Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTaylor Wimpey Share News (TW.)

Share Price Information for Taylor Wimpey (TW.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 137.05
Bid: 137.35
Ask: 137.45
Change: -3.20 (-2.28%)
Spread: 0.10 (0.073%)
Open: 137.25
High: 137.95
Low: 136.20
Prev. Close: 140.25
TW. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET OPEN: Rolls-Royce And Strong Pound Hamper FTSE 100

Thu, 09th Jul 2020 08:37

(Alliance News) - The FTSE 100 lagged in early dealings on Thursday as the pound held firm above the USD1.26 mark following UK Chancellor Rishi Sunak's mini-budget and Rolls-Royce Holdings shares fell as it reported GBP3.0 billion of free cash outflow.

The rest of Europe, though, got off to a good start after a solid session in Asia overnight, shrugging off the deteriorating virus situation in the US.

The FTSE 100 index was down 5.86 points, or 0.1%, at 6,150.30 early Thursday. The mid-cap FTSE 250 index was up 71.26 points, or 0.4%, at 17,256.50. The AIM All-Share index was up 1.1% at 884.18.

The Cboe UK 100 index was down 0.1% at 613.02. The Cboe 250 was up 0.3% at 14,623.63, and the Cboe Small Companies up 0.2% at 9,287.55.

In mainland Europe, the CAC 40 in Paris was up 0.4% while the DAX 30 in Frankfurt was 1.0% higher early Thursday.

"Optimism surrounding the economic recovery and more stimulus is overshadowing a record daily increase in US Covid-19 numbers, the return to lockdown for 5 million Australians and elevated US – Chinese tensions," said Fiona Cincotta at City Index.

The US recorded 55,000 new coronavirus cases in 24 hours Wednesday, a tally by Johns Hopkins University showed, bringing its total to over 3.0 million infections since the pandemic began. Coronavirus cases are surging in several southern hotspots including Texas, Florida, Louisiana and Arizona, but the pandemic has almost entirely receded from its former epicenter in New York and the north-east.

In Asia on Thursday, the Japanese Nikkei 225 index closed up 0.4%. In China, the Shanghai Composite closed up 1.4%, while the Hang Seng index in Hong Kong is up 0.2% in late trade.

Leading London's FTSE 100 was Persimmon, up 5.6% after saying housing completions fell in the first half but it is entering the remainder of the year in a "strong position".

The housebuilder said it generated revenue of GBP1.19 billion in the first half of 2020, down from GBP1.75 billion a year ago, as completions fell to 4,900 from 7,584. The average selling price, however, rose to GBP225,050 from GBP216,942.

Persimmon said it has seen good activity in the six-week period since sales offices re-opened in mid-May following the UK's lockdown, with average weekly net private sales reservations of 278 new homes, around 30% higher than the same period last year.

Customer enquiries remained at "healthy levels" throughout the lockdown period, Persimmon added.

"We enter the second half in a strong position, with work in progress well advanced, forward sales about 15% ahead year-on-year, and cash holdings of about GBP830m. Our financial strength and the agility of the business in responding to Covid-19 has ensured Persimmon is in robust health, and fully able to play its part in delivering the new homes the country needs to support the UK's recovery, in a range of future economic scenarios," said Chief Executive Dave Jenkinson.

Fellow housebuilder, mid-cap Vistry, rose 4.2%. It warned margins are expected to be hit in the first half due to Covid-19 but it has seen improved demand over recent weeks.

For the past ten weeks, the mid-cap firm said it has seen a week-on-week increase in sales rates, and over the last four weeks the average private sales rate per site per week including Vistry Partnerships' mixed tenure operations has been 0.62.

Vistry said first half completions were 1,235, less than half of the 3,371 recorded a year ago, and warned margins are expected to take a hit.

"The wide-ranging effects of Covid-19 are expected to impact margin for the first half across the business. The business has incurred additional costs directly related to the period of lockdown, lower levels of operating efficiency from social distancing and the lengthening of development period expectations. Margin is also impacted by our policy of recognising the full sales and marketing costs across the financial year, similar to administrative expenses, rather than apportioning," said Vistry.

There has been a continued improvement in customer demand over recent weeks, while house prices have remained stable.

Peers such as Barratt Developments and Taylor Wimpey were up 3.2% in a positive read across.

Gold miner Fresnillo was up 1.5% in early trade with the safe haven metal quoted at USD1,813.20 an ounce early Thursday, firm on USD1,811.86 on Wednesday and still trading around its best levels since 2011.

