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LONDON MARKET OPEN: Stocks Lower; Pound Edges Up Ahead Of No-Deal Vote

Wed, 13th Mar 2019 08:32

LONDON (Alliance News) - London stocks opened on a downbeat note on Wednesday amid broadly lower trade in Asia and the US overnight, while the pound was edging higher ahead of yet another Brexit vote in UK parliament this evening.The FTSE 100 index was 7.29 points lower, or 0.1%, at 7,143.86 early Wednesday. The FTSE 250 was down 29.16 points, or 0.2%, at 19,114.80, though the AIM All-Share index was up 0.5% at 911.94.The Cboe UK 100 index was down 0.3% at 12,117.12. The Cboe UK 250 was down 0.1% at 17,090.14, and the Cboe UK Small Companies flat at 11,101.00.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were flat and down 0.2% respectively early Wednesday.The negative open comes following a mixed lead in the US and Asia overnight, said Michael van Dulken at Accendo Markets. In the US on Tuesday, Wall Street ended mixed, with the Dow Jones Industrial Average ending down 0.4%, weighed down by Boeing. However, the S&P 500 rose 0.3% and the Nasdaq Composite closed 0.4% higher.In Asia on Wednesday, the Japanese Nikkei 225 index closed down 1.0%. In China, the Shanghai Composite ended 1.1% lower, while the Hang Seng index in Hong Kong closed down 0.4%.Meanwhile, sterling was quoted at USD1.3136 versus USD1.3083 at the London equities close on Tuesday.UK members of Parliament are set to vote on whether to block a no-deal Brexit after May suffered another humiliating defeat over her EU Withdrawal Agreement.MPs from May's Conservative Party will be given a free vote on Wednesday evening on whether they are willing for the UK to leave the EU without a deal at the end of the month.They will vote on a motion stating "this House declines to approve leaving the EU without a Withdrawal Agreement and a framework on the future relationship on March 29"."Expectations that parliament will vote against a 'no deal' today has provided some support for sterling, but more volatility seems likely in the coming days," commented Lloyds Banking.If MPs reject no-deal - as most Westminster observers expect - a third vote will follow on Thursday on whether to authorise May to request an extension of the two-year Article 50 negotiation process.On Tuesday evening, MPs voted by 391 to 242 against the deal despite the prime minister's assurance new agreements reached with Jean-Claude Juncker in Strasbourg would ensure the UK cannot be trapped in the controversial backstop arrangement indefinitely.Although the 149 margin was reduced from the record 230-vote defeat of the first "meaningful vote" in January, May was left far adrift from a majority with just 17 days to go to the scheduled date of Brexit on March 29.In London, Standard Life Aberdeen was up 3.2% after delivering a "resilient performance" in 2018 despite a challenging backdrop as it set out plans to end its co-chief executive structure.Assets under management and administration totalled GBP551.5 billion at the end of 2018, down from GBP608.1 million at the end of 2017, with net outflows of GBP40.9 billion versus GBP32.9 billion the year before.Consensus had forecast assets under management and administration to be GBP555.8 billion with net outflows of GBP40.3 billion.Adjusted pretax profit from continuing operations slipped to GBP650 million in 2018 from GBP660 million. This was, however, slightly better than the consensus forecast of GBP617 million.Standard Life proposed a final dividend of 14.3p per share, bringing its total for the year to 21.6p, up 1.4% on 2017.In addition to its annual results, the investment firm announced a board shake-up, ending its co-chief executive structure, following the 2017 merger of Standard Life and Aberdeen Asset Management.Keith Skeoch, former head of Standard Life, will become the sole chief executive officer with his co-CEO Martin Gilbert, founder and former head of Aberdeen, to take up the role of vice chair.Meanwhile, Chief Financial Officer Bill Rattray is to step down from Standard Life at the end of May, to be replaced by Stephanie Bruce. Bruce has been a partner in accountant PricewaterhouseCoopers since 2002, Standard Life said. Wm Morrison Supermarkets gained 1.5% as like-for-like sales grew ahead of analyst expectations.Like-for-like sales were up 4.8% in the year to February 3, accelerating from the 2.8% achieved in the previous financial year and above consensus of 4.5%, as total revenue grew 2.7% to GBP27.7 billion.However, pretax profit slipped 16% to GBP320 million. Stripping out exceptional items, profit rose 8.6% to GBP406 million.The supermarket chain proposed a final dividend of 4.75p, bringing the year's ordinary dividend to 6.60p. On top of this, Morrisons declared a further special dividend of 4.0p, taking its full-year special payout to 6.0p.In total, Morrisons will pay out 12.60p to shareholders for the recently-ended financial year, up 25% on 10.09p the year before.In the FTSE 250, Avast was down 1.6% as it had a "successful" year as it swung to a profit, though said its chief executive is to step down. It was the cybersecurity firm's first annual results since its May 2018 stock market float and subsequent promotion to the FTSE 250 index.Revenue for 2018 rose to USD808.3 million from USD652.9 million, as the firm swung to a USD192.5 million profit from a USD28.9 million loss in 2017."Looking ahead, we are confident of another good year. Underlying market dynamics remain supportive of Avast's strategy and growth outlook. For the full year 2019 our expectation is high single-digit growth for group adjusted revenue, excluding discontinued business and FX, and a stable Ebitda margin percentage," said Chief Executive Vincent Steckler.Meanwhile, the company also said Steckler is to step down on June 30 as CEO and be replaced by president of the Consumer business, Ondrej Vlcek. The Consumer segment is Avast's largest unit.Dixons Carphone was down 1.1% after the electronics retailer said the UK Financial Conduct Authority has fined the company GBP29.1 million following an investigation into Geek Squad mobile phone insurance selling processesThe processes, which took place at The Carphone Warehouse between December 2008 to June 2015, were determined by the FCA to have not met expected standards."We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015," said Dixons Carphone Chief Executive Alex Baldock.In Wednesday's economic calendar, eurozone industrial production is at 1000 GMT followed by US producer prices at 1230 GMT, with durable goods orders due at the same time. US construction spending is at 1400 GMT.In the UK, Chancellor Phillip Hammond presents his Spring Statement to the House of Commons at 1230 GMT. The event will not hold any new spending or tax measures, but he will communicate the Office for Budget Responsibility's latest borrowing and growth forecasts.

