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LONDON MARKET CLOSE: Pound Slides Ahead Of May's Likely Brexit Defeat

Tue, 12th Mar 2019 16:58

LONDON (Alliance News) - London stocks ended higher on Tuesday amid a volatile session for the pound, which was trading below the USD1.31 mark ahead of UK Prime Minister Theresa May's likely defeat in Westminster this evening. The FTSE 100 index closed up 20.53 points, or 0.3%, at 7,151.15. The FTSE 250 ended up 50.90 points, or 0.3%, at 19,143.96, and the AIM All-Share closed down 0.52 of a point, or 0.1% at 907.48.The Cboe UK 100 ended up 0.5% at 12,156.62, the Cboe UK 250 closed up 0.4% at 17,112.76, and the Cboe Small Companies ended up 0.3% at 11,105.68."Sterling rode the proverbial Brexit rollercoaster on Tuesday, seeming to settle somewhere between the day's optimistic highs and realistic lows," said Connor Campbell at Spreadex.The pound was quoted at USD1.3083 at the London equities close Tuesday, lower compared to USD1.3101 at the close on Monday.Sterling had traded above the USD1.32 mark early on Tuesday, but quickly tumbled to near USD1.30 after Attorney General Geoffrey Cox said the risk of the UK remaining in an indefinite arrangement with the EU to protect an open Irish border after Brexit remained "unchanged."This was despite May saying she had secured legal assurances in last-minute discussions with EU leaders late Monday.Cox said there was still a legal risk of failed trade talks leaving the UK trapped in the so-called "backstop" arrangement, which is designed as a temporary, last-resort measure to guarantee and open Irish border.He said the EU's assurances did reduce the risk that the UK could be "indefinitely and involuntarily detained" in the backstop - designed to keep an open border between Ireland and Northern Ireland after Brexit - because of "bad faith" in negotiations by the EU.Speaking in parliament later, he urged lawmakers to back May's deal, saying their decision was ultimately "political" rather than legal.Nevertheless, Northern Ireland's Democratic Unionist Party joined dozens of eurosceptics Conservatives in opposing May's revised Brexit deal.May is now "almost guaranteed" to lose this evening's vote, said Spreadex's Campbell. "That means attention likely already turns to tomorrow's 'no deal' vote; it's going to be interesting to see how granular sterling gets in its reactions as Wednesday goes on," he commented.In European equities on Tuesday, the CAC 40 in Paris ended up 0.2%, while the DAX 30 in Frankfurt ended down 0.1%.The euro stood at USD1.1290 at the European equities close Tuesday, higher than USD1.1230 at the same time on Monday.Stocks in New York were mixed at the London equities close, with the DJIA down 0.2%, the S&P 500 index up 0.5%, and the Nasdaq Composite 0.6% higher.Boeing was trading 6.5% lower in New York, weighing on the Dow, as more countries banned the use of its 737 MAX 8 fleet after Sunday's deadly crash.All 157 people on board a Kenya-bound Ethiopian Airlines flight were killed when the aircraft crashed soon after taking off from Addis Ababa on Sunday morning.Africa's largest airliner said that the cause of the accident is not yet known, but the company decided to ground the particular fleet as an extra safety precaution.This was the second air disaster involving the Boeing 737-8 class of aircraft.The US aviation authority said it believes Boeing's 737 Max 8 model is airworthy, but Brazil, Malaysia, Singapore, South Korea, Australia the UK and China have banned the aircraft.In US data, consumer price inflation eased slightly in February on an annual basis, though grew on the previous month. The consumer price index rose 1.5% year-on-year in February, decelerating from a 1.6% rise in January. On a month-on-month basis, US consumer prices rose 0.2% in February, having been flat in January.Broker rating action saw Intertek and Antofagasta end among the worst performers in the FTSE 100, down 1.5% and 1.3% respectively. Merrill Lynch resumed safety and testing firm Intertek