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Share Price: 183.20
Bid: 183.48
Ask: 183.52
Change: 0.00 (0.00%)
Spread: 0.04 (0.022%)
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LONDON MARKET MIDDAY: Banks Rise As RBS Reports Strong Annual Results

Fri, 15th Feb 2019 12:13

LONDON (Alliance News) - Stocks in London were higher at midday Friday amid US-China trade breakthrough hopes, with the FTSE 100 given a further boost by gains from banks following robust earnings from Royal Bank of Scotland.China and the US will meet for another round of trade negotiations in Washington, Chinese state media said, after two days of talks failed to resolve their trade disagreements ahead of a March 1 tariff deadline. The official Xinhua news agency announced the new talks after Chinese President Xi Jinping met with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer in Beijing."This faint whiff of progress was enough to cause the markets to reverse the losses that had come after the double-hit of Donald Trump's 'national emergency' chat and China's inflation-slowdown," said Spreadex analyst Connor Campbell.The FTSE 100 index was up 30.24 points, or 0.4%, at 7,227.25. The FTSE 250 was up 24.01 points, or 0.1%, at 18,922.21, and the AIM All-Share was down 0.1% at 910.57.The Cboe UK 100 was up 0.3% at 12,270.81, while the Cboe UK 250 was up 0.1% at 16,866.89 and the Cboe UK Small Companies down 0.2% at 11,206.26.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 1.0% and 0.6% respectively at midday.On the London Stock Exchange, Coca-Cola HBC was the best blue chip performer, up 4.0%, as the soft drinks bottler clawed back some of its losses on Thursday after it warned that growth in some markets will slow in 2019. The stock closed down 8.6% on Thursday.Royal Bank of Scotland was up 2.0% after the state-backed lender reported "strong progress" in 2018, posting its second consecutive year of profit and rewarding shareholders with a special dividend. It, however, warned it may not yet be out of the woods due to further expected strategic costs in 2019. The bank's attributable profit for 2018 came in at GBP1.62 billion, beating consensus of GBP1.42 billion. In 2017, when RBS reported its first profit in a decade, the figure was GBP752 million. Net interest income for 2018 was GBP8.66 billion, against GBP8.65 billion consensus and GBP8.99 billion a year prior. RBS declared a 7.5 pence per share special dividend for 2018, and will pay a final dividend of 3.5p. Combined with the bank's 2.0p interim payout, the year's total payout is 13p. The UK government holds a 62.4% stake in RBS, but shareholders recently backed company plans to buy back up to GBP1.5 billion worth of shares from the government.In addition, RBS said it remains "comfortable" with its 2020 return on tangible equity target of more than 12% but recognises its cost-income ratio target of less than 50% is "increasingly challenging". RBS blamed Brexit for the doubt. "Brexit, of course, casts a shadow over a bank like RBS, which is deeply plugged into the UK economy and therefore sensitive to any shocks which mean customers can't pay back their loans. The volatile political situation is particularly keenly felt by the RBS share price because the Labour party has proposed breaking the bank up to create a number of local public banks," said Hargreaves Lansdown analyst Laith Khalaf. Peers Lloyds and Barclays, which both report full year results next week, were up 1.1% and 0.9% respectively. Tesco was up 1.7% after the UK's largest supermarket said its adoption new financial reporting standard IFRS 16 will have no real economic effect on the business, but it will increase reported operating profit while reducing pretax profit. Tesco added that the new reporting standard on accounting for leases will not affect sales or cash flow, nor how the business is run. At the other end of the large cap index, Standard Life Aberdeen was the worst performer, down 5.8% at 234.15p, after Mitsubishi UFJ Trust & Banking Corp sold its entire stake in the blue chip asset manager.Mitsubishi UFJ sold 148.6 million shares, or 5.9% stake, at around 234p each, worth GBP349.3 million in total.In the FTSE 250, Centamin was up 5.0% after the gold miner reported a doubling of the resource at one project and a maiden resource at another, both in the Ivory Coast. The resource at the Doropo project has risen by more than double, to 2.1 million ounces indicated gold and 800,000 ounces inferred. At the other end of the midcaps, Plus500 was the worst performer, down 13% after the contract-for-difference provider said JPMorgan Asset Management Holdings reduced its stake below the minimum threshold for disclosure. Prior to the transaction, which took place on Wednesday, JPMorgan held 5.6% of Plus500. In addition, Plus500 could have misled investors over losses from client trading, the Times reported on Friday. In its 2017 annual results, the Times said, the company stated it had not suffered any losses from client trading activity. However, it actually took a USD103 million hit, the newspaper continued, with Plus500 only discovering the error on Tuesday this week, the same day it issued a profit warning for 2019. The stock is down 45% over the past week. The pound was higher, quoted at USD1.2825 at midday, compared to USD1.2777 at the London equities close Thursday, following upbeat UK retail sales data.UK retail sales rose in January and beat market expectations as shoppers took advantage of discounts following a disappointing Christmas. Retail sales increased by 1% last month following a 0.7% decline in December, according to the Office for National Statistics. This beat the consensus forecast of just 0.2% growth. On an annual basis, retail sales grew 4.2%, which was the highest rate since December 2016. In the three months to January, the quantity bought increased by 0.7%."The UK retail number was really robust - a real relief - despite the Brexit chaos. Consumers are providing full support for the economy and this is the only hope for the sterling bulls. The currency jumped on the back of this data and crossed above the critical level of USD1.28 but there are still doubts if the current move will last because Brexit clouds are still very dark and all eyes will remain on Westminster," said ThinkMarkets analyst Naeem Aslam.The euro was flat, at USD1.1274 at midday, against USD1.1275 at the European equities close Thursday, after figures from the statistical office Eurostat showed the eurozone's trade surplus came in below economists' expectations for December.The seasonally adjusted trade surplus fell to EUR15.6 billion from EUR15.8 billion in November. Economists had expected a surplus of EUR16.3 billion.Stocks in New York were set for a flat open, with soft drinks maker PepsiCo set to report earnings before the market open in New York. Major stock indices ended mixed on Thursday after a report from the Commerce Department which unexpectedly showed a substantial decrease in US retail sales in December."I always find it a little strange when traders overreact to single economic releases and think that there's likely more behind the move, even if this appears to be the catalyst. The markets have been on a very good run this year and I think it's natural that we're maybe seeing some profit taking," said Oanda senior market analyst Craig Erlam.

