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LONDON MARKET CLOSE: FTSE 100 treads water as US economy shrinks again

Thu, 28th Jul 2022 16:59

(Alliance News) - London's FTSE 100 underperformed on Thursday, struggling to make headway as figures showed the US entered a technical recession, and as the latest batch of corporate earnings received mixed reviews.

A strong pound and heavy share price falls for BT and Smith & Nephew hurt London's large-cap benchmark, which failed to hang on to early Fed-driven gains. The FTSE 100, stacked with international earners, had sat 0.7% higher in early dealings.

In New York, meanwhile, Facebook owner Meta Platforms was 5.8% lower after disappointing quarterly numbers overnight.

The FTSE 100 ended down just 2.98 points at 7,345.25 on Thursday. The FTSE 250 index surged 216.10 points, or 1.1%, at 19,855.19. The AIM All-Share index ended up 10.24 points, or 1.1%, at 913.12.

The Cboe UK 100 index lost 0.1% at 733.06. The Cboe 250 added 1.0% at 17,258.58. The Cboe Small Companies rose 0.6% at 13,745.74.

In Paris, the CAC 40 stock index surged 1.3%, while in Frankfurt, the DAX 40 ended 0.8% higher.

The US economy contracted for two straight quarters, figures from the Department of Commerce showed on Thursday, putting the country into a technical recession.

The US economy declined 0.9% in the second quarter, following a 1.6% drop in the first quarter. The latest reading widely missed the market forecast, cited by FXStreet, for growth of 0.5%.

Two consecutive quarters of falling gross domestic product meets a long-held basic view of a recession. However, the US National Bureau of Economic Research is the official arbiter of recessions and uses multiple factors in making this determination.

The figures were reported after the Federal Reserve on Wednesday raised interest rates by 75 basis points for the second time in a row.

While Chair Jerome Powell said the Fed would not hesitate to implement a stronger rise if needed, he also hinted that the level of rate hikes could slow.

"Despite many expecting to see today's GDP data signal a contraction of the US economy in Q2, we have seen the dollar and stocks both move lower in response this afternoon. Clearly, the boost provided by Jerome Powell yesterday has been fleeting, despite his inference that future hikes will be data driven. While a data driven approach from the Fed would signal a potential slowing of hikes in the face of a deterioration in jobs and growth, the contraction of the US economy provides a warning of the environment faced by US businesses going forward," IG analyst Joshua Mahony commented.

The pound was quoted at USD1.2129 late Thursday, up from USD1.2045 at the London equities close Wednesday. The euro was priced at USD1.0163, up from USD1.0133. Against the yen, the dollar was trading at JPY134.45, down sharply from JPY137.17.

Two data releases on Thursday served to highlight the quandary the European Central Bank finds itself in.

In Germany, inflation slowed slightly in July but was kept high by energy prices, which have soared since the Russian invasion of Ukraine.

Consumer prices rose by 7.5% year-on-year in July, according to the federal statistics agency Destatis, fractionally slower than the 7.6% inflation rate recorded in June.

However, harmonised inflation actually picked up. The harmonised figure is used for EU-wide comparison. On a harmonised basis, consumer prices rose by 8.5% in July from a year before, picking up from 8.2% in June.

The figures followed a survey which showed eurozone consumer confidence tumbled in July.

Euro area consumer confidence weakened to minus 27 points, from minus 23.8 points in June. The figure is below the long-running average of minus 11 points.

Gold got a boost from the weaker dollar. The precious metal rose to USD1,755.39 an ounce at the time of the London equities close on Thursday, from USD1,718.59 on Wednesday.

Gold miner Fresnillo added 6.7%, among the best large-cap performers. Hochschild Mining rose 8.0%.

On the corporate earnings front, hygiene and pest control firm Rentokil surged 4.5%.

In the six months to June 30, pretax profit climbed 7.8% to GBP161.9 million, while revenue increased 8.1% year-on-year to GBP1.57 billion.

Smith & Nephew disappointed, however.

The medical devices maker tumbled 11% as it lowered annual guidance.

For the six months to June 30, revenue was flat at USD2.60 billion from the same time last year and pretax profit fell to USD204 million from USD223 million.

Looking ahead, its trading profit margin for 2022 is now expected to be around 17.5%, down from 18.5% previously guided. Its trading profit margin in 2021 was 18.0%.

