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 |  Subject: ADVFN Morning Euro Markets Bulletin March, 11th 2010  Thu Mar 11, 2010 10:04 am | |
| by ADVFN.comADVFN offer FREE streaming stocks and shares data form around the world. SEE MORE| London Market Report |
Miners lead decline
Market Movers
techMARK 1,639.62 -0.06%
FTSE 100 5,629.83 -0.19%
FTSE 250 9,853.78 -0.12%
London’s main index is being dragged lower by mining stocks, though Old Mutual is the weakest link among the blue chips after it published full-year results this morning.
South African insurer Old Mutual has resumed dividend payments following a better second half and is exploring the sale of US Life and a partial IPO of its US asset management business. A US Asset Management deal, which the firm said would bankroll growth, is expected within three years.
Among the miners, Randgold Resources, Kazakhmys, BHP Billiton, Anglo American and Vedanta Resources are all on offer.
Supermarket group Wm Morrison saw a sharp jump in profits in the year to 31 January as its value offering continued to attract customers during tough times. Pre-tax profits climbed to £858m from £655m from the same period the previous year, including an exceptional credit of £91m arising from steps taken to strengthen pension schemes. Turnover climbed to £15.4bn from £14.5bn.
Oil giant BP has beefed up its exploration operations with the acquisition of assets in Brazil, Azerbaijan and the Gulf of Mexico for $7bn. It will pay North America-focused oil and gas group Devon Energy $7bn for 10 exploration blocks in Brazil, exploration prospects in the US Gulf of Mexico and an interest in the BP-operated Azeri-Chirag-Gunashli (ACG) development in the Caspian Sea, Azerbaijan.
Argos and Homebase operator Home Retail is leading the risers after it said benchmark profit before tax for the year will be around £290m, slightly ahead of current market expectations. In the 8 weeks to 27 February, total sales at Argos fell 6.6% to £537m. Like-for-like sales declined by 9.4%, which included the approximate 3% negative impact of the later launch of the Spring/Summer catalogue, as well as an adverse impact of poor weather in this short and low volume period.
Drug giant AstraZeneca today announced a license and supply agreement with Indian peer Torrent Pharmaceuticals. Under the deal, Torrent will supply a portfolio of generic medicines for which it already has licenses in a range of countries.
JD Wetherspoon reinstated its dividend as the pub group reported half year sales and profits at record levels. Pre-tax profit in the 26 weeks ended 24 January was £36.2m, an increase of 17.5% on a pre-exceptional basis (2009: £30.8m) and a jump of 41.4% (2009: £25.6m) after exceptional items.
Regional newspaper publisher Johnston Press revealed a sharp decline in full year operating profit but said pressure on advertising revenues had started to improve in 2010.
The constant nature of Dignity’s business helped the funeral service provider post a rise in revenues and profits in the year to 25 December. Pre-tax profits climbed to £37.5m from £35.4m on revenues that rose to £184.7m from £175.8m.
Cinema operator Cineworld saluted the success of 3D films such as Avatar in drawing crowds to the cinema as it posted a rise in sales and profits. In the 53 weeks to December 31, pre-tax profits rose to £30.8m from £27.6m over the previous period as revenues rose to £333.4m from £298.9m.
IT infrastructure services provider Computacenter reported a better than expected 26% rise in full-year pre-tax profit and said it enters 2010 in good shape. Adjusted pre-tax profit increased to £54.2m in the year ended 31 December compared with £43.1m in the previous period. However, revenues decreased slightly to £2.50bn from £2.56bn.
