Join our Investor Webinar on the 3rd December 18:00-19:30, with speakers from Sunda Energy and Blencowe Resources. Please register here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksBeazley Share News (BEZ)

Share Price Information for Beazley (BEZ)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 761.00
Bid: 762.50
Ask: 763.00
Change: -12.50 (-1.62%)
Spread: 0.50 (0.066%)
Open: 769.50
High: 774.50
Low: 759.00
Prev. Close: 773.50

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

London close: Stocks rise amid raft of solid earnings

Thu, 22nd Feb 2024 16:26

(Sharecast News) - London's stock markets finished in positive territory on Thursday, bolstered by upbeat performances from US AI chipmaker Nvidia and engine manufacturer Rolls-Royce.

The FTSE 100 index rose 0.29% to reach 7,684.49 points, while the FTSE 250 climbed 0.76% to settle at 19,263.50 points.

In currency markets, sterling was last up 0.01% on the dollar to trade at $1.2639, while the euro saw a slight increase of 0.03% to last change hands at €1.1685.

"Risk on sentiment following another set of bumper Nvidia earnings helped the Nikkei 225 overcome its 1989 peak and hit record highs, as did the French and German blue chip indices," said IG senior market analyst Axel Rudolph.

"They did so despite ECB officials agreeing that it is premature to talk about rate cuts and as the German PMI data showed that the economic downturn deepened.

"The French services sector contraction eased markedly, though, as did the eurozone private sector downturn which, although showing a ninth consecutive month of falling output, saw the weakest contraction since last June, as output stabilisation in the service sector offset a further steep downturn in manufacturing."

Rudolph added that Nvidia's 12% gains, and its Nasdaq 100 weighting, had pushed the index up by around 2% as risk-on sentiment returned.

"The near three-month rise in the US Treasury yield to 4.35% and much weaker-than-expected initial jobless claims haven't dampened the mood.

"The dollar reversed its initial post-FOMC minutes weakness on Thursday afternoon, putting an end to gold's six straight days of gains."

UK private sector activity jumps in February

In economic news, private-sector activity in the UK surged to a nine-month peak in February, driven by robust growth in the service sector, compensating for ongoing weaknesses in manufacturing.

The S&P Global/CIPS composite purchasing managers' index (PMI), a key indicator of economic activity encompassing both services and manufacturing, climbed to 53.3, surprising analysts who had anticipated no change from January's level of 52.9.

It marked the fourth consecutive month of expansion, denoted by any figure above 50, and the strongest reading since May last year.

S&P Global noted a significant uptick in customer demand, with the sharpest increase in new work in nine months.

Moreover, optimism about near-term business prospects reached its highest level since February 2022.

Although the services PMI remained steady at 54.3, surpassing the consensus estimate of 54.1, the manufacturing PMI rose slightly to 47.1 from 47.0, albeit missing economists' forecast of 47.5.

"UK economic growth has accelerated in February, with the early PMI survey data pointing to the largest rise in business activity for nine months," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

"This is by no means a one-off improvement, as faster growth has now been recorded for four straight months after a brief spell of decline late last year.

"It's particularly encouraging to see that the upturn in growth has been accompanied by a surge in optimism about year-ahead prospects to the highest for two years, in turn encouraging a second month of increased employment."

In the eurozone, the downturn in the services sector exhibited signs of abating, while manufacturing remained sluggish, as per a closely monitored survey released on Thursday.

The HCOB PMI indicated that business activity in the euro area contracted at a slower pace in February, with the flash eurozone composite output index reaching 48.9, the highest in eight months.

Notably, the services PMI hit the pivotal 50 mark, indicating growth, and marked its best reading in seven months, rising from 48.4 in January.

Conversely, manufacturing slipped to 46.1 from 46.6, a two-month low.

Elsewhere, eurozone inflation dipped marginally last month, in line with expectations, according to data from Eurostat.

Annual inflation stood at 2.8% in January, down from December's 2.9%, aligning with both the initial estimate and consensus. A year earlier, inflation was recorded at 8.6%.

Across the broader EU bloc, inflation moderated to 3.1% in January from 3.4% in December.

Across the Atlantic, US private-sector activity growth eased slightly in February, revealed figures from S&P Global.

The composite purchasing managers' index (PMI) dipped to 51.4 this month, down from January's 52.0.

It still, however, remained the second-fastest rate of expansion since July 2023.

While the services PMI declined to 51.3 from 52.5, missing economists' expectations of 52.0, it signalled growth for the 13th consecutive month.

Conversely, the manufacturing PMI unexpectedly rose to a 17-month high of 51.5 from 50.7, surpassing the consensus forecast of 50.5, driven by increased production amid supply chain improvements following adverse weather conditions in January.

