The FTSE closed down 94.03 points at 3,780.96, whilst the the FTSE 250 closed down 87.22 points at 5,491.46, and for those that are interested the FTSE Small Caps closed up 7.12 points at 1,751.82. There was a late sell off, meaning the larger stocks pulled the FTSE down. The miners bucked this action, helping to damage limitation.
Over the pond, by the time London closed the DJI was up 34.32 points to 7,586.61, the S&P500 had added 3.24 points to 755.68 and the Nasdaq Composite gained 3.79 points to 1,319.91. US stocks opened higher as investors studied a Wall Street Journal report that Citigroup might consider options including a sale.
Back here in London, the mining shares did well as metal prices rose. Vedanta had the best day, closing up 62.25p at 450p, whilst Rio closed up 53p at 2,075p, Antofagasta up 35.75p at 354.75p, Anglo American closed up 78p at 1,132p, and Lonmin closed up 23p to close at 757p.
On to the banks, where some slight belief may be returning. Belief that the floor surely can't be lower, maybe? Barclays closed up 5.5p at 133.2p after significant shareholder Legal & General said last night that it would be voting for the bank's planned £7 bln fund raising, which includes £5 bln input from the Middle East. RBS closed up 1.4p at 47.4p after its shareholders approved a hand out for the government's bail-out box, whilst HBOS closed up 1.3p at 73.3p, and Lloyds TSB closed slightly down, 0.6p off at 124.7p.
Staying with financials, insurance companies were mixed. Norwich Union closed up 1.5p at 294.25p, and Standard Life closed up 2.25p at 226.75p, but The Pru closed down 1p to close at 245p, and Admiral closed down 2p at 995p.
On to the High Street, where Marks & Sparks closed down 2.25p at 204.25p despite an apparent rush to their one-day 20% off sale today, whilst B&Q owner Kingfisher closed up 5.7p at 108.6p.
On to leisure, where Thomas Cook closed down 10.2p at 127.6p and TUI Travel closed down 2.6p at 174.8p as investors showed concern that the usual rush to book a summer holiday during the Xmas season wouldn't materialise this year.
Airline British Airways closed up 5.3p at 129.5p after Citigroup gave the recetnly pressured airline the thumbs up.
On to the Utitlies, where the National Grid closed down 49p at 631p, Centrica closed down 18p at 267.75p, Drax was down 31.5p at 515p, and Severn Trent closed down 72p at 1,117p.
On to the pharmas, where GlaxoSmithKline closed down 80p at 1,072p, and AstraZeneca closed down 214p to 2,245p.
And on to beer, which we all feel like having now, we can tell you that Fuller Smith & Turner closed up 35.25p at 351p after announcing H1 pre-tax profit was down 6% to £12m, whilst revenue was up 1% at £94.4m (up £1.1m from last year), and EPS was up 1% to 15.29p per share. The pub and brewer operator raised its interim divvy with an upbeat statment attached.
Friday, 21 November 2008
Thursday, 20 November 2008
Forex - Live Room Trades - Thurs20Nov08
Just two trades this morning in the Live Room, one was a stop out, but the other was a part exit at +30 pips and a further +68 pips before the closing of the trade, almost 100 pips in all.
GBP/USD - Long Call
- Live Room Call: Entry on the break of 1.4891
- 1st Level 1.4861, +30 (1/2 position)
- 2nd level 1.4823, +68
EUR/USD - Long Call
- Live Room Call: Entry on the break of 1.2526
- 1st Level 1.2501, -25 (full position)
Join the Market Bytes Forex Live Room at www.marketbytes.com.
GBP/USD - Long Call
- Live Room Call: Entry on the break of 1.4891
- 1st Level 1.4861, +30 (1/2 position)
- 2nd level 1.4823, +68
EUR/USD - Long Call
- Live Room Call: Entry on the break of 1.2526
- 1st Level 1.2501, -25 (full position)
Join the Market Bytes Forex Live Room at www.marketbytes.com.
Wednesday, 19 November 2008
Forex - Live Room Trades - Wed19Nov08
After a quiet morning session, with just one break even trade, the afternnon session was fantastic, with 4 decent trades on breakouts and level breaks. The levels we will make trades at are available prior to the session in the members' area TV Blog.
Afternoon Session
- After a quiet London session there was the expected volatility during the US opening.
- We had 4 great trading setups that were being discussed in the Live Room.
