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 |  Subject: ADVFN Morning Euro Markets Bulletin April 14th 2010  Wed Apr 14, 2010 9:10 am | |
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Miners give Footsie a boost
Market Movers
techMARK 1,676.14 +0.69%
FTSE 100 5,794.36 +0.57%
FTSE 250 10,456.21 +0.36%
London’s blue chips are on the rise early on with miners leading the way as announcements from heavy hitters are once again thin on the ground.
Xstrata is currently the best performer, closely followed by Kazakhmys, Eurasian Natural Resources, Randgold Resources, Rio Tinto, BHP Billiton and Vedanta Resources.
Silver and gold producer Fresnillo said first quarter gold production exceeded its expectations. Quarterly attributable gold production increased by 31.5% over the same period last year to a record level of 85,097 ounces, as commercial production at Soledad-Dipolos kicked in during January 2010.
JD Sports Fashion beat the sky-high expectations of most City analysts when it published full-year figures. Total revenue increased by £98.9m to £769.8m in the 52 weeks ended 30 January, while like for like revenue rose by 2.5%. Profit before tax and exceptional items was up 26% to £67.4m versus expectations for pre-tax profit of £63.28m on sales of £734.6m.
Engineering consultant WS Atkins said it has continued to perform strongly and expects full-year results to be slightly ahead of current market forecasts. With net funds at 31 March 2010 expected to be around £300m, the financial position of the group remains strong, it added.
Emerging markets asset manager Ashmore said the third quarter saw assets under management increase 4% to $33bn. The drivers of this were net inflows of $0.8bn principally into the external debt and local currency themes, and positive performance of $0.6bn, the group said.
Outsourcing giant Capita has appointed Dr. Nigel Wilson, chief financial officer of insurer Legal & General to its board as a non-executive director. Wilson will be the senior non-exec on the Capita board and will sit on the company’s Nomination, Remuneration and Audit Committees.
Housebuilding and construction group Galliford Try is hooking up again with affordable housing provider the Affinity Sutton Group to buy and develop two sites in the south east of England. The pair plan to build 206 homes on sites in Haywards Heath and Orpington.
HomeServe, the home maintenance specialist, is extending its US reach with the acquisition of National Grid Energy Services' service contract business.
Lender IPF returned to the black in the first quarter as it added more customers and saw an improvement in economic conditions. The group, which provides small short-term loans to customers in eastern Europe and Mexico, said it made a good start to 2010 and reported a pre-tax profit of £2m in the first quarter of the year compared to a loss of £8.5m the year before.
Property and insurance software firm Innovation has had its software contract with one of the world’s largest vehicle management groups extended by three years. The contract extension will start from January 2011 and will see Innovation continue to provide accident management services to the customer, as it has been since 2004.
FTSE 100 - Risers
Xstrata (XTA) 1,289.50p +2.26%
Eurasian Natural Resources (ENRC) 1,223.00p +2.17%
Kazakhmys (KAZ) 1,559.00p +2.10%
ARM Holdings (ARM) 236.80p +1.98%
Randgold Resources (RRS) 5,335.00p +1.81%
Rio Tinto (RIO) 3,935.00p +1.48%
BT Group (BT.A) 125.40p +1.37%
BHP Billiton (BLT) 2,273.50p +1.34%
Vedanta Resources (VED) 2,887.00p +1.33%
BAE Systems (BA.) 380.00p +1.33%
FTSE 100 - Fallers
Legal & General Group (LGEN) 91.65p -1.98%
Associated British Foods (ABF) 970.00p -1.77%
Man Group (EMG) 267.70p -1.69%
Capita Group (CPI) 790.50p -0.94%
Aggreko (AGK) 1,192.00p -0.50%
TUI Travel (TT.) 301.10p -0.43%
Rexam (REX) 299.20p -0.40%
International Power (IPR) 333.10p -0.27%
Next (NXT) 2,318.00p -0.22%
RSA Insurance Group (RSA) 129.30p -0.15% |
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| | UK Event Calendar for today |
INTERIM EX-DIVIDEND DATE
F&C Private Equity, Octopus Eclipse VCT 1, Octopus Eclipse VCT 3, Octopus Eclipse VCT 4
QUARTERLY PAYMENT DATE
Yamana Gold Inc
QUARTERLY EX-DIVIDEND DATE
Henderson Global Property Companies Ltd., Mercantile Inv Trust, Merchants Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Beige Book Fed Survey (US) (19:00)