BT fell 7.7% as the threat of industrial action hangs over the telecommunications company, though it reported a first-quarter revenue climb.

Revenue for the three months to June 30 inched up 1% to GBP5.13 billion. This was "due to improved pricing and trading in Consumer and Openreach," BT said, offset to some extent by "challenging market conditions" hitting large corporate customers in Enterprise and Global.

Meanwhile, the former state monopoly said it has plans to place to minimise disruption when members of the Communication Workers Union strike on Friday and Monday.

BT and Openreach workers are to stage two 24-hour strikes in a dispute over pay. It will be the first strike action at BT since 1987 and the first national call centre workers' strike, said the union earlier this month, adding that 40,000 workers were involved in the dispute.

Barclays posted a fall in first-half profit. Shares in the lender fell 4.8%.

For the six months to June 30, total income was GBP13.2 billion, up 17% from GBP11.3 billion last year, but pretax profit was GBP3.73 billion, down 24% from GBP4.90 billion.

Barclays took litigation & conduct charges of GBP1.9 billion for the first half of the year, including a previously disclosed GBP1.3 billion cost related to the "over-issuance of securities" in the US.

Elsewhere in London, CMC Markets plunged 20%. The contract-for-difference provider warned operating costs were set to be higher than initially expected.

The London-based firm now expects operating costs to be 5% above guidance provided at the 2022 results last month.

In New York, the Dow Jones Industrial Average was 0.5% higher at the time of the closing bell in London. The S&P 500 was up 0.6% and the Nasdaq Composite was 0.4% higher.

Meta Platforms late Wednesday cautioned on weak "advertising demand" driven by economic uncertainty, as its second quarter revenue and profit fell short of market expectations.

Meta shares are down nearly 60% in the past 12 months. It has lost its status as a trillion-dollar company, with its market capitalisation now sitting just above USD430 billion.

Continued trillion-dollar club members Apple and Amazon report after the close bell in New York on Thursday.

Brent oil was quoted at USD107.47 a barrel late Thursday, up from USD106.68 late Wednesday.

Friday's economic calendar has EU GDP and CPI data at 1000 BST.

The local corporate calendar has half-year results from pharmaceutical firm AstraZeneca, British Airways owner International Consolidated Airlines Group and lender NatWest.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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12 Oct 2023 15:53

UK earnings, trading statements calendar - next 7 days

Friday 13 October 
Ashmore Group PLCTrading Statement
City of London Investment Group PLCTrading Statement
CQS Natural Resources Growth & Income PLCFull Year Results
Premier Miton Group PLCTrading Statement
Schroder Japan Trust PLCFull Year Results
Town Centre Securities PLCFull Year Results
Monday 16 October 
Audioboom Group PLCTrading Statement
Seeing Machines LtdFull Year Results
Tristel PLCFull Year Results
Tuesday 17 October 
Bellway PLCFull Year Results
BP Marsh & Partners PLCHalf Year Results
IntegraFin Holdings PLCTrading Statement
Jupiter Green Investment Trust PLCTrading Statement
Moneysupermarket.com Group PLCTrading Statement
Nanoco Group PLCFull Year Results
Ninety One PLC and LtdTrading Statement
Revolution Bars Group PLCFull Year Results
Rio Tinto PLCTrading Statement
Seraphim Space Investment Trust PLCFull Year Results
Smartspace Software PLCHalf Year Results
Vanquis Banking Group PLCTrading Statement
Wednesday 18 October 
Antofagasta PLCTrading Statement
BHP Group LtdTrading Statement
Cirata PLCTrading Statement
Hochschild Mining PLCTrading Statement
Liontrust Asset Management PLCTrading Statement
Quilter PLCTrading Statement
Segro PLCTrading Statement
Whitbread PLCHalf Year Results
Thursday 19 October 
AJ Bell PLCTrading Statement
Centamin PLCQ3 Results
Deliveroo PLCTrading Statement
Dunelm Group PLCTrading Statement
GB Group PLCTrading Statement
Gear4Music PLCHalf Year Results
Hargreaves Lansdown PLCTrading Statement
London Stock Exchange Group PLCTrading Statement
Man Group PLCTrading Statement
Mondi PLCTrading Statement
PensionBee Group PLCTrading Statement
Rathbones Group PLCTrading Statement
Relx PLCTrading Statement
Rentokil Initial PLCQ3 Results
Sabre Insurance Group PLCTrading Statement
Schroders PLCTrading Statement
St James's Place PLCTrading Statement
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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6 Oct 2023 15:36

London close: Stocks manage solid finish after US payrolls surge

(Sharecast News) - London stocks managed an uplifting performance on Friday, buoyed by optimistic economic data from the United States and a wave of speculative trading focussed on Aviva.

