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LONDON MARKET OPEN: Miners Rise; Deals Lift Fuller's And Earthport

Fri, 25th Jan 2019 08:42

LONDON (Alliance News) - The FTSE 100 was in the green early on Friday, helped by commodities stocks, while a number of midcap firms were suffering from broker ratings cuts. Elsewhere on the London Stock Exchange, brewer Fuller, Smith, & Turner and cross-border payments firm Earthport surged. Fuller's has sold its beer business, and will pay out extra dividends with the proceeds, while Earthport has received an increased takeover offer. The FTSE 100 was up 11.05 points, or 0.2%, at 6,830.00 in early trade.The FTSE 250 was 5.05 points lower at 18,622.58, and the AIM All-Share was 0.5% lower at 912.45.The Cboe UK 100 was up 0.1% at 11,605.35, while the Cboe UK 250 was up 0.1% at 16,677.24. The Cboe UK Small Companies up marginally at 11,147.87.On mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.5% and 0.9% respectively. In Asia on Friday, the Japanese Nikkei 225 index closed up 1.0%. In China, the Shanghai Composite closed up 0.4%, while the Hang Seng index in Hong Kong ended 1.7% higher.In the US on Thursday, Wall Street closed higher, with the Dow Jones Industrial Average ending down 0.1%, but the S&P 500 up 0.1% and the Nasdaq Composite up 0.7%.In the FTSE 100, Vodafone was down 1.1%. The telecommunications firm reiterated its annual guidance, despite reporting a fall in revenue for its third quarter.For the three months to December 31, Vodafone's revenue was EUR11.00 billion, down 6.8% on a reported basis year-on-year. This figure was hindered by accounting changes, the sale of Vodafone's stake in its Qatari business, and foreign exchange.In the third quarter, organic service revenue rose 0.1% year-on-year, slowing from 0.5% annual growth in the second quarter. Using Vodafone's previous accounting method, growth actually improved to 0.4% from 0.3% in the prior quarter.On a reported basis, Vodafone's service revenue fell to 3.9% to EUR9.79 billion.Mexican miner Fresnillo was 2.9% higher, the best large cap performer, after UBS raised the stock to a Buy rating from Neutral.Fellow commodity firm Glencore was 1.9% higher, Antofagasta also 1.9% higher. Anglo American was 1.4% higher, and Rio Tinto and BHP both were up 1.3%. Losing out in the large cap index was British Land, down 2.1%, after Citigroup cut its rating to Sell from Neutral. Likewise, Citigroup has reduced its rating on peer Land Securities to Sell from Neutral, with the stock 1.4% lower. In the FTSE 250, a number of firms were lower after ratings cuts by brokers. Citigroup has reduced both Hammerson and intu Properties to Sell from Neutral. Hammerson was 1.7% lower, and intu down 4.6%. On Thursday, Goldman Sachs had cut intu to Sell from Neutral. Citigroup downgraded Great Portland Estates to Sell from Neutral, with the stock down 4.5%.Derwent London was likewise suffering at the hands of Citigroup, with shares down 3.4% following a cut to Sell from Neutral.Irn Bru-maker AG Barr was 0.5% lower as it reported "continued positive trading" in its year ending Saturday, with revenue guided to be 5% up year-on-year at around GBP277 million.Core brands did well, AG Barr said, with further UK market share gains made in soft drinks.Value growth has "significantly" outstripped volume growth in the period due to the UK government's soft drinks levy, and AG Barr expects to return to a more value-led strategy in 2019.Looking ahead, AG Barr is confident despite Brexit uncertainty and likely further regulatory intervention in the soft drinks industry in the UK.Elsewhere, West London brewer and pub operator Fuller, Smith & Turner surged 25% as it announced it has sold its beer business to Japan's Asahi Group for an enterprise value of GBP250 million.The business includes all beer, cider, and soft drink production, wine wholesaling, as well as all distribution.Fuller's expects net cash from the sale of GBP205M, and it will return between GBP55 million and GBP69 million of this to shareholders via dividends, which will not affect its existing dividend plan.Meanwhile, Fuller's said trading as been "very strong", with like-for-like sales in Managed Pubs & Hotels rising 5.6% year-on-year in the 10 weeks to January 19 and 4.7% in the 42 weeks to the same date.Earthport was 23% higher as it said it has received an increased offer from Mastercard, and has agreed a 33 pence per share deal. Previously, Mastercard had offered 30p per share.The new agreement values Earthport at GBP233 million, and Earthport's board has recommended shareholders accept the offer.The pound was quoted at USD1.3085 early Friday, up from USD1.1.3034 at close on Thursday.A quiet economic calendar Friday will see the World Economic Forum in Davos come to a close. US data releases are being postponed due to the US government shut-down.The US Senate was unable Thursday to reach agreement on ending the partial shutdown of the federal government, now in its 34th day, after two rival bills each failed to gain enough votes to advance.The shutdown has led to some 800,000 federal workers not being paid, while key agencies like law enforcement and air traffic control say they are struggling to carry out their duties. More agencies will run out of funding as time passes.One bill, sponsored by President Donald Trump's centre-right Republicans, included some protections for certain immigrants and USD5.7 billion in funding for a border wall on the frontier with Mexico.

