Sapan Ghai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPOG.L Share News (POG)

  • There is currently no data for POG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET CLOSE: Stocks Slip, Commodities Up On US-Iran Troubles

Fri, 21st Jun 2019 17:05

(Alliance News) - Shares in London ended in the red Friday but commodities prices continued to surge as tension between the US and Iran showed no signs of cooling.The FTSE 100 index closed down 16.94 points, or 0.2%, at 7,407.50. Despite ending Friday in the red, the blue chip index gained 0.5% this week.The FTSE 250 ended down 59.53 points, or 0.3%, at 19,324.60, ending the week up 1.1%, and the AIM All-Share closed down 0.32 of a point at 933.07, finishing the week, 0.7% lower.The Cboe UK 100 ended down 0.7% at 12,524.17, the Cboe UK 250 closed down 0.4% at 17,285.13, and the Cboe Small Companies ended down 0.8% at 11,525.39.In European equities on Thursday, the CAC 40 in Paris ended up 0.2%, while the DAX 30 in Frankfurt lost 0.3%."Stock markets in Europe are in the red towards the close as dealers trim their longs positions in the wake of the bullish move yesterday. Between the dovish update from Mario Draghi, the head of the European Central Bank, and the remarks from Fed chief, Jerome Powell, the bulls have had a good run this week. It comes as no surprise that equities are a little lower as we approach the weekend," said CMC Market's David Madden."Lacking the central bank drama of the rest of the week, the markets weren't up to much this Friday," added SpreadEx's Connor Campbell. Stocks in New York were in the green at the London equities close, with the DJIA up 0.4%, the S&P 500 index up 0.2%, and the Nasdaq Composite also 0.1%.US President Donald Trump said he called off strikes against Iranian targets because he was told 150 people would die in the attacks, which would not be a "proportionate" response for the downing of an unmanned drone. In a series of tweets on Friday, the President said the US was ready "to retaliate last night on 3 different" locations but then called off the strikes 10 minutes before the plan went into action.The US withdraw last year from an international deal designed to prevent Iran from obtaining nuclear weapons and has been reimposing sanctions on Tehran in a "maximum pressure" campaign to shape Iranian foreign policy, with the two countries now in an escalatory cycle.XTB's David Cheetham said: "Reports overnight that Trump was ready to issue a retaliatory strike on Iran after an unmanned US drone was shot down caused gold prices to surge, with the precious metal moving above the USD1400 per ounce handle to trade at levels not seen since 2013. "It's been a big week of gains for bullion, with the clear dovish shift from the Fed sending both US bond yields and the buck lower and contributing to the 4% rise seen in the price of gold since Monday. A slowing global economy, imminent US rate cuts and rising geopolitical tensions provide a near perfect storm for gold bugs and while this trio of factors remain in place the rally seen in recent weeks will remain well supported," Cheetham added.Gold was quoted at USD1,395.10 an ounce at the London equities close Friday against USD1,385.72 at the close on Thursday.Buoyed by the gold price rise, FTSE 100-listed Fresnillo ended up 1.7%.Among mid-cap gold miners, Hochschild Mining and Centamin closed up 1.9% and 1.6%, smaller peer Petropavlovsk ended 2.7% higher. AIM-listed Solgold ended the session 25% higher.In other commodities, Brent oil had another good session, quoted at USD65.20 a barrel at the London equities close Thursday, higher compared to USD64.28 late Thursday. Brent is up 6.3% this week, with West Texas Intermediate prices increasing 10% over the week.Madden said: "Iran downed a US drone during the week, and President Trump called that move a 'very big mistake'. Mr Trump essentially warned Iran and said had a member of US military personnel been involved in the incident, it would be a different story in terms of the US's response. The standoff between the two nations is likely to keep the underlying oil market elevated, and that should assist oil stocks."The higher oil price caused stocks such as BP and Royal Dutch Shell to gain, with BP ending up 1.3%, Shell 'A' shares up 0.5% and 'B' shares also up 0.4%. Shell 'A' and 'B' was seen 1.1% higher at midday and both of the oil giant's share classes have gained 3.0% this week. At the other end of the FTSE 100, cruise operator Carnival continued its share slide on Friday - losing 1.8% - following an 11% fall on Thursday amid weak interim results.For the six months ended May, Carnival reported net income narrowed 17% on the year prior to USD787 million from despite revenue increasing 11% to USD9.51 billion.Consequently, Carnival guided for a lower full-year earnings outcome. The firm now expects adjusted earnings per share of between