Ibstock Share News (IBST)

LONDON (Alliance News) - The FTSE 100 ended the week lower on Friday, weighed down by miners and oil majors on falling commodities, as the pound held steady despite continued political tensions over Brexit.The FTSE 100 index ended down 0.1%, or 7.46 points, at 6,952.86. It has ended the week down 0.9%. The FTSE 250 ended marginally higher, 3.01 points, at 18,533.01, and the AIM All-Share closed down 0.2%, or 1.64 points, at 923.15.The Cboe UK 100 ended down 0.2% at 11,796.47, the Cboe 250 closed down 0.1% at 16,674.75, and the Cboe Small Companies ended 0.2% higher at 9,069.48."Stock markets are largely lower as political uncertainty persists, and the plunge in the oil price has hurt oil stocks. Dealers are still waiting for the Italian and UK situation with respect to the EU to play out. The EU summit over the weekend could shed new light on Brexit," said David Madden, market analyst at CMC Markets UK.The pound was quoted firm at USD1.2806 at the London equities close, compared to USD1.2855 at the same time on Thursday. Sterling is up 0.3% for the week against the dollar. Madden added: "Sterling has been hit by the firmer US dollar, and the continued uncertainty surrounding Brexit is playing a role too. Theresa May has agreed a deal, but selling to her own party is likely to a struggle."May warned MPs unhappy with her Brexit deal it is too late for the UK to go back to Brussels to re-negotiate the agreement.The prime minister is facing demands from MPs across the political spectrum to abandon her plan and go back to the negotiating table.However in a BBC phone-in as part of her drive to sell the agreement to the public, May insisted there is no mood on the EU side for fresh concessions."If we were to go back to the EU and say 'People didn't like that deal can we have another one?,' I don't think they are going to come to us and say 'We will give you a better deal'.May's comments come after former Brexit secretary Dominic Raab hit out at UK Prime Minister's withdrawal deal, branding it worse than remaining in the EU. The prominent Leave backer said the agreement would see the UK bound by rules over which it had no control.On the London Stock Exchange, Fresnillo finished the worst blue-chip performer, down 7.0%, adding to losses on Thursday after being hit by a broker downgrade.The stock ended down 12% Thursday after Morgan Stanley downgraded the gold miner to Underweight from Equal Weight saying its prospects could be severely hurt should proposed mining legislation in Mexico - restricting mining access in the country - come to fruition.Miners generally were weighing on the FTSE 100 index amid weaker metal prices, with Rio Tinto down 3.3%, Evraz down 3.8%, Anglo American down 4.5%, Glencore down 3.5%, and Antofagasta down 2.0%.Gold was lower quoted at USD1,222.80 from USD1,227.52 late Thursday. Royal Dutch Shell B shares closed down 3.8% and its A shares were down 2.2% as the price of oil continues to slip.Oil producers dropped to the bottom of the FTSE 250 as well, with the worst performer Premier Oil, closing down 11%. Tullow Oil ended down 6.3% and Cairn Energy ended down 7.0%, while oil and gas industry services provider Petrofac closed down 4.5%. Brent was quoted at USD58.78 a barrel at the London equities close, down from USD62.70 at the close on Wednesday. Brent is down 12% this week and 27% this month.IG's Chris Beauchamp said: "While oil is stealing the headlines, a stronger US dollar continues to put pressure on commodities, while weaker expectations of economic growth are doing their part as well. Miners and oil stocks are near the bottom of the FTSE 100, and even gold miners are hard hit." Fellow oil major BP, which ended down 2.4%, delivered first oil production from the Clair Ridge project in the West of Shetland region, offshore the UK.The Clair Ridge is operated by BP, which holds a 29% interest in the project. Shell holds a 28% stake in the project, with ConocoPhillips and Chevron North Sea, part of Chevron, holding 24% and 19%, respectively.The project has been designed to recover an estimated 640 million barrels of oil with production expected to ramp-up to a peak at plateau level of 120,000 barrels of oil per day. Flybe was the big winner Friday, soaring 71%, on a report - subsequently confirmed by both companies - that Virgin Atlantic Airways is in talks about a takeover bid. Shares of the regional carrier remain down 66% in the past three months amid falling profit and revenue, and last week it put itself up for sale.FTSE 100 airline easyJet gained 4.1% on the report by Sky News which said easyJet is now out of the running for Flybe. The Financial Times had reported last week both easyJet and infrastructure firm Stobart Group were