Less Ads, More Data, More Tools Register for FREE

Pin to quick picksGFS.L Share News (GFS)

  • There is currently no data for GFS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET OPEN: Strong Pound Sends FTSE 100 Lower Ahead Of Vote

Tue, 12th Mar 2019 08:53

LONDON (Alliance News) - Stock prices in London opened mixed on Tuesday, as a surge in the pound overnight hampered gains in the FTSE 100, amid rising expectation that UK Prime Minister Theresa May's Brexit agreement will be backed by Parliament in a vote later Tuesday.The FTSE 100 index was 17.65 points lower, or 0.3%, at 7,112.97. The mid-cap FTSE 250 was up 33.02 points, or 0.2%, at 19,125.46, while the AIM All-Share index was 0.2% higher at 909.56.The Cboe UK 100 index was down 0.1% at 12,084.35, while the Cboe UK 250 was up 0.1% at 17,081.07, and the Cboe UK Small Companies was flat at 11,077.01."The pound took the optimistic view of the last 24 hours' developments, furthering Monday's gains as it rose against the dollar. That leaves cable a smidge higher than USD1.322 - remember, at one point yesterday it was trading under USD1.30. The FTSE, in turn, tumbled in the face of the sterling's rise," Spreadex analyst Connor Campbell said.The pound was quoted at USD1.3225, up from USD1.3101 at the London equities close Monday and USD1.3000 at the start of the week.UK Prime Minister Theresa May insists she has secured "legally binding" changes to the Brexit deal which ensure the Irish backstop cannot be permanent.Following last-ditch talks in Strasbourg ahead of a crunch Commons vote on Tuesday, May said she has now delivered what Parliament asked her to do.The PM said she "passionately believed" her Brexit deal addressed concerns raised by MPs who feared the backstop would keep the UK in a customs arrangement with the EU indefinitely.At a joint press conference with European Commission President Jean-Claude Juncker, May said the three new documents agreed provided the legal assurances critics of her stance had called for. May believes the three new documents agreed with Juncker will give MPs the legally-binding reassurances they require to approve her withdrawal agreement and political declaration on the future EU/UK relationship."The likelihood for today's pound move is between 5% to 10% on the Brexit vote. The currency may slide as much as 4% if the lawmakers do not back the deal in the parliament today. The drop could be even steeper if the odds of no deal Brexit becomes more prominent, this could push the currency lower against the dollar by over 10%. On the flip side, if May's luck shines today and the deal passes through the parliament, we could see the sterling rising by another 3% to 4%," said ThinkMarkets analyst Naeem Aslam.In mainland Europe, the CAC 40 in Paris was up 0.4% while the DAX 30 in Frankfurt was 0.7% higher.On the London Stock Exchange, Lloyds Banking Group was the best blue chip performer, up 3.0% after Goldman Sachs raised the high street bank to Neutral from Sell.Royal Bank of Scotland was up 1.9% at 262.00p after Goldman raised its price target on the stock to 395p from 350p, and reiterated its Buy rating. At the other end of the large cap index, Standard Life Aberdeen was down 1.3% after RBC Capital downgraded the asset manager to Underperform from Sector Perform.Intertek was down 1.3% after Merrill Lynch resumed coverage on the safety, inspection and testing company at Underperform.In the FTSE 250, Sirius Minerals was the best performer, up 8.6%. The fertiliser firm said it is exploring an alternative financing agreement for its massive Yorkshire mine. Sirius is developing the Woodsmith polyhalite fertiliser mine near Whitby. It is currently looking at securing stage two financing for the development project, having pursued senior debt financing with a group of possible lenders since 2016.However, it has now received a "conditional" approach from a "major global financial institution" over an alternative proposal, though it is still a senior debt facility. Sirius is working towards getting a firm commitment from the prospective lender, and hopes to have that done by the end of April. Clarkson was up 5.2% after JPMorgan upgraded the shipping services firm to Overweight from Neutral. On Monday, Clarkson reported a decline in annual profit amid Brexit uncertainty. At the other end of the midcaps, Equiniti Group was the worst performer, down 12%.The financial services administration outsourcer reported strong profit growth in a year in which it made a "successful" entry into the US.The FTSE 250 company's revenue climbed 31% to GBP530.9 million, with organic revenue growth at a record 7.3%. This revenue growth, Equiniti said, reflects its acquisition of Wells Fargo Shareowner Services, which contributed GBP81.4 million of revenue and GBP19.2 million of underlying earnings before interest, tax, depreciation, and amortisation. However, the operational separation of Wells Fargo Shareowner Services also known as EQ US is now expected by June, three months later than previously guided, which Liberum deemed "disappointing". The Japanese Nikkei 225 index closed up 1.8%. In China, the Shanghai Composite closed up 1.1%, while the Hang Seng index in Hong Kong closed up 1.5%.The economic events calendar has UK industrial and manufacturing figures at 0930 GMT and US inflation readings at 1230 GMT.

