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London midday: Markets in positive mood ahead of US jobs data

Fri, 04th Apr 2014 11:33

- Expectations high for US non-farm payrolls- 200k increase expected in March, jobless rate seen lower- easyJet traffic grows, RBS appoints new CFO- Retailers fall, including Tesco and M&StechMARK 2,774.68 +0.14%FTSE 100 6,678.29 +0.44%FTSE 250 16,414.01 +0.40%UK stock markets were putting in a decent performance on Friday with the FTSE 100 nearing a three-and-a-half week high as investors adopted a bullish mood ahead of the all-important US non-farm payrolls report due out this afternoon.The FTSE 100 was trading 0.4% higher at 6,678 by midday; it has not closed above this level since March 11th when it finished at 6,685.52.Following the positive ADP report on Wednesday, which showed that private hiring increased by 191,000 last month, expectations are high for a strong 'official' figure today as the adverse impact from severe winter weather seen in recent months eases.Ahead of the Bureau for Labor Statistics data due out at 13:30, consensus forecasts were for a 200,000 increase in payrolls in March, up from 175,000 the month before, while the unemployment rate is expected to have fallen to 6.6% from 6.7%.Market Analyst Craig Erlam from Alpari said that the positive moves on markets this morning was "unusual", as traders are normally fairly risk-averse before the jobs report each month."The number of jobs added in December, January and February appeared to be hit heavily by the unusually poor weather in the US and the expectation now is that the loss of job creation in those months will be carried over to the next few month, particularly March," he said.easyJet traffic grows, RBS appoints new CFOeasyJet was flying higher this morning after saying the number of passengers in March rose by 4.8% to 5,107,676 compared to a year earlier. The load factor, the number of passengers to the number of seats available, increased to 91.5% from 90.5% the same month in 2013. Royal Bank of Scotland rose after hiring long-running Credit Suisse banker, Ewen Stevenson, as its new Chief Finance Officer (CFO) following the resignation of Nathan Bostock in December. Shore Capital Analyst Gary Greenwood said the appointment "removes uncertainty" at the bank and "should therefore enhance investor confidence in the company's ability to deliver on its strategic plan".Oil, gas and mining engineer Kentz Corporation, however, fell after revealing that its CFO, Ed Power, is to step down on reaching his normal retirement age this May.Supermarket group Tesco was trading lower on speculation that its Finance Chief Laurie McIlwee could quit in the coming days amid falling profits and a recent decline in market share. McIlwee has worked for Tesco for 15 years.Department store Marks & Spencer was also in the red after Goldman Sachs warned of margin pressures, saying that the business is not immune to the increasing competition in the UK grocery market. In a report last night, the bank added M&S to its 'Conviction Sell List' and slashed its target price from 420p to 340p.Other retailers such as Kingfisher, WM Morrison, SuperGroup and Dixons Retail were also lower despite research from Deloitte saying that the High Street has showed "great resilience" since the financial crisis.Telecoms group Vodafone was hit with a downgrade by Nomura to 'neutral' and a target price cut from 255p to 240p. Meanwhile, Pearson was higher after Jefferies upgraded the publisher to 'buy' and raised its target from 1,128p to 1,184p.FTSE 100 - RisersRSA Insurance Group (RSA) 94.35p +3.68%Mondi (MNDI) 1,079.00p +2.37%easyJet (EZJ) 1,829.00p +2.12%Pearson (PSON) 1,029.00p +2.08%Aviva (AV.) 498.30p +1.90%G4S (GFS) 248.60p +1.80%Resolution Ltd. (RSL) 294.20p +1.80%Fresnillo (FRES) 885.00p +1.67%Aberdeen Asset Management (ADN) 440.20p +1.55%Carnival (CCL) 2,387.00p +1.36%FTSE 100 - FallersKingfisher (KGF) 438.90p -1.19%Intertek Group (ITRK) 2,974.00p -0.87%Tesco (TSCO) 289.35p -0.81%ARM Holdings (ARM) 1,018.00p -0.78%Johnson Matthey (JMAT) 3,271.00p -0.73%Vodafone Group (VOD) 217.95p -0.55%Travis Perkins (TPK) 1,883.00p -0.53%Barratt Developments (BDEV) 414.30p -0.53%Morrison (Wm) Supermarkets (MRW) 206.00p -0.48%AstraZeneca (AZN) 3,899.50p -0.46%FTSE 250 - RisersPerform Group (PER) 259.80p +5.18%Man Group (EMG) 106.90p +4.91%Oxford Instruments (OXIG) 1,412.00p +4.83%Fidessa Group (FDSA) 2,641.00p +2.84%Premier Oil (PMO) 305.70p +2.69%Evraz (EVR) 77.90p +2.50%Alent (ALNT) 321.80p +2.48%Phoenix Group Holdings (DI) (PHNX) 654.50p +2.43%Vesuvius (VSVS) 456.80p +2.33%Ted Baker (TED) 2,181.00p +2.15%FTSE 250 - FallersSupergroup (SGP) 1,596.00p -3.33%Imagination Technologies Group (IMG) 216.20p -2.44%FirstGroup (FGP) 131.50p -2.23%CSR (CSR) 695.50p -2.04%Big Yellow Group (BYG) 542.50p -1.99%Savills (SVS) 659.00p -1.86%Booker Group (BOK) 158.70p -1.67%Ocado Group (OCDO) 453.30p -1.48%Dixons Retail (DXNS) 49.70p -1.29%Provident Financial (PFG) 1,902.00p -1.25%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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