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27 Mar 2024 20:59

Barclays executive denies discrimination in employee case

LONDON, March 27 (Reuters) - Barclays' former Global Head of Race at Work has defended her decision not to investigate further an employee complaint alleging racial, religious and sex discrimination at the British bank, an employment tribunal in London heard on Wednesday.

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27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

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27 Mar 2024 13:44

Libor trader Hayes loses appeal against rate-rigging conviction

LONDON, March 27 (Reuters) - Tom Hayes, the first trader in the world to be jailed for interest rate rigging, lost his appeal against his conviction on Wednesday, a decision he said he would seek to challenge at the UK's Supreme Court.

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27 Mar 2024 13:17

UK dividends calendar - next 7 days

Thursday 28 March 
Alliance Trust PLCdividend payment date
Balanced Commercial Property Trust Ltddividend payment date
Berkeley Group Holdings PLCdividend payment date
BHP Group Ltddividend payment date
BlackRock Energy & Resources Inc Trust PLCex-dividend payment date
BlackRock Sustainable American Income Trust PLCex-dividend payment date
BlackRock Throgmorton Trust PLCdividend payment date
BP PLCdividend payment date
City of London Investment Group PLCdividend payment date
Crown Place VCT PLCdividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
Develop North PLCdividend payment date
Diversified Energy Co PLCdividend payment date
Downing Renewables & Infrastructure Trust PLCdividend payment date
Gateley Holdings PLCdividend payment date
Genus PLCdividend payment date
Hargreaves Lansdown PLCdividend payment date
HICL Infrastructure PLCdividend payment date
Idox PLCex-dividend payment date
Imperial Brands PLCdividend payment date
Melrose Industries PLCex-dividend payment date
Mid Wynd International Investment Trust PLCdividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
NextEnergy Solar Fund Ltddividend payment date
North Atlantic Smaller Cos Investment Trust PLCdividend payment date
Personal Group Holdings PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCdividend payment date
Quartix Technologies PLCex-dividend payment date
Renewables Infrastructure Group Ltddividend payment date
Schroder Real Estate Investment Trust Ltddividend payment date
SDCL Energy Efficiency Income Trust PLCdividend payment date
Smith & Nephew PLCex-dividend payment date
Taylor Wimpey PLCex-dividend payment date
Thames Ventures VCT 2 DSO 1 D PLCdividend payment date
Travis Perkins PLCex-dividend payment date
Utilico Emerging Markets Trust PLCdividend payment date
Vaalco Energy Incdividend payment date
Value & Indexed Property Income Trust PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Volution Group PLCex-dividend payment date
Wynnstay Group PLCex-dividend payment date
Friday 29 March 
Energean PLCdividend payment date
Fiske PLCdividend payment date
Triple Point Social Housing REIT PLCdividend payment date
Monday 1 April 
no events scheduled 
Tuesday 2 April 
Ashmore Group PLCdividend payment date
Braemar PLCdividend payment date
Fair Oaks Income Ltddividend payment date
Fonix Mobile PLCdividend payment date
JPMorgan European Growth & Income PLCdividend payment date
MJ Gleeson PLCdividend payment date
RM Infrastructure Income PLCdividend payment date
Shoe Zone PLCspecial dividend payment date
Temple Bar Investment Trust PLCdividend payment date
Tritax Big Box REIT PLCdividend payment date
Warehouse REIT PLCdividend payment date
Wheaton Precious Metals Corpex-dividend payment date
Wednesday 3 April 
Barclays PLCdividend payment date
Tetragon Financial Group Ltddividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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27 Mar 2024 11:45

UK Libor trader Hayes loses appeal against rate-rigging conviction

LONDON, March 27 (Reuters) - Tom Hayes, the first trader jailed worldwide for interest rate rigging, lost his appeal against his conviction in a London court on Wednesday.