Business Inventories (US) (13:30)
Consumer Price Index(US) (13:30)
Crude Inventories (US) (18:00)
Industrial Production (EU) (10:00)
Retail Sales (US) (13:30)
GMS
Abbeycrest
FINALS
AGI Therapeutics, Bond International Software, JD Sports Fashion, Velosi
ANNUAL REPORT
Travis Perkins
IMSS
Ashmore Group
SPECIAL EX-DIVIDEND PAYMENT DATE
F&C Private Equity Restricte 'D' Shares
AGMS
Access Intelligence, Heavitree, JPMorgan Claverhouse Inv Trust, Octopus Titan VCT 3, Octopus Titan VCT 4
TRADING ANNOUNCEMENTS
Alterian
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
BlackRock Latin American Inv Trust, Lancashire Holdings, Shire Plc
FINAL EX-DIVIDEND DATE
Arbuthnot Banking Group, BG Group, Capita Group, Charles Taylor, Charter International, Chesnara, China Medical System Holdings, Davis Service Group, Devro, Evolution Group, Filtrona PLC, Fisher (James) & Sons, Forth Ports, Fyffes, Hikma Pharmaceuticals, IMI, Impax Environmental Markets, International Personal Finance, Invista Real Estate Investment Management Holdings, Kerry Group 'A', Legal & General Group, Octopus IHT AIM VCT 'A' Shares, RPS Group, Sperati (Ca), Spirax-Sarco Engineering, T Clarke, Tullow Oil |
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| | European, Currencies Market |
Tech stocks gain
Europe’s technology stocks got a boost from better than expected figures from computer chip maker Intel after the bell yesterday in New York.
Forecast-beating first-quarter orders from Dutch chip equipment maker ASML added to the positive sentiment.
German chipmaker Infineon and Finnish mobile phone maker Nokia are also in demand.
Across the markets, the Dax in Frankfurt is up 27 points to 6,258 and the Cac in Paris is 18 points higher at 4,050. The Swiss market has gained 13 points to 6,898.
Elsewhere, embattled Japanese car maker Toyota has run into more trouble in the US and has suspended sales of its luxury gas guzzler, the Lexus GX460, after Consumer Reports magazine advised its readers not to buy the sports utility vehicle (SUV).
The magazine criticised the performance of the GX460, saying the slow response of the car’s electronic stability control system could put the driver and passengers in danger.
Over here, Peugeot, Renault and BMW are among the main fallers in Paris and Frankfurt.
Banks are also lower, with Societe Generale, Credit Agricole, BNP Paribas and Commerzbank unwanted.
CAC 40 - Risers
Cap Gemini (CAP) € 38.10 +3.74%
Alcatel-Lucent (ALU) € 2.48 +3.04%
ST Microelectronics (STM) € 7.73 +2.71%
ArcelorMittal SA (MT) € 34.18 +1.42%
EDF (EDF) € 42.00 +1.08%
Danone (BN) € 46.70 +1.01%
L'Oreal (OR) € 82.77 +0.94%
Lagardere SCA (MMB) € 32.15 +0.85%
Sanofi-Aventis (SAN) € 55.13 +0.84%
France Telecom (FTE) € 17.48 +0.84%
CAC 40 - Fallers
Peugeot (UG) € 22.16 -1.29%
Societe Generale (GLE) € 45.61 -1.16%
Credit Agricole (ACA) € 13.33 -0.45%
BNP Paribas (BNP) € 56.48 -0.42%
Renault (RNO) € 35.15 -0.38%
Lafarge (LG) € 53.14 -0.26%
Accor (AC) € 43.45 -0.24%
Alstom (ALO) € 47.01 -0.18%
Schneider Electric (SU) € 86.46 -0.05%
PPR (PP) € 105.15 -0.00% |
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| | US Market |
Earnings Optimism Buoys Stocks For Second Straight Session
Stocks were able to post modest gains on Tuesday, as continued optimism regarding earnings guided sentiment higher. Meanwhile, the day's economic data did little to alter the economic outlook, keeping many traders on the sidelines. The major averages all closed in positive territory, building on yesterday's slim gains.
On the economic front, the Commerce Department reported that the trade deficit widened by more than expected in the month of February after unexpectedly shrinking in January. The wider deficit came as the value imports increased at a much faster rate than the value of exports.
Separately, the Labor Department said that import and export prices both rebounded during March after showing modest decreases in the previous month.
In corporate news, traders reacted to quarterly results from aluminum giant Alcoa Inc. (AA), which unofficially kicked off the earnings season after the closing bell yesterday.
The firm said that its first quarter loss narrowed from last year as sales rose amid improving demand and higher prices for the light metal. Alcoa reported adjusted earnings that came in line with analysts' estimates, while its quarterly sales missed forecasts.
