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 28-09-2006
09/28/2006
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ADVFN III |
Morning Euro Markets Bulletin |
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Daily world financial news from AFX/Associated Press |
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London |
London shares remain higher assisted by miners, firm oil price
London shares remained higher in early trade, continuing a positive run, with the miners once again assisting the charge fuelled by further strength in commodity prices, while gains in the price of oil also helped lift BP and BG Group, dealers said. At 9.14 am the FTSE 100 was up 16.1 points at 5,946.2, with the rest of the market also enjoying gains. Yesterday, Wall Street advanced for a third straight session, although the Dow Jones industrial average fell just short of touching its record high close after a jump in oil prices stifled investors' enthusiasm. Earlier, falling crude prices and an increase in new home sales had helped investors shrug off a weak durable goods report, putting the Dow just 2.21 points away from the closing record of 11,722.98 it set on Jan 14 2000. In Asia the Nikkei 225 rounded the session up 76.98 pointss at 16,024.85 while Hong Kong's Hang Seng ended the morning up 30.0 points at 17,551.51. Oil prices continued to advance in Asian trade despite bearish US inventory data. New York's main contract, light sweet crude for November delivery, was up 0.19 usd at 63.15 usd a barrel from 62.96 in late US trade overnight. The contract had advanced 1.95 usd in New York, helped by hawkish remarks from the Organisation of Petroleum Exporting Countries. Brent North Sea crude rose 25 cents to 62.46 usd. Among blue-chip stocks, Royal & Sun Alliance was a key feature as investors digested the fact that the insurer has cut its exposure in the US. It sold its US operation to Arrowpoint Capital, a vehicle set up by its US management team, for 158 mln stg, representing a pretax loss on the sale of 443 mln stg. The loss appeared to do little to deter investors from the stock. Meanwhile, the miners continued buoy the market as commodity prices increased. Anglo American was up 23 at 2,243, Rio Tinto put on 25 pence to 2,527, Xstrata built 20 pence to 2,177 while BHP Billiton gained 6 to 927. Oil heavyweights BP and BG were bolstered by gains in the price of oil overnight, up 6 pence at 585 and 5 at 648-1/2 respectively. However, the firm oil price did little for BA, down 3 pence at 429.
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Topping the blue chip risers, Brambles gained 21 at 489, strengthened by speculation regarding a 6 stg per share bid. Another FTSE 100 stock bolstered by bid speculation was Hanson, up 11 pence at 732. Several stories have surrounded the stock of late, including rumours that a Dubai consortium approached the building materials group with an offer price of 840 pence. The bid was allegedly declined. On the downside, ICAP was the day's biggest loser, down 15 pence at 505-1/4. The interdealer broker failed to please investors with an in line trading update. It said it has made an encouraging start to the financial year, and expects pretax profit before amortisation and exceptionals for the period to end-March 2007 to be in line with analysts' current forecasts. On the second tier, Grainger Trust pleased investors, better by 58 pence at 617, after it confirmed that it has received an approach from a party considering making a bid for the group. The company was responding to press speculation that it may be a bid target. The Financial Times today said there was talk in the market of a 700 pence a share offer. Meanwhile, Business support services firm MITIE Group was another winner, gaining 3-1/2 pence to 203-3/4, on news that its businesses have continued to perform in line with management expectations throughout the first half of its financial year, with the group experiencing good levels of organic growth. In a trading update, the group also said the integration of the recent security acquisition, UK manned guarding company Initial Security Ltd, is progressing well and the strategic benefits of this acquisition are now being realised. On the flipside, in line results do not always please the market, as proven by a slide in VT Group, down 15 pence at 483. The support services and shipbuilding company, said it remains on course to deliver results for the first half of the year in line with its expectations and the board is confident about the outlook for the year.
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In a statement ahead of the Nov 14 release of results for the first half, the group said its order book currently stands at 3.5 bln stg. Elsewhere, a dip in profit dented investor confidence in Dana Petroleum, down 21 at 1,172. The North Sea oil and gas producer, said it remains on course to achieve its target to pump over 40,000 barrels of oil equivalent per day by the end of next year after it unveiled weak first-half profits, hit by foreign exchange losses. Output in the first half averaged at around 18,408 boepd after operational problems forced the temporary closure of some of its fields. Babcock International dropped 3-1/4 pence to 344 even though said it has enjoyed strong trading in the six-month period to end-September, with performance meeting its expectations. In a trading statement, the infrastructure management group said the trading environment for its businesses remains "excellent" and that it has an order book worth over 2.3 bln stg. However, investors reaction was not as positive as the trading update. Finally, Bus and train operator National Express Group dipped 8 pence to 917, after it said the loss of franchises had hit its UK rail division as it posted an overall rise in interim pretax profits of 15.7 pct to 67.2 mln stg. National Express, which runs the One, C2C, Central Trains, Gatwick Express, Silverlink and Midland Mainline franchises, said operating profits in its trains division fell 26 pct to 20 mln stg following the loss of the Wessex and Great Northern rail franchises in March.
