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Share Price: 490.80
Bid: 490.45
Ask: 490.55
Change: -0.45 (-0.09%)
Spread: 0.10 (0.02%)
Open: 488.80
High: 491.55
Low: 486.00
Prev. Close: 491.25
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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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15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
AJ Bell PLCdividend payment date
B&M European Value Retail SAspecial dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Braemar PLCdividend payment date
i3 Energy PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Netcall PLCdividend payment date
Origin Enterprises PLCdividend payment date
Sage Group PLCdividend payment date
Schroder AsiaPacific Fund PLCdividend payment date
Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
Monday 12 February 
no events scheduled 
Tuesday 13 February 
Cohort PLCdividend payment date
Future PLCdividend payment date
Mondi PLCspecial dividend payment date
Wednesday 14 February 
Blackrock Frontiers Investment Trust PLCdividend payment date
Ecora Resources PLCdividend payment date
Grainger PLCdividend payment date
Oxford Metrics PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Unicorn AIM VCT PLCdividend payment date
Unicorn AIM VCT PLCspecial dividend payment date
Thursday 15 February 
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
BioPharma Credit PLCex-dividend payment date
BP Marsh & Partners PLCex-dividend payment date
BP PLCex-dividend payment date
Elixirr International PLCdividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
GCP Asset Backed Income Fund Ltdex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
Gulf Investment Fund PLCex-dividend payment date
Hargreave Hale AIM VCT PLCdividend payment date
Henderson Opportunities Trust PLCex-dividend payment date
ICG Enterprise Trust PLCex-dividend payment date
Impax Environmental Markets PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
Invesco Perpetual UK Smaller Cos IT PLCex-dividend payment date
Invesco Select Trust PLC Global Equity Incomedividend payment date
Invesco Select Trust PLC UK Equitydividend payment date
JPMorgan European Growth & Income PLCex-dividend payment date
Knights Group Holdings PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Mattioli Woods PLCex-dividend payment date
Mobeus Income & Growth 4 VCT PLCex-dividend payment date
Mountview Estates PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
NCC Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
PRS REIT PLCex-dividend payment date
Ramsdens Holdings PLCex-dividend payment date
Schroder UK Mid Cap Fund PLCex-dividend payment date
Shell PLCex-dividend payment date
Triple Point Venture VCT PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
UK Commercial Property REIT Ltdex-dividend payment date
  
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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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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