LONDON (Alliance News) - Stocks finished modestly higher in London Wednesday amid quiet trade, as investors awaited the outcome of the US Federal Reserve's first monetary policy meeting of 2015 and worried about the Greek government's next steps.
The FTSE 100 closed up 0.2% at 6,825.94. The mid-cap FTSE 250 gained 0.4% to 16,425.73, while the AIM All-Share index added 0.2% to 690.46.
In Europe, with little in the way of macroeconomic indicators, the focus remained on Greece, where Prime Minister Alexis Tsipras said the country will not initiate any "catastrophic clashes" during debt negotiations with international creditors, but also announced a slew of radical policy changes. Addressing the new government's first cabinet meeting, Tsipras made it clear that he would move forward with anti-austerity promises, potentially setting the country on a collision course with its European partners.
European stock indices ended mixed, with the CAC 40 in Paris down 0.3%, but Frankfurt's DAX 30 up 0.8%.
In the US, attention was on the Fed's monetary policy decision, scheduled for 1900 GMT. At the London equities close, the DJIA was up 0.1%, rebounding from its loss on Tuesday, when twenty-nine of the thirty components closed lower. S&P 500 was trading down 0.1% and the Nasdaq Composite up 0.1%.
Apple shares were up 7.3% after it reported late Tuesday a 38% increase in first quarter profit, driven by all-time record revenue from iPhone and Mac sales, as well as a record performance from its App Store.
On the London Stock Exchange, ARM Holdings closed up 1.4%, one of the best performers in the FTSE 100, benefiting from the strong results reported by Apple, a major customer of the UK chip designer.
Experian ended up 2.9%, the second biggest gainer in the FTSE 100 after SABMiller, after reporting that it will buy USD600 million worth of shares over the next 14 months, pledging to return surplus capital to shareholders, as the information services company outlined its strategy to analysts and investors in London. Experian said its "aspiration" is to deliver annual average growth in organic revenue in the mid-single digit range.
Severn Trent gained 2.3%. The water utility launched a GBP100 million buyback programme and joined peers in linking its dividend growth in coming years to retail price index inflation, after it accepted the UK water regulator's final determination on the pricing regime for the next five years. It said that it will now manage its existing debt portfolio as well as any future debt issuance by increasing the proportion which is held at floating rates.
Capita closed up 2.3%, after the company said it has won the race to buy Constructionline from the UK government's Department for Business, Innovation and Skills in a GBP35 million, cash-free and debt-free basis. Capita said it intends to invest in the business with an initial focus on the construction market, but with a view to expanding its services into other sectors.
Legal & General ended up 1.8% after its management unit partnered with Dutch pension fund manager PGGM to launch a London office joint venture with about GBP375 million to invest initially.
Among the three FTSE 100 miners to release fourth-quarter production results Wednesday, Anglo American's statement was the best received by the market, with the stock gaining 2.6% to be the third biggest blue-chip riser. The group warned about impairment charges for its 2014 financial year but reported a 10% increase in iron ore production from its Kumba project in the fourth quarter ended December 31 to 12.4 million tonnes from 11.3 million tonnes in the third quarter. Production increased due to the implementation of a production recovery plan, it said.
Fresnillo said gold production rose 77% year-on-year in the fourth quarter and said it has slashed its 2015 exploration budget by 8%. The stock ended flat. Antofagasta shares fell 2.9% after saying full-year production decreased and warned that gold production will decrease further in 2015.
Johnson Matthey finished down 3.2% after it left its full-year guidance unchanged.
In the FTSE 250, Saga closed up 11%, the top mid-cap gainer, after saying it has struck a deal to buy motorbike insurer Bennetts for GBP26.3 million in cash. The company will buy Bennetts, which provides motorbike insurance to more than 200,000 customers, from owner BGL Group.
Housebuilder Crest Nicholson ended up 4.8%. The company reported a 44% increase in pretax profit in its last financial year, buoyed by higher house completions and average selling prices, and said it's on track to hit its revenue growth target of between 70% and 80% by 2016 compared with the 2013 level after a strong start to its new year.
Rightmove, down 2.5%, closed among the worse performers in the mid-cap index after being cut to Sell from Buy by Panmure Gordon, while Citigroup has cut its price target to 2,115p from 2,175p, keeping it at Sell.