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21 Jun 2019 17:05

LONDON MARKET CLOSE: Stocks Slip, Commodities Up On US-Iran Troubles

(Alliance News) - Shares in London ended in the red Friday but commodities prices continued to surge as tension between the US and Iran showed no signs of cooling.The FTSE 100 index closed down or

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21 Jun 2019 15:37

Directors deals: Dixons Carphone's entire board buys in near nine-year lows

(Sharecast News) - The entire board of Dixons Carphone picked up some shares in the electronics retailer at the end of the week.

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21 Jun 2019 15:19

FTSE 250 movers: Acacia sparkles, Kier slips

(Sharecast News) - London's FTSE 250 was down 0.26% at 19,333.51 in afternoon trade on Friday, as troubled construction outfit Kier led the index lower.

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21 Jun 2019 13:30

Friday broker round-up

(Sharecast News) - Weir Group: Liberum downgrades to buy with a target price of 1,650p.

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21 Jun 2019 10:30

WINNERS & LOSERS SUMMARY: IQE's Profit Pain, SolGold's Ecuador Boost

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Halma, up

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21 Jun 2019 09:29

BROKER RATINGS SUMMARY: Morgan Stanley Cuts HSBC To Equal-Weight

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:----------FTSE 100----------MORGAN STANLEY CUTS TO PRICE TO TO

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20 Jun 2019 16:50

LONDON MARKET CLOSE: FTSE Rises As Gold Sparkles After Dovish US Fed

(Alliance News) - A trio of cautious central banks helped London stocks climb on Thursday, with the Bank of England the latest to chime in with a downbeat outlook. The BoE's comments came a US

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20 Jun 2019 13:21

Thursday broker round-up

(Sharecast News) - Halma: UBS upgrades to neutral with a target price of 2,060p.

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20 Jun 2019 12:24

REPEAT: LONDON MARKET MIDDAY: BOE Says UK Economy Weakening

(Alliance News) - Share prices in London were higher on Thursday with central banks remaining in focus after the US Federal Reserve boosted stocks and knocked the dollar by matching the European a

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20 Jun 2019 12:13

LONDON MARKET MIDDAY: Bank Of England Says UK Economy Weakening

(Alliance News) - Share prices in London were higher on Wednesday with central banks remaining in focus after the US Federal Reserve boosted stocks and knocked the dollar by matching the European

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20 Jun 2019 10:45

WINNERS & LOSERS SUMMARY: Fresnillo Gains As Gold Surges On Dovish Fed

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - up 5.4%. "The biggest headline from last was

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20 Jun 2019 09:11

LONDON MARKET OPEN: Gold Miners Gain On Fed; Dixons Plunges On Results

(Alliance News) - Stocks and gold were seeing buyers early Thursday, after the US Federal Reserve all but confirmed an interest rate cut next month. Mexican gold miner Fresnillo a

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20 Jun 2019 09:09

TOP NEWS: Dixons Carphone Shares Sink On UK Mobile Market Woes

(Alliance News) - Shares in Dixons Carphone PLC plummeted Thursday after it warned that an increasingly changing UK mobile market will further hurt results in the new 2020 financial company also a

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20 Jun 2019 07:55

LONDON MARKET PRE-OPEN: Higher Open On US Fed; Dixons Carphone In Loss

(Alliance News) - Stock prices in London are called higher on Thursday, after the Federal Reserve signalled the likelihood of US interest rate cuts in the months ahead.Meanwhile, among UK swung to

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20 Jun 2019 07:32

Dixons Carphone FY slumps; warns of big fall this year

(Sharecast News) - Electricals and mobile phone retailer Dixons Carphone reported a slump in full year profits and warned of further falls in the current trading year.

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