Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.

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
3 Nov 2020 12:03

LONDON MARKET MIDDAY: Equities Rack Up Gains As US Polls Open

LONDON MARKET MIDDAY: Equities Rack Up Gains As US Polls Open

Read more
3 Nov 2020 11:22

UK TOP NEWS SUMMARY: Trump, Biden Wrap Up Campaigns As US Polls Open

UK TOP NEWS SUMMARY: Trump, Biden Wrap Up Campaigns As US Polls Open

Read more
3 Nov 2020 10:22

TOP NEWS: G4S Rejects Another Offer As Bidding War Kicks Off

TOP NEWS: G4S Rejects Another Offer As Bidding War Kicks Off

Read more
3 Nov 2020 09:37

UPDATE 2-London's FTSE 100 logs best day in two months as banks surge

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* BoE expected to ramp up asset purchase programme* Crest Nicholson surges on upbeat profit outlook* Regus operator IWG jumps as it sees impr...

Read more
3 Nov 2020 09:35

G4S rejects takeover offer from Allied Universal

(Sharecast News) - Security services firm G4S confirmed on Tuesday that it had rejected a takeover offer from US rival Allied Universal.

Read more
29 Oct 2020 11:02

G4S Updates Targets, Advises Investors To Reject GardaWorld Offer

G4S Updates Targets, Advises Investors To Reject GardaWorld Offer

Read more
29 Oct 2020 08:35

G4S further pleas with shareholders to reject 190p GardaWorld offer

(Sharecast News) - G4S issued a further plea to shareholders to reject the unsolicited offer for the company from privately-held Canadian firm GardaWorld on Thursday, reiterating that it believed the 190p-per-share offer "significantly undervalues" G4S, describing it as "nowhere near a full and fair price".

Read more
19 Oct 2020 09:08

Garda World Approaches G4S Investors Directly Amid Board Opposition

Garda World Approaches G4S Investors Directly Amid Board Opposition

Read more
19 Oct 2020 07:17

G4S again rejects Gardaworld £3bn bid

(Sharecast News) - Security firm G4S on Monday again rejected GardaWorld's £3bn offer as the Canadian company posted full details of its 190p-a-share bid.

Read more
18 Oct 2020 11:39

G4S urges shareholders to reject GardaWorld offer

LONDON, Oct 18 (Reuters) - British security company G4S on Sunday recommended its investors reject the hostile takeover offer sent to shareholders by Canadian rival GardaWorld the previous day.The offer document details a cash bid at 190 pence per...

Read more
14 Oct 2020 09:32

G4S Reports "Resilient" Trading Helped By Cost Savings, New Contracts

G4S Reports "Resilient" Trading Helped By Cost Savings, New Contracts

Read more
14 Oct 2020 08:17

G4S nine-month earnings rise amid tight cost control

(Sharecast News) - Security services firm G4S said on Wednesday that underlying earnings in the first nine months of 2020 remain ahead of last year as a decline in revenue was offset by cost control and reduced interest costs.

Read more
9 Oct 2020 17:05

LONDON MARKET CLOSE: Stocks End Higher On New UK Jobs Support Package

LONDON MARKET CLOSE: Stocks End Higher On New UK Jobs Support Package

Read more
9 Oct 2020 14:15

G4S In Takeover Talks With Allied Universal Security Services

G4S In Takeover Talks With Allied Universal Security Services

Read more
9 Oct 2020 13:53

UPDATE 2-Second potential G4S suitor swoops in amid GardaWorld's hostile bid

(Updates shares, adds background, response from Allied Universal)By Yadarisa ShabongOct 9 (Reuters) - Private security firm G4S said on Friday that U.S. rival Allied Universal has expressed interest in making an offer for the British company, whic...

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.