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London close: Stocks come off intraday highs as US data disappoints

Wed, 01st Apr 2015 16:37

UK stocks trimmed earlier gains by the close after a weak start on Wall Street, but still managed to finish in the green as markets bounced slightly following a sell-off the previous session.London's FTSE 100 finished the session up 36.46 points, or 0.54%, at 6,809.50. The index had dropped 1.7% to a two-and-a-half-week low of 6,773.04 on Tuesday.Stocks had jumped as much as 1% during the session after manufacturing purchasing managers' indices (PMIs) from China, Europe and the UK all showed an improvement in March.Meanwhile, weak industrial jobs figures from China added to speculation that Beijing will soon inject more stimulus measures to shore up growth.However, US equities opened on the back foot after economic data came in lower than expected, with ADP March payrolls rising at a mediocre pace and nationwide manufacturing activity growing at its slowest rate since 2013."From manufacturing this morning, the focus has shifted to employment, particularly the all-important US jobs situation, with the picture looking a lot less optimistic as we head towards the Friday jobs report," said analyst Chris Beauchamp from IG.He said that as the US approaches full employment, it will be hard for the American economy to sustain the impressive run of good jobs reports over recent months.In other news, Brent crude futures for May delivery were up 2.7% at $56.62 a barrel in afternoon trade as talks over Iran's nuclear programme continued.Banking stocks riseUK domestic banks such as Barclays, Lloyds and RBS were performing well after Morgan Stanley said quantitative easing in the Eurozone could help banking commission and trading income across the sector. Lloyds was also benefiting from a ratings upgrade to 'hold' by Jefferies which forecast a "more meaningful dividend" this year.Specialist British bank Shawbrook made a stunning stock market debut in London with shares surging to well above the top of its preset price range of 290p.Oil major Shell was making gains after being given the green light by the US government to restart an exploration campaign in the Alaskan Arctic.Kingfisher retreated after a well-received annual report and strategy update on Tuesday, with Nomura weighing on the shares after lowering its target price from 315p to 305p, keeping a 'neutral' rating.Asos saw profits fall by a tenth in the first half as a sharp drop in margins outweighed a strong sales performance, though results still beat analysts' expectations.Russia-focused steelmaker Evraz surged after pledging to buy-back shares despite reporting a net loss of $1.28bn last year.FirstGroup rose strongly after saying trading for the year to the end of March had remained in line with expectations, with progress continuing on its medium-term transformation plans.Sportswear retailer Sports Direct was a high riser after Morgan Stanley started coverage with an 'overweight' rating, saying the business has the potential to replicate its UK success in many European markets.Down on AIM, Nationwide Accident Repair Services surged after directors accepted a £43.2m cash takeover offer from private equity colossus Carlyle, a month after major shareholder Quindell sold its stake.Market MoverstechMARK 3,143.88 +0.02%FTSE 100 6,809.50 +0.54%FTSE 250 17,123.41 +0.19%FTSE 100 - RisersImperial Tobacco Group (IMT) 3,045.00p +2.77%Barclays (BARC) 249.30p +2.76%BG Group (BG.) 851.40p +2.70%Fresnillo (FRES) 700.00p +2.56%Randgold Resources Ltd. (RRS) 4,801.00p +2.30%TUI AG Reg Shs (DI) (TUI) 1,211.00p +2.02%Sports Direct International (SPD) 620.50p +1.89%Aviva (AV.) 549.00p +1.67%Friends Life Group Limited (FLG) 420.20p +1.60%National Grid (NG.) 878.50p +1.60%FTSE 100 - FallersKingfisher (KGF) 368.00p -3.31%Shire Plc (SHP) 5,260.00p -1.96%Barratt Developments (BDEV) 521.00p -1.42%WPP (WPP) 1,513.00p -1.18%Carnival (CCL) 3,258.00p -1.15%Standard Chartered (STAN) 1,082.00p -1.05%Smith & Nephew (SN.) 1,132.00p -1.05%3i Group (III) 477.40p -1.04%Persimmon (PSN) 1,647.00p -0.96%ARM Holdings (ARM) 1,095.00p -0.91%FTSE 250 - RisersFirstGroup (FGP) 97.15p +6.82%Evraz (EVR) 197.50p +5.22%Serco Group (SRP) 144.60p +4.86%Cable & Wireless Communications (CWC) 63.80p +4.68%Card Factory (CARD) 308.00p +4.30%Marston's (MARS) 158.30p +3.94%Go-Ahead Group (GOG) 2,413.00p +3.56%TalkTalk Telecom Group (TALK) 355.50p +3.31%Virgin Money Holdings (UK) (VM.) 411.00p +3.27%Indivior (INDV) 196.10p +3.21%FTSE 250 - FallersOcado Group (OCDO) 339.40p -4.07%NMC Health (NMC) 638.00p -3.99%Thomas Cook Group (TCG) 141.60p -2.81%Drax Group (DRX) 353.70p -2.80%Imagination Technologies Group (IMG) 205.10p -2.70%RPC Group (RPC) 564.50p -2.67%Home Retail Group (HOME) 160.70p -2.61%Balfour Beatty (BBY) 234.30p -2.42%Booker Group (BOK) 142.40p -2.26%Riverstone Energy Limited (RSE) 1,042.00p -2.25%
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17 Mar 2024 22:57

