LONDON MARKET CLOSE: FTSE's Momentum Continues With Help From Ocado

LONDON (Alliance News) - The FTSE 100's recent winning streak continued on Tuesday, joined by gains elsewhere in Europe and the US."The rally is moving from its 'unstoppable surge' stage to 'relentless grind higher'. With the Boeing 737-Max issue off the front pages for the time being, the Dow has been able to move higher, while tech stocks are showing healthy strength in the early part of the Wall Street session," said Chris Beauchamp, chief market analyst at IG.In London, the likes of Ocado, Informa and Antofagasta ensured the blue-chip index finished the session in the green. The FTSE 100 index closed up 24.81 points, or 0.3%, at 7,324.00. The FTSE 250 ended 64.59 points higher, or 0.3%, at 19,551.29, and the AIM All-Share closed up 2.72 points, or 0.3%, at 923.10.The Cboe UK 100 ended up 0.5% at 12,438.81, the Cboe UK 250 closed up 0.5% at 17,548.78, and the Cboe Small Companies ended up 0.2% at 11,195.65.The pound was quoted at USD1.3281 at the London equities close Tuesday, higher compared to USD1.3227 at the close on Monday.Sterling was supported by some robust UK labour market data on Tuesday.The unemployment rate for the three months to January was 3.9%, down from 4.0% in the three months to December and at the lowest level since 1975.Both including and excluding bonuses, average weekly earnings rose 3.4% year-on-year in the period. The figure including bonuses was above consensus cited by FXStreet of 3.2%, while the reading stripping out bonuses matched forecasts.Capital Economics said the "solid" wage growth and employment figures are "a recipe for interest rate hikes later this year".In the latest Brexit drama, UK Prime Minister Theresa May will continue urging lawmakers to back her Brexit deal, despite a new procedural hurdle, and will consult the EU this week on extending Britain's leaving date.Following a cabinet meeting, a Downing Street spokesman said May retained an "absolute determination" to push a Brexit deal through parliament.However, the speaker of parliament's main elected house, John Bercow, on Monday said he might not allow another vote on May's deal if it is "substantially the same" as the one that was defeated by 149 votes last week.The spokesman said the cabinet discussed that warning.May's cabinet also discussed the two-day summit of EU leaders, scheduled to open on Thursday, and her plan to write to European Council president Donald Tusk before the summit about extending the Brexit process, Downing Street said.In European equities on Tuesday, the CAC 40 in Paris ended up 0.2%, while the DAX 30 in Frankfurt ended 1.1% higher.In data from the eurozone, construction output fell in January on both a monthly and annual basis. Eurozone construction output fell by 1.4% in January month-on-month, following an increase of 1.1% in December. Year-over-year, eurozone construction fell by 0.7% in January, having grown by 2.1% in December 2018.The euro stood at USD1.1353 at the European equities close Tuesday, firm against USD1.1335 at the same time on Monday.Stocks in New York were higher at the London equities close, with the DJIA up 0.6%, the S&P 500 index also 0.6% higher, and the Nasdaq Composite advancing 0.7%.To come in the US corporate calendar on Tuesday, parcel delivery firm FedEx reports third-quarter results after the market close.In London, Ocado ended as the top performer in the FTSE 100, gaining 5.2% after a robust set of first quarter results.For the 13 weeks to March 3, the online grocer reported an 11% rise in revenue to GBP404.0 million from GBP363.4 million a year prior. This was despite a fire at its Andover automated warehouse at the beginning of February, which knocked revenue by 1.2% in the quarter.The company is currently "thoroughly" investigating the causes of the fire, however, an initial assessment showed no "significant implications" for the risk profile of the assets or the viability of its model, it added.Meanwhile, to offset the fire damage, the online supermarket continued to ramp-up its Erith CFC, which is now processing almost 37,000 orders a week. "The fire at the Andover centre appears to have done little to quell Ocado's rampant growth," commented Richard Hunter, head of markets at Interactive Investor.He added: "Repairs to the centre will of course be a diversion, but the site was fully insured and it is with some irony that the company will be able to build an improved replacement which is fully state of the art."Informa rose 3.7% after Morgan Stanley raised the academic publishing and events business to Overweight from Equal-Weight.Miner Antofagasta ended up 2.7% despite posting a reduction in annual earnings, as it commented on a favourable start to the year for copper prices.Pretax profit for 2018 was USD1.25 billion, 32% lower than in 2017, while earnings before interest, tax, depreciation, and amortisation