BTG Share News (BTG)

LONDON (Alliance News) - Despite a pullback on Friday preventing the FTSE 100 posting a new all-time high, the index nonetheless managed to end higher for its eighth consecutive week.Ending lower on Friday was blue-chip miner Glencore, on a report the UK Serious Fraud Office is preparing a formal investigation into the firm, and AstraZeneca as it posted a drop in profit for the first quarter.The FTSE 100 index closed down 0.1%, or 9.18 points, at 7,778.79 on Friday, ending the week up 0.7%. The blue-chip index hit an intraday high of 7,791.40 earlier on Friday. The FTSE 100's all-time intraday high currently stands at 7,792.56, a level which was reached in January of this year."Sadly the FTSE 100 has not been able to clock up a patriotic new record high ahead of the royal wedding, but the trend is still intact and renewed weakness in sterling augurs well for further gains," said IG chief market analyst Chris Beauchamp.The pound was quoted at USD1.3473 at the London equities close Friday, compared to USD1.3510 at the close on Thursday.The FTSE 250 ended down 0.1%, or 29.67 points, at 20,989.77 on Friday, ending the week up 1.0%. The mid-cap index hit a fresh record high of 21,057.73 in morning trade.The AIM All-Share closed up 0.3%, or 3.35 points, at 1,088.60, ending the week up 0.6%.The Cboe UK 100 ended down 0.1% at 13,194.96, the Cboe UK 250 closed down 0.1% at 19,215.65, and the Cboe UK Small Companies ended up 0.2% at 12,888.89.In European equities on Friday, the CAC 40 in Paris ended down 0.1%, while the DAX 30 in Frankfurt closed down 0.3%.In European data on Friday, Eurostat showed the eurozone trade surplus increased in March from a month before as exports grew faster than imports.The seasonally adjusted trade surplus rose to EUR21.2 billion in March from EUR20.9 billion in February. Month-on-month, exports and imports climbed by 0.8% and 0.7%, respectively. On an unadjusted basis, exports fell 2.9% yearly in March and imports dropped by 2.9%.During the first quarter, the trade surplus climbed to EUR49.4 billion from EUR42.9 billion in the same period of 2017.The euro stood at USD1.1769 at the European equities close Friday, against USD1.1795 at the same time on Thursday.Stocks in New York were mixed at the London equities close, with the DJIA up 0.1%, the S&P 500 index down 0.2%, and the Nasdaq Composite also down 0.2%. Brent oil was quoted at USD79.05 a barrel at the London equities close Friday from USD80.36 late Thursday."WTI and Brent Crude have handed back the sizeable gains they made during the week. Recently the oil market hit fresh 42-month highs, and today we are seeing a minor pullback. Dealers are worried about future oil supply, as the US is looking to reintroduce sanctions on Iran - one of the biggest oil producers in the world," said David Madden, market analyst at CMC Markets.In other commodities, gold was quoted at USD1,291.72 an ounce at the London equities close Friday against USD1,288.70 at the close on Thursday.Ending as the worst performer in the FTSE 100 on Friday was miner Glencore, closing down 4.4%.Bloomberg News on Friday reported that the UK Serious Fraud Office is preparing a formal investigation into miner Glencore over its dealings in the Democratic Republic of the Congo. The proposed investigation will centre on the blue-chip firm's work with Israeli businessman Dan Gertler and the leader of the DRC, Joseph Kabala. "The uncertainty of how this fraud investigation could turn out is providing investors with the perfect excuse to book profits from Glencore's 15% rally over the past two weeks and 40% rally over the past year. The adage there is no smoke without fire more often than not stands true, therefore it is understandable that investors want out, until there is more clarity over the situation," said Fiona Cincotta, senior market analyst at City Index.AstraZeneca closed 2.4% lower after it reported a drop in earnings for the first quarter of the year as it increased spending to support product launches.Revenue for the first quarter of 2018 fell 4% at actual exchange rates to USD5.18 billion, down 9% at constant currencies, with product sales climbing 3% at reported rates to USD4.99 billion. This was 2% lower than last year at constant exchange rates.Core earnings per share dived 51% both at reported rates and constant currencies to USD0.48 in the quarter. Reported SG&A costs increased by 7%, or 2% at constant currencies, to USD2.46 billion in the period."Even if management says trading is in-line, and left full year sales and profits guidance unchanged, investors are sceptical enough about whether sales growth can recover over the course of the year to send the shares 2-3% lower. There's a lot riding on recent launches to get product sales back to growth. Q2 and Q3 could thus be make or break," said Michael van Dulken, head of research at Accendo Markets.Vodafone closed down 1.5% after Citigroup cut the telecommunications firm to Neutral from Buy.It was a better session for FTSE 100-listed DS Smith, closing up 2.0%.Davy raised the paper and packaging firm to Overweight from Neutral, believing the stock is set to benefit from an improving European packaging dynamics.In the FTSE 250, outsourcer Capita gained 6.5% after JPMorgan late Thursday raised the stock to Overweight from Neutral.NEX Group closed flat after shareholders approved the proposed GBP3.90 billion takeover of the company by US-based exchange operator CME Group.Towards the other end of the index, Grainger closed down 3.4% after Barclays cut the property investment company to Equal Weight from Overweight. BTG ended down 2.6% after Investec cut the healthcare firm to Hold from Buy.Just Group closed 2.2% lower at 147.50p after shareholder Permira sold its 18% stake in the retirement products and financial services firm.Permira sold 166.1 million Just Group shares at 143.00 pence each in an accelerated bookbuild, jointly run by Numis and Barclays Bank. At that price, the sale raised GBP237.5 million.Elsewhere on the Main Market, Carpetright closed up 11% at 37.00p after after it confirmed it has begun a previously planned fundraise worth GBP60.0 million as part of a company voluntary arrangement.Carpetright is placing 232.5 million new shares at a price of 28.00 pence each, a 16% discount to its closing price on Thursday of 33.25p.The company said GBP6.0 million of this will cover CVA costs, GBP12.5 million the repayment of the principal for a loan secured from shareholder Meditor, and GBP33.0 million will fund its capital expenditure plans. The rest will be used for working capital needs. In the economic events calendar on Monday there is UK Rightmove house price index readings at 0001 BST, trade figures from Japan at 0050 BST. Markets in Germany will be closed for the Whit Monday holiday.In the UK corporate calendar on Monday there is full year results from Irish low cost airliner Ryanair Holdings and real estate investors McKay Securities and LXI REIT. There is also half year results from electricity supplier Jersey Electricity and a trading statement from office services provider Restore.