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London midday: Markets extend gains on US stimulus hopes

Fri, 15th Nov 2013 11:38

- Stimulus hopes continue to drive markets after Yellen comments- Eurozone CPI inflation in line with initial estimate- IAG raises profit forecast for 2015techMARK 2,653.33 +0.15%FTSE 100 6,692.14 +0.39%FTSE 250 15,283.74 +0.17%UK stocks were registering decent gains on Friday morning following yet another record close on Wall Street last night, as investors continue to react to a dovish stance from soon-to-be Federal Reserve Chairwoman Janet Yellen.Yellen, who is due to take over from Ben Bernanke in January, said yesterday that the US economy is still performing "far short of [its] potential", sparking hopes that the central bank will continue with its quantitative easing programme for the time being. Both the Dow Jones Industrial Average and S&P 500 rose to all-time highs in New York on Thursday evening."The positive sentiment from the record highs in US indices last night has found its way into European trade this morning," said Brenda Kelly, Senior Market Strategist at IG. "The FTSE has pushed marginally higher on expectations that the Fed QE punchbowl contains enough servings for another few rounds," she said.The final revision of Eurozone inflation data for October was in focus this morning following last week's rate cut by the European Central Bank. As expected, consumer prices rose at an annual rate of 0.7%, in line with the initial estimate. Nevertheless, this was still a sharp unexpected drop from a rate of 1.1% the month before.Economic data Stateside will also be in focus today with the Empire State manufacturing index, import prices, industrial production and manufacturing output figures all due out this afternoon.IAG ups profit guidance, Vedanta dropsIAG was trading in the red but managed to erase some earlier losses after it lifted its profit guidance for 2015, helped by improving margins at British Airways and the ongoing recovery of Spanish airline Iberia. The firm is now targeting a €1.8bn operating profit in 2015, up 12.5% from its previous €1.6bn forecast. After a decent start, mining group Vedanta Resources dropped sharply lower as investors reacted to a 17% drop in first-half revenue to $6.2bn on the back of falling commodity prices. In contrast, other miners including Fresnillo, Antofagasta and Anglo American were among the best performers this morning. Oil stocks were also making gains with Shell and Petrofac heading higher by midday.Defence, security and transport products firm Ultra Electronics was a heavy faller after warning that revenue for 2013 would be slightly below the previous year's, hit by "a number of headwinds", in particular the US government-funded market.Others exposed to the defence sectors, including BAE Systems and Rolls-Royce were also trading lower this morning.Financial services group Hargreaves Lansdown gained after JPMorgan Cazenove initiated coverage of the stock with an 'overweight' rating, saying that the stock's seemingly expensive valuation - trading at a prospective price-to-earnings ratio of 31 - is "justified".FTSE 100 - RisersFresnillo (FRES) 938.00p +2.51%Mondi (MNDI) 1,016.00p +2.01%Antofagasta (ANTO) 818.50p +1.80%Royal Dutch Shell 'B' (RDSB) 2,179.50p +1.73%WPP (WPP) 1,365.00p +1.71%Royal Dutch Shell 'A' (RDSA) 2,086.50p +1.68%Anglo American (AAL) 1,434.00p +1.67%Pearson (PSON) 1,347.00p +1.66%Hargreaves Lansdown (HL.) 1,183.00p +1.63%TUI Travel (TT.) 387.10p +1.57%FTSE 100 - FallersVedanta Resources (VED) 955.00p -6.74%Centrica (CNA) 337.80p -2.17%CRH (CRH) 1,591.00p -1.61%International Consolidated Airlines Group SA (CDI) (IAG) 368.00p -1.34%Shire Plc (SHP) 2,809.00p -1.09%BAE Systems (BA.) 449.60p -1.01%Sainsbury (J) (SBRY) 411.00p -0.87%Burberry Group (BRBY) 1,476.00p -0.87%Rolls-Royce Holdings (RR.) 1,225.00p -0.81%National Grid (NG.) 775.50p -0.77%FTSE 250 - RisersGenus (GNS) 1,294.00p +3.69%African Barrick Gold (ABG) 200.80p +3.61%Imagination Technologies Group (IMG) 246.60p +3.27%Pace (PIC) 304.00p +3.05%Atkins (WS) (ATK) 1,317.00p +2.89%Electrocomponents (ECM) 302.50p +2.72%Renishaw (RSW) 1,853.00p +2.43%Telecity Group (TCY) 657.00p +2.34%Polymetal International (POLY) 570.00p +2.33%Serco Group (SRP) 428.40p +2.22%FTSE 250 - FallersUltra Electronics Holdings (ULE) 1,775.00p -6.38%Xaar (XAR) 981.00p -3.35%Perform Group (PER) 445.00p -3.26%Rotork (ROR) 2,808.00p -2.97%BTG (BTG) 440.00p -2.81%Essar Energy (ESSR) 105.40p -2.68%Dignity (DTY) 1,330.00p -2.56%Galliford Try (GFRD) 1,077.00p -2.18%Bwin.party Digital Entertainment (BPTY) 130.70p -2.10%Daejan Holdings (DJAN) 4,002.00p -1.96%BC
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30 Dec 2021 09:28