More News
9 Feb 2021 19:11

IN BRIEF: Allied Universal Extends Cash Offer For G4S To March 6

IN BRIEF: Allied Universal Extends Cash Offer For G4S To March 6

Read more
9 Feb 2021 10:01

G4S Contract Value Increases; Businesses Resilient In Fourth Quarter

G4S Contract Value Increases; Businesses Resilient In Fourth Quarter

Read more
9 Feb 2021 07:03

Contract wins help boost G4S's 2020 performance

(Sharecast News) - Security firm G4S, which has agreed to be taken over by US rival Allied Universal Security Services in a £3.8bn deal, said it secured contracts worth £5.5bn last year.

Read more
6 Feb 2021 20:42

G4S to hold talks for head-to-head takeover auction - The Telegraph

Feb 6 (Reuters) - British security group G4S will hold talks with the City's takeover panel, the Telegraph reported on Saturday, which could lead to a head-to-head auction between North American peers GardaWorld and Allied Universal for the compa...

Read more
27 Jan 2021 17:26

IN BRIEF: Garda World Extends Cash Offer For G4S To February 10

IN BRIEF: Garda World Extends Cash Offer For G4S To February 10

Read more
26 Jan 2021 19:26

G4S Suitor Allied Extends Offer Closing Date To February 9

G4S Suitor Allied Extends Offer Closing Date To February 9

Read more
6 Jan 2021 19:06

GardaWorld Extends Cash Offer For G4S To January 27

GardaWorld Extends Cash Offer For G4S To January 27

Read more
5 Jan 2021 10:13

Allied Universal Issues Offer Document For G4S With January 26 Cutoff

Allied Universal Issues Offer Document For G4S With January 26 Cutoff

Read more
16 Dec 2020 17:31

GardaWorld Extends Cash Offer For G4S To January 6

GardaWorld Extends Cash Offer For G4S To January 6

Read more
9 Dec 2020 13:29

UPDATE 2-GardaWorld keeps options open as target G4S backs Allied bid

* GardaWorld withdraws no-increase statement for G4S* Canadian firm says it is considering options* G4S says announcement does not change intention to recommend Allied offer (Adds comment from G4S)Dec 9 (Reuters) - Canada's GardaWorld on Wednesday...

Read more
9 Dec 2020 07:01

G4S rejects GardaWorld offer after accepting rival Allied Universal bid

(Sharecast News) - Security firm G4S on Wednesday rejected an increased offer from Canada's GardaWorld, just hours after accepting a rival higher bid from US firm Allied Universal.

Read more
8 Dec 2020 20:57

G4S agrees to £3.8bn takeover bid from US rival Allied Universal

(Sharecast News) - Security services firm G4S has agreed to be bought by smaller US rival Allied Universal for 245p per share in cash, in a deal that values the company at around £3.8bn.

Read more
8 Dec 2020 18:50

UPDATE 3-G4S backs $5.1 bln Allied deal after bid battle

* Allied offers 245 pence per share, 10 pence above GardaWorld bid* G4S board intends to unanimously recommend Allied offer* G4S shares closed 3.2% higher before announcement was made (Adds further G4S statement, background on GardaWorld bid)By Pus...

Read more
8 Dec 2020 18:21

TOP NEWS: G4S Agrees To Be Bought By Allied In GBP3.8 Billion Deal

TOP NEWS: G4S Agrees To Be Bought By Allied In GBP3.8 Billion Deal

Read more
3 Dec 2020 13:23

Thursday broker round-up

(Sharecast News) - Kenmare Resources: Berenberg reiterates buy with a target price of 390p.

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.