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London close: FTSE 100 flat near eight-month high, but miners surge

Thu, 16th Jan 2014 17:07

- Markets pause for breath after recent highs- Mining stocks surge as Citi turns bullish- Aberdeen drops as AuM fall- Retailers AB Foods, Halfords, Dixons, Home Retail in focustechMARK 2,843.65 +0.10%FTSE 100 6,815.42 -0.07%FTSE 250 16,209.65 -0.51%UK markets finished largely flat on Thursday after previously hitting an eight-month high as strong gains from mining stocks were offset by falls from Aberdeen and a number of retailers.The FTSE 100, which rose to 6,819.86 on Wednesday - its highest level since May 22nd 2013 - was little changed by the close, finishing down just 4.44 points at 6,815.42. The index was trading within a narrow range of 20 points of so for most of the session, swinging between gains and losses throughout the day.Despite the subdued finish for the wider market, miners put in a decent performance after upbeat comments from analysts. "The mining sector is worth its weight in gold at the moment, as the only sector propping up the market. The recent cooling-off in the commodities supercycle has meant that natural resource stocks are now undervalued," said David Madden, Market Analyst at IG.Across the Pond, markets opened in the red as investors were largely underwhelmed by quarterly earnings from bellwethers Goldman Sachs and Citigroup.Miners surge as Citi turns bullishAnalysts at Citigroup lifted its 12-month stance on the mining sector from 'neutral' to 'bullish', representing its first positive outlook for the industry in three years. The bank labelled BHP Billiton, Rio Tinto and Glencore Xstrata as its "key picks" in the sector, providing a big boost to each stock today. BHP, in particular, was upgraded from 'neutral' to 'buy'.Antofagasta, Anglo American, Fresnillo and Randgold Resources were all making gains this afternoon. Russian precious metals firm Polymetal was also firmly higher after UBS raised its recommendation from 'neutral' to 'buy', saying that company is ?well-positioned" for free cash-flow growth.In contrast, product testing group Intertek fell sharply after a downgrade by Berenberg to 'hold', and postal service and delivery firm Royal Mail was pushed lower after Beaufort Securities cut the shares to 'hold'.Associated British Foods, the food ingredients company and owner of Primark, was a heavy faller after reporting flat revenues in its first quarter, as continued strength by its Primark division was outweighed by a steep decline in revenues by Sugar.Festive sales updates from a host of other retail stocks received a mixed reaction from the markets today: Halfords impressed after a better-than-expected 5.2% jump in group like-for-like (LFL) sales in its third quarter; Dixons underwhelmed with a 3% rise in LFL sales in its third quarter; Home Retail gained after strong LFL sales from its Argos and Homebase divisions and upbeat guidance for the full year.Meanwhile, Sports Direct closed in the red after saying that it sold the 4.6% stake in fellow retailer Debenhams it bought on Monday and replaced it with a put option over a larger 6.6% shareholding.SVG Capital declined sharply after big investor Aegon sold 20m shares in the investment company. Aegon sold the stock for a total of £84m and reduced its holding to around 18.5m shares, equal to a 7.9% stake, a significant reduction to its previous holding of 15.4%.FTSE 100 - RisersAntofagasta (ANTO) 832.50p +5.38%Fresnillo (FRES) 732.50p +5.24%Tullow Oil (TLW) 907.50p +5.16%Anglo American (AAL) 1,397.50p +4.88%United Utilities Group (UU.) 689.00p +4.55%BHP Billiton (BLT) 1,860.00p +3.82%Randgold Resources Ltd. (RRS) 3,892.00p +2.69%Rio Tinto (RIO) 3,334.50p +2.47%Glencore Xstrata (GLEN) 327.20p +2.43%Imperial Tobacco Group (IMT) 2,232.00p +2.15%FTSE 100 - FallersIntertek Group (ITRK) 2,879.00p -3.36%British Sky Broadcasting Group (BSY) 845.00p -2.82%Mondi (MNDI) 1,014.00p -2.78%Associated British Foods (ABF) 2,625.00p -2.63%Lloyds Banking Group (LLOY) 84.10p -2.55%Johnson Matthey (JMAT) 3,335.00p -2.43%Burberry Group (BRBY) 1,500.00p -2.41%Amec (AMEC) 1,027.00p -2.38%Prudential (PRU) 1,345.00p -2.32%Sports Direct International (SPD) 721.00p -2.17%FTSE 250 - RisersHalfords Group (HFD) 492.50p +6.83%Polymetal International (POLY) 543.50p +5.74%Computacenter (CCC) 675.00p +4.65%CSR (CSR) 703.00p +3.38%Victrex (VCT) 1,873.00p +3.31%Petra Diamonds Ltd.(DI) (PDL) 125.00p +3.31%Vedanta Resources (VED) 897.50p +3.10%Partnership Assurance Group (PA.) 336.00p +2.60%African Barrick Gold (ABG) 193.30p +2.22%Ferrexpo (FXPO) 176.10p +2.09%FTSE 250 - FallersSVG Capital (SVI) 424.50p -8.91%Dixons Retail (DXNS) 47.11p -6.53%Premier Oil (PMO) 288.00p -6.49%AL Noor Hospitals Group (ANH) 825.00p -5.71%Homeserve (HSV) 290.70p -5.00%Ted Baker (TED) 2,118.00p -4.68%Hikma Pharmaceuticals (HIK) 1,250.00p -3.55%Booker Group (BOK) 154.90p -3.13%Crest Nicholson Holdings (CRST) 380.00p -3.06%IP Group (IPO) 175.10p -2.99%BC
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16 Jan 2014 08:59