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29 Sep 2023 09:15

LONDON BROKER RATINGS: Goldman Sachs cuts WPP; Shore raises LandSec

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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4 Sep 2023 15:46

UK dividends calendar - next 7 days

Tuesday 5 September 
no events scheduled 
Wednesday 6 September 
no events scheduled 
Thursday 7 September 
Admiral Group PLCex-dividend payment date
Alpha Financial Markets Consulting PLCex-dividend payment date
Anglo-Eastern Plantations PLCex-dividend payment date
Assura PLCex-dividend payment date
Athelney Trust PLCex-dividend payment date
Baltic Classifieds Group PLCex-dividend payment date
Blackrock World Mining Trust PLCex-dividend payment date
CLS Holdings PLCex-dividend payment date
CT UK Capital & Income Investment Trust PLCex-dividend payment date
Derwent London PLCex-dividend payment date
Develop North PLCex-dividend payment date
DS Smith PLCex-dividend payment date
Empiric Student Property PLCex-dividend payment date
GlobalData PLCex-dividend payment date
Greggs PLCex-dividend payment date
Harbour Energy PLCex-dividend payment date
Pollen Street PLCex-dividend payment date
Prudential PLCex-dividend payment date
Relx PLCdividend payment date
RM Infrastructure Income PLCex-dividend payment date
Serco Group PLCex-dividend payment date
Severfield PLCex-dividend payment date
VPC Specialty Lending Investments PLCex-dividend payment date
XP Power Ltdex-dividend payment date
Zotefoams PLCex-dividend payment date
Friday 8 September 
abrdn New Dawn Investment Trust PLCdividend payment date
Avon Protection PLCdividend payment date
Berkeley Group Holdings PLCdividend payment date
Chemring Group PLCdividend payment date
Ecofin US Renewables Infrastructure Trust PLCdividend payment date
iomart Group PLCdividend payment date
Keller Group PLCdividend payment date
Lookers PLCdividend payment date
Moneysupermarket.com Group PLCdividend payment date
Nichols PLCdividend payment date
Tritax EuroBox PLCdividend payment date
Tyman PLCdividend payment date
Monday 11 September 
AstraZeneca PLCdividend payment date
Games Workshop Group PLCdividend payment date
Rentokil Initial PLCdividend payment date
Residential Secure Income PLCdividend payment date
ThomasLloyd Energy Impact Trust PLCdividend payment date
  
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28 Jul 2023 09:46

LONDON BROKER RATINGS: KBW cuts Aviva 'market perform'

