The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFresnillo Share News (FRES)

Share Price Information for Fresnillo (FRES)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 596.00
Bid: 597.50
Ask: 598.50
Change: -13.50 (-2.21%)
Spread: 1.00 (0.167%)
Open: 604.00
High: 606.50
Low: 588.50
Prev. Close: 609.50
FRES 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 CLOSE: European stocks rally as UBS deal calms jitters

Mon, 20th Mar 2023 17:05

(Alliance News) - Stock prices in Europe closed higher as the USD3.25 billion rescue of embattled lender Credit Suisse by its rival UBS calmed worries of contagion in the banking sector.

The FTSE 100 index closed up 68.45 points, 0.9%, at 7,403.85. The FTSE 250 ended up 24.30 points, 0.1%, at 18,495.13, but the AIM All-Share closed down 0.9%, or 6.81 points, at 797.22.

The Cboe UK 100 ended up 0.9% at 740.38, the Cboe UK 250 closed up 0.3% at 16,083.56, but the Cboe Small Companies ended down 0.9% at 13,293.05.

In European equities on Monday, markets reflected the more buoyant mood. The CAC 40 in Paris ended up 1.3%, while the DAX 40 in Frankfurt ended up 1.1%.

The investment banking deal followed crunch talks on Sunday aimed at stopping the stricken bank from triggering a wider international banking crisis.

The Swiss government said the agreement, involving Switzerland's biggest bank taking over the second-largest, was vital to prevent irreparable economic turmoil spreading throughout the country and beyond.

The move was welcomed in Washington, Brussels and London as one that would support financial stability.

Separately, the Federal Reserve and other global central banks announced fresh measures to improve US dollar liquidity.

In a joint statement released on Sunday, the world’s leading central banks said that they will launch daily operations to make funding available via standing swap lines. Previously, those operations were conducted on a weekly basis.

The Fed, European Central Bank, Bank of England and the Swiss National Bank are among those involved in what was described as a "co-ordinated action". They were joined by the Bank of Canada and the Bank of Japan.

Oanda analyst Craig Erlam commented: "So far it looks as though those efforts have not been in vain, along with those of a selection of major central banks to ensure access to dollar funding continues."

Erlam felt "the speed and decisiveness with which authorities have acted over the last couple of weeks will be providing some reassurance amid all of the uncertainty".

Banking shares recovered after opening sharply lower. Lloyds closed down just 0.3%, NatWest lost 0.1% while HSBC fell 0.3%.

Mining stocks topped the FTSE 100, meanwhile.

Antofagasta rose 4.6%, Fresnillo advanced 4.5% and Anglo American firmed 5.1%, the best three blue-chip performers. Shares in miner Glencore rose 4.3%. UBS upgraded the stock to 'buy' from 'hold'.

IG analyst Chris Beauchamp noted mining shares were aided as the dollar struggled amid "expectations of a more dovish Fed on Wednesday".

Beauchamp added: "This is still the big unknown, but there is good reason to think that the Fed will look to rein in its hawks following last week's turmoil."

The Swiss investment bank made the case that the risk/reward is now attractive after the recent sell-off.

The fall-out from events in the banking sector added uncertainty to interest rate decisions in the UK and the US this week.

Goldman Sachs expects the Bank of England to continue with its monetary tightening despite the uncertainty in financial markets but suggested this could be the last increase in rates.

"We maintain our view that the BoE is more likely than not to hike 25bp next week, but we no longer expect the BoE to hike in May and lower our terminal rate to 4.25%," economists at the US investment bank said.

But analysts at Davy Research believe the Bank of England is far more likely to take a "wait and see approach" at Thursday's meeting, holding rates at 4%, although Wednesday's CPI figures could alter the picture.

The dollar weakened on speculation ahead of the two-day meeting of the Federal Open Market Committee.

Banking sector unrest has meant Fed tightening expectations have eased, hurting the greenback.

The pound was quoted at USD1.2270 at the London equities close Monday, up from USD1.2168 at the equities close on Friday. The euro stood at USD1.0723 at the European equities close Monday, up against USD1.0665 at the same time on Friday. Against the yen, the dollar was trading at JPY131.47, lower compared to JPY132.12 late Friday.

