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LONDON MARKET CLOSE: Mining And Oil Stocks Send FTSE 100 Lower

Wed, 24th Apr 2019 17:01

LONDON (Alliance News) - Stocks in London ended mixed on Wednesday, with the FTSE 100 pulled down by heavyweight oil and mining stocks.The FTSE 100 index closed down 51.32 points, or 0.7%, at 7,471.75. The FTSE 250 ended up 85.65 points, or 0.4% at 19,993.67, and the AIM All-Share closed up 4.43 points, or 0.5% at 962.99.The Cboe UK 100 closed down 0.7% at 12,673.63, the Cboe UK 250 up 0.4% at 17,869.65, and the Cboe UK Small Companies up 0.8% at 11,572.89."The FTSE eased back from 6-month highs reached in the previous session, pulled down by miners. Miners traced the price of metals lower as concerns grow that China will ease up on its economic stimulus efforts, in turn reducing its demand for metals," said City Index analyst Fiona Cincotta. The FTSE 350 Mining sector index, which houses London's large cap miners, closed down 1.7%. On the London Stock Exchange, Land Securities ended the best blue chip performer, up 3.1% after Deutsche Bank raised the property company to Buy from Hold.Associated British Foods closed up 2.1% after the sugar producer and owner of fast fashion retailer Primark delivered a "robust" set of half-year results and raised its interim dividend.Revenue for the 24 weeks to March 2 rose 1% to GBP7.53 billion, though pretax profit slipped to GBP515 million from GBP603 million a year ago. Pretax profit was hindered by GBP79 million in exceptional items, with AB Foods having booked no such charges a year ago.On an adjusted basis, profit was largely in line with a year prior at GBP627 million. Sales at clothing chain Primark were 4.4% ahead of a year ago, said AB Foods, driven by increased retail selling space partially offset by a 1.5% decline in like-for-like sales. Primark's operating margin came in at 11.7% versus 9.8% a year ago, resulting in a 25% year-on-year rise in adjusted operating profit to GBP426 million."Primark's expansion across the Atlantic is of particular importance. The American market offers huge growth potential, and with only a handful of stateside stores up and running, there's plenty of room left. A successful US roll-out has the potential for huge rewards, and the early signs are promising. The Brooklyn store, which opened last July, continues to exceed expectations," said Hargreaves Lansdown analyst George Salmon.AB Foods said its outlook for the current financial year is unchanged, with earnings per share expected to be in line with the year before.The company declared an interim dividend of 12.05 pence, up 3% on last year's 11.70p.At the other end of the large cap index, Anglo American ended the worst performer, down 3.9% after JPMorgan downgraded the miner to Neutral from Overweight.The US bank said the miner's shares no longer look as cheap, warned its 2020 earnings may be cut and thinks capital returns could come under pressure.BP closed down 2.1% and Royal Dutch Shell 'A' and Shell 'B' ended down 1.9%, despite stable oil prices. Brent oil was quoted at USD74.48 a barrel at the London equities close, flat from USD74.46 at the same time the prior day. "Though Brent Crude pared its losses as the day went on, sitting just under USD74.50 per barrel, BP and Shell still gave back all of Tuesday's growth and then some, the oil colossi tumbling around 2% apiece," Spreadex analyst Connor Campbell said. Antofagasta ended down 1.7%. The Chilean copper miner reaffirmed 2019 guidance after reporting a first-quarter performance in line with expectations.In the three months to March, Antofagasta's copper production rose 23% on the year before to 188,600 tonnes, but was down 14% on the final quarter of 2018.This met expectations, with the year-on-year rise due to higher ore throughput and expected higher grades. However, the fall from the previous three months was caused by maintenance at the Los Pelambres and Centinela mines and lower grades.Copper sales rose 31% year-on-year to 178,900 tonnes, but declined 18% quarter-on-quarter.In addition, Anglo-Australian miners BHP and Rio Tinto closed down 1.5% and 1.8%, respectively. The pound was quoted at USD1.2945 at the London equities close, marginally higher than USD1.2932 at the close Tuesday.In political news, Theresa May's deputy has insisted the Tories and Labour are making a "genuine attempt" to find a Brexit solution but warned compromises were needed from both sides.Cabinet Office minister David Lidington said cross-party talks between negotiating teams had been "constructive" although had yet to find a solution which would attract majority support in the Commons."There was no positive news over ongoing cross-party talks from between Conservatives and Labour and the longer the news blackout remains, the harder it will be for the pound to recoup its recent losses," said analysts at OFX. On the economic front, UK public sector borrowing in March was GBP900 million higher than the same month a year ago, though borrowing in the latest financial year remained at a 17-year low.Public sector net borrowing, excluding public sector banks, in March was GBP1.7 billion, GBP900 million more than the same month a year prior. As a result, borrowing in March 2018 remained the lowest March borrowing since 2006, the Office for National Statistics said.Borrowing in the latest full fiscal year to the end of March, was GBP24.7 billion, GBP17.2 billion less than in the previous financial year and the lowest financial borrowing for 17 years.Elsewhere, the UK government formally launched its search to find the next governor of the Bank of England.Canadian Mark Carney has been at the helm of the central bank since the summer of 2013 and will step down at the end of January 2020. He previously agreed a seven month extension to his current contract to help ensure a "smooth" Brexit process.Chancellor of the Exchequer Philip Hammond said he believes the role of governor is "more important than ever" due to a "rapidly evolving economy".Among those tipped to succeed Carney include Andrew Bailey, head of the UK Financial Conduct Authority, BoE Chief Economist Andy Haldane, former Reserve Bank of India governor Raghuram Rajan, and Shriti Vadera, chair of Santander UK.In Paris the CAC 40 ended down 0.3%, while the DAX 30 in Frankfurt ended up 0.6%. The euro stood at USD1.1191 at the European equities close, down from USD1.1205 late Tuesday. Major stock indices in New York were flat at the London equities close, failing to sustain momentum after the S&P 500 and Nasdaq Composite closed at fresh record highs on Tuesday. In corporate news, Boeing reported first quarter earnings that matched analyst estimates.The company's earnings came in at USD2.15 billion, or USD3.75 per share. This compares with USD2.48 billion, or USD4.15 per share, in last year's first quarter.Excluding items, Boeing reported adjusted earnings of USD1.99 billion, or USD3.16 per share, for the period.Analysts had expected the company to earn USD3.33 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.However, the aerospace giant pulled its full-year guidance due to uncertainty surrounding the grounding of its 737 MAX aircraft."Due to the uncertainty of the timing and conditions surrounding return to service of the 737 Max fleet, new guidance will be issued at a future date," Boeing said.Boeing shares were up 1.3% in New York. AT&T was down 4.0% on Wall Street after the telecom giant reported first quarter earnings that met estimates but recorded weaker than expected revenue.Occidental Petroleum Corp was down 3.0% after the oil and gas firm made a superior offer for Anadarko Petroleum Corp to that made by peer Chevron Corp earlier in April.Occidental is offering USD76 per Anadarko share, 20% higher than the offer made by Chevron. Anadarko was up 11%. Just under two weeks ago, Chevron offered USD65 per share for Anadarko, with shareholders getting 0.3869 Chevron shares at USD16.25 in cash per Anadarko share held. Chevron was down 2.1%. Still to come in the US earnings calendar, social media company Facebook will report after the closing bell in New York.Gold was quoted at USD1,275.45 an ounce at the London equities close, up from USD1,268.70 late Tuesday.Highlights in the economic events calendar on Thursday are the Bank of Japan's interest rate decision at 0300 BST and US durable goods orders at 1330 BST. The UK corporate calendar on Thursday has first-quarter results from lender Barclays and from gold miner Acacia Mining. There are also trading statements from information and analytics company RELX, housebuilder Taylor Wimpey and floor coverings retailer Carpetright.