with an Underperform rating, while miner Antofagasta was cut to Sector Perform from Outperform by RBC.Meanwhile, Smith & Nephew ended up 1.2%. The medical technology company said it has agreed to acquire the US's Osiris Therapeutics Inc for USD660 million in cash.Maryland-based Osiris is a regenerative medicine firm that produces products such as skin, bone graft, and articular cartilage substitutes.Driving the FTSE 250 higher were Sirius Minerals, Quilter and Computacenter. Sirius Minerals, the best performer in the index as it gained 8.8%, said it is exploring an alternative financing agreement for its massive Yorkshire mine.Sirius is developing the Woodsmith polyhalite fertiliser mine near Whitby.It is currently looking at securing stage two financing for the development project, having pursued senior debt financing with a group of possible lenders since 2016. However, it has now received a "conditional" approach from a "major global financial institution" over an alternative proposal, though it is still a senior debt facility.Quilter shares advanced 8.3% after proposing an inaugural final dividend after reporting growth in both profit and revenue in 2018.In 2018, the UK-focused wealth and asset manager swung to a GBP163 million pretax profit from a GBP54 million loss the year prior. Total fee revenue rose 8.3% to GBP788 million from GBP728 million the year before.Quilter, spun out from Old Mutual, proposed a 3.3 pence per share final dividend, or 61.92 rand cents. During the year, Quilter also paid a 12.0 pence or 206.43 cent special dividend. Computacenter finished 5.0% higher as it posted a rise in adjusted profit for 2018.The computer services firm's statutory pretax profit for 2018 fell 3.2% to GBP108.1 million, as it booked GBP5.7 million of one-off purchase costs and GBP4.4 million of intangibles amortisation. Excluding this, pretax profit on an adjusted basis rose 11% to GBP118.2 million. Computacenter's revenue rose 15% to GBP4.35 billion, with Services revenue up 1.5% and Supply Chain, its main business, rising 21%. Providing a slight drag at the other end was Equiniti, down 7.1%. The financial services administration outsourcer reported an increase in annual profit but said the operational separation of Wells Fargo Shareowner Services is now expected three months later than previously thought.The company's revenue climbed 31% to GBP530.9 million in 2018, with organic revenue growth at a record 7.3%. Equiniti reported pretax profit of GBP20.7 million for 2018, 35% higher year-on-year.However, the operational separation of Wells Fargo Shareowner Services - also known as EQ US - is now expected by June, three months later than previously guided, for a total programme cost of no more than GBP45 million. In commodities, Brent oil was quoted at USD66.64 a barrel at the London equities close Tuesday from USD66.32 late Monday.Gold was quoted at USD1,297.69 an ounce at the London equities close Tuesday, up from USD1,291.91 at the close on Monday.In the UK corporate calendar on Wednesday, grocer Wm Morrison Supermarkets, drugmaker Hikma Pharmaceuticals, investment firm Standard Life Aberdeen, subprime lender Provident Financial and financial services company Prudential all release annual results. In Wednesday's economic calendar, eurozone industrial production is at 1000 GMT followed by US producer prices at 1230 GMT, with durable goods orders due at the same time. US construction spending is at 1400 GMT.In the UK, Chancellor Phillip Hammond presents his Spring Statement to the House of Commons at 1230 GMT. The event will not hold any new spending or tax measures, but he will communicate the Office for Budget Responsibility's latest borrowing and growth forecasts."Although the Office for Budget Responsibility will probably take some money away from Philip Hammond by downgrading its near-term forecasts for the performance of the economy, that cash will probably be more than recouped by the surprisingly strong public finances figures in recent months," said Capital Economics.

