Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTPG.L Share News (TPG)

  • There is currently no data for TPG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET CLOSE: Weaker pound, banks and IAG help FTSE outperform

Mon, 31st Oct 2022 16:59

(Alliance News) - London's FTSE 100 ended solidly higher on Monday, closing out the month strongly despite trepidation elsewhere in global markets, as investors look forward to a key week for monetary policy.

With decisions from the Federal Reserve, Bank of England and Reserve Bank of Australia to come during the week, all eyes are on central banks. A slower economic growth but hotter inflation reading put the European Central Bank back into focus, days after it lifted interest rates by 75 basis points.

London's flagship FTSE 100 managed to withstand the uncertain mood on Monday. It was helped by share price gains for International Consolidated Airlines Group on M&A prospects, a recovery for banking stocks and a rise for British Gas owner Centrica after a broker rating increase.

The FTSE 100 index closed up 46.86 points, 0.7%, at 7,094.53. The FTSE 250 ended down 26.74 points, 0.2%, at 17,889.93, though the AIM All-Share added 0.76 of a point, 0.1%, at 806.13.

The Cboe UK 100 closed up 0.9% at 710.24, the Cboe UK 250 ended down 0.1% at 15,365.31, and the Cboe Small Companies ended down 0.1% at 12,335.58.

For the whole of October, the FTSE 100 added 2.9%, its first monthly gain since July. In September, the index gave back 5.4%.

In European equities on Monday, the CAC 40 in Paris ended down 0.1%, while the DAX 40 in Frankfurt added 0.1%.

In New York, stocks were lower at the time of the closing bell in London. The Dow Jones Industrial Average was down 0.2%, the S&P 500 down 0.5% and the Nasdaq Composite 0.7% lower.

"Uncertainty sums up the feeling in the markets at the moment and that is perfectly highlighted by the moves seen on the opening day of the week," Oanda analyst Craig Erlam commented,

"There's going to be a lot to take in this week, from the Fed on Wednesday, to the jobs report on Friday, BoE on Wednesday, earnings season, and much more. Perhaps it's not surprising to see some jitters creeping back in."

The pound was quoted at USD1.1500 late Monday in London, down from USD1.1593 at the equities close on Friday. A weaker pound acts as a tailwind for the FTSE 100, which is stacked with foreign earners.

Providing the focus for the week ahead, there will be interest rate decisions from the US Federal Reserve on Wednesday and the Bank of England on Thursday. Both are expected to enact 75 basis point hikes.

For the Fed, investors are on the lookout for any suggestions that the central bank will take the foot off the gas at its final meeting of the year in December.

City Index and FOREX.com analyst Fawad Razaqzada commented: "While a 75 basis points hike is likely at this meeting, the market is quite unsure about what type of a signal the Fed will provide in terms of future rate hikes. For the December 14 meeting, for example, the market is spilt between 50 and 75 basis points. So, it is all about what whether the Fed will manage expectations lower for that meeting, or whether it will signal that another aggressive hike will be on the way."

The RBA is on Tuesday expected to hike by 25 basis points again.

The euro stood at USD0.9885 on Monday, down slightly against USD0.9943 late Friday.

The single currency struggled to make headway after data showed economic growth in the eurozone slowed. However, an inflation reading was hotter-than-expected.

According to a flash estimate from Eurostat, on a seasonally-adjusted annual basis, the eurozone economy grew 2.1%, slowing from 4.1% in the second quarter.

Meanwhile, eurozone consumer prices are predicted to have risen 10.7% annually in October, speeding up from a 9.9% hike in September. The reading was ahead of consensus of 10.2%, as cited by FXStreet.

In London, IAG added 4.9%.

The Times reported that British Airways-owner is eyeing a potential acquisition of budget airline easyJet, as part of renewed plans to consolidate the European airline industry.

IAG also has its eye on Portugal's flag carrier TAP. It already owns Spain's Iberia and Vueling and Ireland's Aer Lingus.

easyJet shares closed up 6.1%. TAP Air Portugal is currently state-owned.

Share price recoveries for banking stocks also boosted the FTSE 100. NatWest, among the best of the lot, rose 4.6%. The stock had slumped 9.2% on Friday on poorly-received quarterly results. Lloyds rose 1.8% on Monday, reversing some of Friday's 3.5% fall.

Centrica climbed 4.4%. Jefferies lifted the British Gas owner to 'buy' from 'hold'.

Royal Mail owner International Distributions Services also closed 4.4% higher, as it received two bits of good news.

The Communications Workers Union has cancelled a planned strike over the next fortnight, in a long running dispute over pay and conditions.

Additionally, IDS said the UK business secretary has confirmed that no further action will be taken with regards to Vesa Equity Investment's 22% stake in IDS. Vesa is a Luxembourg-based company, and its stake was being reviewed under the National Security & Investment Act 2021.

Vesa is controlled by Czech billionaire Daniel Kretinsky, who also owns stakes in West Ham United football club and Sainsbury's.