Further, Indian software services firm Infosys Technologies Ltd. (INFY) said its fourth-quarter profit increased from last year, helped by an increase in revenues due to the re-emergence of demand from its clients. Looking ahead, Infosys sees first quarter earnings in line with estimates.
The major averages all saw choppy movement in late-session dealing, holding onto modest gains. The Dow gained 13.45 points or 0.1 percent to end at 11,019.42, the Nasdaq advanced by 8.12 points or 0.3 percent to 2,465.99 and the S&P 500 rose by 0.82 points or 0.1 percent to 1,197.30.
Sector News
Commercial real estate stocks were some of the day's best performers, with the Morgan Stanley REIT Index advancing by 2.5 percent. With the upward move, the index rose to its best closing level in over eighteen months.
Railroad stocks also moved notably higher on the day, as reflected by the 1.1 percent climb by the Dow Jones Railroads Index. The gain lifted the index to its highest finishing level in nearly nineteen months.
Genesee & Wyoming Inc. (GWR) was one of the railroad sector's best performers, rising by 4.9 percent to a seventeen-month closing high.
Wireless, networking and semiconductor stocks also rose on the day, while weakness was visible among computer hardware stocks. The NYSE Arca Computer Hardware Index slid by 1.7 percent, pulling back off yesterday's two and a half month closing high.
Health insurance, banking and oil service stocks also moved lower, limiting the gains by the major averages.
Dow Components
Home Depot (HD) was the leading percentage gainer among the Dow components, rising by 2.6 percent. The advance boosted shares to their best closing level in two and a half years.
General Electric (GE) also saw a strong outing, posting a gain of 1.3 percent and closing at a seventeen-month high.
Kraft (KFT), Intel (INTC) and American Express (AXP) also saw buying interest, rising by 1 percent each and helping the Dow to post a gain on the day.
Meanwhile, Alcoa was the worst performers in the Dow, sliding by 1.6 percent after its earnings report, although it closed well off of its session lows. The loss took the stock further off the more than two-month closing high that it set last Tuesday.
Boeing (BA), Caterpillar (CAT), DuPont (DD) and AT&T (T) also moved lower on the day, further limiting the upside for the blue chip index. |
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| | Wednesday newspaper round-up: Bmi, IMF, Greece |
Bmi’s German owner yesterday announced massive job losses and a cut of nearly a quarter of its capacity in a move to save £100 million a year. The revamp will cost 800 people their jobs and see the return of the airline’s former name — British Midland International, reports the Times.
The International Monetary Fund yesterday urged US and European regulators to consider imposing higher bespoke capital requirements on "systemically important" banks deemed "too big to fail", according to the FT.
Global fund managers have changed their views of the euro area dramatically since the Greek crisis erupted last year and exposed the deep structural flaws in monetary union, says the Telegraph. "Europe has become a no-go zone," said Patrik Schowitz, equity strategist at Bank of America Merrill Lynch. "As recently as five months ago investors regarded Europe as the most attractive play on global economic recovery".
The Independent added that the Greek rescue package passed its first test easily yesterday when the latest auction of that country's government debt was heavily oversubscribed. The euro continued to strengthen on international markets, buoyed by the encouraging news from Athens. Investors seemed keen to take up the relatively generous yield on the paper, now accompanied by an apparent implicit guarantee from the German government.
The future ownership of Arsenal, the English Premier League football team, took another unexpected twist after Stan Kroenke, the US billionaire who has accumulated the biggest stake in the London club, made a surprise move to buy the St Louis Rams, an American football team, writes the FT.
The Astaire stockbroking firm was under investigation by the Financial Services Authority last night after it admitted discovering a £1.4 million black hole on its balance sheet, according to the Times.
The global economic recovery could be put at risk if oil prices remain above $80 (£50) a barrel, the International Energy Agency (IEA) has warned, says the Telegraph.
Gordon Brown has admitted for the first time that he made mistakes that contributed to the financial crisis. In a television interview to be shown tonight,the Prime Minister concedes that he bowed to pressure from the City and failed to regulate the banks properly. Mr Brown said: "In the 1990s the banks all came to us and said: 'Look, we don't want to be regulated, we want to be free of regulation', reports the Independent.
Ken Clarke, shadow business secretary, vowed to defend Britain’s liberal takeover regime on Tuesday as he set out Conservative plans for a laisser faire approach to business based on low taxes, deregulation and less state support. In an interview with the Financial Times, Mr Clarke dismissed as “populist nonsense” Labour plans to impede hostile takeovers and deter hedge fund predators.
The troubled Japanese car maker Toyota, still reeling from a string of safety problems, has suspended sales in the US of its Lexus GX 460 model, after an influential American consumer magazine issued a recommendation that consumers should not buy the car for fear it may roll over, writes the Times. |
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