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28 May 2019 08:46

LONDON MARKET OPEN: Galliford Rises 6% After Rejecting Bovis Approach

LONDON (Alliance News) - Stock prices in London opened slightly higher on Tuesday following the long bank holiday weekend, with Galliford Try leading midcaps after rejecting an of

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24 May 2019 08:36

LONDON MARKET OPEN: Stocks Led Higher By Miners But Focus On Politics

LONDON (Alliance News) - Miners were the best performers in London in early trade on Friday amid a bounce in commodity prices, while sterling remained depressed as the market awaited the of the UK

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15 May 2019 16:11

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 16 MayQuilterG4SSpire HealthcareBalfour BeattyCapital 17

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13 May 2019 16:53

LONDON MARKET CLOSE: FTSE 100 Put Under Pressure As Trade War Ramps Up

LONDON (Alliance News) - The FTSE 100 slipped to a seven-week low on Monday as renewed US-China trade war fears gripped markets, with the world's two largest economies slapping tit-for-tat on

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30 Apr 2019 16:53

LONDON MARKET CLOSE: Disappointing China Data Sees Miners Hinder FTSE

LONDON (Alliance News) - Weak manufacturing data from China overnight hit London-listed miners on Tuesday, causing the FTSE 100 to tumble. The FTSE 100 index closed down 22.44 points, or 0.3%, at

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24 Apr 2019 17:01

LONDON MARKET CLOSE: Mining And Oil Stocks Send FTSE 100 Lower

LONDON (Alliance News) - Stocks in London ended mixed on Wednesday, with the FTSE 100 pulled down by heavyweight oil and mining stocks.The FTSE 100 index closed down 51.32 points, or 0.7%, at The

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24 Apr 2019 14:46

Antofagasta Appoints Former BHP Executive Anglin To Board

LONDON (Alliance News) - Chilean miner Antofagasta PLC said on Wednesday it has appointed Michael Anglin as non-executive director with effect from Wednesday next week.Angling is currently

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24 Apr 2019 12:11

LONDON MARKET MIDDAY: FTSE 100 Retreats From Highs As Oil Stocks Weigh

LONDON (Alliance News) - Stock prices in London were mixed at midday Wednesday, with oil stocks weighing on the FTSE 100 and Centamin leading the FTSE 250.The FTSE 100 index was a

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24 Apr 2019 07:30

TOP NEWS: Antofagasta Pleased Despite Slowdown In Production

LONDON (Alliance News) - Chilean miner Antofagasta PLC reaffirmed 2019 guidance on Wednesday after reporting a first-quarter performance in line with expectations.In the three months to 23%

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18 Apr 2019 16:09

UK Dividends Calendar - Next 7 Days

Friday 19 April no events scheduled Monday 22 events 23 Power dividend

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17 Apr 2019 16:06

UK Earnings, Trading Statements Calendar - Next 7 Days

Thursday 18 April UnileverQ1 ResultsPZ CussonsTrading SolutionsTrading 19 events

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17 Apr 2019 08:54

LONDON MARKET OPEN: Bunzl Shares Slump After Growth Warning

LONDON (Alliance News) - Stocks opened up in the red on Wednesday in London, with Bunzl shares sliding in the large-cap index and iron ore miners also losing out. The FTSE 100 was

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16 Apr 2019 12:12

LONDON MARKET MIDDAY: FTSE 100 Set For 2019 Record Close On Pound Fall

LONDON (Alliance News) - Stocks in London were higher on Tuesday with the FTSE 100 benefiting from weakness in the pound, leaving the flagship index on track to close at its highest level so far a

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15 Apr 2019 12:12

LONDON MARKET MIDDAY: Miners Weigh On FTSE 100; IWG Shines In Midcaps

LONDON (Alliance News) - Stocks in London were marginally higher at midday on Monday, with miners restricting gains in the FTSE 100 and IWG leading the FTSE 250.The FTSE 100 index

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12 Apr 2019 17:08

LONDON MARKET CLOSE: Chinese Data Sends Stocks Higher; Plus500 Sinks

LONDON (Alliance News) - Stocks in London ended higher on Friday with economic data from China handing the FTSE 100 a boost, and US banks getting the reporting season underway across the pond. The

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