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LONDON MARKET CLOSE: FTSE Continues Racking Up Gains As Miners Rally

Tue, 11th Jun 2019 17:01

(Alliance News) - Miners and a well-received set of annual results from hazard detection firm Halma helped the FTSE 100 continue its recent winning streak on Tuesday, though the blue-chip index was limited by gains for sterling.The pound nudged higher after the latest UK wage figures beat analyst expectations, while the unemployment rate held firm at a multi-decade low. The FTSE 100 index closed up 22.91 points, or 0.3%, at 7,398.45. Since the start of the month, the index has risen 3.3%.The FTSE 250 ended up 16.12 points, or 0.1%, at 19,325.72, and the AIM All-Share closed up 1.91 points, or 0.2%, at 945.29.The Cboe UK 100 ended up 0.3% at 12,548.25, the Cboe UK 250 closed up 0.1% at 17,336.77, while the Cboe Small Companies slipped 0.4% to 11,709.79."The FTSE pushed higher for a sixth straight session on Tuesday amid improved global sentiment. Chinese stimulus talks overshadowed US-Sino trade concerns giving a leg up to European bourses and Wall Street on the open," said Fiona Cincotta, senior market analyst at City Index.However, she added: "A stronger pound following a better than expected employment report prevented the FTSE from taking top spot in Europe."In European equities on Tuesday, the CAC 40 in Paris ended up 0.5%, while the DAX 30 in Frankfurt advanced 0.9%.Limiting the FTSE 100's gains on Tuesday was the pound, quoted at USD1.2722 at the London equities close Tuesday, compared to USD1.2680 at the close on Monday.This was after a set of forecast-beating average earnings figures from the UK. Including bonuses, average weekly earnings in the UK rose 3.1% year-on-year in the three months to April, slower than the revised 3.3% growth for the three months to March but above market forecasts, as cited by FXStreet, of a 3.0% rise.Excluding bonuses, earnings were up 3.4%, above consensus of 3.1% and faster than March's 3.3% advance.The unemployment rate was 3.8%, in line with the month before and remaining at the lowest figure since 1974. The employment rate was estimated at 76.1%, higher than 75.6% a year earlier and the joint-highest figure on record.Capital Economics described the UK labour market as "relatively robust" in April."The upshot is that with the unemployment rate so low and wage growth robust, the MPC will remain on standby to raise rates if and when the effects of Brexit uncertainty wane," said Capital Economics.The euro was broadly unchanged, meanwhile, standing at USD1.1316 at the European equities close Tuesday against USD1.1311 at the same time on Monday.Data from behavioral research institute Sentix showed eurozone investor confidence deteriorated sharply in June as a renewed escalation in trade tensions between the US and China knocked sentiment.The investor confidence index for the euro area fell by 8 points to negative 3.3 from 5.3 in May. Economists had expected a score of 2.5.The survey also found that investors are now expecting stimulus from the central banks, especially the US Federal Reserve. The corresponding theme index of the survey climbed 11 points to 22.25, its highest level since July 2016.In US data, producer prices showed a modest increase in May. The US Labor Department said its producer price index for final demand inched up by 0.1% in May on a seasonally-adjusted basis on the month prior after rising by 0.2% in April. The May print was in line with economist estimates.Stocks in New York were in the green at the London equities close, with the Dow Jones up 0.3%, the S&P 500 index up 0.3%, and the Nasdaq Composite rising 0.4%. Safe haven asset gold continued to slide amid the risk-on attitude, quoted at USD1,325.80 an ounce at the London equities close Tuesday against USD1,329.00 at the close on Monday."The metal enjoyed a major rally since late May, and now as the US dollar is standing still, rather than falling, the commodity is handing back some of its recent gains," said David Madden at CMC Markets.In other commodities, Brent oil softened marginally to be quoted at USD62.54 a barrel at the London equities close Tuesday from USD62.60 late Monday.Elsewhere in the commodity space, miners were among the top performers in London on Tuesday on hopes of Chinese stimulus."China pledging to spend more on infrastructure to offset any downturn caused by Trump's trade tariffs was music to the ears of metals traders," said City Index's Cincotta.This saw Antofagasta gain 3.0%, Anglo American rise 2.4% and BHP Group edge up 2.5%. The best performer in the FTSE 100, however, was safety and hazard detection firm Halma after a solid set of annual results. Halma finished 3.9% higher as it reported revenue growth of 13% in the year to the end of March to GBP1.21 billion from GBP1.08 billion a year before, in line with market expectations. On an organic constant currency basis, revenue climbed by 10%.On an adjusted basis, pretax profit increased by 15% to GBP245.7 million, ahead of analysts' expectations of GBP243.1 million and within Halma's guidance range of between GBP240.1 million and GBP253.4 million.Halma declared a final dividend of 9.60 pence a share, up 7% from 8.97p paid the year prior, taking the total payout to 15.71p, also up 7% year-on-year.Hargreaves Lansdown slipped 2.1% after the head of the Financial Conduct Authority said he will take another look into how fund supermarkets create "best buy" lists.The meltdown from Neil Woodford's flagship equity funds freezing redemptions continued after Andrew Bailey, speaking on BBC Radio 4's Today programme, said the FCA will ensure fund supermarkets "have been abiding by the principles" that demand they be impartial, thorough and timely when creating best-buy lists of favoured funds. Retail investors rely heavily on these when choosing which funds to buy and sell.FTSE 100-listed Hargreaves Lansdown creates such lists and had LF Woodford Equity Income Fund and Woodford Income Focus Fund on its Wealth 50 list. The two funds were removed last Monday following the news Woodford was stopping investors from withdrawing their money.FTSE 250-listed Woodford Patient Capital Trust - also managed by Woodford Investment Management - closed up 7.3%, rebounding from a recent string of losses which has seen the fund shed 17% since the start of the month.Ensuring the FTSE 250 lagged behind its blue-chip counterpart, however, fashion retailer Ted Baker slumped 29% after a profit warning.Ted Baker said it now anticipates underlying pretax profit for the year ending January 25 to be in the range of GBP50 million to GBP60 million. In its previous financial year, which ended on January 26, Ted Baker reported pretax profit before exceptional items of GBP63.0 million.The high-end clothing seller said its performance in the 19 weeks from January 27 to Saturday last week reflected "difficult and unpredictable" trading conditions, unseasonable weather experienced across North America, and a highly promotional retail environment.Total retail sales, including e-commerce, decreased by 0.3% during the 19-week period, or by 1.8% in constant currency, despite average retail square footage rising by 5.3% to 443,036 square feet.In the corporate calendar on Wednesday, there is a trading statement from Lucky Strike cigarette maker British American Tobacco, advertising and marketing firm WPP and AIM-listed fashion retailer boohoo.In the economic calendar, Chinese consumer and producer price inflation is due at 0230 BST followed by consumer prices from the US at 1330 BST.