USD4.25 and USD4.35 from the USD4.35 to USD4.55 range provided previously. The year prior, Carnival reported EPS of USD4.44.In the midcap index, Dixons Carphone lost 6.2%, compounding Thursday's 6.1% losses, after HSBC cut the retailer to Hold from Buy.On Thursday, Dixons warned that an increasingly changing UK mobile market will further hurt results in the new 2020 financial year. For the year ended April 27, the phone and electrical goods retailer sank to a GBP259 million pretax loss from a GBP289 million profit the year prior. This was after revenue fell 1.0% to GBP10.43 billion from GBP10.53 billion the year before.The company expects its UK mobile division to be significantly loss making in 2020 financial year, with sales and profit growth in the Electricals division across all operating regions.In London's junior market, semiconductor maker IQE fell 25% after it warned annual revenue will be lower than market estimates due to order delays resulting from US ban on Chinese smartphones and consumer electronics manufacturer Huawei Technologies, also hurting margins.In 2019, IQE now expects to deliver revenue between GBP140 million and GBP160 million. This is lower than the consensus estimate of GBP175 million.IQE emphasised it expects to remain profitable in 2019 but with adjusted operating profit margin significantly below the previous guidance of over 10%. The firm is taking steps to reduce costs and avoid non-critical capital expenditure.IQE remains cautiously optimistic about growth opportunities for 2020 and expects to regain momentum due to 5G roll-out and connected devices to regain momentum.AIM-listed FairFX gained 9.5% after the payment services provider secured UK Financial Conduct Authority approval, through unit Spectrum Payment Services Ltd, to provide credit facilities acting as a broker. FairFX said the approval allows the group to offer a range of loan products to both its business and retail customers. As FairFX will be acting as a broker, the loans will be provided by third-party lenders. There will be no credit risk to FairFX, and the loans will not appear on its balance sheet.FairFX expects to launch a digitised revolving credit product in partnership with iwoca - a specialist lender to small and medium sized businesses - in the coming months. In other corporate news, online train ticket retailer Trainline announced it will price its initial public offer at 350 pence per share which gives the company a prospective market capitalisation of GBP1.68 billion.The corporate calendar next week has half year results from Porvair and full year results from Civitas Social Housing on Monday, while on Tuesday Carpetright is scheduled to release full year results. Wednesday sees trading statements from Tullow Oil and John Wood Group as BCA Marketplace is slated to issue its full year results.On Thursday, Staffline and Greene King will release full year results. A quiet Friday has full year results from Alcentra European Floating Rate Income Fund and interim results from Schroder UK Mid Cap Fund.The pound was quoted at USD1.2694 at the London equities close Friday, flat compared to USD1.2693 at the close on Thursday.Meanwhile, the euro stood at USD1.1320 at the European equities close Thursday, against USD1.1273 at the same time on Thursday.European Council President Donal Tusk said Brexit will become more "exciting" than before with a change of British Prime Minister. Tusk said the remaining 27 member states of the EU were looking forward to welcoming the next UK premier, but he reiterated his warning that the Withdrawal Agreement could not be renegotiated.In a press conference at the end of a two-day European Council summit in Brussels, Tusk told reporters: "We are waiting for the new British prime minister and we have to be very precise and also patient.""It's waiting for the decisions or maybe new proposals, but our position remains as I informed just five minutes ago."Maybe the process of Brexit will be even more exciting than before because of some personnel decisions in London, but nothing has changed when it comes to our position."European Commission president Jean-Claude Juncker added: "We repeated unanimously that there will be no renegotiation of the Withdrawal Agreement."The frontrunner in the race to replace Theresa May, Boris Johnson, has claimed it is "perfectly realistic" to renegotiate the Withdrawal Agreement to allow Britain to leave the EU in October - a deadline he thinks is "eminently feasible".The quiet economic calendar on Monday has Japan's leading economic index at 0600 BST, German business sentiment index at 0900 BST. The UK's inflation report hearings will be released and the minutes from the Bank of Japan's recent monetary policy meeting are scheduled for release at 0050 BST late Monday. London Close is available to subscribers as an email newsletter. Contact info@alliancenews.com

