LONDON (Alliance News) - Stock trading in London started the week in a subdued fashion, with gains by Ocado and M&S unable to prevent the FTSE 100 from registering a small decline by midday on Monday.The large-cap index was down 26.34 points, or 0.4%, at 6,782.88 . The FTSE 250 was 51.08 points lower, or 0.3%, at 18,592.50. The AIM All-Share was up 0.1% at 912.81.The Cboe UK 100 was down 0.5% at 11,517.73 points, while the Cboe UK 250 was 0.3% lower at 16,598.49 and the Cboe UK Small Companies flat at 11,199.29.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were down 0.4% and 0.3% respectively at midday."European markets are suffering modest losses this morning, but are already off the lows, as investors take heart from a better finish to US markets on Friday, and ignore a mixed session in Asia," said IG chief market analyst Chris Beauchamp.He added: "The temporary resolution of the US government shutdown removes one area of worry, although only for a while, and for now traders are cautious ahead of US-China trade talks."Other sources of uncertainty this week are Tuesday's parliamentary votes on Brexit in the UK and the latest monetary policy decision from the Federal Reserve on Wednesday in the US. With parliamentary tradition upended by the battle for control of Brexit, what would normally have been just a bland neutral motion by the government on UK Prime Minister Theresa May's policy stance now threatens to take on a life of its own.As a result of a previous rebellion, MPs are able to table amendments to the motion, with the handful selected by Speaker John Bercow set to get voted on and potentially alter the course of the scheduled EU exit.Bercow is expected to choose up to half a dozen of the myriad of amendments put down using a selection process which is believed to include taking into account the backing each one has amassed and the likelihood of it passing.The fact that Work & Pensions Secretary Amber Rudd and Justice Secretary David Gauke have both backed the idea of MPs being given a free vote on some aspects of Brexit adds to the air of unpredictability as the Commons clash approaches.The pound was quoted at USD1.3168 at midday, holding up well compared to USD1.3173 late Friday.Over in the US, stocks are pointed to a lower open with the Dow Jones Industrials and Nasdaq Composite both seen down 0.5%, and the S&P 500 down 0.4%. Construction machinery firm Caterpillar is set to report earnings before the market open on Monday as another busy week for corporate earnings ensues, with figures from aerospace firm Airbus, social media network Facebook and online retailing giant Amazon due in the coming days.Bucking the FTSE 100's decline to start the week was online grocer Ocado, shares up 3.8% on a report that Marks & Spencer is looking to launch a GBP1 billion food delivery service using Ocado technology.Ocado vans have been delivering Waitrose groceries under a contract which is due to expire in September 2020. However, Waitrose now has its own separate delivery operation, and the Daily Mail reported on Sunday that M&S is mulling buying the Waitrose part of the Ocado business and replacing it with its own products. Shares in M&S were up 1.1% at midday. "Marks & Spencer needs to try every possible angle if it stands of chance of breathing new life into the company. Food has long been a crucial part of its attraction to customers so having a proper delivery service is a natural step forward," said Russ Mould, investment director at AJ Bell.Turning to the benefits of a tie-up with M&S for Ocado, he said: "Such a move would be another tick in the box for Ocado which is adding relationships with supermarkets in several parts of the world. Its core focus is now selling technology expertise to the food retail sector rather than running physical delivery operations."In the FTSE 250, TI Fluid Systems rose 6.3% after it said constant currency annual revenue growth should exceed growth in global light vehicle production by around 3%.TI Fluid's adjusted earnings before interest and tax margin is set to be "broadly" in line year-on-year at 11%. These results are in line with expectations as stated in November, and TI Fluid said it remains confident it can keep outperforming the light vehicle market. TI Fluid Systems makes automotive fluid storage, carrying and delivery systems for light vehicles. The company also said Chief Financial Officer Timothy Knutson will be leaving. Knutson will stay in his role until a replacement is found, which is expected to be done by the end of 2019.Dixons Carphone was up 4.3% after Morgan Stanley lifted its rating on the electricals retailer to Overweight from Equal Weight.Suffering from a broker rating downgrade was Drax Group, shares 2.6% lower after HSBC cut the power generation company to Hold from Buy.Elsewhere on the Main Market, Petra Diamonds shares tumbled 15% as the miner said interim revenue rose as diamond production and sales both increased, though net debt grew amid cash flow pressure. For the six months ended December, revenue rose 8.0% to USD207.1 million from USD191.7 million the year prior. This was after diamond production rose 9.5% to 2.0 million carats from 1.8 million carats the year before.However, net debt rose 7.0% to USD557.2 million from USD520.7 million six months earlier after "positive" operating cash flow was held back by a number of costs.
