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Pin to quick picksKingfisher Share News (KGF)

Share Price Information for Kingfisher (KGF)

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Share Price: 262.10
Bid: 260.90
Ask: 261.10
Change: 3.40 (1.31%)
Spread: 0.20 (0.077%)
Open: 255.70
High: 263.40
Low: 255.60
Prev. Close: 258.70
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LONDON MARKET CLOSE: Stocks rise as Biden mulls lifting China tariffs

Mon, 23rd May 2022 17:04

(Alliance News) - Stocks in London ended firmly in the green on Monday after US President Joe Biden said he was considering lifting some Trump-administration trade tariffs imposed on China.

Tariffs on hundreds of billions of dollars of Chinese imports are due to expire in July, and Biden has faced growing calls to get rid of the punitive duties to help combat the highest US inflation in more than four decades.

Biden's comments Monday during a visit to Tokyo come after Treasury Secretary Janet Yellen last week said some of the duties imposed by former president Donald Trump "seem to impose more harm on consumers and businesses" and do little to address real issues posed by the Asian giant.

The president also said a recession in the US was not inevitable but acknowledged the economic pain felt by American consumers, saying "this is going to take some time".

Ending the tariffs could help cut roaring US inflation by making imports cheaper.

The FTSE 100 index closed up 123.46 points, or 1.7%, at 7,513.44. The mid-cap FTSE 250 index closed up 310.23 points, or 1.6%, at 20,146.18. The AIM All-Share index closed up 7.21 points, or 0.8%, at 963.85.

The Cboe UK 100 index closed up 1.6% at 748.10. The Cboe 250 ended up 1.4% at 17,805.29 and the Cboe Small Companies finished marginally lower at 14,664.46.

In mainland Europe, the CAC 40 stock index in Paris closed up 1.2%, while the DAX 40 in Frankfurt ended up 1.4%.

In the FTSE 100, Kingfisher closed up 2.2% after the DIY retailer said first-quarter sales were above pre-pandemic levels but had weakened year-on-year.

The owner of the B&Q and Castorama DIY stores also unveiled a GBP300 million share buyback.

Kingfisher said group sales in the three months to April 30 fell 5.8% year-on-year to GBP3.25 billion. At constant currency, sales were down 4.2%. On a like-for-like basis, they were 5.4% lower.

Sales were 16% higher on a like-for-like basis compared to three years earlier, before the onset of the pandemic.

Kingfisher said it is managing inflationary pressures well and stock availability is approaching pre-virus levels. It backed its annual financial guidance.

DIY retail chain Wickes rose 4.7% in a positive read-across, while Irish peer Grafton was 4.1% higher.

At the other end of the large-caps, Intertek ended the worst performer, down 3.9%, after Stifel downgraded the testing specialist to 'hold' from 'buy'.

In the FTSE 250, Kainos ended the best performer, up 18%, after the software firm reported strong annual results.

Kainos said revenue in the year that ended March 31 climbed 29% to GBP302.6 million from GBP234.7 million. The figure topped a GBP297 million forecast from Shore Capital Markets.

Bookings were up 35% to GBP349.8 million from GBP258.8 million. Product annual recurring revenue jumped 45% to GBP34.3 million from GBP23.6 million. Its contracted backlog ended the period at GBP259.7 million, rising from GBP206.2 million at the same point the year prior.

Moonpig rose 10% after the online greeting card retailer unveiled the GBP124 million acquisition of Smartbox, which trades as Buyagift. The new acquisition is a provider of physical and experiential gifts.

It is a "step-change" from Moonpig's current proposition, the personalised greeting cards firm said. The UK gift experiences market is worth GBP6 billion, Moonpig said.

The pound was quoted at USD1.2575 at the London equities close, up from USD1.2463 at the close Friday. Sterling was staging a recovery from the month low of USD1.2163 reached on May 13.

FXPro analyst Alex Kuptsikevich explained: "We see a smooth recovery in the Pound from those lows, which is also in line with some easing of risk pull in global markets. The strengthening of GBPUSD on Monday looks like a signal that the recovery in risk demand has moved from a corrective bounce after oversold levels but is getting on a more serious track, bringing the pair back to the levels of the beginning of the month.

"The currency market often acts as a leading indicator of a reversal of established trends, and we are likely to see one such signal from the British currency."

The euro stood at USD1.0690 at the European equities close, up sharply from USD1.0547 late Friday, following well-received comments from European Central Bank President Christine Lagarde.

The common currency for the euro area was benefiting after Lagarde said the bank will probably draw a line under the era of negative interest rates by September.

The ECB is "likely to be in a position to exit negative interest rates by the end of the third quarter", Lagarde wrote in a blog post. First, the end of the bank's bond-buying stimulus programme "very early in the third quarter" would pave the way for a "rate lift-off at our meeting in July", she said.

