ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

ADVFN Morning London Market Report: Tuesday 15 October 2019

Share On Facebook
share on Linkedin
Print

London open: Stocks rise amid renewed Brexit deal optimism

© ADVFN

London stocks rose in early trade on Tuesday amid renewed optimism that a Brexit deal is achievable, as investors eyed the release of key UK jobs data.

At 0840 BST, the FTSE 100 was up 0.3% at 7,233.22, while the pound was 0.5% higher against the dollar at 1.2665 and 0.5% firmer versus the euro at 1.1489 after the EU’s chief Brexit negotiator, Michel Barnier, said a Brexit deal is possible.

Speaking ahead of a meeting of EU ministers in Luxembourg, Barnier said: “This work has been intense all over the weekend and yesterday.

“Because, even if an agreement will be difficult – more and more difficult, to be frank – it is still possible this week.”

Spreadex analyst Connor Campbell said: “While Michel Barnier was keen to stress it has become ‘more difficult’ to reach an agreement this week, stating that it is ‘time to turn good intentions into legal texts’, his claim that it is ‘still possible’ for the UK and EU to come together on a deal was enough to restore the pound’s faith in proceedings, even if other members of the bloc were less convinced.”

Investors were looking ahead to the release of the ILO unemployment rate, claimant count and average earnings, all due at 0930 BST.

The unemployment rate for August is expected to remain unchanged at 3.8%, while weekly earnings growth excluding bonuses is expected to have eased to 3.7% from 3.8% in July.

In equity markets, banks were the standout performers, with Lloyds Banking GroupRBS and Barclays all higher.

Shares of homeware retailer Dunelm were boosted by an upgrade to ‘sector perform’ at RBC Capital Markets while Premier Inn owner Whitbread racked up healthy gains after an upgrade to ‘buy’ at UBS.

Hays rallied even as the recruitment firm reported a fall in net fee growth from the UK and Ireland as Brexit worries continued to dent business confidence, as its first-quarter results were better than expected. The company posted a 4% decline in UK first quarter net fee growth, with a 7% decrease in the private sector offsetting a 6% rise in the public sector.

Gambling operator Rank Group was on the front foot as it said group like-for-like net gaming revenue rose 10% in the first quarter, with total net gaming revenue up 9%.

Schroders rose after the asset manager said assets under management at the end of September came in at £450.8m versus £407.2m at the start of the year.

On the downside, miners were under pressure, with Rio TintoAnglo American and BHP all weaker.

Housebuilder Bellway was also lower as it posted a rise in full-year profit amid strong demand but warned over margin pressure.

Molten metal flow engineering company Vesuvius was trading sharply lower as it warned over full-year earnings amid weakening end markets.

Renishaw was also down as the engineer posted a decline in first-quarter profit and revenue, while pub group Marston’s retreated after warning over full-year profit.

 

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com