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13 Aug 2019 16:58

LONDON MARKET CLOSE: US Tariff Delay News Sparks Late Surge In Europe

(Alliance News) - London stocks saw a sharp turnaround in fortunes as Tuesday's session progressed on news the US will delay some tariffs on Chinese products. The decision caused safe haven to

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5 Aug 2019 08:57

LONDON MARKET OPEN: Miners Struggle Amid Ongoing US-China Trade Woes

(Alliance News) - Stocks in London added to Friday's losses early on Monday as trade tensions between the US and China harmed miners, dragging the FTSE 100 lower. The large-cap index was down

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24 Jul 2019 07:44

TOP NEWS: Antofagasta Costs To Continue To Fall After Strong Quarter

(Alliance News) - Chilean copper miner Antofagasta PLC on Wednesday held annual production guidance after a "strong" copper performance in the second quarter of 2019.Production in

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24 Jul 2019 07:44

LONDON MARKET PRE-OPEN: Aston Martin Cuts Guidance On Tough Backdrop

(Alliance News) - Stocks in London are on course for a hesitant start on Wednesday following some solid gains in the previous session, with US-China trade talk newsflow providing some support.In a

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19 Jul 2019 17:05

LONDON MARKET CLOSE: Stocks Higher As Investors Look For US Rate Cut

(Alliance News) - Stocks in London ended higher on Friday as dovish remarks from a key Federal Reserve official boosted investor sentiment.Central banks should move quickly to address economic are

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19 Jul 2019 12:14

LONDON MARKET MIDDAY: Stocks Mixed As US Rate Cut Expectations Rise

(Alliance News) - London shares were mixed at midday on Friday with the FTSE 100 hindered by the rising pound, as investors digested comments from the US Federal Reserve.Central banks should move

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19 Jul 2019 08:39

LONDON MARKET OPEN: Acacia Mining Jumps On Barrick Gold Agreement

(Alliance News) - Stocks opened up in the green in London on Friday, with investor sentiment worldwide boosted by doveish comments from US central bankers on Thursday.On the London Stock Acacia on

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17 Jul 2019 16:07

UK Earnings, Trading Statements Calendar - Next 7 Days

Thursday 18 July Scieifitic Digital Imaging Half Year ResultsAudioboomHalf Year Year

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15 Jul 2019 17:04

LONDON MARKET CLOSE: FTSE Rises On Weak Pound And Strong Miners

(Alliance News) - Stocks in London ended in the green Monday with the FTSE 100 enjoying a boost from miners and a weaker pound. The large-cap FTSE 100 index closed 25.75 points higher, or 0.3%, at

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15 Jul 2019 12:12

LONDON MARKET MIDDAY: Stocks Up As Investors Shrug Off China GDP Data

(Alliance News) - Stock prices were higher in London at midday on Monday with investors unperturbed by weakened economic growth in China, as Citigroup is set to initiate earnings

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15 Jul 2019 10:21

WINNERS & LOSERS SUMMARY: Sports Direct Sinks On Annual Results Delay

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - up 4.3%. An international tribunal has ordered to to

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15 Jul 2019 08:41

LONDON MARKET OPEN: House Of Fraser Woes Continue For Sports Direct

(Alliance News) - Stock prices in London opened higher on Monday with heavyweight miners among the blue-chip risers, while among mid-caps Sports Direct fell sharply after delaying

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15 Jul 2019 08:34

TOP NEWS: Antofagasta's Tethyan Copper Wins Case Against Pakistan

(Alliance News) - An international tribunal has ordered Pakistan to pay almost USD6 billion to a joint venture partly owned by Antofagasta PLC, the company said Monday.The USD5.84 billion a

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5 Jul 2019 17:07

LONDON MARKET CLOSE: Strong US Jobs Report Dim Interest Rate Cut Hopes

(Alliance News) - Stocks in London ended lower on Friday as a stellar jobs report from the US cooled hopes that the Federal Reserve will cut interest rates at its upcoming monetary policy meeting

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5 Jul 2019 12:13

LONDON MARKET MIDDAY: Housebuilders Hurt By Slip In UK House Prices

(Alliance News) - Stocks continued to trade mostly lower at midday on Friday, as market focus remained on the US jobs report later in the day.Holding back the FTSE 100 were losses for and miners,

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