Elsewhere in London, TP Group shares soared to 2.18 pence, from 0.78p on Friday.

The consulting, software and engineering company has agreed to a GBP17.5 million takeover by Science Group.

TP shareholders will receive 2.25 pence per share in cash, which is almost triple that of the closing price of 0.78p on Friday. Around 11.7% TP shareholders have given a letter of intent to accept the offer. Science Group itself already holds a 28% stake, meaning almost 40% support in total.

Science Group added 4.9%.

Gold was quoted at USD1,638.60 an ounce at late on Monday, slightly lower than USD1,640.91 on Friday. Brent oil was trading at USD92.24 a barrel, lower than USD93.34.

Against the yen, the dollar was quoted at JPY148.61 late Monday in London, up from JPY147.54 late Friday.

Tuesday's economic events calendar has a slew of manufacturing PMI readings, including the UK at 0930 GMT and the US at 1345 GMT.

The local corporate calendar has third-quarter results from oil major BP and a trading statement from pest control and hygiene firm Rentokil Initial.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
24 Jan 2023 20:47

TRADING UPDATES: M&C Saatchi sees revenue rise; Angus extends drilling

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
24 Jan 2023 20:15

Pacific Horizon to be added to FTSE 250 as Biffa exits amid takeover

(Alliance News) - FTSE Russell said on Tuesday that Pacific Horizon Investment Trust PLC will be added to the FTSE 250 index, replacing Biffa PLC which is being removed.

Read more
29 Dec 2022 17:15

IN BRIEF: TP disposes of Westek Technology business for GBP800,000

TP Group PLC - Wincanton, England-based consulting, software and engineering company - Enters into a conditional agreement to dispose of its non-core business Westek Technology Ltd to German electronics manufacturer Roda Computer GmbH for GBP800,000 in cash. Completion of the disposal is subject to regulatory clearance in the UK.

Read more
7 Dec 2022 15:51

UK shareholder meetings calendar - next 7 days

Thursday 8 December 
Ashoka India Equity Investment Trust PLCAGM
Bioventix PLCAGM
Blackrock Greater Europe Investment Trust PLCAGM
Falanx Group LtdAGM
Fidelity Emerging Markets LtdAGM
Lok 'n Store Group PLCAGM
Netcall PLCAGM
Red Rock Resources PLCGM re signing of the arbitral award 
Upland Resources LtdAGM
Westmount Energy LtdAGM
YouGov PLCAGM
Friday 9 December 
Asia Dragon Trust PLCAGM
Associated British Foods PLCAGM
Boston International Holdings PLCAGM
Critical Metals PLCAGM
Doric Nimrod Air One LtdAGM
Doric Nimrod Air Three LtdAGM
Doric Nimrod Air Two LtdAGM
Frontier IP Group PLCAGM
Gelion PLCAGM
TechFinancials IncAGM
Monday 12 December 
Devolver Digital IncSGM re 2022 Long-Term Incentive Plan approval
Marwyn Value Investors LtdAGM
Osirium Technologies PLCGM re placing agreement with Allenby Capital
PCF Group PLCGM re proposed cancellation of trading on AIM
Tuesday 13 December 
Amedeo Air Four Plus LtdAGM
Avation PLCAGM
Blancco Technology Group PLCAGM
JD Sports Fashion PLCGM re remuneration policy
Macau Property Opportunities Fund LtdAGM
Softcat PLCAGM
Spectris PLCGM re remuneration policy
Wednesday 14 December 
Fidelity Special Values PLCAGM
Kistos PLCGM re new non-operational entity
Parsley Box Group PLCGM re proposal to become a private limited company
TP Group PLCGM re cash acquisition
Volution Group PLCAGM
Westpac Banking CorpAGM
  
Copyright 2022 Alliance News Ltd. All Rights Reserved.

Read more
31 Oct 2022 15:41

Science Group to buy TP Group in £17.5m deal

(Sharecast News) - Engineering company TP Group surged on Monday after agreeing to be bought by rival Science Group for around £17.5m.

Read more
31 Oct 2022 12:13

LONDON MARKET MIDDAY: Stocks on shaky ground after hot EU inflation

(Alliance News) - European markets were looking for direction at midday on Monday, ahead of key interest rate decisions to come later in the week and after a stronger-than-expected consumer price inflation print from the eurozone.

Read more
31 Oct 2022 11:23

AIM WINNERS & LOSERS: TP riss on takeover deal; Rockhopper vows fight

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

Read more
31 Oct 2022 11:17

TOP NEWS: TP Group shares soar as Science Group to buy consulting firm

(Alliance News) - Science Group PLC on Monday said it is buying consulting firm TP Group PLC for a vast premium compared to TP's closing share price on Friday.

Read more
31 Oct 2022 09:06

LONDON MARKET OPEN: Stocks open in the red; pound holds on to gains

(Alliance News) - Stock prices in London opened lower on Monday, while the pound remained strong ahead of the Bank of England's interest rate decision to come later in the week.