- Below the trades are outlined in more detail.
- Pay particular attention to how the price action matched the levels today.
EUR/USD – Long
- Entry on the break of 1.2648
- Trade: Break of resistance level on the 1hr chart
- 21CCI: Bullish
- Penetrated the 50MA from below and the 200MA after the break
- 1st Level 1.2699, +51
- 2nd Level 1.2774, +126
- Stop: -25
- The pair broke through a major trendline near the 2nd resistance level
- The pair has pulled back after hitting the resistance area 1.2774-97 (grey line)
- (Allow few pips for slippage on entry/exit levels)
GBP/USD – Long
- Entry on the break of 1.4995
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- Breakout of pennant
- 1st Level 1.5025, +30
- 2nd Level 1.5094, +99
- Stop: -25
- After hitting the 2nd Level the pair retraced to 1st Level and then broke through the 3rd.
- The Pound made a high of 1.5252 after the break
- (Allow few pips for slippage on entry/exit levels)
USD/CHF – Short
- Entry on the break of 1.2020 or 1.2001
- Trade: Break of trendline or support level on the 15min chart
- 21CCI: Bearish
- Penetrated the 200MA on the 15min chart
- 1st Level 1.1965, +55 or +36
- Stop: -25
- The Swissie traded as low as 1.1944 after the break
- The pair has bounced back after hitting the major trendline and 2nd support level
- (Allow few pips for slippage on entry/exit levels)
AUD/USD – Long
- Entry on the break of 0.6507
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- 1st Level 0.6530, +23
- 2nd Level 0.6564, +57
- Stop: -30
- After hitting the 2nd Level the pair retraced to 1st Level and then capped at 0.6594
- The pair pulled back after hitting the resistance line 0.6594 (grey line)
- (Allow few pips for slippage on entry/exit levels)
Join the Market Bytes Live Room NOW - www.marketbytes.com
Afternoon Session
- After a quiet London session there was the expected volatility during the US opening.
- We had 4 great trading setups that were being discussed in the Live Room.
- Below the trades are outlined in more detail.
- Pay particular attention to how the price action matched the levels today.
EUR/USD – Long
- Entry on the break of 1.2648
- Trade: Break of resistance level on the 1hr chart
- 21CCI: Bullish
- Penetrated the 50MA from below and the 200MA after the break
- 1st Level 1.2699, +51
- 2nd Level 1.2774, +126
- Stop: -25
- The pair broke through a major trendline near the 2nd resistance level
- The pair has pulled back after hitting the resistance area 1.2774-97 (grey line)
- (Allow few pips for slippage on entry/exit levels)
GBP/USD – Long
- Entry on the break of 1.4995
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- Breakout of pennant
- 1st Level 1.5025, +30
- 2nd Level 1.5094, +99
- Stop: -25
- After hitting the 2nd Level the pair retraced to 1st Level and then broke through the 3rd.
- The Pound made a high of 1.5252 after the break
- (Allow few pips for slippage on entry/exit levels)
USD/CHF – Short
- Entry on the break of 1.2020 or 1.2001
- Trade: Break of trendline or support level on the 15min chart
- 21CCI: Bearish
- Penetrated the 200MA on the 15min chart
- 1st Level 1.1965, +55 or +36
- Stop: -25
- The Swissie traded as low as 1.1944 after the break
- The pair has bounced back after hitting the major trendline and 2nd support level
- (Allow few pips for slippage on entry/exit levels)
AUD/USD – Long
- Entry on the break of 0.6507
- Trade: Break of resistance level on the 15min chart
- 21CCI: Bullish
- 1st Level 0.6530, +23
- 2nd Level 0.6564, +57
- Stop: -30
- After hitting the 2nd Level the pair retraced to 1st Level and then capped at 0.6594
- The pair pulled back after hitting the resistance line 0.6594 (grey line)
- (Allow few pips for slippage on entry/exit levels)
Join the Market Bytes Live Room NOW - www.marketbytes.com
Tuesday, 18 November 2008
Forex - Live Room Trades - Tues18Nov08
The Live Room was successful again this morning, with just two trades actioned. One, unfortunately, was a stop out after looking promising, but the other was a decent trade, with a nice breakout.