Back on the London Stock Exchange, shares in Tribal Group fell 18% after the education support services group said Nanyang Technology University has purported to terminate its contract and reserved rights to claim damages.

Tribal rejected NTU's right to terminate and is considering its options regarding appropriate next steps. The dispute will now go to mediation.

Consequently, the company has revised the publication date of its annual results to March 24 to allow it time to consider the impact of the contract termination, particularly the accounting treatment of a GBP4.5 million onerous contract provision contained within previous expectations.

Stocks in New York were mixed at the London equities close, with the Dow Jones Industrial Average up 0.9%, the S&P 500 index up 0.5%, but the Nasdaq Composite down 0.1%.

Brent oil was quoted at USD72.31 a barrel at the London equities close Monday, down from USD73.43 late Friday.

Gold was quoted at USD1,977.65 an ounce at the London equities close Monday, up against USD1,957.76 on Friday.

In Tuesday's UK corporate calendar, there are full year results from DIY retailer Kingfisher and a trading statement from grocer Ocado.

The economic calendar for Tuesday sees the start of the two-day Federal Open Market Committee meeting, while UK Chancellor Jeremy Hunt takes questions from MPs, just says after his budget.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
22 May 2024 14:44

UK dividends calendar - next 7 days

Thursday 23 May 
abrdn Equity Income Trust PLCex-dividend payment date
AEW UK REIT PLCex-dividend payment date
Andrews Sykes Group PLCex-dividend payment date
Aptitude Software Group PLCex-dividend payment date
Avingtrans PLCex-dividend payment date
Bellway PLCex-dividend payment date
BlackRock Greater Europe Investment Trust PLCex-dividend payment date
BlackRock Smaller Cos Trust PLCex-dividend payment date
Bluefield Solar Income Fund Ltdex-dividend payment date
Burford Capital Ltdex-dividend payment date
Cardiff Property PLCex-dividend payment date
Coca-Cola Europacific Partners PLCdividend payment date
ConvaTec Group PLCdividend payment date
CRH PLCex-dividend payment date
DCC PLCex-dividend payment date
Diploma PLCex-dividend payment date
Diversified Energy Co PLCex-dividend payment date
Empresaria Group PLCex-dividend payment date
Fintel PLCex-dividend payment date
Grainger PLCex-dividend payment date
HICL Infrastructure PLCex-dividend payment date
HSS Hire Group PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
ITV PLCdividend payment date
JPMorgan UK Smaller Cos Investment Trust PLCex-dividend payment date
Keywords Studios PLCex-dividend payment date
Lords Group Trading PLCex-dividend payment date
ME Group International PLCdividend payment date
Mincon Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Nexus Infrastructure PLCex-dividend payment date
Niox Group PLCex-dividend payment date
Savills PLCspecial dividend payment date
Scottish American Investment Co PLCex-dividend payment date
Secure Trust Bank PLCdividend payment date
Sequoia Economic Infrastructure Income Fund Ltddividend payment date
Spire Healthcare Group PLCex-dividend payment date
TI Fluid Systems PLCex-dividend payment date
Town Centre Securities PLCex-dividend payment date
Town Centre Securities PLCex-dividend payment date
Tritax Big Box REIT PLCex-dividend payment date
Tritax EuroBox PLC EURex-dividend payment date
Tritax EuroBox PLC GBPex-dividend payment date
UIL Ltddividend payment date
Weiss Korea Opportunity Fund Ltdex-dividend payment date
Whitbread PLCex-dividend payment date
Friday 24 May 
abrdn Asian Income Fund Ltddividend payment date
AVI Japan Opportunity Trust PLCdividend payment date
Braime Group PLCdividend payment date
Capricorn Energy PLCex-dividend payment date
Centaur Media PLCdividend payment date
Clarkson PLCdividend payment date
Edinburgh Investment Trust PLCdividend payment date
Foresight Solar Fund Ltddividend payment date
Greencoat Renewables PLCdividend payment date
Greggs PLCdividend payment date
Harworth Group PLCdividend payment date
Howden Joinery Group PLCdividend payment date
JPMorgan Asia Growth & Income PLCdividend payment date
M&G Credit Income Investment Trust PLCdividend payment date
Maven Income & Growth VCT 4 PLCdividend payment date
Nippon Active Value Fund PLCdividend payment date
Public Policy Holding Co Incdividend payment date
Reckitt Benckiser Group PLCdividend payment date
Rightmove PLCdividend payment date
Rotork PLCdividend payment date
Spirax-Sarco Engineering PLCdividend payment date
St James's Place PLCdividend payment date
Starwood European Real Estate Finance Ltddividend payment date
TP ICAP Group PLCdividend payment date
Tracsis PLCdividend payment date
Unite Group PLCdividend payment date
Monday 27 May 
no events scheduled 
Tuesday 28 May 
Atrato Onsite Energy PLCdividend payment date
Chesnara PLCdividend payment date
Costain Group PLCdividend payment date
CQS Natural Resources Growth & Income PLCdividend payment date
Foxtons Group PLCdividend payment date
Quilter PLCdividend payment date
Team Internet Group PLCdividend payment date
Tetragon Financial Group Ltddividend payment date
Wednesday 29 May 
Fresnillo PLCdividend payment date
Mortgage Advice Bureau Holdings PLCdividend payment date
Seplat Energy PLCspecial dividend payment date
Stelrad Group PLCdividend payment date
Tyman PLCdividend payment date
Wheaton Precious Metals Corpex-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
21 May 2024 15:00

