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LONDON MARKET OPEN: House Of Fraser Woes Continue For Sports Direct

Mon, 15th Jul 2019 08:41

(Alliance News) - Stock prices in London opened higher on Monday with heavyweight miners among the blue-chip risers, while among mid-caps Sports Direct fell sharply after delaying the release of its annual results. The FTSE 100 was up 19.07 points, or 0.2%, at 7,525.04. The FTSE 250 was up 67.12 points, or 0.3%, at 19,618.95. The AIM All-Share was up 1.21 points at 918.40.The Cboe UK 100 index was up 0.3% at 12,755.06. The Cboe UK 250 was up 0.1% at 17,446.62, and the Cboe UK Small Companies was flat at 11,158.61.In mainland Europe, the CAC 40 index in Paris and DAX 30 in Frankfurt were up 0.5% and 0.8% respectively. In China, the Shanghai Composite closed up 0.4%, while the Hang Seng index in Hong Kong is up 0.1%. Financial markets in Japan are closed for the Marine Day public holiday.On the London Stock Exchange, Antofagasta was the best large-cap performer, up 4.2% after the Pakistani government was ordered to pay damages of USD5.8 billion to Tethyan Copper, a joint venture between the Chilean copper miner and Canada's Barrick Gold.The award comes after arbitration claims were filed against Pakistan following the unlawful denial of a mining lease for the Reko Diq project in Pakistan in 2011.Fellow miners, Glencore, Rio Tinto, Anglo American were up 1.6%, 1.5% and 1.3%, respectively. In China, the second largest economy in the world posted its slowest economic growth in almost three decades during the second quarter.Data from the National Bureau of Statistics showed gross domestic product grew 6.2% in the second quarter on the year prior. This was lower than the 6.4% reported in the first quarter of 2019, and the 6.6% printed in 2018 as a whole."GDP growth moderated to 6.2% in the second quarter from 6.4% in the first quarter, with momentum in industrial value added, consumption and investment easing in the quarter," Oxford Economics Senior Economist Tommy Wu said. "We estimate real export growth fell, amid the flare-up of US-China trade tensions, over May-June.""But positively, monthly data suggest that domestic growth momentum picked up in June, providing some tentative evidence that the easing in macro policies is starting to filter through to the domestic economy," Wu added.At the other end of the FTSE 100, Micro Focus International was the worst performer, down 3.0%, extending losses after the software firm said last week its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into its existing operations. The stock is down 20% since last Tuesday.The Newbury-based software firm said on Monday that Chair Kevin Loosemore sold 650,000 shares at 1,777 pence each, in a deal worth around GBP11.6 million in a series of transactions last Wednesday and Thursday. In the FTSE 250, Sports Direct International was the worst performer, down 10% after the sportswear retailer said it will postpone its annual results, scheduled for Thursday, to late July or August, due to complications with its integration of department store chain House of Fraser. Sports Direct said there are some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23. In December, Sports Direct had warned its acquisition House of Fraser would dent its earnings for the full year. The Mike Ashley-founded firm had said turning around House of Fraser would present "significant challenges", and see its adjusted earnings before interest, taxes, depreciation and amortisation coming in "behind last year's results".The pound was quoted at USD1.2562 Monday, firm against USD1.2554 at the London equities close Friday.There are no major events remaining in the economic calendar on Monday after the release of the Chinese data.

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5 Sep 2019 09:29

REFILE-UPDATE 2-Strong sterling knocks FTSE 100 despite trade lull

(Reinstates dropped word 'said' in para 7)* FTSE 100 down 0.6%, FTSE 250 up 0.2%* Exporter stocks fall as pound surges* CYBG tanks on mid-caps* Online retailer Boohoo jumps after forecast upgrade* Industrials up on upbeat forecast from European peers...

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5 Sep 2019 09:29

UPDATE 2-Strong sterling knocks FTSE 100 despite trade lull

* FTSE 100 down 0.6%, FTSE 250 up 0.2%* Exporter stocks fall as pound surges* CYBG tanks on mid-caps* Online retailer Boohoo jumps after forecast upgrade* Industrials up on upbeat forecast from European peers (Adds news, quote, updates closing price...

