Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 495.70
Bid: 496.00
Ask: 496.10
Change: 0.00 (0.00%)
Spread: 0.10 (0.02%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 495.70
BP. 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: Gold Sparkles As US Rate Hike Looks Further Away

Fri, 03rd Jun 2016 16:08

LONDON (Alliance News) - London's leading share index rose on Friday after data showed that the US economy created the fewest number of jobs in almost six years in May, which could force the Federal Reserve to wait longer before increasing interest rates, hitting the dollar and financial stocks, but boosting gold miners.

Non-farm payrolls rose by 38,000 jobs in May, the smallest increase since September 2010, and much weaker than the 158,000 addition expected by economists. The Labor Department said the figures were partly due to the Verizon strike, with about 35,000 workers not on company payrolls during the survey reference period.

Job additions in March and April were also revised down to 186,000 and 123,000, respectively, reflecting a net downward revision of 59,000 jobs.

"We think June is now firmly off the table in terms of the next Federal Reserve interest rate hike, with our expectation for July. However, post the non-farm payroll release, there is now a serious risk to a July rate hike if job creation continues to decrease," Salman Ahmed, chief investment strategist at Lombard Odier Investment Managers, said.

Analysts at Lloyds Bank said the employment report "seems certain" to persuade members of the Federal Open Market Committee to "hold back" from increasing rates in June.

"While the FOMC will not want to be seen as reacting mechanically to just one weak data point, a tightening over the 'coming months' – as suggested by Fed Chair Yellen at the end of May – is now also seen as less likely by markets," Lloyds Bank said.

Chris Beauchamp, senior market analyst at IG, said caution is still required, particularly as Yellen is due to speak at 1730 BST on Monday. "We should be careful however, since Janet Yellen speaks on Monday, and even now she may choose to bang the drum for a possible June move, if only to keep alive the idea that some kind of debate is still going on," said Beauchamp.

"But with slack in the US employment picture on the rise again, the FOMC will find it hard to push for higher rates. The doves, it seems, have triumphed once again," the IG analyst said.

The FTSE 100 closed up 0.4%, or 24.02 points, at 6,209.63, falling from a high of 6,251.74 earlier in the session, and ending the week 1.0% lower. The FTSE 250 closed down 0.1%, or 8.33 points, at 17,067.93. The AIM All-Share closed up 0.3%, or 2.41 points, to 742.35.

In mainland Europe, the CAC 40 in Paris closed down 1.0%, and the DAX in Frankfurt closed down 1.0%.

In the US at the London equities close, the Dow Jones Industrial Average was down 0.4%, the S&P 500 was down 0.6%, and the Nasdaq Composite was down 0.7%.

The pound rose to USD1.4529 at the London equities close, from USD1.4432 the same stage Thursday, and the euro rose to USD1.1338 from USD1.1157 over the same time period.

Gold shot up in the wake of the weak US jobs data. Low interest rates reduce the opportunity of holding assets such as gold, which provide no dividend or interest rate to investors. The precious metal was trading at USD1,240.22, up from USD1,212.02 at the close on Thursday.

Fresnillo and Randgold, two gold miners, led the risers in London's blue-chip index, up 7.6% and 6.8%. Commodity stocks rose, boosted by the fall in the dollar, with Anglo American, up 5.2, Glencore, up 4.2%, BHP Billiton, up 3.5%, and Antofagasta, up 2.6%.

"Once again the FTSE's mining contingent has rescued the index, which remains in positive territory even as all others fall. The faltering rally in mining names has left the index stranded in no man's land lately, and even today's bounce doesn't change the overall picture of a sector that has run out of good news. Revived global growth fears will only lead to fresh losses, even if a weaker US dollar does help cushion commodity prices for the time being," IG's Beauchamp said.

With Brent crude trading at USD49.51 at the London equities close, down from USD49.77 at Thursday's close, BP closed up 1.5% at 358.55p, falling from a high of 362.7p earlier in the day.

The prospect of delays to US interest rate increased hit financial stocks. Banks, which typically enjoy higher margins when interest rates are higher, were joined by life insurers in the list of the FTSE 100's heaviest fallers.