More News
12 Oct 2022 15:57

UK earnings, trading statements calendar - next 7 days

Thursday 13 October 
easyJet PLCTrading Statement
Entain PLCTrading Statement
Hays PLCTrading Statement
Sabre Insurance Group PLCTrading Statement
Norcros PLCTrading Statement
Friday 14 October 
Chrysalis Investments LtdTrading Statement
Jupiter Fund Management PLCTrading Statement
Mondi PLCTrading Statement
Monday 17 October 
Alphawave IP Group PLCTrading Statement
Audioboom Group PLCTrading Statement
City Of London Investment Trust PLCQ1 Results
EnSilica PLCFull Year Results
Rio Tinto PLCQ3 Results
Seraphim Space Investment Trust PLCFull Year Results
Tuesday 18 October 
888 Holdings PLCTrading Statement
Arbuthnot Banking Group PLCTrading Statement
Bellway PLCFull Year Results
BP Marsh & Partners PLCHalf Year Results
essensys PLCFull Year Results
FD Technologies PLCHalf Year Results
Integrafin Holdings PLCTrading Statement
Quilter PLCTrading Statement
Revolution Bars Group PLCFull Year Results
Sosandar PLCTrading Statement
Wise PLCTrading Statement
Wednesday 19 October 
Antofagasta PLCQ3 Results
ASOS PLCFull Year Results
Just Eat Takeaway.com NVTrading Statement
Liontrust Asset Management PLCTrading Statement
Man Group PLCTrading Statement
Petropavlovsk PLCTrading Statement
Spectris PLCQ3 Results
Quilter PLCTrading Statement
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
31 Aug 2022 15:57

UK earnings, trading statements calendar - next 7 days

Thursday 1 September 
Camellia PLCHalf Year Results
Eurocell PLCHalf year Results
Gem Diamonds LtdHalf Year Results
Johnson Service Group PLCInterim Results
Kainos Group PLCTrading Statement
Omega Diagnostics Group PLCFull Year Results
PPHE Hotel Group PLCHalf Year Results
Sportech PLCHalf Year Results
Wentworth Resources PLCHalf Year Results
Friday 2 September 
Ashmore Group PLCFull Year Results
Monday 5 September 
Belvoir Group PLCHalf Year Results
Dechra Pharmaceuticals PLCFull Year Results
Tuesday 6 September 
Accrol Group Holdings PLCFull Year Results
Alumasc Group PLCFull Year Results
Ashtead Group PLCQ1 Results
Capricorn Energy PLCHalf Year Results
Gamma Communications PLCHalf Year Results
Headlam Group PLCHalf Year Results
Inspired PLCHalf Year Results
IQE PLCHalf Year Results
Lords Group Trading PLCHalf Year Results
Luceco PLCHalf Year Results
Michelmersh Brick Holdings PLCHalf Year Results
Midwich Group PLCHalf Year Results
NCC Group PLCFull Year Results
PCI-PAL PLCFull Year Results
Pebble Group PLCHalf Year Results
Quixant PLCHalf Year Results
STV Group PLCHalf Year Results
WAG Payment Solutions PLCHalf Year Results
WANdisco PLCHalf Year Results
Wednesday 7 September 
Bakkavor Group PLCHalf Year Results
Barratt Developments PLCFull Year Results
Equals Group PLCHalf Year Results
M Winkworth PLCHalf Year Results
Malin Corp PLCHalf Year Results
Petropavlovsk PLCHalf Year Results
Somero Enterprises IncHalf Year Results
Tissue Regenix Group PLCHalf Year Results
WH Smith PLCTrading Statement
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
4 Aug 2022 19:34

IN BRIEF: Petropavlovsk agrees to sale of Russian subsidiaries

Petropavlovsk PLC - Russian gold miner - Alongside administrators, agrees to sell its subsidiaries in Russia to UMMC-Invest JSC.

Read more
18 Jul 2022 19:25

IN BRIEF: Petropavlovsk in administration after court order

Petropavlovsk PLC - Russian gold miner - Court appoints Allister Manson, Trevor Binyon and Jo Rolls of Opus Restructuring as administrators of the company, with immediate effect. Board no longer has decision-making powers, with the day-to-day running of the company now in the hands of the administrators. Also Petropavlovsk 2010 Ltd's application for cancellation of USD125 million 8.25% guranteed convertible bonds due 2024 becomes unconditional.