UK 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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Paris |
PARIS - Market data at 9.41 am:
Major indices: CAC-40 down 0.65 points at 5,242.45 SBF-80 up 24.16 at 5,968.76 SBF-120 up 1.75 at 3,794.44
Volume: 452 mln eur 16 CAC-40 stocks up 22 CAC-40 stocks down 2 unchanged
Major gainers: Arcelor-Mittal, up 0.78 eur or 2.9 pct at 27.62 and adding to yesterday's strong gains, seen after a upbeat analyst presentation. The company plans to boost steel output to 150-200 mln tons per year by 2015, up from 110 mln now. STMicroelectronics, up 0.16 or 1.2 pct at 13.50 on speculation the company could become a bid target for private equity funds, spurred by a newswire report, dealers said. Technip, up 3.14 or 7.3 pct at 46.10 after confirming its 2006 operating profit target of least 340 mln eur, reassuring investors after a series of cautious outlooks given earlier this year. The company also announced the retirement of CEO Daniel Valot next year.
Major losers: Societe Generale, down 1.60 or 1.3 pct at 126.40 after announcing a 2.4 bln eur capital hike to fund a reinforcement of its stake in Russia's Rosbank. Areva, down 14.80 or 3.1 pct at 467.40 after posting first-half operating profit of 115 mln eur, well below consensus forecasts of around 214 mln eur according to analysts, due to additional costs from production problems at the EPR plant being built in Finland. Michelin, down 0.10 at 56.60 after CEO Michel Rollier warned the company is not as competitive as its rivals, and announced a plan to cut costs in Europe and North America ahead of an expected market downturn next year.
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Frankfurt |
FRANKFURT - Market data at 9:24 am
Major indices: DAX 30 - down 10.74 points or 0.18 pct at 5,978.02 MDAX - down 0.13 points or 0.00 pct at 8,442.21 TecDAX - up 1.32 points or 0.20 pct at 657.02 DAX future - down 1.50 points or 0.02 pct at 6,030.50
Major gainers: MAN, up 0.52 eur or 0.82 pct to 63.79, Henkel, up 0.67 eur or 0.67 pct to 108.11 RWE, up 0.67 eur or 0.92 pct to 73.15 SAP, up 0.85 eur or 0.54 pct to 157.40 Linde, up 0.18 eur or 0.24 pct to 73.69
Major losers: Siemens, down 0.54 eur or 0.79 pct to 68.06 Lufthansa, down 0.11 eur or 0.66 pct to 16.45 Deutsche Telekom, down 0.08 eur or 0.64 pct to 12.36 Deutsche Bank, down 0.61 eur or 0.64 pct to 94.70 Altana, down 0.27 eur or 0.61 pct to 43.92
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Amsterdam |
AMSTERDAM - Market data at 10.33 am
Major indices AEX 483.23, up 1.33 points AMX Midcap 585.29, down 0.62 points Government bonds - Lower
Major gainers DSM rose 3.74 pct to 34.60 eur after saying overnight it will start a 750 mln eur share buyback programme and that its 2010 plan is 'on track'; the company also said hopes to achieve 125-175 mln eur in savings through cost-cutting schemes in 2006 and 2007 TNT was up 3.96 pct to 30.70 eur after the European Court of Justice ruled against the Dutch state on its golden shares in TNT and KPN KPN was 0.10 pct higher at 10.03 eur Shell was up 0.89 pct to 25.99 eur on firmer oil prices Major losers Unilever was 0.51 pct lower at 19.49 eur Stork lost 1.50 pct to 40.19 eur following a downgrade to 'hold' from 'buy' with lowered price target of 40 eur from 46 at Kempen ABN Amro lost 0.13 pct to 22.90 eur. Earlier the company said managing board member Dolf Collee will leave the bank at the end of the year
Forex
Singapore 0715 GMT |
Sydney 0430 GMT |
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US dollar |
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yen 117.67 |
up from |
117.47 |
sfr 1.2444 |
up from |
1.2434 |
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Euro |
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usd 1.2717 |
down from |
1.2723 |
sfr 1.5822 |
up from |
1.5817 |
stg 0.6755 |
up from |
0.6741 |
yen 149.55 |
up from |
149.47 |
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Sterling |
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usd 1.8821 |
down from |
1.8840 |
yen 221.30 |
down from |
221.74 |
sfr 2.3412 |
down from |
2.3468 |
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Australian dollar |
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usd 0.7495 |
down from |
0.7507 |
stg 0.3982 |
up from |
0.3976 |
yen 88.16 |
up from |
88.13 |
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Advfn Plc, 26 Throgmorton Street, London, EC2N 2AN +44 (0) 870 794 0236
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