UPDATE 2-FTSE 100 edges down as COVID fears dull festive cheer

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Industrial stocks eye best performance in 23 years* Travel and leisure hit by Omicron fears* Ashtead the top YTD performer on FTSE 100* UK ...

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30 Dec 2021 05:33

UPDATE 5-Oil prices rise slightly ahead of OPEC+ meeting next week

* U.S. crude, fuel stocks fell last week; output rises -EIA* Saudi king says OPEC+ pact 'essential' for oil market stability (New throughout, updates prices, market activity and comments to settlement, adds OPEC+ meeting details and PSM details)By...

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28 Dec 2021 09:41

S.African court halts Shell's offshore seismic survey

CAPE TOWN, Dec 28 (Reuters) - A South African high court on Tuesday blocked Shell from conducting seismic testing offshore from South Africa's pristine Wild Coast, in the latest ruling in a case seeking to prevent the oil major from exploring for...

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27 Dec 2021 14:01

Mexican president says Pemex to close Deer Park deal in January

MEXICO CITY, Dec 27 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) will complete its purchase of a controlling interest in a Texas oil refinery in January, Mexican President Andres Manuel Lopez Obrador said on Monday.Mexico's go...

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24 Dec 2021 10:03

UPDATE 1-Russia says Europe missing out on gas with Nord Stream 2 delay

(Recasts, adds quote, background)MOSCOW, Dec 24 (Reuters) - Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday.Deputy Prim...

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24 Dec 2021 08:26

Russia's Novak: Nord Stream 2 hindered by politics

MOSCOW, Dec 24 (Reuters) - The launch of the Nord Stream 2 natural gas pipeline is being hindered by politics, but Russia still hopes its certification will be completed by mid-2022, Russian Deputy Prime Minister Alexander Novak said on Friday.The...

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24 Dec 2021 08:19

Russia says Nord Stream 2 a bargaining chip for U.S., EU, Interfax reports

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23 Dec 2021 14:14

Third Point's Loeb slams activists after UK fund chairman quits

LONDON, Dec 23 (Reuters) - Hedge fund Third Point's boss Dan Loeb on Thursday blamed the departure of the chairman of the firm's London-listed fund on "inexperienced" and "juvenile antics" of activist investors.Third Point Investors Limited (TPIL)...

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22 Dec 2021 20:56

Shell declares force majeure on Nigerian Forcados crude

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22 Dec 2021 13:49

UPDATE 3-Mexico says U.S. approves Deer Park refinery deal, sees completion early 2022

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery in a transaction that should conclude early next year,...

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22 Dec 2021 13:49

UPDATE 2-Mexico says U.S. government approves Deer Park refinery deal

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22 Dec 2021 13:49

UPDATE 1-Mexico says U.S. government approves Deer Park refinery deal

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22 Dec 2021 13:15

Mexico says U.S. government approves Deer Park refinery deal

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21 Dec 2021 19:06

UPDATE 1-Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

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21 Dec 2021 18:32

Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

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