FTSE 100 - Risers
Home Retail Group (HOME) 272.10p +1.61%
Antofagasta (ANTO) 1,035.00p +1.57%
Marks & Spencer Group (MKS) 354.20p +1.46%
Next (NXT) 2,000.00p +1.11%
Petrofac Ltd (PFC) 1,174.00p +1.03%
Kingfisher (KGF) 218.50p +0.83%
InterContinental Hotels Group (IHG) 980.50p +0.72%
FTSE 100 - Fallers
Old Mutual (OML) 120.20p -2.75%
Randgold Resources (RRS) 4,981.00p -2.43%
Smith & Nephew (SN.) 683.00p -1.80%
Morrison (Wm) Supermarkets (MRW) 298.90p -1.74%
Kazakhmys (KAZ) 1,522.00p -1.49%
BHP Billiton (BLT) 2,223.50p -1.07%
BP (BP.) 619.30p -0.90% |
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| | UK Event calendar for today |
INTERIMS
Origin Enterprises
INTERIM DIVIDEND PAYMENT DATE
Hartest Holdings
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Weekly Jobless Claims (US) (13:30)
Non-Farm Payrolls (FRA) (08:45)
ECB Report (EU) (10:00)
Gross Domestic Product (JPN) (23:50)
RBA Bulletin (AUS) (00:00)
Unemployment Rate (AUS) (00:00)
Q3
Queen's Walk Investment Ltd.
GMS
City of London PR, ReGen Therapeutics, Weatherly International
FINALS
Arbuthnot Banking Group, Charlemagne Capital, Cineworld Group, Clarkson, Computacenter, Dignity, Dolphin Capital Investors, Flying Brands, Johnston Press, Morrison (Wm) Supermarkets, Old Mutual Omega Insurance Holdings,Tikit
AGMS
Avesco Group, Jupiter Second Split Trust Geared Shares, Sanderson Group |
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| | European Market Report |
Lagardere leads fallers in Paris
Europe’s main markets have opened lower with French consumer magazine publisher Lagardere leading the fallers in Paris.
Lagardere is almost 6% lower after the group reported weaker than expected full-year results and forecast a 10% drop in operating profit this year.
The country’s largest publisher with titles including Elle, reported a 9.5% fall in full-year profits, worse than analysts had been anticipating.
Banks are also lower, with Societe Generale, BNP Paribas, Credit Agricole and UBS on offer.
Across the markets, the Dax in Frankfurt is down 11 points to 5,926 and the Cac in Paris is 17 points lower at 3,926. The Swiss market has dropped 2 points to 6,871.
Elsewhere in the world, Japan’s economy grew less than previously thought in the last quarter of 2009, new figures show, demonstrating that recovery in the Asian country may be weaker than thought.
The economy is now estimated to have grown at a pace of 0.9% during the year rather than the previously thought 1.1%.
CAC 40 - Risers
PPR (PP) € 90.86 +0.96%
Peugeot (UG) € 21.60 +0.63%
Accor (AC) € 39.10 +0.46%
Veolia Environnement (VIE) € 23.82 +0.42%
Essilor International (EI) € 46.63 +0.41%
GDF Suez (GSZ) € 28.20 +0.39%
Carrefour (CA) € 36.58 +0.38%
Technip (TEC) € 56.15 +0.27%
Michelin (ML) € 56.67 +0.23%
Pernod Ricard (RI) € 59.97 +0.03%
CAC 40 - Fallers
Lagardere SCA (MMB) € 26.85 -5.72%
Alstom (ALO) € 49.64 -1.66%
Societe Generale (GLE) € 44.13 -1.48%
ArcelorMittal SA (MT) € 30.79 -1.41%
BNP Paribas (BNP) € 56.70 -1.34%
AXA (CS) € 15.93 -1.24%
Alcatel-Lucent (ALU) € 2.51 -1.10%
ST Microelectronics (STM) € 6.75 -1.00%
Credit Agricole (ACA) € 11.91 -0.87%
LVMH (MC) € 85.69 -0.84% |
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| | US Market Report |
Modest gains on up and down day
US shares closed flat as unemployment figures prompted investors to question the Dow’s rally toward a two-month high.
On an undulating day, Dow Jones closed up 2 at 10,567. Nasdaq added 18 to 2,358, a new 18-month high, while the S&P 500 rose 5 to 1,145.
A report from the Labor Department revealed jobless rates rose in 30 states and Washington DC in January, although that was down from 43 the month before. It said unemployment rates fell in nine states and was unchanged in eleven.
