SSE Share News (SSE)

LONDON (Alliance News) - Stocks in London were mixed on Friday, with gains from housebuilders helping the FTSE 100 rebound from its heaviest fall so far in 2019 on Thursday. The FTSE 100 was 7.25 points higher, or 0.1% at 7,100.83 at midday. The large cap index closed down 79.51 points, or 1.1%, at 7,093.58 on Thursday - its worst day in 2019. The FTSE 250 was down 12.92 points, or 0.1%, at 18,786.34, and the AIM All-Share was down 0.2% at 910.02.The Cboe UK 100 was up 0.1% at 12,062.30, while the Cboe UK 250 was down 0.1% at 16,776.68 and the Cboe UK Small Companies down 0.1% at 11,130.78.In Paris the CAC 40 was up 0.1%, while the DAX 30 in Frankfurt was 0.2% lower. "The FTSE 100 and other European indexes are clawing their way back into the black after a surprise plunge in the previous session caused by downbeat economic forecasts for the eurozone and the UK economy," noted City Index analyst Fiona Cincotta.On the London Stock Exchange, housebuilders were among the blue chip risers amid optimism over Brexit and positive trading performances from sector constituents. Barratt Developments was up 1.7%, Berkeley Group up 1.3%, Persimmon up 1.1%, and Taylor Wimpey up 0.7%.Earlier this week, Barratt and midcap peer Bellway reported strong half year earnings and sold more homes despite Brexit uncertainty, which has hurt sentiment towards the sector. "The housebuilders have enjoyed an enviable start to 2019, with today seeing the sector outperform in the wake of bullish assessments from both Barratt Developments and Bellway this week. Despite house price wobbles in the south, UK house prices have remained relatively stable elsewhere, with northern and Midland properties enjoying significant gains despite Brexit fears," said IG market analyst Joshua Mahony.SSE was up 0.3% after the 'Big Six' energy supplier confirmed it is considering options for the Energy Services unit after cutting its earnings expectations for its current financial year due to an EU ruling.SSE said its Energy Services unit is expected to be profitable and cash flow positive in both its financial years ending March 2019 and 2020. However, SSE is now assessing further options including a standalone demerger and listing, a sale, or an alternative transaction.On the financial front, SSE now expects its adjusted earnings per share in a range of 64 pence to 69p for the year to the end of March, down by 6p from previously expected range of 70p to 75p.The company also reiterated its intention to recommend a full-year dividend of 97.5p per share, up from 94.7p paid the year before.At the other end of the large cap, Centrica was down 2.3% after Citigroup downgraded the British Gas parent company to Neutral from Buy. "Unless Centrica is able to revitalized its current strategy by delivering growth in some of its new business lines or to curb the level of churn in retail or to improve the commodity output, we see little reason for investors to own the shares," Citi analyst Jenny Ping said. Smith & Nephew was down 1.8% after Exane BNP cut the medical devices maker to Neutral from Outperform.The pound was flat, quoted at USD1.2965 at midday, compared to USD1.2967 at the London equities close Thursday. Sterling is down 1.0% since Monday, due to weak UK PMI data and the Bank of England slashing economic growth forecasts on Thursday, amid "intensifying" Brexit uncertainty, but has since showed signs of resilience. "There does seem to be a quiet strength underpinning the pound at present as the markets continue to believe that the worst will be avoided on Brexit. While this narrative remains, there's scope for a further steady appreciation in the pound despite the threat of numerous and highly significant potholes in the road ahead," said XTB chief market analyst David Cheetham.In domestic political news, UK Prime Minister Theresa May is to hold talks with Irish premier Leo Varadkar as she continues her shuttle-diplomacy to try to break the deadlock in the Brexit negotiations. After spending Thursday in talks in Brussels, the UK prime minister heads to Dublin in an effort to resolve the dispute over the Irish backstop which remains the main stumbling block to an agreement. Ahead of her meeting with the Taoiseach over dinner, Attorney General Geoffrey Cox will hold talks in the Irish capital with his Irish counterpart, Seamus Woulfe. Cox has been leading work within Whitehall on providing either a time limit on the backstop or giving the UK an exit mechanism from it. Both proposals have received a dusty response from Dublin, which insists the backstop cannot be time limited if it is to provide an effective "insurance policy" against the return of a hard border between Northern Ireland and the Republic. May, however, warned she needs legally-binding assurances the UK will not be tied to EU rules indefinitely through the backstop if she is to get her Brexit deal through the House of Commons.Meanwhile Downing Street has said ministers are looking "with interest" at a letter from Jeremy Corbyn setting out the terms on which Labour would support a deal in Parliament.The move stoked the ire of Labour Remainers, who fear the plan effectively kills off their hopes of the party backing a second referendum, with warnings from some MPs they could quit the party altogether.The euro was marginally lower, quoted at USD1.1345 at midday, against USD1.1355 at the European equities close Thursday.The single currency has come under pressure after the European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next, saying the bloc's largest countries will be held back by global trade tensions and domestic challenges.In economic news from the continent, Germany's exports rebounded at a faster-than-expected pace in December, exceeding expectations, and imports followed suit, figures from the Federal Statistical Office showed. Exports rose a calendar and seasonally-adjusted 1.5% from November, when they declined 0.3%. Economists had expected 0.5% growth. The pace of growth was the fastest since May's 1.6% gain. Imports climbed 1.2% month-on-month, recovering from a 1.3% slump in November. Economists had forecast 0.4% growth.Stocks in New York were set for a lower open amid fears a prolonged US-China trade war could worsen investors' risk appetite.US Treasury Secretary Steven Mnuchin and other US officials will travel to Beijing next week to continue the negotiations after US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in December.However, CNBC reported a Trump-Xi meeting is highly unlikely before a March 1 deadline, but the US is likely to keep tariffs at 10% rather than raise them to 25% as scheduled.The report came after White House economic adviser Larry Kudlow told Fox Business the US and China have a "pretty sizeable distance to go" before reaching a trade deal.The DJIA was called down down 0.3%, the S&P 500 index down 0.4% and the Nasdaq Composite down 0.5%.