Market overview: Footsie manages a positive finish
1630:Close UK stocks managed to end in the blue, but only slightly so. IAG led gains on the back of a price target upgrade out of Credit Suisse. GlaxoSmithKline was another standout gainer following yesterday’s update to investors. Tesco, naturally, was the worst performing issue on the top flight index and weighed on the likes of Morrison. Ahead of the latest earnings out of Microsoft and Amazon.com, later tonight, US markets seem to have found their footing for now. The latest German manufacturing sector readings, for the month of October, came in better than forecast, apparently propping up market sentiment. They nevertheless prompted survey compiler Markit to tell clients that: “[the data] suggest recession threat overplayed, but signs of slowdown evident”. FTSE 100 up 19 points to 6,419.
BP
525.60p
17:15 24/04/24
Foxtons Group
55.60p
16:40 24/04/24
FTSE 100
8,040.38
16:34 24/04/24
International Consolidated Airlines Group SA (CDI)
176.95p
16:40 24/04/24
Tractor Supply Company
$258.13
11:03 24/04/24
Tullow Oil
35.10p
16:45 24/04/24
Unilever
3,863.00p
16:40 24/04/24
1604: SocGen downgrades BP to 'hold' from 'buy'. Time to buy? Time will tell. To be fair, the stock's technical aspect does appear to be on the weak side.
1447: Strong results from 3M and Caterpillar have helped US stock markets to surge early on, with the Dow up over 200 points. Microsoft, Amazon.com and Pandora are all making decent gains ahead of their earnings reports due out later on. Wall Street's positive start has also seen markets pare losses in London with the FTSE 100 down just eight points at 6,392.
1415: Credit Suisse has lifted its price target on IAG to 618p from 587p, while maintaining its 'outperform' recommendation. The broker describes the airline as the most attractive play on business model convergence. It believes IAG has scope to drive returns by tapping into low-cost carrier DNA, challenging conventional wisdom that legacy carriers cannot operate sustainably profitable short haul routes.
1330: Initial claims for unemployment benefits increased by 17,000 to 283,000 in the week ended 18 October, according to the Labor Department. This was up from a revised 266,000 the previous week but more or less in line with the 281,000 consensus forecast.
1208: The EY ITEM Club has said that the weakness in September's retail sales data in the UK is "likely to prove temporary". However, it expects the quarterly slowdown in retail sales to be reflected in the Q3 GDP figures due out tomorrow, which it forecasts will show growth slowing from 0.9% to 0.8%.
1034: In economic news today, UK retail sales fell 0.3% in September, surprising economists who had expected no change. The year-on-year growth rate eased to 2.7% from 3.7%, below the 2.9% rise expected. The Eurozone composite PMI improved to 52.2 from 52; analysts had expected a fall to 51.5.
0915: Foxtons is the standout faller on the FTSE 350, falling around 15% following a profit warning after being hit by the slowdown in the UK property market. The company said that full-year operating profits would be "below the prior year figure of £49.6m".
0830: UK stocks have opened firmly in the red with the downturn led by Tesco as its highly-anticipated H1 results underwhelmed. The company beat forecasts with a less-than-expected 39% fall in trading profits (constant FX), but announced that LFL sales had fallen 4.6% in the UK. Chairman Sir Richard Broadbent also announced his own succession process had begun. Results from Unilever and a drilling report Tullow Oil have also disappointed this morning, while ex-div stocks had added to the downside pressure. The FTSE 100 is down 65.89 at 6,333.84 (-1.03%).