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30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 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.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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24 Apr 2024 19:30

Trans Mountain oil shippers raise concerns about risk of delay to full service

April 23 (Reuters) - Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

LONDON, April 24 (Reuters) - Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report.

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24 Apr 2024 09:58

Aker BP Q1 beats forecast as costs fall, Tyrving to start sooner

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

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24 Apr 2024 05:38

Aker BP Q1 beats forecast on record output, lower cost

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted a higher-than-expected net profit for the first quarter as production hit a record while costs fell.

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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

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18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
Quantum Exponential Group PLCGM re delisting or potential investment in company
Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
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.

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18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

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18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

BP PLC - London-based oil and gas major - Announces organisational restructuring. Intends to keep its three businesses - production & operations, gas & low carbon energy and customers & products - enabled by trading & shipping. Plans to integrate the current regions, corporates & solutions organisation into the businesses and functions. BP will now be supported by five functions: finance; technology; strategy, sustainability & ventures; people & culture; and legal. BP explains these changes will "reduce duplication and reporting line complexity".

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18 Apr 2024 08:11

BP cuts size of executive team, shakes up structure

(Sharecast News) - BP has trimmed its executive team as part of a shake-up of its organisational structure, it was confirmed on Thursday.

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17 Apr 2024 18:58

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.

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17 Apr 2024 17:36

Sustainable Finance Newsletter - Republican AGs look to limit climate groups

April 17 (Reuters) - In prior newsletters I have reported on the ongoing review by U.S. energy regulators of top asset managers' big utility holdings.

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17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

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17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

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