CMC Markets Share News (CMCX)

LONDON (Alliance News) - The FTSE 100 index teetered in positive territory early Wednesday as a brighter mood globally, driven by trade talks and a positive economic reading from China, was offset by a strong pound for London's biggest listings.Stagecoach was helping to boost the mid-cap FTSE 250, meanwhile, after the transport operator upgraded its annual guidance.The FTSE 100 was just about in the green, up 1.42 points at 7,392.54 early Wednesday despite the higher pound. The FTSE 250 was up 65.05 points, or 0.3%, at 19,394.32 while the AIM All-Share was up 0.3% at 920.78.The Cboe UK 100 index was down 0.1% at 12,536.03. The Cboe UK 250 was up 0.4% at 17,372.6, while the Cboe UK Small Companies was flat at 11,170.82.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.8% and 0.9% respectively in early dealings."Positive reports in regard to US-China trade talks, which are set to resume in Washington today, helped lift sentiment again overnight with markets building on optimism from earlier in the week that stemmed from some encouraging Chinese PMIs," said Craig Erlam, senior market analyst at Oanda. Released overnight, the Caixin China composite purchasing managers' index showed a solid increased in business activity in March.IHS Markit said the PMI rose to 52.9 in March from 50.7 in February, signalling the strongest increase in activity since June 2018. Any score above 50 indicates expansion.IHS Markit said the overall expansion was helped by an improved performance in both the manufacturing and service sectors."In general, China's economic fundamentals recovered in March, with domestic and external demand, as well as manufacturing employment, improving," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group. Offsetting this upbeat sentiment slightly for the FTSE 100 was a strong pound, which weighed on the index's overseas earners. Sterling was quoted at USD1.3188 early Wednesday, versus USD1.3030 at the London equities close on Tuesday after UK Prime Minister Theresa May said she will be seeking a further extension to Article 50.Her short statement came as a cross-party group of senior MPs launched a bid to force the prime minister to stop a no-deal Brexit by tabling a bill requiring her to extend the negotiation process beyond April 12.Number 10 made clear on Tuesday that an exit without agreement in 10 days time remains the legal default unless MPs approve a deal. And EU chief negotiator Michel Barnier said a no-deal departure was becoming "day after day more likely".May said she would try to strike a compromise deal with Labour leader Jeremy Corbyn but it would have to include her current deal.Corbyn said he would be "very happy" to meet the prime minister in a bid to offer "certainty and security" to the British people - but Tory Brexiteers reacted with fury."The move from May has resonated well in the markets, as she once again voiced her opposition to no-deal, something Parliament can actually agree with her on," said Oanda's Erlam. "A long extension now looks almost inevitable, although as ever in the Brexit process, if there's one thing we can be confident about it's that no one really knows what will happen next."Stagecoach was at the top of the FTSE 250, up 10%, after raising its annual earnings guidance following "strong trade and positive progress" in its UK Rail division.For the 44 weeks to March 2, UK Rail revenue - excluding Virgin Trains East Coat - was up 1.4% on a like-for-like basis. The Virgin Rail Group posted a 6.7% rise in revenue in the same period.Among other divisions, revenue from regional UK bus operations rose 3.5% while London bus services generated 1.3% growth in like-for-like revenue.The rail performance was ahead of expectations, said Stagecoach, with continued good underlying revenue trends."We have continued to make progress in achieving favourable outcomes from concluding industry charges and contractual matters associated with the expired South West Trains franchise, resulting in additional profit being recognised in the current financial year," said Stagecoach.This has resulted in an increase in expectations for adjusted earnings per share, Stagecoach said, without specifying what it expects to generate in its current financial year.In December, Stagecoach had increased its adjusted EPS expectations to reflect above-forecast rail earnings in the first half of the year.Just Group gained 4.5% after JPMorgan raised the retirement insurer to Neutral from Underweight. Elsewhere on the Main Market, CMC Markets slipped 10% after warning its recently ended financial year was hurt by reduced client trading activity following the implementation of new European regulations.This was compounded by "challenging" market conditions in the fourth quarter, the firm added.As a result, CMC Markets expects to generate CFD and spread-bet revenue of GBP110 million for the year which ended on Sunday. This would be 37% lower than the prior year.More positively, operating costs are expected to be marginally lower year-on-year and slightly below previous guidance.Looking ahead, CMC Markets said the hit from European Securities & Markets Authority margin rules is showing signs of stabilising."Since the introduction of the new rules, client money has remained strong, and active client and new client numbers have remained stable resulting in the group having confidence in meeting the consensus FY 2020 outlook," CMC Markets said.AA shares were up 2.7% after the roadside rescue firm reported a set of annual results in line with expectations, and also announced the award of a contract with blue-chip insurer Admiral.Revenue for the year to January 31 rose to GBP979 million from GBP960 million the year before, though pretax profit dropped nearly a third to GBP53 million from GBP141 million.The fall in profit followed an investment of GBP26 million by AA into its Roadside and Insurance units as part of its strategic plan, and was also "distorted" by a GBP22 million non-cash adjustment for Guaranteed Minimum Pension equalisation and a pension credit of GBP34 million in the prior year.Trading earnings before interest, tax, depreciation and amortisation came in at GBP341 million, in the middle of the firm's guidance range of GBP335 million to GBP345 million.AA recommended a final dividend of 1.4p per share, bringing the total payout for the year to 2p, less than half the 5p paid out the year before.Separately, AA said it has been awarded a three-year contract with insurer Admiral.AA will offer roadside assistance to Admiral's 4.3 million UK motor insurance customers, AA said, though no financial details of the deal were disclosed. Admiral shares were up 0.4%.In the economic calendar on Wednesday, there are services PMIs from France at 0850 BST, Germany at 0855 BST, the eurozone at 0900 BST, the UK at 0930 BST and the US at 1445 BST.Outside of this, eurozone retail sales are at 1000 BST on Wednesday and US MBA mortgage applications at 1200 BST, with ADP employment change - a precursor to the closely watched nonfarm payrolls due on Friday - at 1315 BST.