 19% to USD2.70 billion from USD2.26 billion a year before, as pretax profit climbed 11% to USD585 million from USD527 million.

Ashtead hailed "robust end markets" in North America, with a rise in US mega projects, but reported "softening" conditions in UK markets. Consequently, the firm lowered its rental revenue guidance for the UK, while its Canada and US rental revenue guidance remained the same.

For the UK, Ashtead expects rental revenue growth of 6% to 9%, down from its previous guidance of 10% to 13%. For the US, its rental revenue growth outlook remained between 13% and 16% and for Canada it remained between 15% and 20%.

In the FTSE 250, Trainline was one of the top performing stocks, closing 4.7% higher after Canaccord started the rail ticketing platform with 'buy'.

CMC Markets sat at the bottom of the index, meanwhile, closing 4.3% lower after Peel Hunt cut the online trading platform to 'add' from 'buy'.

Elsewhere in London, EnQuest dropped 11% after it announced a sharply lower interim profit and said it has applied to delist from the Nasdaq Stockholm.

For the first half of 2023, the UK and Malaysia-focused oil and gas producer reported a pretax profit of USD112.9 million, down 38% from USD182.6 million a year prior. Revenue declined 22% to USD732.7 million from USD943.5 million.

The company also said it has applied to delist its shares from the Nasdaq Stockholm due to the UK's departure from the EU.

"EnQuest has no legal or physical presence in Sweden and is therefore reliant on external support to ensure compliance with Nasdaq Stockholm listing requirements. This has created a source of additional unexpected compliance cost for the company," it explained.

On AIM, One Media IP Group jumped 9.1% after it said that it bought the licensor's income share of the Entertain ME catalogue for an undisclosed sum.

The digital music rights acquirer, publisher and distributor said the purchase of rights is on an in-perpetuity basis. One Media said it is immediately income accretive and will enhance both revenue and portfolio net asset value.

The catalogue includes tracks from a "wide range of high profile and enduring artists" including The Drifters, Gloria Gaynor, James Brown, and Judy Garland.

In European equities, the CAC 40 in Paris ended and the DAX 40 in Frankfurt both ended 0.3% lower.

Stocks in New York were largely lower at the London equities close, with the DJIA down 0.1%, the S&P 500 index down 0.2%, and the Nasdaq Composite flat.

SoftBank's Arm announced that it will target a valuation of up to USD52 billion when it lists on the Nasdaq. The chipmaker is looking to raise between USD4.5 and USD5.2 billion in its initial public offering, which would make it one of the largest tech IPOs in recent years.

Tuesday's valuation, however, represents a climb-down from the USD64 billion valuation at which SoftBank acquired the remaining 25% of Arm that it didn't already own last month. That acquisition was from Vision Fund, a Saudi-backed investment vehicle that is managed by SoftBank itself.

Gold was quoted at USD1,926.63 an ounce at the London equities close on Tuesday, sharply lower against USD1,938.92 at the same time on Monday.

In Wednesday's UK corporate calendar, there are full-year results from Barratt Developments, Ashmore and Darktrace. There will also be half-year results from Restaurant Group and trading statements from Halfords and WH Smith.

The economic calendar has a UK construction PMI print at 0930 BST and two services PMI readings for the US from 1445 BST.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
7 May 2024 09:51

LONDON BROKER RATINGS: AstraZeneca target raised; Antofagasta lowered

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Friday:

Read more
29 Apr 2024 12:29

IN BRIEF: Ashtead Group eyes results in line with market expectations

Ashtead Group PLC - London-based provider of equipment hire, makes by far the most of its money in the US via its Sunbelt arm - Expects annual results for the financial year ending Tuesday to be in line with market expectations. The company starts a two-day event for investors and analysts in Atlanta on Monday where team members gather to launch the next phase of its 'Sunbelt 4.0' strategy. In March, Ashtead Group said it expected its rental revenue growth for financial 2024 to be at the low end of its 11% to 13% guidance range, with rental revenue growth expected in the same range for the US and Canada. For the UK, it guided 6% to 9% rental revenue growth.

Read more
26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
26 Apr 2024 07:43

LONDON BRIEFING: Anglo American rejects BHP takeover offer

(Alliance News) - Stocks in London are called to open higher on Friday, ahead of key US inflation data

Read more
22 Apr 2024 09:04

LONDON BROKER RATINGS: Jefferies raises B&M to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
17 Apr 2024 09:33

LONDON BROKER RATINGS: BofA cuts Ashmore; JPMorgan lifts Fresnillo

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
25 Mar 2024 09:57

JPMorgan places Ashtead on 'positive catalyst watch' ahead of CMD

(Sharecast News) - JPMorgan Cazenove placed Ashtead on 'positive catalyst watch' on Monday ahead of its capital markets day in Atlanta on 29 April, as it expects the stock to outperform into/on the event.

Read more
12 Mar 2024 09:29

LONDON BROKER RATINGS: UBS cuts abrdn price target but ups Darktrace's

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
7 Mar 2024 08:54

LONDON BROKER RATINGS: ITV, LondonMetric, Man, Domino's get upgrades

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
6 Mar 2024 09:07

LONDON BROKER RATINGS: JPMorgan raises IAG; Jefferies likes Experian

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

Read more
5 Mar 2024 17:00

LONDON MARKET CLOSE: Stocks mixed but gold glows on Fed cut hope

(Alliance News) - London's FTSE 100 ended slightly higher on Tuesday, in an otherwise uninspiring day for equities, as attention turns to Wednesday's UK budget.

Read more
5 Mar 2024 12:05

LONDON MARKET MIDDAY: UK service sector continues to grow in February

(Alliance News) - Stock prices in London were mixed at midday Tuesday, despite data showing that the UK service sector continued to grow in February, with focus turning to what Wednesday's budget from Chancellor Jeremy Hunt has in store.

Read more
5 Mar 2024 10:03

TOP NEWS: Calm weather and empty film studios hurt Ashtead Group

(Alliance News) - Ashtead Group PLC on Tuesday reported a sharp drop in profit in the third quarter of its financial year, saying rental revenue growth in the key US market was hurt by fewer natural disasters requiring emergency response, and by the strike by actors and writers in Hollywood.

Read more
5 Mar 2024 08:51

LONDON MARKET OPEN: Spirent surges on GBP1 billion takeover

(Alliance News) - Stock prices in London opened mixed on Tuesday, as investors look ahead to a day of economic data.

Read more
5 Mar 2024 07:01

Ashtead paints cautious full-year outlook after Q3 slowdown

(Sharecast News) - Equipment rental firm Ashtead has said that full-year group revenues will expand at the low end of its guidance as a result of the previously disclosed slowdown in North America.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.