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Share Price Information for Close Bros (CBG)

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Share Price: 426.20
Bid: 426.00
Ask: 427.20
Change: 5.60 (1.33%)
Spread: 1.20 (0.282%)
Open: 430.80
High: 432.60
Low: 422.80
Prev. Close: 420.60
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LONDON MARKET OPEN: TalkTalk Slumps Following Earnings Warning

Fri, 01st Feb 2019 08:43

LONDON (Alliance News) - Stock prices in London opened in the green on Friday, though TalkTalk proved a significant drag in the FTSE 250 after warning it will miss consensus in its current financial year. The FTSE 100 was up 18.56 points, or 0.3%, at 6,987.41.The FTSE 250 was 56.35 points higher, or 0.3%, at 18,768.10, and the AIM All-Share was 0.2% higher at 920.26.The Cboe UK 100 was up 0.3% at 11,870.47, while the Cboe UK 250 also was up 0.3% at 16,758.07. The Cboe UK Small Companies was marginally higher at 11,319.84.Coming up Friday is the US Labor Department's jobs report for January at 1330 GMT."We have few doubts labour demand remained strong in January, but the chance of a repeat of December's 312,000 payroll gain is slim," said Pantheon Macroeconomics Chief Economist Ian Shepherdson."It's true businesses appear to be searching for huge numbers of people, but it's also true since mid-2017 they haven't been able to find as many as they'd like," Shepherdson continued."The difference between our composite hiring index and the actual payroll numbers narrowed in December, but one month proves nothing. Moreover, at least some of the surge in job growth between November and December, perhaps most of it, probably can be attributed to the swing from a much colder-than-usual survey week to a warmer-than-usual week."On the London Stock Exchange, TalkTalk Telecom fell 9.1%, the worst performing mid-cap stock, after it said earnings for its current financial year are set to miss analyst consensus.Looking to its year ending March, TalkTalk said its underlying business in on track with "significant" year-on-year headline profit growth expected.It is guiding for headline earnings before interest, tax, depreciation, and amortisation of GBP245 million to GBP250 million, from GBP197 million a year prior. This is below consensus, however, of GBP259 million.Earnings will be hit between GBP10 million to GBP15 million due to accounting changes, investment and mix in the Fibre segment.TalkTalk is confident on "strong" earnings growth in its year ending March 2020, and should meet market expectations of GBP271 million.In the nine months to December, TalkTalk has added 148,000 net customers to its broadband services, with guidance for its entire year ending March "in excess" of 150,000. Third quarter customer growth was 44,000, from 37,000 in the same period a year before, with double-digit growth achieved in both Consumer and Business-to-Business.Overall, third quarter revenue increased 2.9% year-on-year excluding carrier and off-net to GBP386 million. Headline on-net revenue has risen 4.3% to GBP316 million.Larger peer BT Group was 1.5% lower early on Friday in a read-across. Also in the FTSE 100 index, Glencore was 1.6% lower as it reported strong increases in production in 2018, with copper, cobalt and nickel output all rising by double-digits.Own-sourced copper production was up 11% in 2018 to 1.5 million tonnes, which mainly reflected the restart of Katanga's processing operations in late 2017. Copper sales in 2018 were around 22,000 tonnes lower than production due to timing of shipments, Glencore added.Cobalt production jumped 54% to 14,800 tonnes, which the miner said mainly related to the Katanga mine in the Democratic Republic of the Congo. Own-sourced nickel production of 123,800 tonnes was up 13% on last year, while attributable ferrochrome production of 1.6 million tonnes was roughly the same as last year.Intertek was 1.6% lower as Jefferies cut its rating to Hold from Buy for the company's stock. SSE was 0.3% higher as it confirmed it has sold its 49.9% stake in the Stronelairg and Dunmaglass wind farms to FTSE 250 member Greencoat UK Wind and a "major" UK pension fund.SSE will receive GBP635 million from the sale, and will use GBP200 million to fund a buyback from shareholders. The rest will be used to service debt.Greencoat UK Wind will be paying GBP452 million, with the pension fund paying the rest. The energy investor will raise GBP131 million in a placing with investors at 127 pence a share, with proceeds to be used to repay or reduce future drawdowns of its credit facility.Greencoat UK Wind was 1.4% lower early on in the FTSE 250. Also losing out in the mid-cap index was Close Brothers, down 2.2%, after Citigroup cut its rating for the stock to Sell. Euromoney Institutional Investor was 0.7% higher as it reported a solid first quarter, with revenue falling to GBP92.6 million from GBP100.8 million in the three months to December year-on-year on the back of a sale.Underlying revenue grew 1%, while underlying subscription revenue also increased 1%.Euromoney has left its outlook for its full year unchanged, and added its cash position is strong and its strategy overall is going well.Ferrexpo was 4.0% higher. The iron ore pellet company has gained 34% in the past week following a surge in iron ore prices following the Brumadinho dam disaster in Brazil a week ago. Elsewhere, advertiser M&C Saatchi was 6.7% higher as it expects results in line with expectations for 2018, with organic growth beating sector averages. The company also expects further "good" progress n 2018, with a solid start to the year made.M&C Saatchi has also sold its 25% stake in media agency Walker Media for GBP25 million, with funds to be used "to fund future growth".With a deadline for closing trade negotiations a month away, US President Donald Trump sat down with a high-ranking Chinese delegation at the White House on Thursday, in an attempt to advance a deal and stave off a slew of new tariffs.Trump, speaking after two days of intense talks between negotiating teams, said a final deal can only be reached when he meets with Chinese President Xi Jinping in February, though there is not yet a fixed date.The US has already raised tariffs on USD250 billion worth of Chinese imports, and Beijing has retaliated. If no deal is reached on March 1, the US will up the tariffs on USD200 billion worth of goods, from 10% to 25%, which could roil global markets.Some of the outstanding issues involve Trump's concerns over the US trade deficit with China and Beijing's rules on market access and intellectual property, effectively meaning Washington wants significant changes to China's economic model.In the US on Thursday, Wall Street ended mostly higher, with the Dow Jones Industrial Average ending 0.1% lower, the S&P 500 up 0.9%, and the Nasdaq Composite up 1.4%.In the UK, the 650 members of the UK Parliament's main elected house, the Commons, are expected to give up a scheduled one-week holiday next month to allow more time to debate Brexit-related legislation, the government said on Thursday.Andrea Leadsom, Prime Minister Theresa May's leader in the Commons, said the Conservative government had "no plans to bring forward a motion to agree dates for the February recess," which had been scheduled from February 18-22.She said Parliament might "need to continue to sit to make progress on the key business before it," following Tuesday's narrow majority in support of May's plan to negotiate changes to the Brexit withdrawal agreement."I think our constituents would expect the house to continue to make progress at this important time," Leadsom said.The pound was lower, quoted at USD1.3102 early Friday, compared to USD1.3137 at the close Thursday.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.1% and down 0.1% respecitvely. Japan and the EU launched the world's largest open trade zone Friday, covering about a third of the global economy.Its participants said the massive deal stands as a rebuke to protectionist threats, notably from President Trump. It will cover around 635 million people."Europe and Japan are sending a message to the world about the future of open and fair trade," European Commission President Jean-Claude Juncker said in a statement."Our agreement shows that trade is about more than quotas and tariffs, or millions and billions," he added. "It is about values, principles and fairness."The Japanese Nikkei 225 index closed 0.1% higher on Friday. In China, the Shanghai Composite ended up 1.3%, while the Hang Seng index in Hong Kong ended marginally lower.Overnight, China's manufacturing PMI for January slipped to 48.3 from 49.7 in December. The reading was the lowest since February 2016.Japan also released a manufacturing PMI reading, showing the manufacturing sector continued to expand in January, albeit at a slower pace, with a manufacturing PMI score of 50.3.That's down from 52.6 in December, although it remains above the line of 50 that separates expansion from contraction.Still to come on Friday are more manufacturing PMIs, from Italy at 0845 GMT, France at 0850 GMT, Germany at 0855 GMT, the eurozone at 0900 GMT, and UK at 0930 GMT.

