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LONDON MARKET CLOSE: Gambling Stocks Slip; May Gives Brexit Statement

Mon, 22nd Oct 2018 17:13

LONDON (Alliance News) - Stocks in London ended lower on Monday with gambling companies among the worst blue chip performers, while UK Prime Minister Theresa May delivers her Brexit statement to the House of Commons. The FTSE 100 index closed down 0.1%, or 7.00 points at 7,042.80. The FTSE 250 ended down 0.2%, or 37.53 points, at 18,758.22, and the AIM All-Share closed down 0.3%, or 2.63 points, at 996.85.The Cboe UK 100 closed down 0.1% at 11,955.98, the Cboe UK 250 closed down 0.3% at 16,987.56, and the Cboe UK Small Companies closed down 0.1% at 11,666.68."Concerns about the political standoff between Italy and the European Union, along with strained geopolitical tensions encouraged traders to dump stocks," said David Madden, market analyst at CMC Markets.On the London Stock Exchange, NMC Health ended as the best blue chip performer, up 5.6% after the UAE-focused private healthcare firm lifted its annual guidance due to "positive developments" in the second half of 2018. NMC raised its 2018 revenue growth expectations to 24% from 22%. Earnings before interest, taxes, depreciation and amortisation guidance was lifted to USD480 million from USD465 million. In calendar 2017, the company recorded revenue of USD1.60 billion and Ebitda of USD353.4 million. The revenue growth guidance suggests 2018 revenue of GBP1.98 billion. For 2019, revenue is forecast to increase by between 22% and 24% and Ebitda by 18% to 20%. "The forecasts given are impressive both in what they reveal about the growth trajectory and for their clarity," noted AJ Bell's Russ Mould. Rightmove closed up 2.9% after UBS double upgraded the property portal to Buy from Sell. The Swiss bank said Rightmove's near 20% share price fall since June provides investors with an opportunity to snap up shares and that it is also able to withstand pressures in the UK property market. Mining stocks ended in the green amid higher copper and platinum prices, with Antofagasta, up 2.3%, Glencore, up 0.9% and Anglo American up 1.8%. At the other end of the large cap index, gambling companies ended lower after The Financial Times on Sunday reported UK Chancellor of the Exchequer Philip Hammond is expected to clamp down on offshore gambling companies in next week's budget.Paddy Power Betfair and GVC Holdings closed as the worst blue chip performers, both down 2.5%.The FT reported that the chancellor has prepared plans to increase the remote gaming duty paid by overseas operators who offer online casino games - citing government aides, and could raise GBP1 billion for the UK government over the next five years. Hammond is expected to lift the remote gaming duty from the current level of 15% of "gross gambling yield" to between 20% to 25%, according to the newspaper. The report also noted that some operators, including Ladbrokes and William Hill, have set up online operations based in Gibraltar. Midcap bookmaker William Hill closed down 2.6%. Elsewhere, Ryanair Holdings closed up 4.8% despite the Irish budget airline's profit falling in the first half of its current financial year due to the higher fuel costs and compensation of passengers affected by flight delays and cancellations. Ryanair said pretax profit for the six months ended September 30 declined 13% to EUR1.26 billion from EUR1.45 billion reported for the same period a year earlier, despite revenue improving by 8.1% to EUR4.79 billion from EUR4.43 billion. Ryanair said higher fuel, staff and compensation costs offset the strong revenue growth. The company guided after tax profit for all of financial 2019 to the end of March to be between EUR1.10 billion and EUR1.20 billion."Margins remain at industry-leading levels, and we do not see these being fundamentally undermined by the move to recognise unions. Although there may still be short-term downside risk to estimates through the seasonally weaker winter period, we see the recent share price weakness as an opportunity to invest in the long-term winner in the industry," said analysts at Liberum.Blue chip rival easyJet closed up 3.4%. The pound was down against the dollar at USD1.2982 at the London equities close, compared to USD1.3045 at the close Friday, as divisions within the UK Conservative party became increasingly hostile and vitriolic. Senior politicians railed against Conservative party members who used violent imagery in attacks on Prime Minister Theresa May.In anonymous briefings, the prime minister's opponents have suggested she would be "knifed in the front" and should "bring her own noose" to a meeting with backbenchers.Robert Halfon, chairman of the Commons Education Committee, said the comments made the Tories look "awful" in the eyes of the public.The Conservative MP told BBC Radio 4's World At One it was "clearly unacceptable" and was "a shame on them, it's a shame on the Conservative Party".May is to urge UK lawmakers to back her Brexit plan on Monday, telling them negotiations are "95% complete," despite reports that she is facing a potential revolt among her cabinet.May will tell parliament that the UK and the EU have made "important progress" since last month's summit with EU leaders in Salzburg, on issues including transport, security and services, according to a statement released ahead of her speech.In Paris the CAC 40 ended down 0.6%, while the DAX 30 in Frankfurt ended 0.3% lower. The euro was down at USD1.1467 at the European equities close, against USD1.1500 late Friday, as Italy defended its deficit plans ahead of a response from BrusselsItalian Prime Minister Giuseppe Conte defended his populist government's spending plans for next year in the face of criticism from Brussels, saying the measures had been decided after careful consideration."We aren't a band of undisciplined hotheads who got into power - we have worked and studied at length, reviewed the fundamentals," Conte told reporters in Rome."We reached the conclusion that if Italy kept going down the same route, it would have another recession," Conte said.European Commission spokesman Margaritas Schinas said Brussels would "determine the subsequent stages" in response to Italy's 2019 deficit target of 2.4% of gross domestic product on Tuesday. The figure is three times higher than the 0.8% target set by a previous government.Italy's deficit-busting plans have raised eyebrows in Brussels and spooked financial markets, largely because the country is already one of the most indebted in the world.Stocks in New York were mixed at the London equities close amid uncertainty over the near-term outlook for the markets following recent volatility.The DJIA was down 0.6%, the S&P 500 index down 0.4% and the Nasdaq Composite was up 0.3%.In US corporate news, Kimberly-Clark reported third quarter adjusted earnings per share of USD1.71, an increase of 7% compared to net income per share of USD1.60, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of USD1.64 for the quarter. Analysts' estimates typically exclude special items. Adjusted operating profit was USD798 million compared to USD868 million, previous year.Net Income attributable to Kimberly-Clark declined 20% year-over-year to USD451 million. Net income per share was USD1.29 compared to USD1.60. Third-quarter operating profit was USD669 million, including charges related to the 2018 Global Restructuring Program. The personal care company continues to target full-year 2018 organic sales growth of approximately 1% and adjusted earnings per share of USD6.60 to USD6.80, a year-on-year increase of 6 to 9%.The stock was down 3.8% in New York. Brent oil was lower quoted at USD79.78 a barrel at the London equities close from USD80.12 at the close Friday. CMC's Madden said: "Oil is lower after Saudi Arabia confirmed it has 'no intention' of turning oil into a political weapon. The oil producing nation stated it does not intend launch a 1973-style oil embargo, and that encouraged traders to sell the energy." Gold was quoted lower at USD1,221.20 an ounce at the London equities close against USD1,227.28 late Friday.The economic events calendar on Tuesday has Germany producer prices at 0700 BST and UK CBI Industrial Trends Survey figures at 1100 BST. In addition, Bank of England Governor Mark Carney will speak at the University of Toronto Fourth Annual Conference on the topic "Machine Learning and the Market for Intelligence" at 1620 BST. The UK corporate calendar has half year results from hospitality company Whitbread and third quarter results from distribution group Bunzl and builders' merchant Travis Perkins. There are also trading statements from online trading company Plus 500 and wealth manager St James's Place.
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14 Mar 2018 17:41