Rolls-Royce rises on results, WPP falls back

On London's equity markets, Rolls-Royce Holdings jumped 9.32% after reporting a remarkable increase in full-year profits for 2023, primarily driven by its civil aerospace segment.

The company's underlying operating profit more than doubled to £1.6bn, surpassing analyst expectations, with revenues climbing to £15.4bn.

Beazley surged by 8.93% after it upgraded its guidance for 2023, citing better-than-expected claims experience throughout the year.

Shareholders could also anticipate an additional capital return of around $300m along with the ordinary dividend.

Hikma Pharmaceuticals rose 4.28% following a nearly one-third increase in its dividend, attributed to double-digit growth in full-year core revenues and profits in 2023.

Lloyds Banking Group rebounded by 5.21% after reporting a 57% jump in full-year profits and announcing a £2bn share buyback.

However, the company set aside £450m for a regulatory probe into UK motor financing.

Anglo American saw a 3.03% increase despite halving its annual dividend due to profit declines in 2023, driven by impairments and market downturns in platinum and diamond sectors.

Mondi advanced by 1.8% despite reporting lower full-year profits due to weakened demand and prices, extending into the first quarter of 2024.

ME Group International surged by 20.03% on the back of record financial performance for the 12 months ended 31 October, with both revenues and profits witnessing growth.

Indivior spiked by 22.42% as the opioid addiction treatment maker deliberated on moving its primary listing to the US, while Jupiter Fund Management climbed by 10.67%, driven by a 36% rise in full-year underlying pre-tax profit.

On the downside, WPP declined by 6.38% despite meeting full-year expectations, while Hargreaves Lansdown dropped by 7.23% following a decline in net new business.

Safestore Holdings experienced a 3.7% decrease as quarterly revenues declined amid challenging economic conditions in the self-storage group sector.

Reporting by Josh White for Sharecast.com.