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

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27 Jul 2023 15:44

UK dividends calendar - next 7 days

Friday 28 July 
3i Group PLCdividend payment date
abrdn Private Equity Opportunities Trust PLCdividend payment date
abrdn Smaller Companies Income Trust PLCdividend payment date
Barings Emerging EMEA Opportunities PLCdividend payment date
Big Yellow Group PLCdividend payment date
British Land Co PLCdividend payment date
Edinburgh Investment Trust PLCdividend payment date
Gooch & Housego PLCdividend payment date
Helical PLCdividend payment date
Henderson High Income Trust PLCdividend payment date
Hipgnosis Songs Fund Ltddividend payment date
JPMorgan Global Emerging Markets Income Trust PLCdividend payment date
Martin Currie Global Portfolio Trust PLCdividend payment date
Paragon Banking Group PLCdividend payment date
Personal Assets Trust PLCspecial dividend payment date
Personal Assets Trust PLCdividend payment date
Polar Capital Holdings PLCdividend payment date
Premier Foods PLCdividend payment date
Real Estate Credit Investments Ltddividend payment date
Schroder Income Growth Fund PLCdividend payment date
Shires Income PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Vertu Motors PLCdividend payment date
Monday 31 July 
CT Private Equity Trust PLCdividend payment date
European Assets Trust PLCdividend payment date
Lowland Investment Co PLCdividend payment date
Tuesday 1 August 
discoverIE Group PLCdividend payment date
F&C Investment Trust PLCdividend payment date
Johnson Matthey PLCdividend payment date
Mercantile Investment Trust PLCdividend payment date
Next PLCdividend payment date
TR Property Investment Trust PLCdividend payment date
United Utilities Group PLCdividend payment date
Wednesday 2 August 
Tate & Lyle PLCdividend payment date
Thursday 3 August 
Aberforth Smaller Companies Trust PLCex-dividend payment date
Aptitude Software Group PLCex-dividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Axiom European Financial Debt Fund Ltdex-dividend payment date
Brunner Investment Trust PLCex-dividend payment date
BT Group PLCex-dividend payment date
Caledonia Investments PLCdividend payment date
CML Microsystems PLCex-dividend payment date
Dunedin Income Growth Investment Trust PLCex-dividend payment date
Foxtons Group PLCex-dividend payment date
Games Workshop Group PLCex-dividend payment date
GB Group PLCdividend payment date
Inchcape PLCex-dividend payment date
Invesco Perpetual UK Smaller Companies Investment Trust PLCex-dividend payment date
JPMorgan Global Core Real Assets Ltdex-dividend payment date
Jupiter Fund Management PLCex-dividend payment date
Jupiter Fund Management PLCspecial ex-dividend payment date
Lloyds Banking Group PLCex-dividend payment date
M&G Credit Income Investment Trust PLCex-dividend payment date
Mobico Group PLCex-dividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
Nichols PLCex-dividend payment date
Oxford Instruments PLCex-dividend payment date
Picton Property Income Ltdex-dividend payment date
Polar Capital Global Financials Trust PLCex-dividend payment date
Polar Capital Global Healthcare Trust PLCex-dividend payment date
Reckitt Benckiser Group PLCex-dividend payment date
Rentokil Initial PLCex-dividend payment date
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Starwood European Real Estate Finance Ltdex-dividend payment date
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27 Jul 2023 11:47

Rentokil Initial hikes dividend and reduces debt amid strong results

(Alliance News) - Rentokil Initial PLC on Thursday reported strong increases in half-year revenue and profit, partly thanks to acquisitions, allowing the pest control company to declare a higher dividend while still reducing debt ahead of schedule.

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27 Jul 2023 09:28

Rentokil H1 profits soar on strong revenue

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3 Jul 2023 09:37

LONDON BROKER RATINGS: Stifel cuts Croda International to 'hold'

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22 May 2023 09:23

LONDON BROKER RATINGS: Citigroup cuts Sainsbury to 'neutral'

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17 May 2023 13:12

Jefferies ups Rentokil price target, stays at 'buy'

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17 May 2023 09:44

LONDON BROKER RATINGS: Canaccord reinitiates Antofagasta with 'buy'

