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London midday: Markets in positive mood ahead of US jobs data

Fri, 04th Apr 2014 11:33

- Expectations high for US non-farm payrolls- 200k increase expected in March, jobless rate seen lower- easyJet traffic grows, RBS appoints new CFO- Retailers fall, including Tesco and M&StechMARK 2,774.68 +0.14%FTSE 100 6,678.29 +0.44%FTSE 250 16,414.01 +0.40%UK stock markets were putting in a decent performance on Friday with the FTSE 100 nearing a three-and-a-half week high as investors adopted a bullish mood ahead of the all-important US non-farm payrolls report due out this afternoon.The FTSE 100 was trading 0.4% higher at 6,678 by midday; it has not closed above this level since March 11th when it finished at 6,685.52.Following the positive ADP report on Wednesday, which showed that private hiring increased by 191,000 last month, expectations are high for a strong 'official' figure today as the adverse impact from severe winter weather seen in recent months eases.Ahead of the Bureau for Labor Statistics data due out at 13:30, consensus forecasts were for a 200,000 increase in payrolls in March, up from 175,000 the month before, while the unemployment rate is expected to have fallen to 6.6% from 6.7%.Market Analyst Craig Erlam from Alpari said that the positive moves on markets this morning was "unusual", as traders are normally fairly risk-averse before the jobs report each month."The number of jobs added in December, January and February appeared to be hit heavily by the unusually poor weather in the US and the expectation now is that the loss of job creation in those months will be carried over to the next few month, particularly March," he said.easyJet traffic grows, RBS appoints new CFOeasyJet was flying higher this morning after saying the number of passengers in March rose by 4.8% to 5,107,676 compared to a year earlier. The load factor, the number of passengers to the number of seats available, increased to 91.5% from 90.5% the same month in 2013. Royal Bank of Scotland rose after hiring long-running Credit Suisse banker, Ewen Stevenson, as its new Chief Finance Officer (CFO) following the resignation of Nathan Bostock in December. Shore Capital Analyst Gary Greenwood said the appointment "removes uncertainty" at the bank and "should therefore enhance investor confidence in the company's ability to deliver on its strategic plan".Oil, gas and mining engineer Kentz Corporation, however, fell after revealing that its CFO, Ed Power, is to step down on reaching his normal retirement age this May.Supermarket group Tesco was trading lower on speculation that its Finance Chief Laurie McIlwee could quit in the coming days amid falling profits and a recent decline in market share. McIlwee has worked for Tesco for 15 years.Department store Marks & Spencer was also in the red after Goldman Sachs warned of margin pressures, saying that the business is not immune to the increasing competition in the UK grocery market. In a report last night, the bank added M&S to its 'Conviction Sell List' and slashed its target price from 420p to 340p.Other retailers such as Kingfisher, WM Morrison, SuperGroup and Dixons Retail were also lower despite research from Deloitte saying that the High Street has showed "great resilience" since the financial crisis.Telecoms group Vodafone was hit with a downgrade by Nomura to 'neutral' and a target price cut from 255p to 240p. Meanwhile, Pearson was higher after Jefferies upgraded the publisher to 'buy' and raised its target from 1,128p to 1,184p.FTSE 100 - RisersRSA Insurance Group (RSA) 94.35p +3.68%Mondi (MNDI) 1,079.00p +2.37%easyJet (EZJ) 1,829.00p +2.12%Pearson (PSON) 1,029.00p +2.08%Aviva (AV.) 498.30p +1.90%G4S (GFS) 248.60p +1.80%Resolution Ltd. (RSL) 294.20p +1.80%Fresnillo (FRES) 885.00p +1.67%Aberdeen Asset Management (ADN) 440.20p +1.55%Carnival (CCL) 2,387.00p +1.36%FTSE 100 - FallersKingfisher (KGF) 438.90p -1.19%Intertek Group (ITRK) 2,974.00p -0.87%Tesco (TSCO) 289.35p -0.81%ARM Holdings (ARM) 1,018.00p -0.78%Johnson Matthey (JMAT) 3,271.00p -0.73%Vodafone Group (VOD) 217.95p -0.55%Travis Perkins (TPK) 1,883.00p -0.53%Barratt Developments (BDEV) 414.30p -0.53%Morrison (Wm) Supermarkets (MRW) 206.00p -0.48%AstraZeneca (AZN) 3,899.50p -0.46%FTSE 250 - RisersPerform Group (PER) 259.80p +5.18%Man Group (EMG) 106.90p +4.91%Oxford Instruments (OXIG) 1,412.00p +4.83%Fidessa Group (FDSA) 2,641.00p +2.84%Premier Oil (PMO) 305.70p +2.69%Evraz (EVR) 77.90p +2.50%Alent (ALNT) 321.80p +2.48%Phoenix Group Holdings (DI) (PHNX) 654.50p +2.43%Vesuvius (VSVS) 456.80p +2.33%Ted Baker (TED) 2,181.00p +2.15%FTSE 250 - FallersSupergroup (SGP) 1,596.00p -3.33%Imagination Technologies Group (IMG) 216.20p -2.44%FirstGroup (FGP) 131.50p -2.23%CSR (CSR) 695.50p -2.04%Big Yellow Group (BYG) 542.50p -1.99%Savills (SVS) 659.00p -1.86%Booker Group (BOK) 158.70p -1.67%Ocado Group (OCDO) 453.30p -1.48%Dixons Retail (DXNS) 49.70p -1.29%Provident Financial (PFG) 1,902.00p -1.25%BC
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2 May 2014 07:39

UK MORNING BRIEFING: Pfizer Ups Bid For AstraZeneca, Pitches Cameron

LONDON (Alliance News) - UK shares have opened flat to slightly higher Friday, as pharmaceuticals and banks continue  at the forefront.