Read more
31 Oct 2022 07:50

LONDON BRIEFING: FTSE 100 called higher ahead of EU data

(Alliance News) - Stock prices in London are set to open slightly higher on Monday, with key economic data from the EU due and the week also holding interest rate decisions from the US Federal Reserve on Wednesday and the Bank of England on Thursday.

Read more
25 Oct 2022 15:54

UK earnings, trading statements calendar - next 7 days

Wednesday 26 October 
Barclays PLCQ3 Results
Bloomsbury Publishing PLCHalf Year Results
Bytes Technology Group PLCHalf Year Results
Ecora Resources PLCTrading Statement
Elementis PLCTrading Statement
Essentra PLCTrading Statement
Fresnillo PLCQ3 Results
Oakley Capital Investments LtdTrading Statement
Reckitt Benckiser Group PLCQ3 Results
RWS Holdings PLCTrading Statement
Standard Chartered PLCQ3 Results
Virgin Wines UK PLCFull Year Results
WPP PLCTrading Statement
Thursday 27 October 
Airtel Africa PLCHalf Year Results
Anglo American PLCTrading Statement
Aveva Group PLCTrading Statement
C&C Group PLCHalf Year Results
Foxtons Group PLCTrading Statement
HarbourVest Senior LoansFull Year Results
Henderson Opportunities Trust PLCQ3 Results
Lloyds Banking Group PLCTrading Statement
Inchcape PLCTrading Statement
Indivior PLCQ3 Results
InvensysQ3 Results
PPHE Hotel Group LtdTrading Statement
Shell PLCQ3 Results
Unilever PLCQ3 Results
Yamana Gold IncQ3 Results
Friday 28 October 
AIB Group PLCTrading Statement
Computacenter PLCTrading Statement
ContourGlobal PLCTrading Statement
Glencore PLCQ3 Results
Grit Real Estate Income Group LtdFull Year Results
International Consolidated Airlines Group SAQ3 Results
Industrials REIT LtdTrading Statement
NatWest Group PLCQ3 Results
Monday 31 October 
Airtel Africa PLCHalf Year Results
Lok'n Store Group PLCFull Year Results
Renalytix PLCFull Year Results
RM Infrastructure Income PLCHalf Year Results
Tuesday 1 November 
BP PLCQ3 Results
Bowleven PLCFull Year Results
IWG PLCTrading Statement
Liberty Global PLCQ3 Results
Rentokil Initial PLCTrading Statement
TP Group PLCTrading Statement
TP ICAP Group PLCTrading Statement
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
21 Sep 2022 15:03

EARNINGS SUMMARY: Ten Entertainment resumes payout on swing to profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Read more
20 Sep 2022 15:53

UK shareholder meetings calendar - next 7 days

Wednesday 21 September 
Games Workshop Group PLCAGM
Hipgnosis Songs Fund LtdAGM
IG Group Holdings PLCAGM
India Capital Growth Fund LtdAGM
Merit Group PLCAGM
Schroder Real Estate Investment Trust LtdAGM
SDI Group PLCAGM
Seraphine Group PLCAGM
Tintra PLCAGM
Thursday 22 September 
Begbies Traynor Group PLCAGM
Ecofin Global Utilities & Infrastructure Trust PLCGM pre-emption rights
IG Design Group PLCAGM
Liontrust Asset Management PLCAGM
Oberon Investments Group PLCAGM
Odyssean Investment Trust PLCAGM
Rockwood Strategic PLCGM trading to the premium segment
Trakm8 Holdings PLCAGM
Worsley Investors LtdAGM
Friday 23 September 
Accsys Technologies PLCAGM
Biffa PLCAGM
Bradda Head Lithium LtdAGM
Fusion Antibodies PLCAGM
In The Style Group PLCAGM
Safestay PLCAGM
Wise PLCAGM
Monday 26 September 
Babcock International Group PLCAGM
Eastinco Mining & Exploration PLCAGM
Eckoh PLCAGM
ECO Animal Health Group PLCAGM
Great Eastern Energy Corp LtdAGM
Lamprell PLCEGM re delisting
Mediclinic International PLCCourt & GM re takeover by Remgro, SAS
RPS Group PLCGM cash offer agreement
Tuesday 27 September 
Bens Creek Group PLCAGM
Cohort PLCAGM
daVictus PLCAGM
Downing Four VCT PLCAGM
Empyrean Energy PLCAGM
First Property Group PLCAGM
GRC International Group PLCAGM
Incanthera PLCAGM
Knights Group Holdings PLCAGM
Miton UK MicroCap Trust PLCAGM
Redde Northgate PLCAGM
Smoove PLCAGM
Spectral MD Holdings LtdAGM
TP Group PLCGM re annual report
Yourgene Health PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
15 Aug 2022 10:54

AIM WINNERS & LOSERS: Velocys in US bill boost; Eckoh wins new deal

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

Read more

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.