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LONDON MARKET OPEN: Ted Baker Continues To Wobble After Founder's Exit

Tue, 11th Jun 2019 08:50

LONDON (Alliance News) - Stock prices in London opened higher on Tuesday as US-China trade war concerns eased and chances of a US rate cut rose, while mid-cap retailer Ted Baker fell sharply after issuing a profit warning. The FTSE 100 was up 35.80 points, or 0.5%, at 7,411.34. The FTSE 250 was up 37.91 points, or 0.2%, at 19,347.51. The AIM All-Share was up 0.78 points, or 0.1%, at 944.16.The Cboe UK 100 index was up 0.3% at 12,548.90. The Cboe UK 250 was up 0.1% at 17,333.55, and the Cboe UK Small Companies was flat at 11,791.25."Equities are continuing their remarkable relief rally as investors put trade war concerns to one side and double down on bets the Federal Reserve will ride to the rescue," noted Markets.com analyst Neil Wilson. In European equities, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.3% and 1.0% respectively. Financial markets in Germany reopened after being closed for a public holiday on Monday. On the London Stock Exchange, miners were among the best blue-chip performers amid a rise in copper prices. The metal was quoted up 1.5% on the day Tuesday.Antofagasta was up 2.5%, Rio Tinto up 2.5%, Glencore up 2.3%, and Anglo American up 1.8%.Halma rose 1.0% after the hazard detection and life protection systems said it expects to make "good progress" in its new financial year, following double-digit earnings growth in its recently ended one.Halma 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%.Pretax profit rose 20% to GBP206.7 million from GBP171.9 million, slightly behind consensus forecast of GBP207.8 million. 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.Conversely, Hargreaves Lansdown was the worst large-cap performer, down 1.0% as investors continue to punish the fund supermarket for being one of the most prominent backers of star fund manager Neil Woodford. Hargreaves shares are down 16% in the wake of Woodford's decision to suspended withdrawals from his flagship equity fund at the start of last week.In the FTSE 250 index, Saga was the best performer, up 4.3% after the over-50s holiday and insurance specialist said it has formed a long-term savings partnership with Goldman Sachs to launch new products together from autumn 2019.The partnership will see Saga team with the US investment bank's Marcus savings account product, aimed at returning Saga to its "heritage of delivering high-quality products and services to its customers", Saga said.Saga will leave the midcap index when the latest FTSE Russell index review changes come into effect on June 24. At the other end of the FTSE 250, Ted Baker was the worst performer, down 26% after the fashion retailer said it expects annual profit to decline as trading conditions have been "extremely difficult" in the year-to-date.The retailer now anticipates its underlying pretax profit for the year to the end of January 25, 2020, to be in the range of GBP50 million to GBP60 million. In financial 2019, which ended on January 26, Ted Baker reported pretax profit before exceptional items of GBP63.0 million. The stock is down 35% so far in 2019 as the company seeks to move past well-documented misconduct issues which resulted in the departure of founder Ray Kelvin earlier this year. The pound was quoted at USD1.2675 on Tuesday, flat against USD1.2680 at the London equities close Monday, ahead of UK unemployment data at 0930 BST. "Following the marked drop in the number of people employed in February and March, the headline employment figure in April might well report the first decline on a three-month basis since October 2017. This notwithstanding, the headline unemployment rate is expected to remain unchanged at 3.8%," said Daiwa Capital Markets. The Japanese Nikkei 225 index closed up 0.3%. In China, the Shanghai Composite closed up 2.6%, while the Hang Seng index in Hong Kong is up 0.8%.US President Donald Trump expects to meet Chinese President Xi Jinping at the G20 summit this month in Japan, warning that unless the sides reach a trade deal, he will raise tariffs on the final tranche of Chinese products."We are expected to meet," Trump said Monday, in an extensive interview on CNBC. "If we do, that's fine, and if we don't, that's fine." He added: "If we don't make a deal, we will be raising the tariffs."Trump also warned Mexico that tariffs will be reinstated if Mexico's legislative body does not approve an unrevealed, but "very important" part of the US-Mexico deal.The economic events calendar on Tuesday has US producer prices at 1330 BST.