The initial hike would be the ECB's first in over a decade and would lift rates from their current historically low levels. These include a minus 0.5% deposit rate which effectively charges banks to park their excess cash at the ECB overnight.

"The sense of urgency at the ECB to hike interest rates has however increased. We now expect a first 25bp rate hike in July and another in September. Although the risks are skewed toward a further rise in December, we have not pencilled in any rate hikes in the months beyond September. This is because we remain of the view that the window for rate hikes will close around the turn of the year," said analysts at ABN AMRO.

Against the yen, the dollar was trading at JPY127.78, down from JPY127.86 late Friday.

Stocks in New York were higher at the London equities close following the relentless sell-off seen for a majority of the previous week.

The DJIA was up 1.8%, the S&P 500 index up 1.1% and the Nasdaq Composite up 0.4%.

On Wall Street, VMware jumped 18% following a report from Bloomberg that the cloud computing company was in talks to be acquired by semiconductor maker Broadcom. Shares in Broadcom were off 4.7%.

Brent oil was quoted at USD112.23 a barrel at the equities close, slightly lower from USD112.40 at the close Friday.

Gold stood at USD1,854.61 an ounce at the London equities close, higher against USD1,846.32 late Friday.

The economic events calendar on Tuesday has PMI readings from the eurozone at 0900 BST, the UK at 0930 BST and the US at 1445 BST.

The UK corporate calendar on Tuesday has annual results from pork products producer Cranswick and home emergency cover provider Homeserve. London West End landlord Shaftesbury, travel concessions operator SSP Group and convenience foods maker Greencore post interim results.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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24 May 2024 15:19

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21 May 2024 15:00

London close: Stocks fall ahead of key inflation reading

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21 May 2024 08:55

TOP NEWS: Kingfisher sales edge lower as weak France offsets strong UK

(Alliance News) - Kingfisher PLC on Tuesday maintained annual guidance, despite a slight drop in first quarter sales, as growth in the UK & Ireland was offset by a weaker showing in France.

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21 May 2024 07:52

LONDON BRIEFING: AstraZeneca plots "new era of growth"; SSP confident

(Alliance News) - London's FTSE 100 is called to open lower on Tuesday, following a mixed close in New York overnight, and tepid trade in Asia.

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21 May 2024 07:14

Kingfisher's LFL sales hit by France weakness

(Sharecast News) - Home improvement retailer Kingfisher has said that first-quarter like-for-like sales were down on last year on the back of weakness in France, with the decline picking up pace early into the second quarter.

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16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow

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16 May 2024 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

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14 May 2024 16:18

UK earnings, trading statements calendar - next 7 days

Wednesday 15 May 
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Burberry Group PLCFull Year Results
Compass Group PLCHalf Year Results
Creo Medical Group PLCFull Year Results
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Imperial Brands PLCHalf Year Results
Keller Group PLCFull Year Results
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South32 LtdTrading Statement
Spirax-Sarco Engineering PLCTrading Statement
Titon Holdings PLCHalf Year Results
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Tui AGHalf Year Results
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Bank of Cyprus Holdings PLCQ1 Results
BT Group PLCFull Year Results
Convatec Group PLCTrading Statement
easyJet PLCHalf Year Results
Future PLCHalf Year Results
Grainger PLCHalf Year Results
Helios Towers PLCQ1 Results
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Premier Foods PLCFull Year Results
Restore PLCTrading Statement
Sage Group PLCHalf Year Results
Tritax EuroBox PLCHalf Year Results
Tullow Oil PLCTrading Statement
Tyman PLCTrading Statement
United Utilities Group PLCFull Year Results
Vanquis Banking Group PLCTrading Statement
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Land Securities Group PLCFull Year Results
XLMedia PLCFull Year Results
Monday 20 May 
Kainos Group PLCFull Year Results
Likewise Group PLCFull Year Results
Nexxen International LtdQ1 Results
Ryanair Holdings PLCFull Year Results
Union Jack Oil PLCFull Year Results
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Atalaya Mining PLCQ1 Results
Avon Protection PLCHalf Year Results
Caledonia Investments PLCFull Year Results
Calnex Solutions PLCFull Year Results
Cranswick PLCFull Year Results
Diaceutics PLCFull Year Results
FD Technologies PLCFull Year Results
Greencore Group PLCHalf Year Results
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Kingfisher PLCTrading Statement
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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UK dividends calendar - next 7 days

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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.

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25 Apr 2024 20:30

IN BRIEF: Kingfisher executive sells GBP217,000 worth of shares

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TOP NEWS: Kingfisher promotes current Deliveroo chair to be its chair

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