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Pin to quick picksRightmove Share News (RMV)

Share Price Information for Rightmove (RMV)

London Stock Exchange
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Share Price: 675.40
Bid: 675.20
Ask: 675.80
Change: -4.60 (-0.68%)
Spread: 0.60 (0.089%)
Open: 683.60
High: 683.60
Low: 675.00
Prev. Close: 680.00
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LONDON MARKET MIDDAY: Markets stage recovery after Monday's sell-off

Tue, 06th Aug 2024 12:01

(Alliance News) - Stock prices in London edged higher at midday Tuesday, with eyes on how stocks in New York will perform later in the day.

Markets across the globe took a hit on Monday, with investors digesting last week's economic data from the US.

The FTSE 100 index was up 9.13 points, 0.1%, at 8,017.36. The FTSE 250 was up 84.80 points, 0.4%, at 20,321.54, and the AIM All-Share was up 7.01 points, 0.9%, at 755.63.

The Cboe UK 100 was up 0.2% at 800.30, the Cboe UK 250 was up 0.4% at 17,808.24, and the Cboe Small Companies was up 0.1% at 16,539.65.

In European equities on Tuesday, the CAC 40 in Paris was up 0.6%, while the DAX 40 in Frankfurt was up 0.2%.

“There will be some relief this morning as the FTSE 100 and other European indices arrested the recent market rout and eked out some solid gains after stocks rebounded overnight in Asia,” says AJ Bell investment director Russ Mould.

“Fears about a sharp recession in the US, engendered by weak jobs data, remain and the unwinding of the yen carry trade may continue to play out, although whether the market moves are being exacerbated because many traders are on the beach is an open question.

“The next key test will come with the market open in the US this afternoon, with futures prices suggesting a recovery rally will take hold on Wall Street too."

Stocks in New York were called to open higher. The Dow Jones Industrial Average and the Nasdaq Composite were both called up 0.2%, the S&P 500 index is called up 0.3%.

On Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 2.6%, the S&P 500 down 3.0% and the Nasdaq Composite down 3.4%.

Monday's global stock sell-off has fuelled calls for the US Federal Reserve to lower interest rates swiftly and decisively, with some analysts now calling for it to make an emergency cut before its September rate decision.

Fed Chair Jerome Powell signalled last week that the first rate cut could come "as soon as" September.

But some analysts fear that may not be soon enough, as the markets have responded in dramatic fashion to last week's below-target US jobs report, which raised fears that the US was entering a recession.

The pound was quoted at USD1.2685 at midday on Tuesday in London, lower compared to USD1.2753 at the equities close on Monday. The euro stood at USD1.0905, lower against USD1.0946.

Against the yen, the dollar was trading at JPY144.85, higher compared to JPY142.41.

In the UK, there was some good news for the construction sector.

The headline S&P Global UK construction purchasing managers' index rose to 55.3 in July from 52.2 in June. This was ahead of FXStreet expectations, with markets expecting the reading to come in at 52.7.

Remaining above the 50.0 no-change mark for the fifth consecutive month, the latest reading signalled a sustained improvement in overall construction activity in the UK.

Further, S&P said the rate of expansion was the fastest since May 2022.

"The election-related slowdown in growth seen in June proved to be temporary, with the pace of expansion roaring ahead in July. Firms saw the strongest increases in new orders and activity since 2022 as paused projects were released amid reports of improved customer confidence," said Andrew Harker, economics director at S&P Global Market Intelligence.

"The strength of demand moved the sector closer to capacity, bringing a recent period of improving supplier performance to an end. There were also signs of inflationary pressures picking up, something that will need to be watched closely if demand strength continues in the months ahead."

In the FTSE 100, InterContinental Hotels edged up 1.4%.

The Berkshire, England-based hotel operator said revenue in the first half of the year was USD2.32 billion, up 4.3% from USD2.23 billion a year before. Pretax profit, however, fell 17% to USD472 million from USD567 million.

IHG explained that pretax profit includes a system fund and reimbursables loss of USD10 million compared with a USD87 million profit a year ago. This was driven by a planned reduction of prior system fund surplus.

On the other hand, Rightmove lost 4.8%.

The Milton Keynes, England-based online property portal said market conditions in the lettings market remain "fluid", as it disclosed the contract with lettings agent OpenRent will not be renewed.

Rightmove said the deal with OpenRent will end at the start of September after they failed to agree renewal terms.

Rightmove said OpenRent accounted for less than 8% of its lettings listings in July.

Panmure Liberum analyst Sean Kealey said the news will play into fears that Rightmove's pricing power is weakening.

In the FTSE 250, Keller jumped 10%.

The London-based geotechnical engineering company said pretax profit surged to GBP95.3 million in the first half of 2024 from GBP43.1 million a year prior.

Revenue climbed 1.6% to GBP1.49 billion from GBP1.47 billion. Keller's order book edged up to GBP1.6 billion from GBP1.5 billion.

The company declared an interim dividend of 16.6 pence per share, up 19% from 13.9p a year prior.

Chief Executive Officer Michael Speakman said Keller now expects its performance for 2024 to be materially ahead of current market expectations.

Domino's Pizza fell 7.1%.

Domino's Pizza said pretax profit fell 35% to GBP59.4 million in the first half of 2024 from GBP91.5 million a year prior. Underlying pretax profit however edged up 0.8% to GBP51.3 million from GBP50.9 million.

The company upped its interim dividend by 6.1% to 3.5 pence per share from 3.3p a year prior.

Separately, Domino's announced a new GBP20 million share buyback programme, aimed at reducing the company's share capital.

On London's AIM, YouGov jumped 17%.

The market research and data analytics company reported that financial 2024 results are expected to be slightly ahead of revised guidance.

Revenue is expected to be between GBP327 million and GBP330 million, up from GBP258.3 million in financial 2023. Adjusted operating profit is expected to be between GBP43 million and GBP46 million, down from GBP48.3 million.

Brent oil was quoted at USD76.60 a barrel at midday in London on Tuesday, up from USD75.60 late Monday.

Gold was quoted at USD2,413.90 an ounce, lower against USD2,418.90.

Still to come on Tuesday's economic calendar, there is data on the US trade balance out at 13:30 BST.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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