REGISTER: Hear how Blencowe Resources (BRES) plans to develop a World Class graphite Project. Find out at the focusIR Feb Investor Webinar. Sign up here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksRightmove Share News (RMV)

Share Price Information for Rightmove (RMV)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 672.20
Bid: 670.60
Ask: 671.20
Change: -7.80 (-1.15%)
Spread: 0.60 (0.089%)
Open: 683.60
High: 683.60
Low: 669.20
Prev. Close: 680.00
RMV Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET CLOSE: Stocks up after sluggish start while pound climbs

Mon, 19th Aug 2024 17:00

(Alliance News) - London's FTSE 100 shrugged off a weak start to close in the green with gains broad-based, although mining stocks were to the fore.

The FTSE 100 index closed up 45.53 points, 0.6%, at 8,356.94. The FTSE 250 ended up 108.56 points, 0.5%, at 21,157.47, and the AIM All-Share closed up 2.32 points, 0.3%, at 776.59.

The Cboe UK 100 ended up 0.6% at 835.35, the Cboe UK 250 closed up 0.7% at 18,553.79, and the Cboe Small Companies ended up 0.1% at 16,862.15.

In Europe on Monday, the CAC 40 in Paris ended up 0.7%, while the DAX 40 in Frankfurt closed up 0.6%.

In New York at the time of the London close on Monday, the DJIA was up 0.5%, the S&P 500 was up 0.4% and the Nasdaq Composite was up 0.4%.

Investors will have to wait until Friday for the main event of the week when US Federal Reserve Chair Jerome Powell speaks at the Jackson Hole economic symposium.

The annual gathering, which runs for three days, is hosted by the Federal Reserve Bank of Kansas City at Jackson Hole, Wyoming, and attended by central bankers from around the world.

Powell will address the conference on Friday amid mounting expectations that the start of US interest rate cuts is imminent.

The Fed chair does not always attend or speak at the meeting. In 2013, Ben Bernanke skipped the meeting, as did Janet Yellen in 2015.

Bank of America explained the market typically cares about Jackson Hole for two reasons: First, it occurs during the longest Federal Open Market Committee inter-meeting period of the year, as there is no meeting in August. Second, it happens at a time when the market is generally quiet due to summer holidays.

Brown Brothers Harriman expects Powell to signal the Fed is prepared to begin cutting the funds rate in September and push back against any sort of pre-commitment to an aggressive easing path.

Bank of England Governor Andrew Bailey will also address the conference on Friday, while European Central Bank member Philip Lane will participate on the Saturday conference overview panel.

Expectations for US rate cuts saw gains for the pound and the euro. Sterling was quoted at USD1.2980 at the London equities close Monday, up from USD1.2899 at the close on Friday. The euro stood at USD1.1063, up slightly against USD1.0995. Against the yen, the dollar was trading at JPY146.55, down compared to JPY148.24.

ING stressed there is no "flash crash" underway for the dollar. Instead, "the dollar's decline looks to be part of an orderly adjustment cycle as the Fed prepares to cut rates."

On the FTSE 100, Barratt Developments firmed 3.2% after it said the merger with fellow housebuilder Redrow would be completed this week, despite concerns raised by the UK's competition regulator.

Leicestershire-based Barratt struck the GBP2.52 billion deal with Flintshire, Wales-based Redrow in February.

The merger has since come under scrutiny from the UK's Competition & Market Authority, which launched a Phase 1 investigation in March.

Earlier this month, the CMA stopped short of pursuing a Phase 2 investigation after concluding that the combination only has a "high combined share" in just one local area, which is Whitchurch, Shropshire.

The CMA said the deal does not raise UK-wide competition concerns.

To remove uncertainties, Barratt has decided to waive the CMA condition, allowing the combination to proceed.

"This removes uncertainty for the employees, supply chain and wider stakeholder groups of both businesses," Barratt and Redrow said in a joint statement.

Redrow gained 4.5%.

AJ Bell's Investment Director Russ Mould said Barratt will hope its timing is "good as the industry looks to pick itself off the floor following a difficult few years marred by a weak property market and rising interest rates."

There was some better news for the housebuilders as Rightmove suggested the housing market could gather "energy" for autumn after the Bank of England lowered interest rates.

"While mortgage rates aren't yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment. As the summer holiday season comes to an end, the conditions are there for a more active autumn market," said Rightmove Director of Property Science Tim Bannister.

Elsewhere, JD Sports Fashion gained 1.6% ahead of Thursday's trading statement.

The recent strength in the gold price supported Endeavour Mining, up 2.6% and Fresnillo, up 2.5%.

Gold was quoted at USD2,503.87 an ounce, just below the all-time high hit on Friday, and higher against USD2,486.76 at the close on Friday.

On Friday, the price of the yellow metal hit a new record supported by a softer US dollar and rate-cut expectations.

Other mining stocks were also in demand with Glencore up 2.8% and Anglo American up 2.3%.

Heading lower in London were BAE Systems and Rolls-Royce, down 0.8% and 0.2% respectively.

Germany will no longer grant new requests for aid to Ukraine as the government seeks to rein in spending, the Frankfurter Allgemeine Zeitung reported.

Although existing programs will generally continue, additional applications for military support won’t be approved, the newspaper reported on Saturday citing government documents and emails as well as unidentified officials.

Under current plans, Germany’s military support for Ukraine - second only to the US, according to the Kiel Institute for the World Economy - is set to be almost halved next year and then reduced to less than a tenth of the current amount in 2027, the newspaper reported.