Read more
13 Jul 2022 16:09

UK earnings, trading statements calendar - next 7 days

Thursday 14 July 
Ashmore Group PLCTrading Statement
Barratt Developments PLCTrading Statement
Brooks Macdonald Group PLCTrading Statement
Experian PLCQ1 Results
Galliford Try Holdings PLCTrading Statement
Hays PLCTrading Statement
Renewi PLCQ1 Results
Rio Tinto PLCQ2 Production Results (at 2330 AEST)
Severn Trent PLCQ1 Results
Taylor Maritime Investments LtdFull Year Results
Tclarke PLCHalf Year Results
Friday 15 July 
Burberry Group PLCQ1 Results
Premier Miton Group PLCQ3 Results
Monday 18 July 
Audioboom Group PLCHalf Year Results
CentralNic Group PLCTrading Statement
Tristel PLCTrading Statement
Tuesday 19 July 
Arbuthnot Banking Group PLCHalf Year Results
Begbies Traynor Group PLCFull Year Results
BHP Group LtdTrading Statement
City of London Investment Group PLCTrading Statement
Herald Investment Trust PLCHalf Year Results
In The Style Group PLCFull Year Results
IntegraFin Holdings PLCQ3 Results
Kier Group PLCTrading Statement
Luceco PLCTrading Statement
Midwich Group PLCTrading Statement
Photo-Me International PLCHalf Year Results
TPXimpact Holdings PLCFull Year Results
Wise PLCTrading Statement
Wednesday 20 July 
Abcam PLCTrading Statement
Alliance Pharma PLCTrading Statement
Antofagasta PLCQ2 Production Results
Centamin PLCQ2 Production Results
Centaur Media PLCHalf Year Results
Costain Group PLCTrading Statement
PayPoint PLCQ1 Results
Petropavlovsk PLCTrading Statement
Pharos Energy PLCTrading Statement
Premier Foods PLCQ1 Results
Royal Mail PLCQ1 Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
12 Jul 2022 11:56

Rouble firms past 59 to dollar, euro; Petropavlovsk shares slide

MOSCOW, July 12 (Reuters) - The rouble strengthened past 59 against both the dollar and the euro in volatile trade on Tuesday, supported by a strong Russian current account surplus, while stock indexes slipped.

Read more
12 Jul 2022 10:28

Petropavlovsk files for administration

(Sharecast News) - Shares in Petropavlovsk were suspended on Tuesday after the indebted gold miner went into administration.

Read more
12 Jul 2022 09:08

Rouble nears 59 to dollar, euro; Petropavlovsk shares slide

MOSCOW, July 12 (Reuters) - The rouble hovered near 59 against both the dollar and the euro in volatile trade on Tuesday, supported by a strong Russian current account surplus, while stock indexes slipped.

Read more
12 Jul 2022 08:32

Russian gold miner Petropavlovsk to file for administration

(Alliance News) - Petropavlovsk PLC shares on Tuesday were suspended from trading in London as it unveiled plans to file for administration.

Read more
11 Jul 2022 11:46

IN BRIEF: Petropavlovsk says recent sums due under Russia bonds unpaid

Petropavlovsk PLC - London-based gold producer - Says a sum of USD157,880 and a coupon payment of around USD680,625 became due on June 27 and July 3, respectively, in relation to its USD125 million 8.25% guaranteed convertible bonds due 2024. Roughly USD33 million of the bonds are still outstanding in total. Updates its events of default notice from April 29 to include these sums.

Read more
1 Jul 2022 20:05

TRADING UPDATES: Capital wins contracts; 4D pharma pauses enrolment

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Friday and not separately reported by Alliance News:

Read more
27 Jun 2022 19:16

IN BRIEF: Petropavlovsk's Moscow listing re-classified to level 3

Petropavlovsk PLC - Russian gold producer - Says listing on Moscow Exchange will be re-classified to level 3 from level 1 starting Tuesday. "It is usual practice for MoEx shares listed by a non-domestic issuer to be assigned to one of three different levels, with companies included as part of level 3 considered as satisfying only basic listing requirements," it says. This means only qualified retail investors will be allowed to buy its shares on Moscow Exchange, while pension funds will be "forbidden" from buying the stock.

Read more
7 Jun 2022 13:27

Petropavlovsk tumbles as it struggles to find way forward

(Sharecast News) - Russia-focussed gold miner Petropavlovsk was tumbling on Tuesday, after it announced that, as a result of its financial situation, it had been unable to complete the audit of its annual report and accounts for 2021.

Read more
7 Jun 2022 13:16

TOP NEWS: Debt-saddled Petropavlovsk warns on future amid Russia woes

(Alliance News) - Petropavlovsk PLC shares tanked on Tuesday after the beleaguered Russian gold miner cautioned it will be unable to pay a key term loan and said it has missed the most recent coupon payment for a guaranteed notes issue.

Read more
16 May 2022 13:26

Petropavlosk unable to pay coupon on $500m bond

(Sharecast News) - Petropavlovsk shares tumbled on Monday after the gold miner said it was unable to pay the coupon due on 14 May of around $12.36m in respect of a $500m bond issued in 2016.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.