Michele Maatouk Sharecast | 19 May, 2017 08:54 - Updated: 09:54 | | |
London stocks edged higher in early trade, taking their cue from an upbeat session on Wall Street, where shares rebounded from this week's Trump-inspired selloff.
At 0830 BST, the FTSE 100 was up 0.4% to 7,462.68, with miners racking up healthy gains as copper prices rose. Meanwhile, the pound was 0.3% higher versus the dollar at 1.2977.
Stocks in the US ended higher on Thursday, recovering from losses earlier in the week amid concerns that President Trump could be impeached.
Oanda analyst Craig Erlam said: "Investors are clearly still a little anxious about the political situation in the US, which showed to an extent on Wednesday, but as it stands I don’t think they’re too concerned. Wednesday’s sell-off may have shocked a few people but US indices remain in the same range they’ve traded in for the last few months and as long as that remains the case, it would suggest that investors are not too concerned."
In corporate news, Entertainment One pushed higher after announcing the start of production on a new series of Peppa Pig.
Private landlord group Grainger was also in the black as it hiked its interim dividend 10% after a first half where it secured half of its investment target and cut costs in a market where the proportion of privately rented homes is at its highest levels since records began in 1980.
Aviva was higher but Legal & General dropped after they updated the market on their Solvency II positions.
Close Brothers was firmer after reporting "solid" loan book growth in its banking division in the third quarter to the end of April, and saying it remains confident of delivering a good result for the full year.
Safestore advanced after saying it has refinanced its US private placement notes and amended bank facilities to extend the average maturity and lower the cost of its debt management by £34m a year.
Hikma Pharmaceuticals slumped as it updated its guidance on full year revenue to be $2bn-$2.1bn in constant currency after last week's rejection of its asthma drug by US regulators.
Just Eat was on the back foot after the Competition and Markets Authority said it is referring its proposed acquisition of Hungryhouse to an in-depth phase 2 investigation.
Senior was boosted by an upgrade at Raymond James, while SIG was lifted as Peel Hunt raised it to 'buy'.
However, Johnson Matthey and Experian were hit by downgrades from UBS and Jefferies, respectively, while Antofagasta fell after Deutsche Bank cut the stock to 'sell'. British Land and Land Securities were dented by downgrades to 'neutral' at JPMorgan Cazenove, while Thomas Cook was downgraded by Morgan Stanley.
On the data front, the CBI Industrial trends survey is at 1100 BST, with consensus for an unchanged reading of 4for May.
FTSE 100 - Risers
Anglo American (AAL) 1,081.50p 1.36%
Rio Tinto (RIO) 3,141.00p 1.27%
Fresnillo (FRES) 1,601.00p 1.27%
Shire Plc (SHP) 4,875.00p 1.26%
AstraZeneca (AZN) 5,196.00p 1.09%
Rolls-Royce Holdings (RR.) 858.50p 0.94%
Ashtead Group (AHT) 1,556.00p 0.91%
Taylor Wimpey (TW.) 200.20p 0.81%
Smiths Group (SMIN) 1,642.00p 0.80%
Glencore (GLEN) 293.30p 0.79%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,589.00p -6.53%
Johnson Matthey (JMAT) 3,000.00p -2.60%
Experian (EXPN) 1,626.00p -2.05%
Land Securities Group (LAND) 1,074.00p -1.65%
Antofagasta (ANTO) 794.50p -1.43%
Legal & General Group (LGEN) 248.10p -1.12%
Centrica (CNA) 199.00p -0.95%
British Land Company (BLND) 633.50p -0.78%
Kingfisher (KGF) 365.30p -0.68%
Royal Mail (RMG) 431.20p -0.55%
FTSE 250 - Risers
Senior (SNR) 235.50p 5.99%
Berendsen (BRSN) 1,078.00p 3.06%
Renishaw (RSW) 3,462.00p 2.21%
SSP Group (SSPG) 482.60p 2.14%
SIG (SHI) 135.40p 2.03%
Syncona Limited NPV (SYNC) 151.40p 1.95%
Cineworld Group (CINE) 729.50p 1.74%
Electra Private Equity (ELTA) 2,694.00p 1.66%
IMI (IMI) 1,241.00p 1.64%
Virgin Money Holdings (UK) (VM.) 312.20p 1.53%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 91.65p -3.73%
AO World (AO.) 148.30p -2.05%
PayPoint (PAY) 1,002.00p -1.28%
Clarkson (CKN) 2,731.00p -0.94%
Millennium & Copthorne Hotels (MLC) 458.00p -0.74%
NewRiver REIT (NRR) 344.60p -0.55%
Rank Group (RNK) 209.20p -0.52%
Brewin Dolphin Holdings (BRW) 324.50p -0.52%
Acacia Mining (ACA) 429.80p -0.51%
Daejan Holdings (DJAN) 6,970.00p -0.50%
The UK economy's performance will continue to exceed forecasts but multiple headwinds will just about brake any further gains in the FTSE 100 in 2017, analysts at one of the City's top research shops said.
The number of oil rigs in operation in the US continued to climb last week, increasing by 11 to 758, according to the results of the most widely-followed survey tracking them.
Sterling managed Friday gains on the US dollar thanks to UK monetary policy hawks coming to the fore in recent days, but was otherwise down against a raft of commodity currencies.
Stocks came off their worst levels of the day as crude oil futures perked up and trading on Wall Street got off to a positive start.
Stocks in London laboured through Friday as sterling made gains against an underwhelming US dollar a day after PM Theresa May met with European leaders in Brussels.
Gains for steel and biotech shares saw Wall Street edge higher amid better than expected economic data and some dovish Fedspeak.
Private sector firms in the US continued to record a solid rate of expansion amid signs that economic growth might pick up again, the results of a widely-followed survey showed.
Activity in America's residential real estate market continued to hum along at a solid pace last month, the latest official revealed, amid sharp price increases.
Hayward Tyler updated the market on its discussions with Avingtrans on Friday, regarding the possible offer by Avingtrans for the company as announced on 31 March.
BMR Group announced on Friday that Peterhouse Corporate Finance had raised £0.35m - before expenses - by way of a placing of 9,333,333 new ordinary shares of 1p each in the capital of the company, at 3.75p per share.