DIRECTOR DEALINGS: Paddy Power Betfair Chairman Buys Shares

LONDON (Alliance News) - Gambling company Paddy Power Betfair PLC said Wednesday that Chairman Gary McGann bought EUR110,562 worth of shares on chairman bought

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7 Mar 2018 17:39

UPDATE 1-FTSE 100 edges up powered by Rolls Royce

* Rolls Royce up 11.5 pct after results * Paddy Power tumbles on disappointing guidance * WPP hit by report P&G cutting ad agency spending (Updates with details, closing Helen 7

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7 Mar 2018 10:38

WINNERS & LOSERS SUMMARY: Rolls-Royce Powers Up On Restructuring Plan

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - up 12%. The aircraft-engine maker reported a

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7 Mar 2018 10:00

Renewed trade fears weigh on FTSE 100 while Rolls Royce roars up

* Rolls Royce up 13 pct after results * Paddy Power Betfair tumbles 5 pct * Hill & Smith leads FTSE 250 * WPP hit by report P&G cutting ad agency spending By 7

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5 Mar 2018 09:52

BUZZ-Irish stocks: playing catch-up after snow closed exchange

** Irish stocks among top fallers in Europe on Monday, playing catch-up with Friday's sell-off after the stock exchange closed for bad weather ** Irish Stock closed

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15 Feb 2017 08:16

HSBC downgrades bookmakers as 'series of risks' looms

(ShareCast News) - HSBC downgraded shares in William Hill, Ladbrokes Coral and Paddy Power Betfair as they face a consumer spending slowdown and a series of other risks in the coming months. Hills and Laddies were moved to 'reduce' ratings from their previous 'hold' and PPB to 'hold' from 'buy'. As

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23 Jan 2017 17:03

LONDON MARKET CLOSE: Protectionist Trump Hits Stocks And Dollar

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23 Jan 2017 15:00

FTSE 100 movers: Paddy Power and banks lead London losers

(ShareCast News) - The FTSE 100 was down over 0.8% by late afternoon on Monday, with stocks swaying lower as sterling rose to a one-month high ahead of the Supreme Court's decision on triggering Article 50 for Brexit. Leading the fallers was bookmaker Paddy Power Betfair as it revealed a £40m hit fr

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23 Jan 2017 12:03

LONDON MARKET MIDDAY: Rebound In Pound Hits Stocks As Trump Era Begins

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23 Jan 2017 10:41

WINNERS & LOSERS SUMMARY: Paradise For Eden Research, Edenville Energy

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23 Jan 2017 08:35

LONDON MARKET OPEN: Paddy Power Betfair Down; Bovis Homes, Berkeley Up

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23 Jan 2017 07:29

TOP NEWS: Paddy Power Betfair Loses GBP5 Million On Trump Election

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23 Jan 2017 07:13

Trump win truncates profits at Paddy Power Betfair

(ShareCast News) - Paddy Power Betfair said it would not hit its top-end targets after Donald Trump's unexpected US election win and several other punter-friendly sporting results at the end of the year cost the bookmaker around £40m. This was more than analysts were expecting, as rivals William Hil

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15 Nov 2016 12:30

Tuesday broker round-up

(ShareCast News) - Dairy Crest: Jefferies downgrades to underperform with a target price of 500p. Royal Dutch Shell: HSBC reiterates buy with a 2360p target. Polymetal: Jefferies stays at underperform with a 700p target. Tesco: Credit Suisse reiterates underperform with a 130p target. Paddy Power

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9 Nov 2016 09:18

Pollsters Take Another Hammering From "Brexit Plus, Plus, Plus"

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