There was also a surprise drop in wholesale inventories, which fell 0.2% at the start of 2009 rather than increase by the 0.2% predicted by economists.
Google rose after it said it expected talks with the Chinese government over censorship and monitoring of its Chinese sites to be concluded soon.
Citigroup rose as the bank sold $2bn worth of 30-year trust preferred securities with an 8.5% yield.
Teen fashion retailer American Eagle posted a rise in quarterly profits after lifting sales and holding back on discounts.
After the closing bell Tuesday, Abbott Laboratories agreed to buy Facet Biotech for $27 a share.
Elsewhere, exports from China rose by 46% from a year ago in February as the east Asian economic powerhouse continued its recovery from last year’s global economic downturn.
S&P 500 - Risers
American International Group Inc. (AIG) $36.24 +10.59%
Zions Bancorporation (ZION) $20.48 +6.33%
MEMC Electronic Materials (WFR) $13.63 +6.24%
Radioshack Corp. (RSH) $22.70 +5.58%
S&P 500 - Fallers
EQT Corp. (EQT) $44.68 -5.68%
Davita Inc. (DVA) $60.90 -2.54%
Lennar Corp. Class A (LEN) $16.93 -2.08%
Brown Forman Corp. Class B (BF.B) $54.79 -1.97%
Dow Jones I.A - Risers
Boeing Co. (BA) $70.01 +3.27%
Bank Of America Corp. (BAC) $17.11 +1.85%
Intel Corp. (INTC) $21.22 +1.34%
JP Morgan Chase & Co. (JPM) $42.93 +1.20%
Dow Jones I.A - Fallers
Travelers Company Inc. (TRV) $52.89 -1.27%
Merck & Co. Inc. (MRK) $36.67 -1.00%
Cisco Systems Inc. (CSCO) $25.91 -0.86%
Wal-Mart Stores Inc. (WMT) $53.63 -0.80% |
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| | Thursday newspaper round-up |
BP, British Airways, Cazenove
BP is set to enter the deep waters off the coast of Brazil, one of the world’s most exciting areas for oil exploration, with a $6bn deal to buy international oil and gas assets from Devon Energy. A deal could be announced as early as Thursday, according to people familiar with negotiations, says the FT.
Talks aimed at averting strikes by British Airways cabin crew broke down last night after efforts to reach a compromise deal ended in failure. Brendan Barber, general secretary of the Trades Union Congress, said: "Despite a prolonged period of negotiations it has not been possible to reach agreement between BA and Unite," writes the FT.
A former Cazenove partner has been found guilty in the largest case of insider trading brought by the Financial Services Authority. The conviction of Malcolm Calvert, 65, a former head of market marking at Cazenove, will be a major embarrassment for the Queen's stockbroker, reports the Telegraph.
The City watchdog has sounded alarm about the prospect of a meltdown in commercial property. Announcing much tougher stress tests for banks, the Financial Services Authority raised concerns that they are not setting aside enough to cover losses on the sector, according to the Independent.
Britain's banks are to be ordered to disclose more details of their highest earners' pay. The Financial Services Secretary, Lord Myners, has tabled draft plans which would require lenders to detail the numbers of their staff earning more than £500,000, including salary, cash bonuses, share awards, pensions and other benefits and expenses, says the Independent.
Roy Stanley, the former chairman of Tanfield Group, is orchestrating an unusual plan to take over the company’s main electric vehicles division in a £70 million conditional proposal that sent its shares racing 46 per cent higher, writes the Times.
Mexican billionaire Carlos Slim has stripped Bill Gates of his crown as the world’s richest man, as Latin American and Asian entrepreneurs begin to outpace the US and Europe when it comes to wealth creation, reports the Telegraph.
Toyota, the embattled Japanese car-maker that has been embroiled in a row over the safety of its vehicles in recent weeks, yesterday said that employees at its factories in north Wales and Derbyshire were set to return to full-time working, according to the Independent.
The future of EMI looked even more parlous yesterday when it parted company with its chief executive amid suggestions that several of its biggest acts were considering jumping ship, says the Times. |
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