London close: Stocks fall ahead of key inflation reading

(Sharecast News) - London stocks ended in negative territory on Tuesday, influenced by the latest UK economic outlook from the International Monetary Fund (IMF) and comments from US Federal Reserve officials.

Read more
21 May 2024 10:00

LONDON BROKER RATINGS: UBS lifts Schroders; Barclays likes Wise

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

Read more
21 May 2024 09:40

Fresnillo optimistic despite 'challenging environment'

(Sharecast News) - Fresnillo reported increased silver production and gold output in line with guidance in an update on Tuesday, despite the nearing end of the Noche Buena mine, although its gross profit took a hit in 2023.

Read more
21 May 2024 09:40

Fresnillo says inflation and stronger peso weighing on its operations

(Alliance News) - Fresnillo PLC on Monday said its production guidance for the full year remains unchanged, though the company warned that it continues to struggle with macroeconomic challenges.

Read more
20 May 2024 16:52

LONDON MARKET CLOSE: London gets boost thanks to rate cut hopes

(Alliance News) - Stock prices in London closed higher on Monday, with investors optimistic that interest rate cuts might be around the corner.

Read more
20 May 2024 11:55

LONDON MARKET MIDDAY: Gold shines amid interest rate cut hopes

(Alliance News) - Stock prices in London got a boost at midday on Monday, as investors eye a key UK inflation reading later in the week, which is expected to show cooling prices.

Read more
20 May 2024 08:50

LONDON MARKET OPEN: Equities make bright start on US rate cut hope

(Alliance News) - Equities in London opened higher on Monday, with US interest rate cut hopes building, while stocks in Asia continued to get a boost from possible stimulus measures out of China.

Read more
17 May 2024 16:55

LONDON MARKET CLOSE: FTSE 100 slips in tepid trade at end of week

(Alliance News) - Stock prices in London closed lower on Friday in quiet trade, though gold and base metal miners surged on stronger commodity prices.

Read more
7 May 2024 09:51

LONDON BROKER RATINGS: AstraZeneca target raised; Antofagasta lowered

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Friday:

Read more
26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
24 Apr 2024 15:09

London close: Stocks finish weaker after earlier gains

(Sharecast News) - London markets closed the day weaker on Wednesday, reversing earlier gains as Wall Street stocks opened lower, although mining stocks remained above the waterline.

Read more
24 Apr 2024 09:47

Fresnillo guidance unchanged in light of first quarter performance

(Alliance News) - Fresnillo PLC on Wednesday said performance during the opening quarter of 2024 was in line with expectations.

Read more
24 Apr 2024 08:05

Fresnillo retains guidance despite drop in Q1 output

(Sharecast News) - Shares in silver miner Fresnillo dipped on Wednesday after the company reported a drop in both gold and silver output over the first three months of the year.

Read more
22 Apr 2024 14:54

London close: Stocks jump on weaker sterling, easing geopolitics

(Sharecast News) - London's financial markets closed in the green on Monday, with the top-flight index remaining near record highs by the close.

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.