interested. Stobart, which ended Friday flat, had bid unsuccessfully for Flybe in March. Kingfisher ended the day 1.9% higher despite Goldman Sachs cutting the retailer to Neutral from Buy. In the FTSE 250, Ibstock ended the biggest gainer, up 8.2%. The brick manufacturer said it remains on track to deliver its annual earnings target as it sold its US brick manufacturing business, Glen-Gery.The unit was sold to Brickworks at an enterprise value of USD110 million, on a debt and cash free basis. As part of the transaction, Brickworks will assume some liabilities, including an associated pension liability.In addition, Ibstock confirmed its maintenance program in its UK brick business is progressing well. The company said it remains on track to deliver adjusted earnings before interest, taxes, depreciation, and amortization between GBP121 million and GBP125 million for the year to the end of December. This includes a full year contribution from Glen-Gery of GBP11 million. Hastings closed up 2.0% after Barclays raised the insurer to Overweight from Equal Weight.At the other end of the midcap index, CYBG lost 2.5% as Goldman Sachs resumed the bank with a Neutral rating but Credit Suisse raised it to Neutral from Underperform.In Paris the CAC 40 ended up 0.2%, while the DAX 30 in Frankfurt ended 0.5% higher. Mahony added: "Attempts by European markets to rally more firmly have been stymied by further worries over the Italian budget crisis, which is still contained for now, but looks to be one to watch for 2019, especially if the dreaded word 'contagion' reappears."The euro stood at USD1.1338 at the London equities close, against USD1.1400 the prior day.A slew of private sector data from IHS Markit data Friday showed private sector growth in the Eurozone and Germany was at its slowest pace in nearly four years in November but France slowed as expected. Slower expansions in both manufacturing and services, amid weaker demand and confidence, were the cause for the Eurozone slowed pace of growth.The composite purchasing managers' index, or PMI, which combines manufacturing and services, fell to 52.4 from 53.1 in October for the eurozone. Economists had expected a score of 53.The latest reading was the lowest since December 2014. A PMI reading above 50 suggests growth in the sector.The manufacturing PMI dropped to a 30-month low of 51.5 from 52 in October. Economists had expected the reading remain unchanged."As such, the survey data suggest the weakness of GDP in the third quarter may not have been a blip, and the underlying trend is one of slower economic growth," IHS Markit Chief Business Economist Chris Williamson said."The PMI readings so far in the fourth quarter are indicative of 0.3% GDP growth, with forward-looking indicators such as new orders and future expectations remaining worryingly subdued."In Germany, business activity growth slowing to a near four-year low.The composite PMI dropped to 52.2 from 53.4 in October. Economists had forecast a score of 53.1. The measure fell for the third month and the latest reading was the lowest in 47 months.The German manufacturing PMI dropped to a 32-month low of 51.6 from 52.2 in October, while economists had expected the reading to remain unchanged. The services PMI decreased to a six-month low of 53.3 from 54.7 in October, while economists were looking for a score of 54.5.France's private sector growth eased less-than-expected in November at the slowest pace in two months.The composite PMI fell to 54 from 54.1 in October, while economists had expected a reading of 53.9Stocks in New York were lower Friday as markets have a half day as the country's long weekend for Thanksgiving continues. The DJIA was down 0.5%, the S&P 500 index down 0.4% and the Nasdaq Composite 0.1% lower, with markets closing at 1800 GMT, or 1300 EST. The economic calendar next week has the Brexit summit scheduled for Sunday, Japan flash manufacturing PMI overnight Sunday into Monday.On Tuesday there is the German import price index at 0700 GMT, as well UK Bank of England bank stress tests and the US Redbook index at 1355 GMT.On Wednesday, there is French third quarter GDP at 0745 GMT and US third quarter GDP at 1330 GMT, Thursday has UK nationwide housing prices at 0700 GMT and German CPI at 1300 GMT. On Friday, there is Eurozone unemployment at 1000 GMT. The UK corporate calendar next week has half year results from Kainos on Monday, and on Tuesday food products firm Cranswick, banknote maker De La Rue, and infrastructure firm Pennon will also issue half year results.Wednesday sees half year results from plastic packaging firm RPC, Thursday has full year results from Thomas Cook and Daily Mail & General Trust, with half year results from brewer Greene King also due Thursday.