On AIM, Active Energy shares more than doubled in price after it said it has received three non-binding, conditional offers for its Canadian forestry joint venture company, KAQUO Forestry & Natural Resources Development Corp.
Just behind among AIM gainers was Gowin New Energy, up 92%, after saying it has secured GBP1.2 million in funding, comprising a GBP600,000 share placing and a GBP600,000 convertible loan. The group added it has reached an agreement with Choice Only International Ent Co Ltd, a Taiwan-based digital storage devices company, under which Choice will conditionally subscribe to 30 million shares in Gowin at 2 pence per share. The stock closed at 1.15p.
Mosman Oil ended as the worst AIM performer, down 28%, after the company reported a wider net loss for the first half of its financial year due to significant increases in consulting fees, travel expenses and share-based payments to staff. For the first half ended December 31, Mosman, which does not generate any revenue, reported a net loss of USD1.9 million, significantly wider than the USD439,465 loss reported in the first half of 2013.
In the economic calendar Thursday, UK nationwide housing prices are due at 0700 GMT. German unemployment figures are at 0850 GMT, while both EU M3 money supply and private loans data are at 0900 GMT. At 1000 GMT, EU consumer confidence data will be released. Attention during the afternoon will be on US Ijobless claims and pending home sales due to 1330 GMT and 1500 GMT, respectively.
In the corporate calendar, Diageo, Filtronic and Renishaw will release half-year results, as will Haynes Publishing, Aberforth Smaller Companies Trust and Rank Group. Great Portland Estates, Cranswick, Polymetal International, 3i Group, Paypoint, Euromoney Institutional Investor and Lonmin will provide trading updates.
By Daniel Ruiz; danielruiz@alliancenews.com
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UK dividends calendar - next 7 days
Thursday 26 May | |
abrdn Asia Focus PLC | ex-dividend date |
abrdn Equity Income Trust PLC | ex-dividend date |
abrdn Latin American Income Fund Ltd | dividend payment date |
Alfa Financial Software Holdings PLC | ex-dividend date |
Alfa Financial Software Holdings PLC | special ex-dividend date |
Andrews Sykes Group PLC | ex-dividend date |
Balfour Beatty PLC | ex-dividend date |
BlackRock World Mining Trust PLC | ex-dividend date |
Britvic PLC | ex-dividend date |
Burford Capital Ltd | ex-dividend date |
Cardiff Property PLC | ex-dividend date |
Coca-Cola Europacific Partners PLC | dividend payment date |
ContourGlobal PLC | ex-dividend date |
DCC PLC | ex-dividend date |
Diploma PLC | ex-dividend date |
Diversified Energy Co PLC | ex-dividend date |
Downing Renewables & Infrastructure Trust PLC | ex-dividend date |
Ecofin US Renewables Infrastructure Trust PLC | ex-dividend date |
Euromoney Institutional Investor PLC | ex-dividend date |
Grainger PLC | ex-dividend date |
Great Portland Estates PLC | ex-dividend date |
HICL Infrastructure PLC | ex-dividend date |
Imperial Brands PLC | ex-dividend date |
Intertek Group PLC | ex-dividend date |
IP Group PLC | ex-dividend date |
ITV PLC | dividend payment date |
JPMorgan Asia Growth & Income PLC | dividend payment date |
JPMorgan Global Growth & Income PLC | ex-dividend date |
Keywords Studios PLC | ex-dividend date |
LMS Capital PLC | ex-dividend date |
LXI REIT PLC | ex-dividend date |
Petershill Partners PLC | ex-dividend date |
Sage Group PLC | ex-dividend date |
Scottish American Investment Company PLC | ex-dividend date |
TI Fluid Systems PLC | ex-dividend date |
Titon Holdings PLC | ex-dividend date |
Tritax EuroBox PLC | ex-dividend date |
Victrex PLC | ex-dividend date |
Vivo Energy PLC | ex-dividend date |
Whitbread PLC | ex-dividend date |
Friday 27 May | |
Alternative Income REIT PLC | dividend payment date |
Centaur Media PLC | dividend payment date |
Clarkson PLC | dividend payment date |