BAE and Rolls-Royce have been beneficiaries of increased orders across the defence sector as conflicts, such as the one in Ukraine, have proliferated.

On the FTSE 250, Plus500 led the way, rising 4.7%.

The London-based fintech group and trading platform operator said it expects full-year results to be ahead of expectations after "excellent" financial, operational and strategic progress in the first-half.

In the six months that ended June 30, Plus500 said pretax profit rose 5.0% to USD183.7 million from USD174.9 million a year prior. Revenue climbed 8.1% to USD398.2 million from USD368.5 million a year earlier.

The firm also boosted the interim dividend by 14% and declared a special dividend of USD0.5314, up 66% from USD0.3200 previously.

In addition, Plus500 announced a USD110.0 million share buyback, comprising an interim buyback programme of USD35.4 million and a special buyback programme of USD74.6 million.

In contrast, OSB fell 0.6% after Peel Hunt downgraded to 'hold' from 'add'.

On AIM, Diaceutics rose 6.4% after striking a PMx partnership with "a leading biotech."

"This agreement is to deploy PMx through to the end of 2025 and is worth at least GBP2.4 million in service revenue to Diaceutics, with additional milestone fees estimated to be worth another GBP1.9 million payable during that period based on successful patient recruitment onto therapy. There is an expectation that the agreement will extend beyond 2025 should the initial phase be successful," Diaceutics said.

"We see this as a significant step change for Diaceutics and anticipate that PMx-based partnerships will, in time, drive an increase in revenue per brand, which should, in turn, support Diaceutics' growth ambitions," said broker Stifel.

Brent oil was quoted at USD79.33 a barrel at the London equities close Monday, down from USD79.91 late Friday.

The corporate calendar in London on Tuesday sees half-year results from mining firm Antofagasta and engineering services company John Wood.

Tuesday's global economic calendar sees an interest rate decision in China overnight and Canadian consumer price inflation figures at 1330 BST.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
28 Jan 2025 00:01

UK rents outside London fall for first time since pandemic, Rightmove says

LONDON, Jan 28 (Reuters) - Advertised rents in Britain outside London have fallen on a quarterly basis for the first time since 2019 due mostly to a drop in demand from tenants, according to data published on Tuesday by property website Rightmove.

Read more
21 Jan 2025 17:03

LONDON MARKET CLOSE: Stocks firm as Trump takes moderate tariff stance

(Alliance News) - Stocks in London advanced on Tuesday, and the FTSE 100 hit a new all-time high, after Donald Trump took a softer than expected stance on tariffs - at least for now.

Read more
21 Jan 2025 16:41

London close: Stocks higher after softer UK employment data

(Sharecast News) - London stocks closed higher on Tuesday, as investors assessed the latest UK employment data, and watched for developments across the pond on the first full day of Donald Trump's second presidential term.

Read more
21 Jan 2025 12:04

LONDON MARKET MIDDAY: Stocks mixed as Donald Trump sows confusion

(Alliance News) - Stock prices in London were mostly higher at midday on Tuesday with the Bank of England remaining likely to cut rates in February, despite rising earnings.

Read more
21 Jan 2025 09:35

LONDON BROKER RATINGS: Morgan Stanley cuts AB Foods and Sainsbury

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

Read more
16 Jan 2025 15:58

London close: Stocks higher as UK growth misses forecasts

(Sharecast News) - London equities ended Thursday in positive territory, with investors buoyed by weaker-than-expected UK growth data that bolstered expectations of a potential interest rate cut by the Bank of England next month.

Read more
14 Jan 2025 09:37

LONDON BROKER RATINGS: Morgan Stanley raises Informa, cuts Trustpilot

(Alliance News) - The following London-listed shares received analyst recommendations on Tuesday morning and on Monday:

Read more
31 Dec 2024 09:36

Rightmove reports record Boxing Day as new seller activity surges

(Sharecast News) - The number of properties listed for sale on Rightmove hit a record number on Boxing Day, the housing platform revealed on Tuesday, with both new seller activity and website visits both hitting all-time highs.

Read more
12 Dec 2024 05:08

Rightmove predicts busy 2025 for housing market amid BoE rate cuts

(Alliance News) - UK house prices will register an increase next year, property portal Rightmove predicted, with London set for a bumper year of growth too amid a boost from rate cuts.

Read more
10 Dec 2024 10:01

LONDON BROKER RATINGS: RBC raises Hikma; JPMorgan cuts Schroders

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

Read more
5 Dec 2024 09:51

LONDON BROKER RATINGS: JPMorgan ups Deliveroo; Deutsche Bank cuts M&G

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:

Read more
22 Nov 2024 16:55

LONDON MARKET CLOSE: FTSE 100 surges but sterling slides on poor data

(Alliance News) - The FTSE 100 outperformed as European equities ended the week strongly, following weaker economic data that strengthened the case for more interest rate cuts.

Read more
13 Nov 2024 09:33

LONDON BROKER RATINGS: Deutsche Bank raises Ibstock to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:

Read more
8 Nov 2024 08:11

LONDON BRIEFING: Stocks up as BoE sees gradual cuts on horizon

(Alliance News) - The FTSE 100 is opened higher on Friday following rate cuts in the US and UK, with confidence that more will follow despite uncertainty after Trump's election.

Read more
8 Nov 2024 08:11

TOP NEWS: Rightmove confident amid positive house price growth

(Alliance News) - Rightmove PLC on Friday posted an optimistic outlook with revenue set to rise this year despite a moderation in growth of rental prices.

Read more

Track Your Investments

Register for FREE

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.