HSBC Holdings Share News (HSBA)

LONDON (Alliance News) - Stocks in London ended higher on Friday with economic data from China handing the FTSE 100 a boost, and US banks getting the reporting season underway across the pond. The FTSE 100 index closed up 0.3%, or 19.11 points at 7,437.06, ending the week 0.1% lower. The FTSE 250 ended up 0.5%, or 90.53 points, at 19,711.71, ending the week up 0.9% and the AIM All-Share closed 0.4% higher, or 3.47 points, at 941.94 and ending the week up 2.1%.The Cboe UK 100 index closed up 0.1% at 12,604.01. The Cboe UK 250 closed up 0.5% at 17,625.81, and the Cboe UK Small Companies closed up 0.4% at 11,625.81."Equities have been relentlessly positive all day, with the session having started off on the front foot thanks to Chinese credit growth, which rose 10.7% over the year to hit a sum equivalent to 9% of the country's GDP. This is stimulus undertaken in the style of 'shock and awe', and certainly puts the ECB's miserly TLTROs into the shade. The sense that the Chinese government has stepped up to the plate and delivered a hefty dose of liquidity encouraged investors from the opening bell," said IG Group's Chris Beauchamp. On the London Stock Exchange, Asia-focused banks Standard Chartered and HSBC Holdings closed up 3.5% and 1.2% respectively after China's credit growth exceeded estimates in March.Separately, a vast majority of HSBC's shareholders voted against a shareholder-requisitioned resolution to abolish the Midland pension scheme.At the FTSE 100-listed bank's annual general meeting held in Birmingham on Friday, over 96% of shareholders voted against the resolution. In contrast, only 3.5% of investors voted in favour of the resolution.All other resolutions were approved with over 90% of favourable votes.Earlier during the day, the lender had reiterated its objection to the Midland pension resolution, advising shareholders to vote against the measure. The concerns were raised by the Midland Clawback Campaign Group, who want HSBC to "abolish, or effectively remedy, the unfair discriminatory practice". In addition, miners ended among the blue chip risers in the wake of mixed economic data from China.Glencore closed up 3.0%, Antofagasta, up 2.2%, Rio Tinto, up 1.2% and BHP Group up 0.6%.Official data showed that China's exports rose 14.2% in March from a year earlier, beating analysts' expectations and marking the strongest growth in five months.However, imports dropped an 7.6% annually, worse than analysts' forecasts for a 1.3% fall and widening from February's 5.2% fall. The data also showed China's iron ore imports rose in March.In the FTSE 250, Games Workshop closed up 12% after the table top games retailer said trading has "continued well" since its half year report in January and profit is set to rise for its current financial year.In its financial year ending June 2, Games Workshop expects to post a pretax profit of around GBP80 million, a 7.4% increase from its GBP74.5 million profit the year before. Games Workshop also declared a 35 pence per share divided "in line with the company's policy of distributing truly surplus cash". The dividend lifts the annual dividend declared and paid in the company's current year to GBP1.55 per share, up 23% from GBP1.26 per share the year before.Analysts at Peel Hunt said the dividend increase illustrates how the company's increased profit is "turning into cash". Languishing at the foot of the midcaps, Plus500 saw GBP254 million slashed off its total market value after the contracts-for-difference provider reported a sharp drop in first-quarter revenue. The company's market capitalisation had stood at GBP816 million at the close Thursday.In the three months to March 31, Plus500 recorded revenue of USD53.9 million, far lower than the USD297.3 million reported in the first quarter of 2018 and 65% lower than the USD154.8 million reported in the previous quarter. The company's average revenue per user fell 60% year-on-year to USD550 from USD1,363 and 64% compared to the previous quarter where Plus500 reported average revenue per user of USD1,523.Plus500's number of active customers, decreased 3.7% to 97,921 from 101,634 compared to the previous quarter. Compared to the corresponding quarter last year, Plus500's active customers are down 55%. Compounding its woes, Berenberg cut the stock to Hold from Buy.The stock closed down 31% and hit an intraday low of 397.18p - its lowest level since December 2016. Peers IG Group and CMC Markets closed down 4.1% and 4.3%, respectively. Pets At Home closed down 14% at 140.00p after Canada Pension Plan Investment Board sold an 11% stake in the pet products retailer.Canada Pension Plan, or