Sunday newspaper round-up: Nationwide, Direct Line, Rolls-Royce

(Sharecast News) - Nationwide's bid to create the UK's second-largest savings and loans group by taking over Virgin Money may be derailed if its members get a say on whether the deal goes through or not. It would take just 500 Nationwide members depositing £50 each one to convene a special meeting and ask for a vote on the deal. Furthermore, preparations for a vote would keep Nationwide from meeting the 4 April deadline for making a binding offer under Takeover Panel rules. However, the society says that its existing legal advice is that no vote is required. - Financial Mail on Sunday

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20 Nov 2015 08:31

Nationwide interim profit surges on record mortgage lending

(ShareCast News) - Nationwide, Britain's second biggest lender, said its interim profit grew sharply on the back of record mortgage lending. In the six months to 30 September, the London-listed company said its underlying profit surged 27% year-on-year to £801m, while gross mortgage lending rose 14%

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24 Jul 2015 09:32

CORRECT: Nationwide Accident Acquires Just Car Clinics For GBP13.8 Million

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24 Jul 2015 08:22

Nationwide Accident Acquires Just Car Clinics For GBP13.8 Million

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22 Apr 2015 09:04

Nationwide Accident Repair Profit Up On Acquisitions, Insurance Work

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1 Apr 2015 15:55

MARKET COMMENT: FTSE 100 Ends Up After Strong Manufacturing Data

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1 Apr 2015 11:19

London midday: Banks lift Footsie 1% as stocks rebound

UK stocks jumped nearly 1% on Wednesday morning, partly reversing steep losses experienced the previous session, as stimulus hopes in China and an improvement in global manufacturing repaired sentiment. London's FTSE 100 was up 0.98% at 6,839.14 by midday, after dropping 1.7% to 6,773.04 on Tuesday,

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1 Apr 2015 11:08

LONDON MIDDAY BRIEFING: Standard Chartered Shakeup Continues

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1 Apr 2015 10:44

UPDATE: Carlyle Group To Buy Nationwide Accident For GBP43.2 Million

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1 Apr 2015 09:02

London open: Equities rebound as Chinese stimulus hopes rise

UK stocks bounced off a two-and-a-half-week low on Wednesday morning as market sentiment recovered after a sharp sell-off. London's FTSE 100 was up 0.41% at 6,800.98 early on, after dropping 1.7% to 6,773.04 on Tuesday, its lowest close since 13 March. The rising possibility of state boost to the r

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1 Apr 2015 08:07

NARS agrees 100p takeover by Carlyle

Directors of AIM-listed Nationwide Accident Repair Services (NARS) have accepted a £43.2m cash takeover offer from private equity colossus Carlyle, less than a month after major shareholder Quindell sold its stake at a lower price. Carlyle has offered 100p per share, 13% higher than the share's clos

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1 Apr 2015 07:18

LONDON MORNING BRIEFING: M&A In Focus In Mid-Cap Sector

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1 Apr 2015 06:49

Carlyle To Acquire Nationwide Accident Repair For GBP43.2 Million

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12 Jan 2015 13:36

2nd UPDATE: Quindell Appoints Two To Board, Says Trading "Robust"

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