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15 Mar 2023 09:36

LONDON BROKER RATINGS: Jefferies rates Future at 'hold'; Spirent upped

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

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14 Mar 2023 17:07

European stocks log strongest one-day gain this year after three-day rout

Banks rebound after three-day fall

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14 Mar 2023 16:55

LONDON MARKET CLOSE: Stocks green as financial instability fears ebb

(Alliance News) - Stocks in London ended in the green on Tuesday, as easing fears around the financial sector joined market positivity off the back of lower US inflation data.

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14 Mar 2023 12:16

Is it "profit o'clock" for Europe's banks?

STOXX 600 up 0.6%

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14 Mar 2023 12:00

As crypto-friendly banks collapse, where are crypto firms going?

STOXX 600 up 0.6%

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14 Mar 2023 11:59

LONDON MARKET MIDDAY: Stocks up ahead of key US inflation reading

(Alliance News) - Stock prices in London were slightly higher at midday in London on Tuesday, as market attention turns to a US inflation reading, which has taken on new significant following the collapse of Silicon Valley Bank.

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14 Mar 2023 10:52

Close Brothers interim profit plunges as Novitas woes persist

(Alliance News) - Close Brothers Group PLC on Tuesday said its half-year profit declined amid provisions at Novitas, though it raised its payout.

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14 Mar 2023 10:35

The tough call for the ECB

STOXX 600 little changed

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14 Mar 2023 09:03

SVB crisis may see money moving to larger banks, T-bills

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at

SVB CRISIS MAY SEE MONEY MOVING TO LARGER BANKS, T-BILLS (0901 GMT)

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14 Mar 2023 08:54

LONDON MARKET OPEN: Europe opens mixed as SVB worries rattle Asia

(Alliance News) - Stock prices in London opened largely lower on Tuesday, with the fallout from the Silicon Valley Bank collapse still reverberating around global markets.