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5 Sep 2019 09:29

UPDATE 1-Stocks trading ex-dividend knock FTSE 100 lower; industrials rise

* FTSE 100 down 0.3%, FTSE 250 dips 0.1%* Ex-dividend trading offsets gains in industrials* CYBG tanks on mid-caps* Online retailer Boohoo jumps after forecast upgrade (Adds news items, analyst comments, updates share prices)By Shashwat AwasthiSept ...

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4 Sep 2019 17:52

TOP NEWS: Marks & Spencer's 35 Year Spell In FTSE 100 Comes To An End

LONDON (Alliance News) - FTSE Russell confirmed on Wednesday that the following changes will take effect to its UK indices from the market open on Monday, September 23, after completing its 100 of

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3 Sep 2019 09:40

BROKER RATINGS SUMMARY: Deutsche Bank Starts Taylor Wimpey At Buy

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:----------FTSE 100----------DEUTSCHE BANK INITIATES TAYLOR WIMPEY

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2 Sep 2019 16:52

LONDON MARKET CLOSE: UK Election Speculation Sinks Pound, Lifts FTSE

(Alliance News) - The FTSE 100 rocketed higher on Monday, far outpacing the gains recorded elsewhere in Europe, as London's internationally-exposed index benefited from the pound's knocked

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2 Sep 2019 08:54

LONDON MARKET OPEN: Pound Struggles Amid Brexit Trouble; Stocks Higher

(Alliance News) - Stocks in London were higher early Monday but the pound continued to struggle amid the ongoing battle between UK Prime Minister Boris Johnson and his own Conservative party over

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2 Sep 2019 08:43

TOP NEWS: Micro Focus Chair Appointed As Chair Of De La Rue As Well

(Alliance News) - De La Rue PLC said Monday it has appointed Micro Focus International PLC Executive Chair Kevin Loosemore as non-executive chair designate with immediate effect.Micro Focus

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2 Sep 2019 07:49

LONDON MARKET PRE-OPEN: AstraZeneca Heart Trials See Positive Results

(Alliance News) - Stocks in London were set for to open slightly higher Monday, after a slew of tariffs imposed by the US government on Chinese goods came into effect on Sunday but no new blow-ups

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30 Aug 2019 17:12

LONDON MARKET CLOSE: Trade Hope Propels FTSE To Daily, Weekly Gains

(Alliance News) - Stock prices in London closed higher on Friday amid hopes the escalating tit-for-tat tariff war between the US and China was on hold, leaving the blue chip index higher for the a

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30 Aug 2019 12:12

LONDON MARKET MIDDAY: Stocks Up As Hope Builds For Trade War Pause

(Alliance News) - Stock prices in London were higher midday Friday amid optimism that the punishing tit-for-tat tariff war between the US and China was set to pause.The FTSE 100 index was a

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29 Aug 2019 17:25

LONDON MARKET CLOSE: Gains As China Calms Trade War And Italy Gets PM

(Alliance News) - Stock prices in London closed higher on Thursday, the global investment mood lifted after China sought to reduce trade tensions with the US and a new coalition government was in

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29 Aug 2019 11:54

LONDON MARKET MIDDAY: Stocks Climb As China Appeals For Trade War Calm

(Alliance News) - Soothing words from China about its trade conflict with the US helped markets rise on Thursday, with the FTSE 100 racking up over 80 points despite shares in Micro Focus diving a

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29 Aug 2019 10:28

WINNERS & LOSERS SUMMARY: Micro Focus And Amigo Sink On Outlook

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - WINNERS----------Smiths up -

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29 Aug 2019 08:34

LONDON MARKET OPEN: Micro Focus And Amigo Sink On Outlook Downgrades

(Alliance News) - The FTSE 100 was trading in the green early Thursday despite the share price of constituent Micro Focus International slumping by a third, as the pound continued to suffer from a

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