Michele Maatouk WebFG News | 06 Nov, 2017 12:10 | | |
London stocks had nudged a touch lower by midday, with a strong showing in the mining sector failing to provide any upward momentum as investors paused for breath after a record close on Friday.
The FTSE 100 was down 0.1% at 7,554.06, while the pound was up 0.3% against the euro at 1.1302 and 0.2% firmer versus the dollar at 1.3107.
IG analyst Joshua Mahony said: “Markets are on a comedown, following what as was incredibly busy week from a political, economic and corporate standpoint. With the ECB, BoJ, Fed and BoE having completed their monetary policy meetings in the past fortnight, we are now seeing a more stable and settled environment for traders as we digest all that has gone before. The focus will likely shift onto the US from here on in, with negotiations over a wide-reaching tax reform programme expected to grab the headlines.”
On the corporate front, medical technology company Convatec was the standout gainer after UBS upgraded the stock to ‘buy’ from ‘neutral’. Playtech was also lifted by the analysts at the Swiss bank, who reiterated a 'buy' on the online gaming stock.
GKN and Tate & Lyle were boosted by upgrades at Investec, while Mitie and Severn Trent were up after upgrades from Jefferies and HSBC, respectively.
In terms of sectors, heavily-weighted mining stocks racked up healthy gains, with BHP Billiton, Anglo American and Rio Tinto all in the black as iron ore prices rallied.
Challenger bank Aldermore rose after it recommended a bid from South Africa's First Rand bank and reported solid results for the third quarter.
Plastics group Synthomer fell after it said volumes in the third quarter remained flat on last year and that it continued to hunt for acquisition opportunities.
EasyJet was flat as it reported a 9.9% jump in passenger numbers for October as the load factor ticked higher, but Wizz Air fared much better after its October traffic stats.
Redefine was in the red after announcing the successful exchange of contracts with Patrizia Immobilien AG for the sale of the Leopard (German supermarket) portfolio.
Rio Tinto advanced as it appointed Simon Trott to the newly-created role of chief commercial officer as it reinforces its focus on driving value across the business from mine to market.
Morgan Advanced Materials retreated despite saying trading is in line with its expectations as it reaffirmed its outlook for the full year.
Healthcare company BTG was weaker as it said it will pay a £55.3m provision after the final ruling in its patent dispute with WellStat Therapeutics went against the company.
IWG was hit by a downgrade to ‘sector perform’ by analysts at RBC Capital Markets.
FTSE 100 - Risers
Convatec Group (CTEC) 191.70p 5.33%
NMC Health (NMC) 3,180.00p 2.95%
BHP Billiton (BLT) 1,459.50p 2.24%
Severn Trent (SVT) 2,168.00p 1.74%
GKN (GKN) 323.80p 1.73%
Anglo American (AAL) 1,509.00p 1.62%
Rio Tinto (RIO) 3,775.00p 1.34%
Centrica (CNA) 169.90p 1.31%
Randgold Resources Ltd. (RRS) 7,015.00p 1.01%
Shire Plc (SHP) 3,756.50p 0.90%
FTSE 100 - Fallers
Sky (SKY) 928.50p -1.90%
Standard Life Aberdeen (SLA) 428.80p -1.52%
Reckitt Benckiser Group (RB.) 6,493.00p -1.37%
Tesco (TSCO) 176.90p -1.23%
RSA Insurance Group (RSA) 610.00p -1.21%
Prudential (PRU) 1,847.00p -1.12%
G4S (GFS) 283.30p -1.12%
Johnson Matthey (JMAT) 3,465.00p -1.08%
Standard Chartered (STAN) 716.00p -1.04%
Morrison (Wm) Supermarkets (MRW) 217.10p -0.87%
FTSE 250 - Risers
Playtech (PTEC) 810.50p 5.26%
Mitie Group (MTO) 248.20p 4.20%
Aldermore Group (ALD) 310.00p 2.51%
Sophos Group (SOPH) 619.50p 2.31%
Cairn Energy (CNE) 222.20p 2.11%
Tullow Oil (TLW) 194.50p 1.99%
Petrofac Ltd. (PFC) 449.70p 1.90%
Lancashire Holdings Limited (LRE) 754.00p 1.75%
BGEO Group (BGEO) 3,649.00p 1.62%
Centamin (DI) (CEY) 133.90p 1.59%
FTSE 250 - Fallers
BTG (BTG) 735.50p -5.58%
CLS Holdings (CLI) 228.20p -2.89%
Inchcape (INCH) 763.50p -2.68%
Morgan Advanced Materials (MGAM) 317.60p -2.28%
Sports Direct International (SPD) 392.60p -2.07%
TP ICAP (TCAP) 489.90p -2.02%
GVC Holdings (GVC) 903.00p -1.90%
Dairy Crest Group (DCG) 595.00p -1.90%
Greene King (GNK) 545.50p -1.89%
IP Group (IPO) 150.60p -1.76%
Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.
Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.
London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.
DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.
Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.
Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.
DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.
National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.
Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.
Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.