Brent oil was trading at USD43.14 a barrel early Thursday, higher than USD42.86 late Wednesday.

At the bottom of the blue-chips was Rolls-Royce Holdings, down 6.1% as it said its free cash outflow was GBP3.0 billion in the first half.

This included GBP1.1 billion less in cash inflow due to lower receipts, with wide-body engine flying hours down 50% in the first half - and 75% lower in the second quarter - together with lower engine deliveries. A further GBP1.1 billion stemmed from a one-off adverse impact from the cessation of invoice factoring, and the firm also cited increased inventory and debtor balances.

"Our rate of cash outflow is expected to ease in the second half supported by increased benefits from cash mitigation actions, the timing of working capital movements and the anticipated ongoing recovery of commercial aviation from the trough reported in April," the jet engine maker said.

Rolls-Royce anticipates a gradual recovery in its end markets as travel restrictions ease over the coming months. Wide-body engine flying hours are expected to be down around 55% this year, and it continues to plan for about 250 wide-body engine deliveries in 2020.

The FTSE 100 constituent is targeting GBP750 million free cash flow in 2022.

"These are exceptional times. The Covid-19 pandemic has created a historic shock in civil aviation which will take several years to recover. We started this year with positive momentum and strong liquidity and acted swiftly to conserve cash and cut costs to protect Rolls-Royce during the pandemic," said Chief Executive Warren East.

The economic events calendar on Thursday has the latest US jobless claims figures at 1330 BST.

The dollar was lower across the board on Thursday ahead of the data.

Sterling was outperforming, quoted at USD1.2643 early Thursday from USD1.2575 at the London equities close on Wednesday.

UK Chancellor Sunak on Wednesday unveiled measures worth up to GBP30 billion in a bid to support the economy through Covid-19. Firms which have furloughed staff will be given a GBP1,000 bonus to keep workers in jobs, diners will get a discount to support pubs and restaurants, and stamp duty is to be cut under plans to protect the economy from the coronavirus recession.

The euro traded at USD1.1350 early Thursday, up from USD1.1322 late Wednesday. Against the yen, the dollar was quoted at JPY107.26 versus JPY107.47.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
Today 17:37

London stocks round off March quarter with healthy gains

JD Sports climbs as pre-tax profit in line with guidance

*

Read more
Today 16:08

London close: Stocks finish firmer ahead of Easter break

(Sharecast News) - London's equity markets closed higher on Thursday ahead of the Easter break, despite lingering concerns over the UK's recessionary status in the latter part of last year.

Read more
21 Mar 2024 15:00

UK dividends calendar - next 7 days

Friday 22 March 
easyJet PLCdividend payment date
FRP Advisory Group PLCdividend payment date
Gulf Investment Fund PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
Hercules Site Services PLCdividend payment date
Impax Asset Management Group PLCdividend payment date
JLEN Environmental Assets Group Ltddividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Mattioli Woods PLCdividend payment date
Mobeus Income & Growth 2 VCT PLCdividend payment date
Mobeus Income & Growth 4 VCT PLCdividend payment date
Ramsdens Holdings PLCdividend payment date
Riverstone Credit Opportunities Income PLCdividend payment date
Ruffer Investment Co Ltddividend payment date
Samuel Heath & Sons PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Unilever PLCdividend payment date
Monday 25 March 
AstraZeneca PLCdividend payment date
Endeavour Mining PLCdividend payment date
Mountview Estates PLCdividend payment date
Shell PLCdividend payment date
Tuesday 26 March 
no events scheduled 
Wednesday 27 March 
abrdn Diversified Income & Growth PLCdividend payment date
Thursday 28 March 
Alliance Trust PLCdividend payment date
Balanced Commercial Property Trust Ltddividend payment date
Berkeley Group Holdings PLCdividend payment date
BHP Group Ltddividend payment date
BlackRock Energy & Resources Inc Trust PLCex-dividend payment date
BlackRock Sustainable American Income Trust PLCex-dividend payment date
BlackRock Throgmorton Trust PLCdividend payment date
BP PLCdividend payment date
City of London Investment Group PLCdividend payment date
Crown Place VCT PLCdividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
Develop North PLCdividend payment date
Diversified Energy Co PLCdividend payment date
Downing Renewables & Infrastructure Trust PLCdividend payment date
Gateley Holdings PLCdividend payment date
Genus PLCdividend payment date
Hargreaves Lansdown PLCdividend payment date
HICL Infrastructure PLCdividend payment date
Idox PLCex-dividend payment date
Imperial Brands PLCdividend payment date
Melrose Industries PLCex-dividend payment date
Mid Wynd International Investment Trust PLCdividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
NextEnergy Solar Fund Ltddividend payment date
North Atlantic Smaller Cos Investment Trust PLCdividend payment date
Personal Group Holdings PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCdividend payment date
Quartix Technologies PLCex-dividend payment date
Renewables Infrastructure Group Ltddividend payment date
Schroder Real Estate Investment Trust Ltddividend payment date
SDCL Energy Efficiency Income Trust PLCdividend payment date
Smith & Nephew PLCex-dividend payment date
Taylor Wimpey PLCex-dividend payment date
Thames Ventures VCT 2 DSO 1 D PLCdividend payment date
Travis Perkins PLCex-dividend payment date
Utilico Emerging Markets Trust PLCdividend payment date
Vaalco Energy Incdividend payment date
Value & Indexed Property Income Trust PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Volution Group PLCex-dividend payment date
Wynnstay Group PLCex-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.