Pfizer confirmed that it has made an increased offer for AstraZeneca PLC of GBP50 per share, in cash and Pfizer shares. Pfize

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29 Apr 2014 07:54

UPDATE 1-Carphone silent on Dixons talks as sales rise

(Adds detail, background, CEO comment) LONDON, April 29 (Reuters) - Carphone Warehouse, Europe's biggest independent mobile phone retailer currently in merger talks with Dixons Retail, reiterated full-year earnings guidance and posted a rise in fourth quarter revenue at its main CPW busines

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29 Apr 2014 06:02

Carphone silent on Dixons talks as sales rise

LONDON, April 29 (Reuters) - Carphone Warehouse, Europe's biggest independent mobile phone retailer currently in merger talks with Dixons Retail, reiterated full-year earnings guidance and posted a rise in fourth quarter revenue at its main CPW business. The firm's trading update on Tuesday

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14 Apr 2014 10:17

RPT-Fitch Withdraws Dixons Retail PLC's Short-term IDR

(Repeat for additional subscribers) April 14 (Reuters) - (The following statement was released by the rating agency) Fitch Ratings has affirmed Dixons Retail PLC's Short-term Issuer Default Rating (IDR) at 'B' and withdrawn the rating.Fitch has decided to discontinue the above rating,

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4 Apr 2014 16:59

London close: FTSE ends week on positive note as insurers rise

- US non-farm payrolls up 192,000 in March - UK car registrations rise to best level in a decade - Insurers recover after recent falls techMARK 2,770.41 -0.01% FTSE 100 6,695.55 +0.70% FTSE 250 16,433.67 +0.52% UK stocks ended the week on a buoyant note, although below the 6,700 level surpassed ea

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4 Apr 2014 15:26

FTSE 250 movers: Evraz lifted by sale completion, rising metal prices

Evraz was a strong riser after announcing that it has finalised the sale of its wholly-owned subsidiary Evraz Vitkovice Steel (EVS) to a group of investors for a gross consideration of 89m dollars. Rising metal prices also provided a lift. Man Group was given a leg up by JP Morgan after it moved i

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25 Mar 2014 15:41

Metro CEO ready to steer retailer through e-commerce challenge

* Strategy informed by early career at Daimler, Permira * Booming e-commerce shaking up retail * Shareholders claim need for more retail expertise * CEO's contract expires in 2015, says he enjoys job By Emma Thomasson and Matthias Inverardi FRANKFURT, March 25 (Reute

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24 Mar 2014 18:24

UPDATE 1-UK retailers Dixons and Carphone get extension to merger talks

* UK Takeover Panel gives Dixons, Carphone until May 19 * Sky News report says Phones4u could enter fray * Source says Dixons not in tie-up talks with Phones4u (Adds detail of report of possible Phones4u interest, shares) By James Davey LONDON, March 24 (Reuters) - Brita

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24 Mar 2014 13:52

FTSE 250 movers: Diploma falls on full-year outlook

Technical product firm Diploma was a big faller after it told investors its final results would be adversely affected by the appreciation of sterling. Broker Jefferies warned that currency headwinds will likely result in mid-single digit downgrades to earnings estimates for this year. Diploma, whi

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24 Mar 2014 13:15

UK MIDDAY BRIEFING: Centamin Soars As Production Beats Expectations

LONDON (Alliance News) - Metals and minerals producer Centamin is leading the FTSE 250 index Monday despite reporting a hit to pretax profit in 2013, due to a large exceptional cost, but a significant increase in revenue and production.

Centamin said pretax profit f

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24 Mar 2014 12:15

UK WINNERS & LOSERS: Barratt Falls On Return To FTSE 100, Downgrade

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.

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FTSE 100 - LOSERS

Barratt Developments, down 2.1%. Following the quarterly FTSE review on Ma

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24 Mar 2014 11:26

TOP NEWS: Dixons And Carphone Warehouse Extend Merger Deadline

LONDON (Alliance News) - The following is a summary of top news stories Monday.
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COMPANIES
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Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC said that the Tak

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24 Mar 2014 11:06

Carphone Warehouse and Dixons Retail extend merger talks - UPDATE

Carphone Warehouse and Dixons Retail have won extra time to thrash out a potential merger, but speculation has emerged that Carphone's rival Phones4u may make a counter-bid. Mobile phone retailer Carphone and Dixons, which owns electrical and computer retailers Currys and PC World, have asked Brita

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24 Mar 2014 10:23

Dixons Retail And Carphone Warehouse Extend Deadline To Merger Talks

LONDON (Alliance News) - Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC said Monday that the Takeover Panel deadline for a possible merger has been extended to May 19. Shares in Dixons Retail and Carphone Warehouse shot higher on February 24 af

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