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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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6 Dec 2018 12:06

LONDON MARKET MIDDAY: FTSE 100 At 2-Year Low; Oil Majors Sink Pre-OPEC

LONDON (Alliance News) - A fresh twist in the fraught relations between the US and China caused stock prices to plunge on Thursday, while oil majors weighed on the FTSE 100 as Brent dropped amid a

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3 Dec 2018 17:10

LONDON MARKET CLOSE: Stocks Surge As US-China Truce Lifts Sentiment

LONDON (Alliance News) - Stocks in London ended sharply higher on Monday with commodity stocks driving gains in the FTSE 100, as the US and China put their trade spat on the backburner for the 100

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3 Dec 2018 12:19

LONDON MARKET MIDDAY: Stocks Boosted By US-China Trade Detente

LONDON (Alliance News) - Stocks in London were sharply higher at midday on Monday, with miners driving gains in the FTSE 100, after the US and China reached an agreement at the weekend to defer in

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3 Dec 2018 10:50

WINNERS & LOSERS SUMMARY: McColl's Retail Plunges After Profit Warning

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - up 8.9%, Evraz, up 7.8%, up

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3 Dec 2018 08:33

LONDON MARKET OPEN: Miners Help FTSE 100 Surge As Trade Tensions Ease

LONDON (Alliance News) - The FTSE 100 index kicked off December with an impressive 2% surge, with miners among the best performers in London on Monday amid easing world trade tensions and data the

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30 Nov 2018 17:10

LONDON MARKET CLOSE: FTSE 100 Ends Week In Red As G20 Summit Kicks Off

LONDON (Alliance News) - Stocks in London suffered as the G20 Summit started in Buenos Aires, with homebuilders and miners taking a hit - pushing London's blue chip index below 7,000 mark. The

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30 Nov 2018 08:56

LONDON MARKET OPEN: Miners Send FTSE 100 Lower After Weak Chinese Data

LONDON (Alliance News) - Stocks in London opened broadly lower, with miners weighing on the FTSE 100, as investor attention shifts to the G20 Summit getting underway in Buenos Aires.The FTSE 100 A

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29 Nov 2018 17:12

LONDON MARKET CLOSE: Miners Send FTSE 100 Higher As Intu Sinks Midcaps

LONDON (Alliance News) - Stocks in London ended mixed on Thursday, with miners driving the FTSE 100 higher and Intu Properties weighing on the FTSE 250 after a second takeover 100

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29 Nov 2018 12:11

LONDON MARKET MIDDAY: Prospect Of Slower US Rate Hikes Lifts Stocks

LONDON (Alliance News) - Stock prices in London on Thursday continued to rise on the wings of dovish comments late Wednesday by US Federal Reserve Chair Jerome Powell.Miners were among the best in

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23 Nov 2018 17:11

LONDON MARKET CLOSE: FTSE 100 Dragged Lower By Miners And Oil Majors

LONDON (Alliance News) - The FTSE 100 ended the week lower on Friday, weighed down by miners and oil majors on falling commodities, as the pound held steady despite continued political tensions or

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23 Nov 2018 12:23

LONDON MARKET MIDDAY: Pound Remains Firm As Brexit Tensions Linger

LONDON (Alliance News) - Share prices in London gave back all their morning-session gains to be marginally lower by midday Friday, as the pound held steady despite continued political tensions The

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23 Nov 2018 08:47

LONDON MARKET OPEN: Stocks Higher As Investors Cheer Ibstock Unit Sale

LONDON (Alliance News) - Stock prices opened broadly higher on Friday rebounding slightly from sharp losses on Thursday, while Ibstock led London midcaps after selling its US The

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2 Nov 2018 12:09

LONDON MARKET MIDDAY: FTSE 100 Trails European Peers Amid Relief Rally

LONDON (Alliance News) - Stocks in London were higher at midday Friday, joining a global relief rally as trade tensions between the US and China eased, although the FTSE 100's progress lagged its

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2 Nov 2018 10:51

WINNERS & LOSERS SUMMARY: Miners Rise As US-China Trade Tensions Ease

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - up 3.6%, Anglo American, up up

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30 Oct 2018 10:41

WINNERS & LOSERS SUMMARY: Ocado Surges After Inking Deal With Kroger

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - Group, 7.2%. The online grocer said it has and

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