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LONDON MARKET OPEN: Stocks Higher As Investors Await Brexit Vote

Tue, 15th Jan 2019 08:59

LONDON (Alliance News) - Stocks in London opened higher on Tuesday after China's latest economic stimulus measure provided investors with some relief.The main event of the day sees UK lawmakers voting on UK government's Brexit deal for leaving the European Union at Westminster.The FTSE 100 was up 28.38 points, or 0.4%, at 6,883.40, while the FTSE 250 was up 7.77 points at 18,425.35. The AIM All-Share was up 0.1% at 905.01.The Cboe UK 100 was up 0.8% at 11,726.42, while the Cboe UK 250 was 0.2% higher at 16,497.85 and the Cboe UK Small Companies down 0.1% at 11,152.46.In mainland Europe, the CAC 40 stock index in Paris was up 1.0%, while the DAX 30 in Frankfurt was 0.9% higher.The Japanese Nikkei 225 index closed up 1.0%, resuming trading after being closed on Monday. In China, the Shanghai Composite ended up 1.4%, while the Hang Seng index in Hong Kong closed up 2.0%.Markets in Asia were higher after Beijing said it would cut taxes "on a larger scale" to stabilize a slowing economy amid ongoing US-China trade war."The country's finance ministry announced it intends to cut VAT rates for certain industries, including manufacturers, while giving tax rebates to others. At the same time, the People's Bank of China claimed it would keep liquidity 'reasonably ample', a pincer attack of reassurances that, looking at the markets, seems, for now, to have worked," said Spreadex analyst Connor Campbell.On the London Stock Exchange, miners were among the blue chip risers following the latest China economic stimulus measures.Rio Tinto was up 1.9%, Anglo American up 1.7% Antofagasta, up 1.4% and Glencore up 1.3%. At the other end of the large cap index, Paddy Power Betfair was the worst performer, down 2.4%, adding to losses from Monday after the bookmaker was hit by a broker downgrade. The stock closed down 4.1% on Monday.Persimmon was down 1.0% despite the housebuilder stating that it expects annual profit to be modestly ahead of consensus. Persimmon expects total revenue for 2018 to come in at GBP3.74 billion, up from GBP3.60 billion a year ago.New housing revenue was predicted to rise by 4% to GBP3.55 billion from GBP3.24 billion, with the company's legal completions increasing by 406 new homes, or 3%, to 16,449 from 16.043. Average selling price per unit increased by 1% year-on-year to GBP215,560. Fellow housebuilders Taylor Wimpey, Barratt Developments and Berkeley Group were down 1.0%, 0.9% and 0.8%, respectively. "Unfortunately, the [housebuilding] sector is squarely in the firing line because of Brexit and the potential damage it could wreak on the UK economy. Quite apart from the possibility of the country spinning into an immediate economic downturn, any ongoing weakness in sterling could well lead to a further increase in the cost of materials. This comes in addition to a housing market which is slowly starting to come off the boil," said Interactive Investor's Richard Hunter. In the FTSE 250, Hays was the best performer, up 3.6% after the recruiter reported growth in net fees for the second quarter.For the quarter to December-end, net fees increased 8% on a headline basis and 9% on a like-for-like basis versus the prior year.At the other end of the midcap index, Provident Financial was the worst performer, down 19% after the doorstep lender said it expects 2018 profit to come in towards the lower end of market expectations, despite making "further good progress" in the last quarter.Currently, the market forecasts the lender's pretax profit to be between GBP151 million and GBP166 million. A year ago, the company reported a GBP123.0 million pretax loss.The group expects to report exceptional costs of GBP55 million in 2018 representing costs associated with the implementation of the home credit recovery plan, comprising intangible and tangible asset write offs, redundancy and consultancy costs, non-cash pension charges and others costs. The pound was flat, quoted at USD1.2885 against USD1.2890 at the London equities close Monday, ahead of the key vote in the House of Commons.UK Prime Minister Theresa May will make her final efforts Tuesday to persuade lawmakers to back the deal she has agreed for the UK to withdraw from the EU, as she faces widespread dissent from her own Conservatives and opposition parties.May has promised parliament a "meaningful vote" on the agreement, but she postponed it at the last minute in mid-December after admitting she faced a heavy defeat.Speculation has mounted over what could happen to the deal, to the Brexit process and to May's political career if, as seems likely, she loses the vote."The consensus view is that the agreement is likely to be rejected by the House of Commons, with some media sources reporting that the defeat could be in the order of two hundred votes. The government has indicated a willingness to make some further concessions to firm up support. Few observers seem to think that this will do anything more than reduce the scale of the loss. However, a relatively narrow defeat may still leave room for a slightly amended deal to pass on a second vote," analysts at Lloyds said. May conceded that the deal "is not perfect" and reflects compromise.Addressing lawmakers in Monday's debate, she rejected calls to delay the date of the UK leaving the EU, scheduled for March 29, to allow more time to build consensus or allow a second referendum."The number of members of parliament who vote against the Brexit deal is likely to be seen as an acid test of how hard it will be for Theresa May to get a revised deal through parliament on a second attempt. A number above 100 MPs would set an extremely high bar to get a modified version of the deal approved in the next 2 to 3 weeks," analysts at ING said.Should May lose the vote she is required to find an alternate solution and report back within three parliamentary sitting days.In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.4%, S&P 500 down 0.5% and Nasdaq Composite down 0.9%.Ahead in the US earnings calendar on Tuesday, banks JPMorgan Chase and Wells Fargo report earnings before the market open in New York.

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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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