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14 Mar 2023 08:38

Close Brothers profits hit by Novitas provisions

(Sharecast News) - Merchant bank Close Brothers said on Tuesday that it had been a "challenging" first half, posting a drop in profits as it was hit by provisions related to the Novitas loan book.

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14 Mar 2023 07:58

LONDON BRIEFING: TP ICAP profit up; impairments sting Close Brothers

(Alliance News) - Shares in London are called to open lower on Tuesday, amid Silicon Valley Bank contagion worries and inflation concerns, ahead of a US consumer price index reading.

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14 Mar 2023 07:55

Europe eyes tentative stabilisation after two-day rout

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at

EUROPE EYES TENTATIVE STABILISATION AFTER TWO-DAY ROUT (0731 GMT)

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7 Mar 2023 15:44

UK earnings, trading statements calendar - next 7 days

Wednesday 8 March 
Admiral Group PLCFull Year Results
AIB Group PLCFull Year Results
Bakkavor Group PLCFull Year Results
Breedon Group PLCFull Year Results
CLS Holdings PLCFull Year Results
Darktrace PLCHalf Year Results
Galliford Try Holdings PLCHalf Year Results
Hill & Smith PLCFull Year Results
Hiscox LtdFull Year Results
Hotel Chocolat Group PLCHalf Year Results
Ibstock PLCFull Year Results
IP Group PLCFull Year Results
Legal & General Group PLCFull Year Results
musicMagpie PLCFull Year Results
Netcall PLCHalf Year Results
Quilter PLCFull Year Results
Premier Miton Global Renewables Trust PLCFull Year Results
Restaurant Group PLCFull Year Results
SIG PLCFull Year Results
Somero Enterprises IncFull Year Results
Spirent Communications PLCFull Year Results
TClarke PLCFull Year Results
TT Electronics PLCFull Year Results
Tullow Oil PLCFull Year Results
Thursday 9 March 
Aviva PLCFull Year Results
ConvaTec Group PLCFull Year Results
Digital 9 Infrastructure PLCFull Year Results
Domino's Pizza Group PLCFull Year Results
DS Smith PLCTrading Statement
Endeavour Mining PLCFull Year Results
Entain PLCFull Year Results
Forterra PLCFull Year Results
Franchise Brands PLCFull Year Results
Hammerson PLCFull Year Results
Harbour Energy PLCFull Year Results
Hansard Global PLCHalf Year Results
Headlam Group PLCFull Year Results
Informa PLCFull Year Results
Kier Group PLCHalf Year Results
M&G PLCFull Year Results
Network International Holdings PLCFull Year Results
Oakley Capital Investments LtdFull Year Results
PageGroup PLCFull Year Results
Seraphim Space Investment Trust PLCHalf Year Results
Spirax-Sarco Engineering PLCFull Year Results
Volution Group PLCHalf Year Results
Wheaton Precious Metals CorpFull Year Results
Friday 10 March 
Allianz Technology Trust PLCFull Year Results
Berkeley Group HoldingsTrading Statement
BP PLCFull Year Results
FBD Holdings PLCFull Year Results
Lancashire Holdings LtdFull Year Results
Mineral & Financial Investments LtdHalf Year Results
Robert Walters PLCFull Year Results
Monday 13 March 
Direct Line Insurance Group PLCFull Year Results
Fonix Mobile PLCHalf Year Results
HgCapital Trust PLCFull Year Results
MTI Wireless Edge LtdFull Year Results
Nightcap PLCHalf Year Results
Phoenix Group Holdings PLCFull Year Results
Stelrad Group PLCFull Year Results
Tuesday 14 March 
Aptamer Group PLCHalf Year Results
Close Brothers Group PLCHalf Year Results
Costain Group PLCFull Year Results
Eagle Eye Solutions Group PLCHalf Year Results
Genuit Group PLCFull Year Results
Gresham Technologies PLCFull Year Results
H&T Group PLCFull Year Results
Harworth Group PLCFull Year Results
Litigation Capital Management LtdHalf Year Results
Midwich Group PLCFull Year Results
Old Mutual LtdFull Year Results
PCI-PAL PLCHalf Year Results
Sabre Insurance Group PLCFull Year Results
Smart Metering Systems PLCFull Year Results
TP ICAP Group PLCFull Year Results
Virgin Wines UK PLCHalf Year Results
Yu Group PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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27 Jan 2023 09:41

Peel Hunt downgrades Close Brothers, cites Novitas provisions

(Sharecast News) - Peel Hunt downgraded Close Brothers on Friday to 'hold' from 'add' and cut the price target by around 18% to 1,031p as it lowered earnings per share estimates by 55% for FY23 and by 4% for FY24 and FY25.

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