With the likes of Barclays, down 0.4%, HSBC Holdings, down 0.3%, Lloyds Banking Group, down 0.8%, Royal Bank of Scotland Group, down 1.1%, and Standard Chartered, down 0.3%, all suffering, the FTSE 350 Banks Sector Index fell by 0.5%. The FTSE 350 Life Insurance Sector lost 1.1%, hit by falls from Prudential, down 1.5%, Standard Life, down 1.9%, and Legal & General Group, down 1.2%.

In the FTSE 250, Indivior made a late surge after winning a ruling to block generic competitors to its key opioid addiction treatment Suboxone Film until 2024.

Shares in the company closed up 36% at 235.1 pence, comfortably the best mid-cap performer, having risen as high as 247.9 pence shortly after the ruling.

Indivior noted that whilst the ruling marked "a very important milestone" for the company, investors should "remain mindful" that it has ongoing litigation against four other filers of generic competitors, in which it has also asserted its listed patents covering Suboxone Film.

"Our confidence in the long-term future of Indivior has received a good boost today, and we look forward to the next chapter in our development," said Indivior Chief Executive Officer Shaun Thaxter in a statement.

ICAP, the electronic markets and post trade services company, rose 1.5% after winning a technology contract worth USD65 million over three years with China Foreign Exchange Trade System, the country's official inter-bank market trading platform and infrastructure provider.

The deal, under which the company's EBS BrokerTec unit will open a local office in Shanghai and provide the technology for fixed income and foreign exchange electronic execution services in mainland China, marks both a meaningful addition to revenue and a victory as ICAP moves away from voice broking and becomes NEX Group, based on electronic markets, post trade services and its Euclid early-stage financial technology incubator.

Before it can become NEX, ICAP needs the sale of its voice broking business to FTSE 250 interdealer broker Tullett Prebon, its one-time rival, to complete.

CFETS's decision to use EBS BrokerTec's technology for its so-called Next Generation Trading System, Gil Mandelzis, chief executive officer of EBS BrokerTec, said, is a "resounding endorsement" of the business's technology and its role as a trusted provider of trading infrastructure and venues.

On the economic front, Monday brings Chinese foreign exchange reserves, German factory orders at 0700 BST, EU investor confidence at 0930 BST and targeted longer-term refinancing operations data at 1030 BST. In the US, expect the Labor Market Conditions Index at 1500 BST, followed by Yellen's speech at 1730 BST.

In the UK corporate calendar, get ready for May traffic statistics from budget airline easyJet. On Friday, International Consolidated Airlines Group, the owner of British Airways, Ireland's Aer Lingus, and Spanish carrier Iberia, said group traffic, capacity and premium traffic all rose in May.

By Samuel Agini; samagini@alliancenews.com; @SamuelAgini

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

Read more
27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

Read more
27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

Read more
27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more
27 Mar 2024 08:31

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more
25 Mar 2024 16:51

LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

Read more
21 Mar 2024 15:00

UK dividends calendar - next 7 days

Friday 22 March 
easyJet PLCdividend payment date
FRP Advisory Group PLCdividend payment date
Gulf Investment Fund PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
Hercules Site Services PLCdividend payment date
Impax Asset Management Group PLCdividend payment date
JLEN Environmental Assets Group Ltddividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Mattioli Woods PLCdividend payment date
Mobeus Income & Growth 2 VCT PLCdividend payment date
Mobeus Income & Growth 4 VCT PLCdividend payment date
Ramsdens Holdings PLCdividend payment date
Riverstone Credit Opportunities Income PLCdividend payment date
Ruffer Investment Co Ltddividend payment date
Samuel Heath & Sons PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Unilever PLCdividend payment date
Monday 25 March 
AstraZeneca PLCdividend payment date
Endeavour Mining PLCdividend payment date
Mountview Estates PLCdividend payment date
Shell PLCdividend payment date
Tuesday 26 March 
no events scheduled 
Wednesday 27 March 
abrdn Diversified Income & Growth PLCdividend payment date
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
  
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.

Read more
19 Mar 2024 16:57

LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

Read more
19 Mar 2024 11:52

LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

Read more
18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

Read more
15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

Read more
15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

Read more
14 Mar 2024 11:54

BP details green credentials in similar push towards net zero as Shell

(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.

Read more
14 Mar 2024 10:19

BP picks up Ashford site to boost electric charging scope for trucks

(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.

Read more
8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

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.