Read more
14 Mar 2024 16:33

London close: Stocks fall as US inflation tops forecasts

(Sharecast News) - London's equity markets finished in negative territory on Thursday, driven by a flurry of stocks going ex-dividend and investor reactions to the latest US producer inflation and jobless data.

Read more
7 Mar 2024 12:04

LONDON MARKET MIDDAY: Stocks mixed ahead of ECB interest rate decision

(Alliance News) - Stock prices in London were mixed at midday on Thursday, as investors nervously wait for the European Central Bank.

Read more
7 Mar 2024 08:51

LONDON MARKET OPEN: Virgin Money UK surges on Nationwide takeover

(Alliance News) - Stock prices in London opened mixed on Thursday, as investors looked nervously towards the latest European Central Bank decision.

Read more
1 Mar 2024 08:49

LONDON MARKET OPEN: Housebuilders rise as UK housing market recovers

(Alliance News) - Stock prices in London opened mostly higher on Friday, after data from Nationwide showed that the UK housing market is recovering.

Read more
28 Feb 2024 16:52

LONDON MARKET CLOSE: FTSE 100 down as Reckitt, St James's Place plunge

(Alliance News) - Stock prices in London closed lower on Wednesday, with some poorly-received updates from high profile names keeping a lid on enthusiasm, ahead of a key US inflation reading on Thursday.

Read more
28 Feb 2024 15:01

London close: Stocks slip as US GDP growth decelerates

(Sharecast News) - London's equity markets experienced a downturn by the close on Wednesday, largely influenced by underperforming stocks such as St James's Place and Reckitt Benckiser, following disappointing financial results.

Read more
28 Feb 2024 08:46

TOP NEWS: Taylor Wimpey edges up dividend despite 40% profit fall

(Alliance News) - Taylor Wimpey PLC on Wednesday painted an optimistic outlook as it reported a fall in profit for last year on the back of now-abating higher mortgage rates which had impacted affordability.

Read more
28 Feb 2024 07:17

Taylor Wimpey sees fewer builds in 2024 as profits slump

(Sharecast News) - UK housebuilder Taylor Wimpey said current trading was showing "some encouraging signs of improvement" but would still build fewer homes this year as 2023 profits almost halved on higher mortgage rates and weaker demand.

Read more
26 Feb 2024 16:54

LONDON MARKET CLOSE: Stocks fall as US inflation data looms

(Alliance News) - The FTSE 100 closed lower on Monday, with miners and housebuilders on the decline, though there was some dealmaking impetus among smaller London listings.

Read more
26 Feb 2024 15:11

London close: Stocks fall as investors look to US data

(Sharecast News) - London markets closed in negative territory on Monday, as investors remained cautious ahead of the release of crucial US economic data later in the week.

Read more
26 Feb 2024 11:46

LONDON MARKET MIDDAY: Housebuilders take hit from CMA concerns

(Alliance News) - Stock prices in London were mostly lower at midday on Monday, with the FTSE 100 and FTSE 250 weighed down by housebuilding stocks.

Read more
26 Feb 2024 08:50

TOP NEWS: UK CMA investigates housebuilders for under delivery

(Alliance News) - The UK competition watchdog on Monday said it found "fundamental concerns" within the UK housebuilding market, and has launched an investigation into eight housebuilders.

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.