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15 Jan 2019 08:59

LONDON MARKET OPEN: Stocks Higher As Investors Await Brexit Vote

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 voting a

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14 Jan 2019 16:54

LONDON MARKET CLOSE: China Trade Figures And Firm Pound Weigh On FTSE

LONDON (Alliance News) - London stocks started the week on a downbeat note, with miners among the worst performers in the FTSE 100 on Monday after worrying trade data from China.Also hindering the

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14 Jan 2019 12:01

LONDON MARKET MIDDAY: FTSE Falls As China Trade Data Sets Back Miners

LONDON (Alliance News) - Soft trade data from China was weighing on London stock prices midday Monday, with commodity-exposed mining stocks bearing the brunt of the selling. Meanwhile, the pound a

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9 Jan 2019 12:00

LONDON MARKET MIDDAY: Hopes Of US-China Trade Resolution Sparks Rally

LONDON (Alliance News) - London stocks racked up gains on Wednesday as investors took positive cues from US-China trade talks extending into a third day. Miners were benefiting from the prospect a

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9 Jan 2019 07:37

Fresnillo Hires Ex-State Mining Executive Sougarret Larroquete As COO

LONDON (Alliance News) - Mexican miner Fresnillo PLC on Wednesday announced the appointment of a former executive of Chile's national mining body as its new operations chief.Andre is of

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4 Jan 2019 17:04

LONDON MARKET CLOSE: Stocks Surge As Chinese Data Boosts Miners

LONDON (Alliance News) - Stocks in London ended the day firmly in the green on Friday, with sentiment buoyed by US-China trade hopes as well as better than expected US employment data. On the have

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4 Jan 2019 12:09

LONDON MARKET MIDDAY: Miners Keep FTSE Higher Ahead Of US Payrolls

LONDON (Alliance News) - Stocks in London remained higher midday Friday buoyed by miners, confirmed US-China trade talks and positive Chinese economic data.The FTSE 100 index was up 92.54 points,

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4 Jan 2019 10:31

WINNERS & LOSERS SUMMARY: Gear4Music Drops An Octave On Profit Warning

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - up 3.9%, Glencore, up 3.2%,

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3 Jan 2019 17:10

LONDON MARKET CLOSE: Apple's China Warning Sends Stocks Lower

LONDON (Alliance News) - Stocks in London finished broadly lower on Thursday, as strong performance from retailers failed to offset the effects of Apple's revenue warning. "European are a

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2 Jan 2019 16:58

LONDON MARKET CLOSE: FTSE Reverses Losses In Rocky First 2019 Session

LONDON (Alliance News) - The FTSE 100 managed to end in the green on Wednesday after it staged a rebound from heavy losses suffered in the new year opening trade.Dragging on the blue-chip index of

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2 Jan 2019 12:01

LONDON MARKET MIDDAY: Weak Start To 2019 As Miners Slump On China Data

LONDON (Alliance News) - The FTSE 100 got off to a lacklustre start to 2019 on Wednesday, with miners among the worst blue-chip fallers following further disappointing economic data from China. UK

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2 Jan 2019 10:44

WINNERS & LOSERS SUMMARY: Ophir Energy Spikes 33% On Indonesian Offer

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - LOSERS----------Anglo as

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2 Jan 2019 08:55

LONDON MARKET OPEN: Miners Drag FTSE Lower Following Weak Chinese Data

LONDON (Alliance News) - Stocks in London started the first trading day of 2019 in the red, as disappointing Chinese manufacturing data weighed on the market's big miners.Ophir was

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10 Dec 2018 16:59

LONDON MARKET CLOSE: Brexit Vote Uncertainty Hits Pound, Housebuilders

LONDON (Alliance News) - Sterling sank on Monday as Brexit uncertainty was prolonged with the delay of a crunch House of Commons vote on Prime Minister Theresa May's controversial withdrawal a

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6 Dec 2018 17:16

LONDON MARKET CLOSE: Huawei CFO Arrest Sparks Stock Market Sell Off

LONDON (Alliance News) - Stocks in London ended sharply lower on Thursday, with the FTSE 100 slumping to a two-year low, amid heightened trade fears and Brexit concerns. Stocks across the globe in

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