Thursday broker round-up UPDATE

Aberdeen Asset Management: Canaccord Genuity cuts target price from 586p to 540p, while its buy recommendation remains unchanged. Anglo American: UBS ups target price from 1500p to 1580p upgrading from neutral to buy. Antofagasta: Investec reduces target price from 716p to 685p maintaining a sell

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16 Jan 2014 08:30

London open: Stocks pause at eight-month high after mixed updates

- Aberdeen drops as AuM fall three per cent - Retailers mixed as companies report festive sales - Mining stocks broadly higher, BHP Billiton upgraded techMARK 2,841.00 +0.01% FTSE 100 6,821.68 +0.03% FTSE 250 16,275.67 -0.11% Mixed corporate results weighed on UK markets on Thursday morning, as th

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16 Jan 2014 08:21

UK MORNING BRIEFING: Shares Down; Sports Direct Ups Interest In Debenhams

LONDON (Alliance News) - UK shares have opened mostly lower Thursday despite a strong lead from the US, as investors digest a rush of UK company announcements.

In another surprise from Mike Ashley, Sports Direct International said it has sold its 4.6% stake in Read more

16 Jan 2014 07:47

Dixons Retail LFL Sales Rise

LONDON (Alliance News) - Electricals retailer Dixons Retail PLC, in its trading update for the period from Nov. 1 to Jan. 4, posted like-for-like sales growth of 3%, marking second consecutive year of strong growth over the Christmas period. In UK & Ireland, like-for-like sales were up 5%,

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16 Jan 2014 07:42

UPDATE 1-Dixons posts rise in Christmas sales as wins market share

LONDON, Jan 16 (Reuters) - Dixons Retail, Europe's No. 2 electricals retailer, posted a rise in sales in the key Christmas trading period, gaining market share from rivals, though it cautioned that growth would slow. "We have some very strong comparables in the fourth quarter and, with a la

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16 Jan 2014 07:32

MARKET COMMENT: UK Stocks To Open Marginally Higher, Inflation In Focus

LONDON (Alliance News) - UK shares are set to open cautiously Thursday after US markets made further gains Wednesday, with the S&P 500 posting another record close. Global inflation will be in focus throughout the day, with CPI data due from Europe and the US. Spredbetters are calling the F

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16 Jan 2014 07:14

Dixons posts rise in Christmas sales as wins market share

LONDON, Jan 16 (Reuters) - Dixons Retail, Europe's No. 2 electricals retailer, posted a rise in sales in the key Christmas trading period, gaining market share from rivals. The group, home to the Currys and PC World chains in Britain, Elkjop in Nordic countries and Kotsovolos in Greece, sai

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16 Jan 2014 06:19

UK Earnings, Trading Statements Calendar - Week Ahead

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15 Jan 2014 16:51

MARKET COMMENT: Equity Markets Rally As World Bank Raises Global Growth Forecast

LONDON (Alliance News) - UK stocks have rallied Wednesday, with the FTSE 100 outperforming its smaller peers, peaking at almost an 8-month high, as major equity markets around the global rise, following an increase to the global-growth forecast by the World Bank. Meanwhile the dollar has broadly

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15 Jan 2014 15:35

Investors bet on further gloom for UK retailers - Markit data

* Short interest in UK sector up 6.6 pct in a week - Markit * Morrison, Sainsbury among targets after Xmas updates * Some investors bet on disappointments from Dixon, Ocado By Francesco Canepa LONDON, Jan 15 (Reuters) - Speculative sellers are targeting shares in British r

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15 Jan 2014 06:26

UK Earnings, Trading Statements Calendar - Week Ahead

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14 Jan 2014 16:02

UK Earnings, Trading Statements Calendar - Week Ahead

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13 Jan 2014 07:29

London pre-open: FTSE to begin week with a slow start

City sources predict the FTSE 100 will open 13 points higher than Friday's close of 6,739.94, as investors weigh up last week's US jobs data and a mixed performance by Asia stocks overnight.   According to Craig Erlam from Alpari, the fact stocks are set to move higher early on "suggests that we're

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10 Jan 2014 13:11

Christmas on the UK high street: late, and heavily discounted

By James Davey LONDON, Jan 10 (Reuters) - Rampant discounting dominated Christmas retail trade last year - but the clear winners were those who held out against price cutting and had both high-street and online stores to benefit from the last-minute surge in trade. "December 2013 was

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3 Jan 2014 16:57

London close: FTSE 100 gains as Next lifts retailers higher

- UK construction, mortgage data beats forecasts - UK house prices continue to rise, business lending falters - China service-sector data disappoints - Retailers rise as Next lifts guidance after Christmas techMARK 2,788.64 +0.59% FTSE 100 6,730.67 +0.19% FTSE 250 16,020.47 +0.64% UK markets push

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