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26 Mar 2024 09:40

LONDON BROKER RATINGS: Dr Martens cut to 'sell'; BofA likes Tullow

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

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21 Mar 2024 11:45

Citi, Barclays set to trim investment banking headcounts

(Sharecast News) - Banking giants Barclays and Citigroup were reportedly gearing up to trim their investment banking workforce, it emerged on Thursday, amid a slowdown in dealmaking activity within the sector.

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14 Mar 2024 09:51

LONDON BROKER RATINGS: Kepler Cheuvreux likes Diageo; BofA lifts Man

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

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12 Mar 2024 08:42

UPDATE: York consortium sells call options over 10 million LSEG shares

London Stock Exchange Group PLC - London-based stock market operator and data provider - JP Morgan Securities PLC on Tuesday confirms that BCP York Holdings LP sold call options over around 10 million voting shares in LSEG, having announced plans to do so after the London market close on Monday. The call options were sold to Barclays Bank PLC, Merrill Lynch International, Citigroup Global Markets Ltd, Goldman Sachs International, JP Morgan Securities PLC and Morgan Stanley & Co International PLC. The call option shares represent around a 1.9% economic and voting interest in LSEG. BCP York is an entity owned by a consortium of certain investment funds affiliated with Blackstone Inc, and including an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte Ltd, Thomson Reuters Corp and certain other minority holders. Thomson Reuters didn't participate in the call option transaction.

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11 Mar 2024 19:21

IN BRIEF: Consortium to sell call options over 10 million LSEG shares

London Stock Exchange Group PLC - London-based stock market operator and data provider - JP Morgan Securities PLC says BCP York Holdings LP intends to sell call options over around 10 million voting shares in LSEG. Shares to be sold to Barclays Bank PLC, Merrill Lynch International, Citigroup Global Markets Ltd, Goldman Sachs International, JP Morgan Securities PLC and Morgan Stanley & Co International PLC. The call option shares represent around a 1.9% economic and voting interest in LSEG. BCP York is an entity owned by a consortium of certain investment funds affiliated with Blackstone Inc, and including an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte Ltd, Thomson Reuters Corp and certain other minority holders. Thomson Reuters will not participate in the call option transaction.

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1 Mar 2024 15:06

London close: Stocks start the month with positive close

(Sharecast News) - London's financial markets finished in positive territory on Friday, with investor sentiment buoyed by the recent easing of inflation in the United States, as market participants mulled the latest manufacturing data from the UK.

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1 Mar 2024 10:08

IN BRIEF: AB Foods appoints Barclays to run GBP250 million buyback

Associated British Foods PLC - London-based food and ingredient company and owner of fast-fashion retailer Primark - Enters agreement with Barclays Capital Securities Ltd to run the second tranche of AB Food's GBP500 million share buyback programme. The second tranche will be for up to GBP250 million and commence following the completion of the first tranche of the programme, expected before May 1. The first tranche, conducted by UBS Group AG, commenced on November 14. All shares repurchased will be cancelled.

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29 Feb 2024 16:05

London close: Stocks finish positive as US inflation moderates

(Sharecast News) - London's stock markets finished with moderate gains on Thursday, buoyed by a combination of factors including a slowdown in US inflation, robust UK earnings reports, and encouraging mortgage approvals figures.

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27 Feb 2024 16:08

Barclays to sell $1.1bn of card debt to Blackstone - report

(Sharecast News) - Barclays has agreed to sell around $1.1bn of credit-card receivables in the US to Blackstone as it looks to reduce its risk-weighted assets and create additional lending capacity.

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27 Feb 2024 11:33

IN BRIEF: Faruqui of Barclays named new Takeover Panel head

Barclays PLC - London-based bank - Omar Faruqui, "one of Barclays' most experienced advisory practitioners," is named as next director general of the UK's Takeover Panel, effective from May 1. Faruqui is Barclays' co-head of Europe, Middle East & Africa Mergers & Acquisitions; co-head of UK Advisory; and on the management team of EMEA Investment Banking. After taking up the director general post, he will be on a two-year secondment from Barclays.

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