GBP/USD - Long Call
- Entry: 1.5031
- 1st Level 1.5052, +21 (1/2 position)
- 2nd Level 1.5084, +53 (1/4 position)
- 3rd Level 1.5052, +21 (1/4 position)
USD/CAD - Short Call
- Entry: 1.2246
- 1st Level 1.2273, -27 (full position)
- Stop: 1.2273
Join the Live Room tomorrow - www.marketbytes.com
GBP/USD - Long Call
- Entry: 1.5031
- 1st Level 1.5052, +21 (1/2 position)
- 2nd Level 1.5084, +53 (1/4 position)
- 3rd Level 1.5052, +21 (1/4 position)
USD/CAD - Short Call
- Entry: 1.2246
- 1st Level 1.2273, -27 (full position)
- Stop: 1.2273
Join the Live Room tomorrow - www.marketbytes.com
Monday, 17 November 2008
Forex - Live Room Trades - Mon17Nov08
Another decent morning in the Forex Live Room.
Some decent break outs. 4 trades. All good.
Market Bytes Live Room, 17th November 2008
AUD/USD - long
Entry: 0.6485
Exit: full position @ 0.6525 = +40 pips
EUR/USD - long
Entry: 1.2663
Exit: Full position @ 1.2685 = +22 pips
USD/CHF - short
Entry: 1.1965
Exit: Full position @ 1.1932 = +33 pips
1/2 @ 1.1913 = 0 pips
USD/CAD - short
Entry: 1.2336
Exit: 1/2 @ 1.2315 = +21 pips
1/2 @ 1.2336 = 0 pips
Afternoon calls left with subscribers.
Join the Live Room now - www.marketbytes.com
Some decent break outs. 4 trades. All good.
Market Bytes Live Room, 17th November 2008
AUD/USD - long
Entry: 0.6485
Exit: full position @ 0.6525 = +40 pips
EUR/USD - long
Entry: 1.2663
Exit: Full position @ 1.2685 = +22 pips
USD/CHF - short
Entry: 1.1965
Exit: Full position @ 1.1932 = +33 pips
1/2 @ 1.1913 = 0 pips
USD/CAD - short
Entry: 1.2336
Exit: 1/2 @ 1.2315 = +21 pips
1/2 @ 1.2336 = 0 pips
Afternoon calls left with subscribers.
Join the Live Room now - www.marketbytes.com
Market Wrap, Monday 17th November 2008
The FTSE 100 closed down 100.81 points at 4,132.16, whilst the FTSE 250 closed down 150.73 points at 5,977.03, and for those that are interested the FTSE Small Caps closed down 26.47 points lower at 1,895.06. It was the banks that were under pressure again. The G20 summit was being studied, and Wall Street opened negatively and fell early doors.
Over the pond, by the time London closed the DJI was down 157.07 points to 8,340.24, the S&P500 down 14.89 points to 858.4 and the Nasdaq Composite off 21.26 points to 1,495.59. US stocks fell sharply in morning deals as Citigroup prepared to slash 50,000 jobs and after Japan slipped into recession, heightening doubts after a summit of world leaders produced little new to bolster the global economy.
Back here in London, news from the Confederation of British Industry was that the UK will suffer its sharpest economic contraction in almost 20 years next year, with the number of registered unemployed rising to nearly 3 million by 2010.
The banks were down, with the outcome of the G20 summit being uncertain as to the effect on world markets. RBS closed down 6.3p at 44.7p, Barclays down 5p at 154.1p, Lloyds TSB down 17p at 149p, and HBOS closed down 12p at 74.5p.
Interdealer broker ICAP closed up 13.5p at 251.5p ahead of tomorrow's results.
On to the insureres, where The Pru closed up 1.5p to 291.5p, and Norwich Union owner Aviva closed up 5p at just shy of 350p.
On to the miners, where most fell. Khazakhmys closed down 32p at 237.75p, BHP down 33p at 872p, Rio down 104p at 2,458p, Anglo American down 84p at 1,207p, and Xstrata closed down 71p at 876.5p.
On to the oil majors, where falls were evident. BP closed down 0.25p at 487.75p, RD Shell down 33p at 1,622p, and BG Group closed down 39p at 806.5p.
On to the High Street, where a bleak Christmas was expected. Marks & Sparks closed 4.5p at 215.5p, Next down 36p at 945p, and Tesco closed down 21.9p at 308.7p. ASOS, on the other hand, did well, with the Camden-based retailer closing up 21p at 278p after reporting sales had doubled in H1.