declined 14% to USD2.23 billion. Nonetheless, this fall in earnings was in line with consensus, which had seen Ebitda at USD2.22 billion.Commenting on the outlook for copper, Chief Executive Ivan Arriagada said: "As US-China trade negotiations have progressed during the first few months of this year the copper price has traded favourably."We expect price volatility to persist in the short term but consider the fundamentals of the copper market will remain positive and the supply deficit will increase during the year."Copper was quoted at USD6,458.00 at the close on Tuesday, versus USD6,433.00 late Monday.In other commodities on Tuesday, Brent oil was largely unchanged, quoted at USD67.42 a barrel at the London equities close Tuesday from USD67.34 late Monday.Gold was quoted at USD1,305.89 an ounce at the London equities close Tuesday, steady compared to USD1,304.17 at the close on Monday.At the bottom of the blue-chips was Evraz, down 5.4% at 595.80 pence each. The Russian steelmaker said four investors have finalised the sale of a combined 25.4 million shares in the company.Greenleas International Holdings, Abiglaze, Crosland Global, and Toshi Holdings offered the shares, equivalent to 1.8% of the FTSE 100-listed steelmaker, in a placing at 595 pence. The sale was worth GBP151.1 million.Interdealer broker TP ICAP advanced 5.3% after the FTSE 250-listed firm reported "resilient" results in a "mixed" 2018.In 2018, TP ICAP's pretax profit decreased 14% to GBP62 million from GBP72 million. The company's revenue was flat at GBP1.76 billion.Underlying profit increased 5.2% to GBP245 million from GBP233 million in 2017. The adjusted figures remove acquisition, disposal & integration costs, and exceptional items. ICAP - which became as NEX Group, and was taken over by US-based exchange operator CME in 2018 - and Tullett Prebon in June 2016 agreed for Tulett to acquire the ICAP voice broking and information business. The deal was completed at the end of 2016, creating TP ICAP.TP ICAP on Tuesday said its integration programme is on track with synergy savings of GBP71 million per annum achieved. By the end of 2018, TP ICAP has spent about GBP130 million on the integration process and expects the total cost of integration to be GBP160 million.John Wood Group shed 8.4%. The oilfield services firm swung to an annual profit, with its acquisition of Amec Foster Wheeler driving significant growth.Aberdeen-based John Wood bought peer Amec Foster Wheeler in October 2017 for GBP2.20 billion, so 2018 was the first year reported on as a combined group.For 2018, revenue on a statutory basis rose 86% to USD10.01 billion, and including joint ventures by 79% to USD11.04 billion. Pro forma, revenue including joint ventures climbed 12% to USD9.88 billion.Pretax profit for John Wood in 2018 was USD53.5 million, from continuing operations, after a loss of USD21.6 million in 2017. Before exceptional items, pretax profit rose 50% to USD244.8 million from USD162.9 million.Elsewhere on the London Main Market, shares in womenswear retailer Bonmarche slumped 24% on yet another profit warning.The fashion retailer now expects to post an annual pretax loss of between GBP5.0 million and GBP6.0 million, as weaker sales in March offset sales gains made in the previous months.Bonmarche already lowered its profit guidance back in December, stating that it expected between breakeven and a GBP4.0 million loss at the pretax level. At the end of November, the firm had guided for its adjusted annual pretax profit to be GBP5.5 million. In the UK corporate calendar on Wednesday, annual results are due from B&Q owner Kingfisher and accommodation investor Empiric Student Property while construction firm Kier puts out interim results.In the economic calendar on Wednesday, German producer prices are at 0700 GMT followed by UK producer prices at 0930 GMT, with UK consumer price inflation due at the same time. Societe Generale said it thinks CPI inflation in the UK should remain at 1.8% year-on-year for February. "In February, there were no changes in the major influences on inflation. The food and energy price inflation components were stable and core inflation probably remained at 1.9% year-on-year," SocGen said. "The impact on goods inflation of the past fall in sterling is still waning and there is a risk of a small increase in services inflation but the net effect on core inflation should be zero."Later, at 1100 GMT, is the Confederation of British Industry Industrial Trends survey. Headlining Wednesday's economic calendar, however, is the latest interest rate decision from the Federal Reserve. The US central bank is widely expected to keep rates on hold as it announces its decision at 1800 GMT, with analysts predicting rate setters will lower their forecasts for 2019 to now only see one hike. Following the decision is a press conference with Fed Chair Jerome Powell at 1830 GMT.