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24 Oct 2018 12:00

LONDON MARKET MIDDAY: Stocks Recover As Global Sell-Off Eases

LONDON (Alliance News) - FTSE 100 index bounced back to over 7,000 mark at midday on Wednesday after a sharp fall in Tuesday's session, with Barclays among the markets are on the

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24 Oct 2018 09:03

LONDON MARKET OPEN: Stocks Open Higher On Asia Rebound, Airline Gains

LONDON (Alliance News) - Stock prices in London opened higher on Wednesday as Asian markets extended a global equity rebound, with airlines among the gainers.Meanwhile, miners and reported mixed with

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24 Oct 2018 07:49

TOP NEWS: Antofagasta Third Quarter Production Rises, Costs Contained

LONDON (Alliance News) - Copper miner Antofagasta PLC said Wednesday its third quarter production improved markedly as it expects further output gains in the final quarter, meanwhile the firm to a

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24 Oct 2018 07:42

LONDON MARKET PRE-OPEN: Barclays Profit Falls; Miners Cut Guidance

LONDON (Alliance News) - Stock prices in London are set to open higher on Wednesday, following a sharp decline on Tuesday, with Barclays reporting a fall in profit in the first nine

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22 Oct 2018 17:13

LONDON MARKET CLOSE: Gambling Stocks Slip; May Gives Brexit Statement

LONDON (Alliance News) - Stocks in London ended lower on Monday with gambling companies among the worst blue chip performers, while UK Prime Minister Theresa May delivers her Brexit statement to the

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22 Oct 2018 11:59

LONDON MARKET MIDDAY: FTSE 100 Led Higher By NMC, Airlines And Miners

LONDON (Alliance News) - The FTSE 100 went from strength to strength on Monday, gains accelerating as the morning session progressed, having started well following strong trading in Asia was the top

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22 Oct 2018 08:38

LONDON MARKET OPEN: Buoyant China Boosts Miners And Lifts FTSE 100

LONDON (Alliance News) - Following a bumper session for equities in China on Monday, stock prices in London started the week in the green, with NMC Health and miners among the risers.The FTSE 100 was

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17 Oct 2018 16:04

UK Earnings, Trading Statements Calendar - Next 7 Days

Thursday 18 October Domino's PizzaQ3 ResultsUnileverQ3 ResultsRWS

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12 Oct 2018 17:13

LONDON MARKET CLOSE: Miners Up As FTSE 100 Dips Below 7,000 Mark

LONDON (Alliance News) - Stocks in London ended mixed on Friday following a bruising week for the large cap FTSE 100 index, though mining stocks were the main winners on stronger commodity prices and

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12 Oct 2018 11:56

LONDON MARKET MIDDAY: Stocks In Rebound Mode As Global Sell Off Eases

LONDON (Alliance News) - Stocks in London were clawing back steep losses at midday on Friday, with miners driving gains in the FTSE 100, as the global sell off which has plagued financial markets the

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9 Oct 2018 16:59

LONDON MARKET CLOSE: Stocks Mixed As Italy Crisis And US Yields Weigh

LONDON (Alliance News) - Stocks in London ended mixed on Tuesday, although the FTSE 100 managed to move off six-month lows, as fears over the Italian debt crisis and rising US bond yields continued a

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5 Oct 2018 17:03

LONDON MARKET CLOSE: Stocks End Lower, Dragged By US Bond Yields

LONDON (Alliance News) - Stocks in London followed Europe to close lower Friday due to the relatively high US government bond yields scaring investors away from emerging markets and dragging FTSE 100

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5 Oct 2018 12:00

LONDON MARKET MIDDAY: Stocks Dragged By US Bond Yields, Intu Surges

LONDON (Alliance News) - Stocks continued to fall at midday on concerns over rising US bond yields, presenting a sizable event risk, as Intu Properties surged following news of a its

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5 Oct 2018 10:41

WINNERS & LOSERS SUMMARY: Possible Shareholder Offer Boosts Intu

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - down 5.1%. Goldman Sachs has cut its stock to to

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5 Oct 2018 09:25

BROKER RATINGS SUMMARY: Intu Gets Upgrades As Possible Offer Looms

LONDON (Alliance News) - The following London-listed shares received analyst recommendations Friday morning and late Thursday. ----------FTSE 100----------BERNSTEIN RAISES TO -

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