CQS Natural Resources Growth & Income PLC | dividend payment date |
CQS New City High Yield Fund Ltd | dividend payment date |
Dunedin Income Growth Investment Trust PLC | dividend payment date |
Edinburgh Investment Trust PLC | dividend payment date |
Fevertree Drinks PLC | dividend payment date |
Fevertree Drinks PLC | special dividend payment date |
Fresnillo PLC | dividend payment date |
Greencoat UK Wind PLC | dividend payment date |
Gresham House PLC | dividend payment date |
Harworth Group PLC | dividend payment date |
Headlam Group PLC | dividend payment date |
Henderson Far East Income Ltd | dividend payment date |
JPMorgan American Investment Trust PLC | dividend payment date |
M&G Credit Income Investment Trust PLC | dividend payment date |
Mobius Investment Trust PLC | dividend payment date |
Octopus Renewables Infrastructure Trust PLC | dividend payment date |
Rightmove PLC | dividend payment date |
Schroder Asian Total Return Investment Co PLC | dividend payment date |
St James's Place PLC | dividend payment date |
Standard Life Investments Property Income Trust PLC | dividend payment date |
Starwood European Real Estate Finance Ltd | dividend payment date |
Target Healthcare REIT PLC | dividend payment date |
Tyman PLC | dividend payment date |
UK Commercial Property REIT Ltd | dividend payment date |
Vesuvius PLC | dividend payment date |
Monday 30 May | |
Bakkavor Group PLC | dividend payment date |
Central Asia Metals PLC | dividend payment date |
Mortgage Advice Bureau Holdings PLC | dividend payment date |
Tuesday 31 May | |
4imprint Group PLC | dividend payment date |
AEW UK REIT PLC | dividend payment date |
Anglo Pacific Group PLC | dividend payment date |
Arbuthnot Banking Group PLC | dividend payment date |
Bankers Investment Trust PLC | dividend payment date |
City of London Investment Trust PLC | dividend payment date |
Custodian REIT PLC | dividend payment date |
Diverse Income Trust | dividend payment date |
Ecofin Global Utilities & Infrastructure Trust PLC | dividend payment date |
Henderson International Income Trust PLC | dividend payment date |
JPMorgan Global Core Real Assets Ltd | dividend payment date |
Picton Property Income Ltd | dividend payment date |
Sportech PLC | dividend payment date |
Wednesday 1 June | |
Alliance Trust PLC | ex-dividend date |
BAE Systems PLC | dividend payment date |
Bodycote PLC | dividend payment date |
Derwent London PLC | dividend payment date |
Essentra PLC | dividend payment date |
Evraz PLC | ex-dividend date |
Henderson Diversified Income Trust PLC | ex-dividend date |
Henderson European Focus Trust PLC | ex-dividend date |
Henry Boot PLC | dividend payment date |
Hilton Food Group PLC | ex-dividend date |
IntegraFin Holdings PLC | ex-dividend date |
JPMorgan China Growth & Income PLC | dividend payment date |
JPMorgan Claverhouse Investment Trust PLC | dividend payment date |
Legal & General Group PLC | dividend payment date |
Majedie Investments PLC | ex-dividend date |
Menhaden PLC | ex-dividend date |
Momentum Multi-Asset Value Trust PLC | ex-dividend date |
National Grid PLC | ex-dividend date |
Porvair PLC | dividend payment date |
Premier Miton Global Renewables Trust PLC | ex-dividend date |
Regional REIT Ltd | ex-dividend date |
Residential Secure Income PLC | ex-dividend date |
Restore PLC | ex-dividend date |
RM Infrastructure Income PLC | ex-dividend date |
Sabre Insurance Group PLC | dividend payment date |
Scottish Mortgage Investment Trust PLC | ex-dividend date |
Severn Trent PLC | ex-dividend date |
Triple Point Social Housing REIT PLC | ex-dividend date |
Tritax Big Box REIT PLC | dividend payment date |
Utilico Emerging Markets Trust PLC | ex-dividend date |
Vodafone Group PLC | ex-dividend date |
VPC Specialty Lending Investments PLC | ex-dividend date |
Warehouse REIT PLC | ex-dividend date |
Zotefoams PLC | dividend payment date |
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