LONDON (Alliance News) - Stocks in London rebounded Friday after a tough week but left behind FTSE 100-listed Associated British Foods as it warned on a challenging trading for its core fast fashion business Primark. The FTSE 100 climbed 92.97 points, or 1.4%, to 6,797.02. The FTSE 250 was up 174.71 points, or 1.0%, at 17,928.02 by midday and the AIM All-Share was 4.72 points higher, or 0.5%, at 894.61.The Cboe UK 100 was up 1.8% at 11,529.51, while the Cboe UK 250 was up 1.1% at 16,045.81. The Cboe UK Small Companies was 0.3% higher at 11,190.49."The FTSE 100 is almost uniformly higher this morning, which is not surprising given the washout in equities over the past few days; just 7% of the index is above their 20-day moving averages, a level that normally suggests we will be treated to a bounce in the short-term at least. But one left out of the rally is Associated British Foods, and with a warning of further challenging trading at Primark it is not hard to see why. If even Primark is suffering, then the UK high street is in real trouble," said IG's Chief Market Analyst Chris Beauchamp. In the FTSE 100 at midday, only four companies were in the red with AB Foods the worst performer, losing 2.9%.The company said Primark trading remained challenging in November due to tough conditions in the UK retail market. AB Foods, which also owns operates a sugar business, however remained confident of increasing Primark's profit in 2019 financial year by "careful inventory management and improved margins." At the other end of the blue chip index, Berkeley Group gained 2.8% at midday. The housebuilder's shares were higher after raising its profit guidance and pledge to continue returning cash to shareholders. Berkeley said that, as a result of a "resilient start" made to the current financial year, it will raise pretax profit guidance for the year ending March 2019 by 5%, leaving the next two years unchanged. For the first half to October-end, Berkeley returned GBP193.7 million through share buybacks and GBP43.8 million in dividends to shareholders. The group expects to pay the next GBP139.7 million shareholder return by September 30, 2019, in dividends and share buybacks. In addition, Berkeley expects to return at least GBP16.34 per share, or GBP2.20 billion, to shareholders over the next three years by September 30, 2021. Peers Taylor Wimpey, Barratt Developments and Persimmon were up 3.1%, 3.1% and 2.7%, respectively, despite house price growth in the UK slowing sharply, according to Halifax. The data showed annual house price growth in the UK slowing to the weakest rate seen in six years. Across the UK, property values increased by 0.3% annually in November, following a 1.5% annual uplift in October, Halifax said.The annual increase in November marked the lowest growth since December 2012, the bank added.The average house price is now GBP224,578. House prices tumbled by 1.4% month on month in November, wiping out a 0.7% increase seen the previous month.Halifax said house prices have now fallen for three months out of the past four, on a month-on-month basis.Halifax Managing Director Russell Galley said: "House price growth has slowed as we approach the end of the year, falling from 1.5% in October to 0.3% in November, with the average cost of a home now GBP224,578.""While this is the lowest rate of growth in six years, it remains within our forecast range of 0% to 3% for 2018.""High employment, wage growth and historically low mortgage rates continue to make home ownership more affordable for many, though the need to raise a significant deposit still acts as something of a restraint on the market.""This is largely offset by relatively limited supply of new and existing properties for sale, which continues to sustain house prices nationally."Back on the London Stock Exchange at midday, Land Securities was up 2.5%. The property investment company acquired a 1.6 acre site on Lavington Street in Southwark, south east London, for GBP87.1 million from an unnamed private company. The site consists of two buildings amounting to 128,000 square feet and is said to have significant development potential. Land Securities said the acquisition will add to its central London development pipeline, which currently stands at 2 million square feet. At the top of London's mid cap index at midday was Games Workshop, gaining 5.3%. The wargames manufacturer and retailer said its early estimates show an increase in sales and operating profit in the first half of its financial year on the back of the success of its Warhammer brand. Games Workshop said estimates indicated revenue of approximately GBP124 million. This compares to revenue of GBP108.9 million a year before. Games Workshop also estimated its operating profit for the period at approximately GBP41 million, up modestly from an operating profit of GBP38.8 million for the year-ago period. Premier Oil was up 4.2% as the exploration and production firm said it has completed the sale of its southern North Sea Babbage interests to Verus Petroleum SNS and is on track to meet its 2018 production forecast.Premier Oil has received GBP30.3 million for its Babbage interests, after adjusting for cash flows collected by Premier since the January 2018 effective date. Versus will also take on exploration commitments valued at approximately USD24 million.Premier Oil expects its 2018 production to be around 80,000 barrels of oil equivalent per day, rising from 75,000 barrels in 2017.The oil producer also noted that more than 30% of its 2019 forecast oil entitlement production has been hedged at an average price of USD70 per barrel. At the other end of the FTSE 250, Genus lost 5.3% as the animal genetics firm raised GBP68 million through a share placing - at a discount - which will go towards reducing its net debt and adding flexibility to its balance sheet. Genus raised the GBP68 million by placing 3.1 million shares in a price of 2,200 pence per share, which reflects a 7.8% discount to the stock's closing price on Thursday of 2,386.00 pence. The amount of shares placed and the price is in line with Genus's announcement of the placing late Thursday. In other UK economic news, The Bank of England released survey data showing UK inflation expectations for the coming year rose to their highest level in five years.Median expectations of the rate of inflation over the coming year were 3.2%, compared to 3.0% in August, the results of the quarterly Bank of England/TNS Inflation Attitudes Survey showed.The 3.2% expectation was the highest since the November survey of 2013, when the year-ahead inflation was projected at 3.6%.The central bank's analysis projected that inflation could hit 6.5% as the pound dives in a no-deal or disorderly Brexit.BoE Governor Mark Carney also predicted that food prices could jump as much as 10% if there is a 25% slump in the pound due to a no-deal Brexit.The pound was quoted at USD1.2760 as next week's vote looms, down compared to USD1.2765 late Thursday.In mainland Europe at midday, the CAC 40 index in Paris and the DAX 30 in Frankfurt were up 1.3% and 0.5% respectively. "European stocks have rallied this morning following the impressive comeback that US markets underwent last night. The huge swing we saw in US markets yesterday underlines the volatility in markets, and that nervousness still exists. One good morning doesn't make up for the dismal week that European stocks had, and some investors are likely to be playing the wait-and-see game until the US jobs report is released later today," said CMC's David MaddenThe closely watched US jobs report for November will be released at 1330 GMT. The US economy is expected to have added 199,000 jobs with a jobless rate of 3.7%.In the US, stocks are pointed towards a lower open on Friday. The Dow Jones is called down 0.3%, the S&P 500 down 0.4% and the Nasdaq composite set to slide 0.4%.