Market Movers

FTSE 100 (UKX) 7,684.49 0.29%

FTSE 250 (MCX) 19,263.50 0.76%

techMARK (TASX) 4,395.06 0.90%

FTSE 100 - Risers

Beazley (BEZ) 634.00p 8.93%

Rolls-Royce Holdings (RR.) 356.80p 8.29%

Lloyds Banking Group (LLOY) 45.95p 6.16%

Scottish Mortgage Inv Trust (SMT) 797.00p 4.51%

Hikma Pharmaceuticals (HIK) 2,083.00p 4.28%

Intertek Group (ITRK) 4,639.00p 3.60%

Rightmove (RMV) 550.80p 3.42%

Sage Group (SGE) 1,212.00p 3.19%

Anglo American (AAL) 1,769.80p 3.03%

Ashtead Group (AHT) 5,524.00p 2.64%

FTSE 100 - Fallers

WPP (WPP) 730.60p -6.38%

Endeavour Mining (EDV) 1,256.00p -4.73%

Tesco (TSCO) 276.80p -3.05%

Land Securities Group (LAND) 629.60p -2.51%

Sainsbury (J) (SBRY) 254.10p -2.01%

SSE (SSE) 1,578.00p -1.96%

Glencore (GLEN) 379.90p -1.59%

Marks & Spencer Group (MKS) 239.20p -1.52%

Unilever (ULVR) 4,000.00p -1.34%

Severn Trent (SVT) 2,539.00p -1.32%

FTSE 250 - Risers

Indivior (INDV) 1,660.00p 22.42%

Me Group International (MEGP) 159.40p 20.03%

Jupiter Fund Management (JUP) 90.75p 10.67%

Close Brothers Group (CBG) 347.80p 7.54%

Lancashire Holdings Limited (LRE) 652.00p 5.50%

Carnival (CCL) 1,107.00p 4.93%

Moneysupermarket.com Group (MONY) 251.80p 4.57%

Wizz Air Holdings (WIZZ) 2,191.00p 4.47%

FDM Group (Holdings) (FDM) 418.00p 4.37%

Bank of Georgia Group (BGEO) 4,570.00p 4.22%

FTSE 250 - Fallers

Hargreaves Lansdown (HL.) 747.20p -7.23%

Tullow Oil (TLW) 28.50p -5.25%

W.A.G Payment Solutions (WPS) 82.40p -4.63%

Safestore Holdings (SAFE) 767.00p -3.70%

Domino's Pizza Group (DOM) 367.20p -3.22%

Victrex plc (VCT) 1,280.00p -3.10%

BBGI Global Infrastructure S.A. NPV (DI) (BBGI) 122.40p -3.01%

PZ Cussons (PZC) 100.40p -2.52%

British Land Company (BLND) 360.60p -2.38%

IP Group (IPO) 49.00p -2.20%

More News
30 Oct 2024 15:08

UK earnings, trading statements calendar - next 7 days

Thursday 31 October 
Coca-Cola HBC AGTrading Statement
Grit Real Estate Income Group LtdFull Year Results
Haleon PLCTrading Statement
PPHE Hotel Group LtdTrading Statement
Seeing Machines LtdFull Year Results
Shell PLCQ3 Results
Smith & Nephew PLCTrading Statement
Spectris PLCQ3 Results
Zotefoams PLCTrading Statement
Friday 1 November 
no events scheduled 
Monday 4 November 
Empiric Student Property PLCQ3 Results
Kingspan Group PLC Trading Statement
Kosmos Energy LtdQ3 Results
Ryanair Holdings PLCHalf Year Results
Tuesday 5 November 
Asos PLCFull Year Results
Associated British Foods PLCFull Year Results
Coca-Cola Europacific Partners PLCTrading Statement
EnSilica PLCFull Year Results
International Workplace Group PLCTrading Statement
Smiths News PLCFull Year Results
TI Fluid Systems PLCQ3 Results
TP ICAP Group PLCTrading Statement
Weir Group PLCTrading Statement
Wednesday 6 November 
Beazley PLCTrading Statement
Braemar PLCHalf Year Results
Conduit Holdings LtdQ3 Trading Statement
Domino's Pizza Group PLCTrading Statement
dotdigital Group PLCFull Year Results
JD Wetherspoon PLCTrading Statement
Lancashire Holdings LtdQ3 Results
Marks & Spencer Group PLCHalf Year Results
MaxCyte IncQ3 Results
Morgan Sindall Group PLCTrading Statement
OSB Group PLCTrading Statement
Persimmon PLCTrading Statement
TBC Bank Group PLCQ3 Results
Totally PLCHalf Year Results
Wise PLCHalf Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
22 Oct 2024 09:40

LONDON BROKER RATINGS: UBS trims Hiscox price target, raises Beazley's

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

Read more
18 Oct 2024 09:44

LONDON BROKER RATINGS: Deutsche Bank cuts Compass Group to 'hold'

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

Read more
10 Oct 2024 14:58

London close: Stocks red as US inflation, jobless claims top forecasts

(Sharecast News) - London's stock markets ended Thursday in negative territory as investors weighed a higher-than-expected inflation and jobless claims readings out of the United States.

Read more
9 Oct 2024 19:34

Hurricane Milton could cost insurers up to $100 billion, analysts say

Milton loss could reach $100 billion, matching Katrina

*

Read more
9 Oct 2024 16:04

Hurricane Milton could cost insurers up to $100 bln, analysts say

Milton loss could reach $100 bln, matching Katrina

*

Read more
9 Oct 2024 10:30

Hurricane Milton could cost insurers $60 bln, raise reinsurance rates, RBC says

Hurricane Milton loss could be $60 bln, similar to Hurricane Ian in 2022- RBC

*

Read more
2 Oct 2024 11:55

DIRECTOR DEALINGS: Judges Scientific non-exec follows CEO in selling

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced this week and not separately reported by Alliance News:

Read more
1 Oct 2024 11:55

IN BRIEF: Beazley completes USD325 million share buyback

Beazley PLC - London-based specialist insurance underwriter, managing six Lloyd's of London syndicates - Completes the USD325 million share buyback programme that it launched back in March. A total of 37.3 million shares were bought back by Deutsche Numis, who conducted the buyback for Beazley.

Read more
25 Sep 2024 17:02

LONDON MARKET CLOSE: Stocks dip after bright start as oil majors weigh

(Alliance News) - London's blue-chip index conceded early gains to close lower on Wednesday as index heavyweights BP and Shell dropped as oil prices eased.

Read more
25 Sep 2024 09:36

LONDON BROKER RATINGS: JPMorgan cuts Smiths, Burberry price targets

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

Read more
18 Sep 2024 09:50

LONDON BROKER RATINGS: Goldman Sachs likes Aviva, cuts Phoenix Group

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

Read more
4 Sep 2024 09:25

LONDON BROKER RATINGS: Exane raises Compass to 'outperform'

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

Read more
12 Aug 2024 09:26

LONDON BROKER RATINGS: UBS raises Hargreaves Lansdown; DB cuts JD

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

Read more
9 Aug 2024 16:01

London close: Stocks end turbulent week on positive note

(Sharecast News) - London's stock markets ended the week on a high note, after stronger-than-expected US jobless claims data on Thursday alleviated concerns about the health of the American economy.

Read more

Make Better Investment Decisions

Register for FREE

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.