UK/Euro Financial Market Daily Morning Briefing – UK/Euro Financial Market Daily Morning Briefing
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A daily snapshot of the UK, French, German and Dutch markets just after the market open. Including a diary of key financial events across the UK and a summary of U.S after market close. Click here to receive or daily bulletins. News provided by AFX/Associated Press.
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UK/Euro Financial Market Daily Morning Briefing 23-06-2006
06/23/2006
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ADVFN III |
Morning Euro Markets Bulletin |
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Daily world financial news from AFX/Associated Press |
Supplied by advfn.com | | |
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London |
London shares open higher; spotlight on M&A deals; shrugs off Wall St dip
The FTSE 100 opened higher this morning as investors sidelined interest rate concerns as hopes of further consolidation in the UK gas and ports sectors dominated early sentiment, dealers said. At 9.00 am, the UK's leading index of shares was up 21.4 points at 5,705.5, with the broader indices also firmer. Early volume was thin with 130 mln shares trading in 19,760 deals. Last night on Wall Street, US stocks posted a moderate decline, giving back part of the previous session's gains as investors again worried about interest rates and the economy. The Dow Jones Industrial Average sank 60.35 points, or 0.54 pct, to 11,019.11, after tumbling as much as 93 points earlier in the session. Broader stock indicators were lower as well. The Standard & Poor's 500 index slid 6.60 points to 1,245.60, and the Nasdaq composite index lost 18.22 points to 2,122.98. In Asia, the Hang Seng Index ended the morning down 89.31 points, or 0.56 pct, at 15,737.39. In Tokyo, the blue-chip Nikkei 225 Stock Average closed down 11.65 points, or 0.08 pct, at 15,124.04. Oil prices were little changed in Asian trade as the US increased the pressure on Iran to halt its nuclear enrichment activities. New York's main contract was down 4 cents at 70.80 usd per barrel from 70.84 usd in US trading overnight, while Brent North Sea crude for August eased 8 cents to 69.87 usd. In London this morning, the UK gas sector was in focus after Russian gas supplier Gazprom made its long-expected move into the UK retail gas market after snapping up Cheshire-based Pennine Natural Gas. It is widely expected that Gazprom will increase its presence within the UK retail gas sector through acquisitions in the coming months.
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Shares in Centrica eased off opening highs to trade 1 pence lower at 278, as dealers reacted less favourably to news that its North American subsidiary Direct Energy had sold its remaining 19.9 pct equity holing in the Consumers Waterheater Income Fund in Canada for 133 mln cad. Elsewhere, oils were prominent among gainers with Royal Dutch Shell higher after Deutsche Bank raised its stance in the oil giant to "buy" from "hold" as part of a review of the oil sector. Shell's shares rose 26 pence to 1,820. BP and BG Group also climbed. Sage was another riser, up 2-1/2 pence to 224-1/4 after US peer Oracle said its fourth-quarter profit rose 27 pct on record revenue and that sales surged across most of its business lines and geographic regions. Broker comment helped Persimmon to rise 10 pence to 1,203 after Morgan Stanley upgraded its stance to "equal-weight" from "underweight" on valuation grounds after a recent share price decline by the blue-chip housebuilder. The broker said that in the near term it sees Persimmon finding support with better than expected house price inflation sentiment. Shares in PartyGaming were modestly higher after press reports of market rumours the group is looking to raise money for acquisitions. PartyGaming were 1 pence higher at 123-3/4. This morning, the Financial Times reported the group is aiming to raise money to fund the acquisition of a bricks and mortar gaming company. On the downside, British Airways remained weak, off 2 pence at 344, as investors weighed up the news it is being investigated by UK and US authorities for potential fuel surcharge price-fixing. BA is currently assisting the UK office of Fair Trading and the US Department of Justice with their investigation and has given leave of absence to two senior executives, Martin George, commercial director, and Iain Burns, head of communications. Separately, Deutsche Bank reiterated its "buy" stance on the UK flag carrier despite yesterday's news.
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On the second line, AB Ports was up 39 at 919 after the UK port operator confirmed its board had recommended a revised 910 pence a share offer from a consortium led by Goldman Sachs, the US investment bank. The offer values ABP, which operates 21 UK ports accounting for nearly a quarter of the nation's seaborne trade, at 2.795 bln stg. Meanwhile, bus and rail operator Stagecoach rallied 5-3/4 pence to 112-3/4 after confirming it will sell its London bus operations to Australian investment group Macquarie Bank for 263.6 mln stg. Stagecoach said it plans to focus on its bus operations outside London after the sale of Stagecoach London, whose two operating companies run contracts mainly for the capital's transport authority, Transport for London (TfL). Shares in Tullow Oil were firm in opening deals as brokers welcomed positive drilling news. The company led the mid-cap gainers, climbing 20 pence to 354-1/2. The group this morning reported that its 50-50 project with Australia's Harman in Uganda showed a flow rate of about 1,500 barrels a day of 33.8 degree API oil. Finally, Bunzl gained 8 pence to 608 after being upgraded to "in line" from "underperform" by Goldman Sachs this morning. Goldman said it viewed the UK packaging group as a quality company and has a much more reasonably priced stock.