UK dividends calendar - next 7 days
Monday 6 May | |
no events scheduled | |
Tuesday 7 May | |
Begbies Traynor Group PLC | dividend payment date |
Ferguson PLC | dividend payment date |
Manchester & London Investment Trust PLC | dividend payment date |
Mobius Investment Trust PLC | dividend payment date |
Nexus Infrastructure PLC | dividend payment date |
Pebble Group PLC | dividend payment date |
Pinewood Technologies Group PLC | special dividend payment date |
Thungela Resources Ltd | dividend payment date |
Volution Group PLC | dividend payment date |
Wednesday 8 May | |
Melrose Industries PLC | dividend payment date |
Personal Group Holdings PLC | dividend payment date |
Thursday 9 May | |
Admiral Group PLC | ex-dividend payment date |
AG Barr PLC | ex-dividend payment date |
Aurora Investment Trust PLC | ex-dividend payment date |
Balanced Commercial Property Trust Ltd | ex-dividend payment date |
Bank of Ireland Group PLC | ex-dividend payment date |
Bellevue Healthcare Trust PLC | ex-dividend payment date |
Braime Group PLC | ex-dividend payment date |
Centaur Media PLC | ex-dividend payment date |
Chenavari Toro Income Fund Ltd | ex-dividend payment date |
Clarkson PLC | ex-dividend payment date |
Coca-Cola Europacific Partners PLC | ex-dividend payment date |
Custodian Property Income REIT PLC | ex-dividend payment date |
CVC Income & Growth Ltd EURO | ex-dividend payment date |
CVC Income & Growth Ltd GBP | ex-dividend payment date |
Domino's Pizza Group PLC | dividend payment date |
Epwin Group PLC | ex-dividend payment date |
F&C Investment Trust PLC | dividend payment date |
Fidelity Special Values PLC | ex-dividend payment date |
Focusrite PLC | ex-dividend payment date |
Grafton Group PLC | dividend payment date |
Gresham Technologies PLC | ex-dividend payment date |
Headlam Group PLC | ex-dividend payment date |
Henderson International Income Trust PLC | ex-dividend payment date |
HSBC Holdings PLC | ex-dividend payment date |
Ibstock PLC | ex-dividend payment date |
Invesco Perpetual UK Smaller Cos Investment Trust PLC | ex-dividend payment date |
JPMorgan Global Core Real Assets Ltd | ex-dividend payment date |
Lancashire Holdings Ltd | ex-dividend payment date |
LSL Property Services PLC | ex-dividend payment date |
M&C Saatchi PLC | ex-dividend payment date |
M&G PLC | dividend payment date |
Macfarlane Group PLC | ex-dividend payment date |
Marwyn Value Investors Ltd | ex-dividend payment date |
Midwich Group PLC | ex-dividend payment date |
Montanaro UK Smaller Cos Investments Trust PLC | dividend payment date |
Octopus Titan VCT PLC | ex-dividend payment date |
One Media iP Group PLC | ex-dividend payment date |
Petershill Partners PLC | ex-dividend payment date |
Picton Property Income Ltd | ex-dividend payment date |
PRS REIT PLC | ex-dividend payment date |
Reach PLC | ex-dividend payment date |
Sherborne Investors Guernsey C Ltd | ex-dividend payment date |
Sthree PLC | ex-dividend payment date |
Sylvania Platinum Ltd | ex-dividend payment date |
Taylor Maritime Investments Ltd | ex-dividend payment date |
Tracsis PLC | ex-dividend payment date |
Travis Perkins PLC | dividend payment date |
UIL Ltd | ex-dividend payment date |
Friday 10 May | |
AIB Group PLC | dividend payment date |
Alpha Group International PLC | dividend payment date |
Antofagasta PLC | dividend payment date |
Hammerson PLC | dividend payment date |
Hunting PLC | dividend payment date |
International Personal Finance PLC | dividend payment date |
Invesco Select Trust Global Equity Income PLC | dividend payment date |
Invesco Select Trust UK Equity PLC | dividend payment date |
Johnson Service Group PLC | dividend payment date |
Kerry Group PLC | dividend payment date |
Moneysupermarket.com Group PLC | dividend payment date |
Schroder Asian Total Return Inv Co PLC | dividend payment date |
Schroder European Real Estate Investments Trust PLC | dividend payment date |
Schroder Oriental Income Fund Ltd | dividend payment date |
Serco Group PLC | dividend payment date |
Smurfit Kappa Group PLC | dividend payment date |
Somero Enterprises Inc | special dividend payment date |
Taylor Wimpey PLC | dividend payment date |
Tufton Oceanic Assets Ltd | dividend payment date |
VPC Specialty Lending Investments PLC | dividend payment date |
Comments and questions to newsroom@alliancenews.com | |
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
Copyright 2024 Alliance News Ltd. All Rights Reserved. |