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

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17 May 2023 08:19

Broker tips: Oxford Instruments, Rentokil

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10 May 2023 15:46

UK dividends calendar - next 7 days

Thursday 11 May 
abrdn Latin American Income Fund Ltdex-dividend payment date
abrdn Property Income Trust Ltdex-dividend payment date
AG Barr PLCex-dividend payment date
Alternative Income REIT PLCdividend payment date
Blackrock Smaller Companies Trust PLCex-dividend payment date
BP PLCex-dividend payment date
Centaur Media PLCex-dividend payment date
Clarkson PLCex-dividend payment date
Coca-Cola Europacific Partners PLCex-dividend payment date
Custodian Property Income REIT PLCex-dividend payment date
Domino's Pizza Group PLCdividend payment date
Emis Group PLCex-dividend payment date
EP Global Opportunities Trust PLCex-dividend payment date
F&C Investment Trust PLCdividend payment date
Fidelity Special Values PLCex-dividend payment date
Focusrite PLCex-dividend payment date
GCP Asset Backed Income Fund Ltdex-dividend payment date
Greencoat Renewables PLCex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
Gresham House PLCex-dividend payment date
Headlam Group PLCex-dividend payment date
Henderson International Income Trust PLCex-dividend payment date
Home REIT PLCex-dividend payment date
HSBC Holdings PLCex-dividend payment date
Inchcape PLCex-dividend payment date
Invesco Perpetual UK Smaller Companies Investment Trust PLCex-dividend payment date
James Halstead PLCex-dividend payment date
JPMorgan Claverhouse Investment Trust PLCex-dividend payment date
Macfarlane Group PLCex-dividend payment date
Mercantile Investment Trust PLCdividend payment date
MoneySupermarket.com PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Petershill Partners PLCex-dividend payment date
Reach PLCex-dividend payment date
Schroder Asian Total Return Investment Co PLCdividend payment date
SCS Group PLCdividend payment date
Serco Group PLCex-dividend payment date
Sportech PLCex-dividend payment date
Standard Chartered PLCdividend payment date
SThree PLCex-dividend payment date
Target Healthcare REIT PLCex-dividend payment date
Taylor Maritime Investments Ltdex-dividend payment date
Tesco PLCex-dividend payment date
Tritax Big Box REIT PLCex-dividend payment date
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Friday 12 May 
Antofagasta PLCdividend payment date
Carr's Group PLCdividend payment date
Franchise Brands PLCdividend payment date
Hunting PLCdividend payment date
Ibstock PLCdividend payment date
IMI PLCdividend payment date
Johnson Service Group PLCdividend payment date
Me Group International PLCdividend payment date
Mondi PLCdividend payment date
Taylor Wimpey PLCdividend payment date
Monday 15 May 
National Express Group PLCdividend payment date
Old Mutual Ltddividend payment date
Prudential PLCdividend payment date
Tuesday 16 May 
abrdn PLCdividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Cairn Homes PLCdividend payment date
FBD Holdings PLCdividend payment date
Fidelity European Trust PLCdividend payment date
InterContinental Hotels Group PLCdividend payment date
Uniphar PLCdividend payment date
Wednesday 17 May 
Just Group PLCspecial dividend payment date
OSB Group PLCdividend payment date
OSB Group PLCspecial dividend payment date
Rentokil Initial PLCdividend payment date
Smith & Nephew PLCdividend payment date
Smiths Group PLCdividend payment date
  
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3 May 2023 14:51

UK shareholder meetings calendar - next 7 days

Thursday 4 May 
AIB Group PLCAGM
Aviva PLCAGM
Aviva PLCGM re capital reduction
BAE Systems PLCAGM
Bivictrix Therapeutics PLCAGM
Domino's Pizza Group PLCAGM
Glanbia PLCAGM
Grafton Group PLCAGM
Hammerson PLCAGM
Howden Joinery Group PLCAGM
Hurricane Energy PLCCourt Meeting & GM re takeover by Prax Exploration & Production PLC  
Indivior PLCAGM
IMI PLCAGM
Irish Residential Properties REIT PLCAGM
ITV PLCAGM
Jardine Matheson Holdings LtdAGM
Johnson Service Group PLCAGM
LungLife AI IncAGM
Mincon Group PLCAGM
Mondi PLCAGM
Moneysupermarket.com Group PLCAGM
Morgan Sindall Group PLCAGM
Spirent Communications PLCAGM
Personal Group Holdings PLCAGM
Phoenix Group Holdings PLCAGM
Rathbones Group PLCAGM
SIG PLCAGM
Ten Entertainment Group PLCAGM
Travis Perkins PLCAGM
Witan Investment Trust PLCAGM
Friday 5 May 
abrdn Smaller Companies Income Trust PLCAGM
Holders Technology PLCAGM
HSBC Holdings PLCAGM
InterContinental Hotels Group PLCAGM
James Fisher & Sons PLCAGM
Man Group PLCAGM
Rightmove PLCAGM
UK Oil & Gas PLCAGM
Monday 8 May 
no events scheduled 
Tuesday 9 May 
Caledonia Mining Corp PLCAGM
Direct Line Insurance Group PLCAGM
Foxtons Group PLCAGM
Hostelworld Group PLCAGM
IWG PLCAGM
Just Group PLCAGM
Midwich Group PLCAGM
Osirium Technologies PLCAGM
Windward LtdAGM
Wednesday 10 May 
abrdn PLCAGM
Antofagasta PLCAGM
Cenkos Securities PLCAGM
Ecora Resources PLCAGM
H&T Group PLCAGM
Harbour Energy PLCAGM
Jupiter Fund Management PLCAGM
Literacy Capital PLCAGM
Luceco PLCAGM
Marshalls PLCAGM
National Express Group PLCAGM
Renewables Infrastructure Group LtdAGM
Rentokil Initial PLCAGM
Seplat Energy PLCAGM
Spirax-Sarco Engineering PLCAGM
TClarke PLCAGM
  
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