focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

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: 492.00
Bid: 491.95
Ask: 492.05
Change: -4.95 (-1.00%)
Spread: 0.10 (0.02%)
Open: 491.70
High: 492.30
Low: 485.55
Prev. Close: 496.95
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 MIDDAY: BoE Holds As Fed Warns On Brexit "Consequences"

Thu, 16th Jun 2016 11:10

LONDON (Alliance News) - Stocks in London were lower Thursday midday, giving back gains made on Wednesday, after US Federal Reserve Chair Janet Yellen did little to help investor sentiment in the UK, warning of the "consequences" of Brexit for economic and financial conditions globally.

The Fed kept its monetary policy unchanged Wednesday, and the Bank of Japan and Swiss National Bank followed suit early Thursday. The Bank of England did the same at midday in London, leaving UK interest rates unchanged at 0.5% in a unanimous decision at its last meeting ahead of the country's referendum on European Union membership scheduled for Thursday next week.

The FTSE 100 was down 0.6%, or 33.41 points, at 5,933.39. The FTSE 250 also was down 0.6%, at 16,203.92, and the AIM All-Share was down 0.3% at 714.78.

"There has been little to comfort investors over the past 24 hours, which is why yesterday's gains have withered on the vine," noted IG senior market analyst Chris Beauchamp. "The Fed meeting was perhaps their best hope, but even here Janet Yellen was not able to offer much in the way of good news."

Late Wednesday, the Fed left its key interest rates unchanged, citing the slowing "pace of improvement" in the US labour market, low inflation and geopolitical headwinds, such as the possibility of Brexit.

Yellen noted in her press conference that the possibility the UK will leave the EU was "one of the factors" in the Federal Open Market Committee's decision against hiking the US benchmark interest rate, with the Fed Funds rate left at 0.25-0.50%. Brexit "could have consequences for economic and financial conditions in global financial markets. If it does so, it could have consequences, in turn, for the US economic outlook," Yellen said.

IG's Beauchamp believes that, overall, the tone of Yellen's statement provided reasons for optimism, "but changes in the dot plot hint that even the limited ambitions of the Fed's hawks have been reined in yet again".

The Fed's dot-plot of FOMC members' interest rate forecasts still signalled two rate increases this year, but now six out of the 17 participants anticipated only one rate hike this year, up from one participant in March.

Early Thursday, the BoJ matched expectations by keeping its monetary stimulus unchanged as policymakers wait to the see the full impact of the negative policy introduced early this year. The board voted 8-1 to hold its target of raising the monetary base at an annual pace of about JPY80 trillion, while it decided 7-2 to maintain the -0.1% interest rate on current accounts that financial institutions maintain at the bank.

Soon after the London equities open, the Swiss National Bank left its key deposit rate unchanged at -0.75%, adding it thinks the Swiss franc remains significantly overvalued.

Data from the Office for National Statistics showed that UK retail sales rose by more than expected in May. Retail sales advanced 0.9% month-on-month, faster than the expected increase of 0.2%. However, the pace of growth slowed from 1.9% registered in April. On a yearly basis, retail sales improved to 6.0% in May from 5.2% in April, while economists had forecast a 3.9% rise.

Excluding auto fuel, sales volume climbed 1.0% month-on-month, while it was expected to grow marginally by 0.3%. Sales had increased 2.0% in April. Year-on-year, ex-fuel retail sales rose 5.7% from 4.8% in April, while they were forecast to slow to 3.8%.

"Even though there is plenty of uncertainty ahead of next week's EU referendum, consumers have still been spending on the high street which is what the government needs. Chancellor George Osborne will be encouraged by these figures, but he and David Cameron certainly have bigger fish to fry over the next seven days," said Dennis de Jong, managing director at UFX.com.

The data weren't enough to lift the pound, which has been trading around the USD1.41 line in the past days as the EU vote looms. Sterling was at USD1.4155 at midday, compared to USD1.4195 at the London equities close Wednesday, gaining no benefit from weakness in the dollar against other currencies.

Meanwhile, Eurostat data showed eurozone consumer prices fell 0.1% year-on-year in May, but this was slower than the 0.2% decline seen in April. Month-on-month, consumer prices moved up 0.4% in May, faster than the 0.3% growth expected by economists and April's flat reading. Headline inflation has been below the European Central Bank's target of 'below, but close to 2%' since early 2013.

Core inflation that excludes energy, food, alcohol and tobacco rose marginally to 0.8% year-on-year compared to 0.7% in April, matching estimates. Month-on-month, core inflation fell 0.1%, unchanged from April's reading and economists expectations.

Still in the economic calendar Thursday, US initial and continuing jobless claims are at 1330 BST, the same time as US inflation numbers and the Philadelphia Fed manufacturing survey.

European stock indices were lower, with the CAC 40 in Paris down 0.6% and the DAX 30 in Frankfurt off 0.7%.

In Asia, the Nikkei 225 index in Tokyo ended down 3.1%, the Shanghai Composite closed down 0.5%, and the Hang Seng in Hong Kong fell 2.1%.

In New York, stocks are expected to follow Europe and Asia lower, with the Dow 30 and the S&P 500 indices both seen down 0.3% and the Nasdaq 100 pointed down 0.4%.

Among individual stocks in London, gold miners Randgold Resources and Fresnillo were up 3.8% and 3.0%, respectively, benefiting from an increase in the precious metal's price. Gold was at USD1,302.92 an ounce at midday, having breached the USD1,300 line for second time so far in 2016. Late Wednesday, gold had stood at USD1,284.20 an ounce.

Berkeley Group Holdings was up 1.3%. The housebuilder was taking back the ground lost Wednesday, when it fell 1.2% after saying both its revenue and pretax profit dipped in its recent financial year.

Meanwhile, shares in BP were up 0.7%, after the oil major was upgraded to Buy from Neutral by Citigroup.

In the FTSE 250, N Brown Group was up 7.0%, the best mid-cap performer. The home shopping and catalogue retailer reported a fall in revenue in the first quarter of its financial year, but said it is trading in line with expectations and left its full-year guidance unchanged.

WS Atkins was another mid-cap gainer, up 4.1%. The design, engineering and project management consultancy posted a 23% rise in pretax profit for its financial year, which it said was ahead of market expectations despite continuing uncertainty in some of its markets. WS Atkins declared a dividend for the year of 39.5p per share, up 8.3% from 36.5p the year earlier.

Bookie William Hill was down 4.2% after Investec cut its recommendation to Reduce from Add. The broker said "internal issues not seen by competitors, technology risk and regulatory headwinds combine to create a bleak outlook" for the company.

By Daniel Ruiz; danielruiz@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
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
8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

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.