CPP, is selling 54.2 million shares in the FTSE 250 company at 148 pence each, for a total of GBP80.2 million.Pets at Home will receive no proceeds, and Merrill Lynch did not say how many shares the pension plan now holds. Merrill Lynch acted as sole book runner in the sale. The pound was quoted at USD1.3108 at the London equities close, up from to USD1.3075 at the close Thursday.On the political front, cross-party negotiations to try to break the Brexit deadlock were continuing in Whitehall on Friday, as Parliament began its delayed Easter holiday.Prime Minister Theresa May's effective deputy David Lidington and Environment Secretary Michael Gove were taking part in the talks, while John McDonnell, the shadow chancellor, was representing Labour.McDonnell told reporters outside the Cabinet Office that the talks were "constructive" and "positive". May made it clear on Thursday she intends to bring her Brexit deal back to the Commons for a fourth time after EU leaders agreed to extend the Article 50 withdrawal process to October 31. The PM met briefly with Jeremy Corbyn at Westminster when they agreed to continue efforts to find a common way forward.The UK is now formally on track to hold European Parliament elections, having informed the European authorities ahead of Friday's deadline that it would be taking part in the ballots occurring across the continent from May 23-26. However, May's office is still hoping they can get a withdrawal deal through Parliament in time to avoid the need for Britain to hold and participate in the elections. The euro stood at USD1.1317 at the European equities close, higher than USD1.1270 late Thursday. In Paris the CAC 40 ended up 0.3%, while the DAX 30 in Frankfurt ended flat. Stocks in New York were higher at the London equities close two major US bank fired the starting pistol on earnings season.The DJIA was up 0.9%, the S&P 500 index up 0.8% and the Nasdaq Composite up 0.5%. The Nasdaq and the S&P 500 touched their highest intraday levels in over six months.JPMorgan Chase & Co delivered the highest ever quarterly profit for a US bank benefiting from higher US interest rates. The bank's bottom line totaled USD9.18 billion, or USD2.65 per share. This compares with USD8.71 billion, or USD2.37 per share, in last year's first quarter. The company's revenue for the quarter rose 4.7% to USD29.85 billion from USD28.52 billion last year.JPMorgan shares were up 3.8% in New York. Wells Fargo & Co reported net income applicable to common stock of USD5.51 billion, or USD1.20 per share, for the first quarter of 2019, up from USD4.73 billion, or USD0.96 per share, in the year-ago period.However, revenue for the quarter declined to USD21.61 billion from USD21.93 billion in the prior-year quarter.On average, analysts polled by Thomson Reuters expected the company to report earnings of USD1.09 per share for the quarter on revenues of USD21.01 billion. Analysts' estimates typically exclude special items.Wells Fargo shares were down 2.2% on Wall Street. Walt Disney Co shares surged 8.8% after the entertainment giant initially priced its streaming service well below Netflix. The stock hit a record high in early trade. Elsewhere, oil major Chevron Corp has bought New York-listed Anadarko Petroleum Corp in a USD33 billion mixed cash and share deal.The deal values Anadarko at around USD65 per share, with Anadarko shareholders to get 0.3869 Chevron shares and USD16.25 in cash per Anadarko share.The enterprise value of the acquisition is USD50 billion, Chevron added. Chevron shares were down 5.5% in New York.Meanwhile, Uber Technologies filed the prospectus for its upcoming initial public offering Thursday in what is likely to be one of the biggest public offerings in history for a technology company.Uber is aiming to raise USD10 billion and plans to price shares between USD48 and USD55 each - which could value the hail riding company at as much as USD100 billion.On the US economic front, a report from the Labor Department showing a bigger than expected increase in import prices in March may also have raised inflation concerns, although price growth was largely due to another spike in fuel prices.Brent oil was quoted at USD71.50 a barrel at the London equities close, up from USD71.32 at the close Thursday. Gold was quoted at USD1,292.15 an ounce at the London equities close against USD1,293.50 late Thursday.The economic events calendar on Monday has UK Rightmove Monthly House Price Index data at 0001 BST. The UK corporate has third-quarter results from diamond miner Petra Diamonds, first-quarter from recruiter Robert Walters and interim results from agriculture and engineering company Carr's Group.