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%
Wall Street finished mixed amid light volumes on Monday, as investors kept their wallets closed as both international tensions and domestic political turbulence put a dampener on sentiment.
Stocks finished the day lower amid aggressive rhetoric out of North Korea as the US and South Korean militaries kicked-off their annual 10-day joint exercises and a bounce in the single currency's value.
London stocks ended on a mixed note at the start of the week as investors remained cautious amid geopolitical tensions.
Wall Street was trading in mixed fashion ahead of a speech from the US president on Monday evening in which he was expected to outline his new strategy for the war in Afghanistan.
The UK's public deficit gets its monthly update on Tuesday, along with the CBI's industrial trends survey and results from the likes of BHP Billiton, Cairn Energy, Persimmon and Wood Group.
Graphene--based products producer and supplier Directa Plus announced the appointment of Luca Provolo as its head of sales on Monday, with effect from 4 September.
Clean technology company Verditek announced on Monday that its 51% owned subsidiary Greenflex Energy - an Italian based manufacturing solar photovoltaic technology company - has won an initial trial contract with Media One - one of Italy's largest out of home advertising agencies - to supply and install its proprietary solar PV technology to power digital advertising billboards at outdoor bus shelters in Italy.
London's FTSE 250 was up 0.1% to 19,636.29 in afternoon trade.
Energy storage and clean fuel company ITM Power noted the launch of the UK Government's ‘Hydrogen for Transport Programme’ on Monday.
International esports group Gfinity announced on Monday that it has been appointed as esports partner for Formula 1, to deliver the Formula 1 ESports Series from September.