Diary of Events
For a diary of key financial and corporate events in the UK today, click here
US Summary
For a summary of US stocks at yesterday's close of trade, click here
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Frankfurt |
FRANKFURT - Market data at 9.58 am Major indices: DAX 30 - 5,547.41, up 13.99 points or 0.25 pct MDAX - 7,659.57, up 11.64 points or 0.15 pct TecDAX - 634.46, up 0.76 points or 0.12 pct DAX future - 5,587.00, up 42.00 points or 0.76 pct
Major gainers: Fresenius Medical Care, up 2.79 eur or 3.28 pct at 87.95, as Deutsche Bank resumed coverage of the stock with a 'buy' rating and a 110 eur price target, arguing that the company's profit growth is being underestimated by the market Continental AG, up 1.42 eur or 1.77 pct at 81.62 Hypo Real Estate, up 0.69 eur or 1.52 pct at 46.07 ThyssenKrupp, up 0.30 eur or 1.20 pct at 25.40 Commerzbank, up 0.25 eur or 0.90 pct at 28.18
Major losers: Deutsche Telekom, down 0.06 eur or 0.48 pct at 12.44 Allianz, down 0.48 eur or 0.40 pct at 120.94 Metro, down 0.11 eur or 0.26 pct at 42.83 Linde, down 0.14 eur or 0.23 pct at 61.66, as the company last night declined to comment on market rumours it is planning to carry out a capital hike today to fund its 8.2 bln stg purchase of UK peer BOC Group Infineon, down 0.02 eur or 0.23 pct at 8.73
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Amsterdam |
AMSTERDAM - Market data at 10.00 am
Major indices AEX 430.96, up 1.70 points AMX Midcap 564.24, up 5.25 points Government bonds flat to slightly higher
Major gainers Second-liner Nutreco soared 3.95 pct to 48.65 eur as investors and brokerages hailed a 300 mln eur 'super dividend' and a share buyback of up to 50 mln eur, dealers said. Getronics added 3.71 pct to 8.67 eur after announcing that the sale of its Italian operations to Eutelia has been finalised. Vopak rose 2.79 pct to 26.13 eur after an upgrade to 'buy' from 'hold' at ING Fugro gained 2.46 pct to 31.29 eur after a solid trading update. Wolters Kluwer put on 1.84 pct to 18.27 eur Hagemeyer lifted 1.16 pct to 3.48 eur Major losers KPN lost 0.46 pct to 8.69 eur after a downgrade to 'equal-weight' from 'overweight' at Morgan Stanley and amid reports that the company may want to enter the Spanish and Portuguese markets. Heineken shed 0.58 pct to 32.41 eur. Numico lost 0.81 pct to 34.37 eur. Local issue Mittal Steel shed 0.50 pct to 25.86 eur amid reports that the company may sweeten its bid for Arcelor.
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Paris |
PARIS - Market data at 9.35 am:
Major indices: CAC-40 up 20.20 points or 0.42 pct at 4,823.49 SBF-80 up 17.27 points or 0.31 pct at 5,514.27 SBF-120 up 13.29 points or 0.38 pct at 3,494.40
Volume: 302 mln eur 34 CAC-40 stocks up 5 CAC-40 stocks down (Arcelor temporarily suspended from CAC-40)
Major gainers: Suez, up 0.41 eur or 1.34 pct at 31.05, amid questions about whether a bill required for its planned merger with Gaz de France can get parliament's approval. Total, up 0.61 eur or 1.25 pct at 49.39 Saint-Gobain, up 0.65 eur or 1.22 pct at 53.90
Major losers: France Telecom, down 0.09 eur or 0.53 pct at 16.87 AGF, down 0.40 eur or 0.44 pct at 90.20 Thomson, down 0.04 eur or 0.30 pct at 13.12
Forex
Singapore 0745 GMT |
Tokyo 0400 GMT |
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US dollar |
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yen 116.06 |
up from |
116.01 |
sfr 1.2437 |
up from |
1.2435 |
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Euro |
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usd 1.2575 |
up from |
1.2568 |
stg 0.6882 |
up from |
1.6874 |
yen 145.96 |
up from |
145.80 |
sfr 1.5633 |
up from |
1.5628 |
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Sterling |
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usd 1.8273 |
down from |
1.8282 |
yen 212.04 |
down from |
212.09 |
sfr 2.2710 |
down from |
2.2734 |
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Australian dollar |
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usd 0.7329 |
down from |
0.7343 |
stg 0.4011 |
down from |
0.4016 |
yen 85.050 |
down from |
85.186 |
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Advfn Plc, 26 Throgmorton Street, London, EC2N 2AN +44 (0) 870 794 0236
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