UK earnings, trading statements calendar - next 7 days
Wednesday 13 September | |
abrdn Smaller Companies Income Trust PLC | Half Year Results |
Argentex Group PLC | Half Year Results |
Brave Bison Group PLC | Half Year Results |
Burford Capital Ltd | Half Year Results |
CAB Payments Holdings PLC | Half Year Results |
Central Asia Metals PLC | Half Year Results |
Frontier Developments PLC | Full Year Results |
Made Tech Group PLC | Full Year Results |
On The Beach Group PLC | Trading Statement |
Pan African Resources PLC | Full Year Results |
Pharos Energy PLC | Half Year Results |
Redrow PLC | Full Year Results |
Ricardo PLC | Full Year Results |
Star Energy Group PLC | Half Year Results |
Tullow Oil PLC | Half Year Results |
Thursday 14 September | |
Arecor Therapeutics PLC | Half Year Results |
Brooks Macdonald Group PLC | Full Year Results |
Capricorn Energy PLC | Half Year Results |
Checkit PLC | Half Year Results |
Churchill China PLC | Half Year Results |
Foresight Solar Fund Ltd | Half Year Results |
Glenveagh Properties PLC | Half Year Results |
IG Group Holdings PLC | Trading Statement |
Keystone Law Group PLC | Half Year Results |
Kier Group PLC | Full Year Results |
M&C Saatchi PLC | Half Year Results |
MJ Gleeson PLC | Full Year Results |
Oakley Capital Investments Ltd | Half Year Results |
Renishaw PLC | Full Year Results |
Spire Healthcare Group PLC | Half Year Results |
THG PLC | Half Year Results |
Trainline PLC | Trading Statement |
Uniphar PLC | Half Year Results |
Friday 15 September | |
Petra Diamonds Ltd | Full Year Results |
VH Global Sustainable Energy Opportunities PLC | Half Year Results |
Monday 18 September | |
Artisanal Spirits Co PLC | Half Year Results |
City of London Investment Group PLC | Full Year Results |
Downing Renewables & Infrastructure Trust PLC | Half Year Results |
Facilities by ADF PLC | Half Year Results |
Futura Medical PLC | Half Year Results |
Greencoat Renewables PLC | Half Year Results |
HgCapital Trust PLC | Half Year Results |
Phoenix Group Holdings PLC | Half Year Results |
S4 Capital PLC | Half Year Results |
Tuesday 19 September | |
accesso Technology Group PLC | Half Year Results |
Billington Holdings PLC | Half Year Results |
Big Technologies PLC | Half Year Results |
C&C Group PLC | Trading Statement |
Concurrent Technologies PLC | Half Year Results |
CPPGroup PLC | Half Year Results |
Eagle Eye Solutions Group PLC | Full Year Results |
Fintel PLC | Half Year Results |
Good Energy Group PLC | Half Year Results |
Hargreaves Lansdown PLC | Full Year Results |
Henry Boot PLC | Half Year Results |
Kingfisher PLC | Half Year Results |
Litigation Capital Management Ltd | Full Year Results |
Maintel Holdings PLC | Half Year Results |
McBride PLC | Full Year Results |
MyHealthChecked PLC | Half Year Results |
Moonpig Group PLC | Trading Statement |
Naked Wines PLC | Full Year Results |
Northcoders Group PLC | Half Year Results |
Ocado Group PLC | Trading Statement |
Serica Energy PLC | Half Year Results |
SThree PLC | Trading Statement |
Surgical Innovations Group PLC | Half Year Results |
Team17 Group PLC | Half Year Results |
Trustpilot Group PLC | Half Year Results |
Water Intelligence PLC | Half Year Results |
Xaar PLC | Half Year Results |
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