House sales were down. Asking prices were down by nearly 3% last month, according to RightMove, with asking prices now down over 7% in a year. This had a m ixed effect on housebuilders, although two or 3 managed a positive day. Taylor Wimpey closed up 0.6p at 9.89p, Bellway up nearly 10p at 507p, and Persimmons closed up 7p to 247p. Negatives were Bovis Homes, down 1p at just shy of 323p, and Redrow Homes down 2p at 162p.
Car rental company Avis Europe gave a poor picture, blaming fuel prices and such like for everyone getting public transport. Avis shares closed down another 1.5p at 5p.
With diamond sales falling, as is the price of the things too, Gem Diamonds closed down 131.5p at 213.5p after warning it will make a loss this year. A carat stone is now about $1,200, half of what it was a year ago.
Premier Foods closed up 3.5p at 30.5p after rumours that it has sold it's Mr Kipling delicious cake business to United Biscuits.
Over the pond, by the time London closed the DJI was down 157.07 points to 8,340.24, the S&P500 down 14.89 points to 858.4 and the Nasdaq Composite off 21.26 points to 1,495.59. US stocks fell sharply in morning deals as Citigroup prepared to slash 50,000 jobs and after Japan slipped into recession, heightening doubts after a summit of world leaders produced little new to bolster the global economy.
Back here in London, news from the Confederation of British Industry was that the UK will suffer its sharpest economic contraction in almost 20 years next year, with the number of registered unemployed rising to nearly 3 million by 2010.
The banks were down, with the outcome of the G20 summit being uncertain as to the effect on world markets. RBS closed down 6.3p at 44.7p, Barclays down 5p at 154.1p, Lloyds TSB down 17p at 149p, and HBOS closed down 12p at 74.5p.
Interdealer broker ICAP closed up 13.5p at 251.5p ahead of tomorrow's results.
On to the insureres, where The Pru closed up 1.5p to 291.5p, and Norwich Union owner Aviva closed up 5p at just shy of 350p.
On to the miners, where most fell. Khazakhmys closed down 32p at 237.75p, BHP down 33p at 872p, Rio down 104p at 2,458p, Anglo American down 84p at 1,207p, and Xstrata closed down 71p at 876.5p.
On to the oil majors, where falls were evident. BP closed down 0.25p at 487.75p, RD Shell down 33p at 1,622p, and BG Group closed down 39p at 806.5p.
On to the High Street, where a bleak Christmas was expected. Marks & Sparks closed 4.5p at 215.5p, Next down 36p at 945p, and Tesco closed down 21.9p at 308.7p. ASOS, on the other hand, did well, with the Camden-based retailer closing up 21p at 278p after reporting sales had doubled in H1.
House sales were down. Asking prices were down by nearly 3% last month, according to RightMove, with asking prices now down over 7% in a year. This had a m ixed effect on housebuilders, although two or 3 managed a positive day. Taylor Wimpey closed up 0.6p at 9.89p, Bellway up nearly 10p at 507p, and Persimmons closed up 7p to 247p. Negatives were Bovis Homes, down 1p at just shy of 323p, and Redrow Homes down 2p at 162p.
Car rental company Avis Europe gave a poor picture, blaming fuel prices and such like for everyone getting public transport. Avis shares closed down another 1.5p at 5p.
With diamond sales falling, as is the price of the things too, Gem Diamonds closed down 131.5p at 213.5p after warning it will make a loss this year. A carat stone is now about $1,200, half of what it was a year ago.
Premier Foods closed up 3.5p at 30.5p after rumours that it has sold it's Mr Kipling delicious cake business to United Biscuits.
Thursday, 13 November 2008
Market Wrap, Thursday 13th November 2008
The FTSE closed down 12.81 points at 4,169.21, whilst the FTSE 250 closed down 94.33 points at 6,156.85, and for those that are interested the FTSE Small Caps closed down 34.66 points at 1,897.3. The market had been down much more durting the day, but recovered somewhat later on. The heavyweight mining stocks and financial sector was pulling the FTSE down. Wall Street was up, then down, but looks better as we close.
Over the pond, by the time London closed the DJI was up nearly 7 points, but was looking stronger after its fall. The S&P500 was up just 3 points at 855, and the Nasdaq was down 12 points at 1,487. Wall Street had started better, but fell back as downbeat outlooks from IT chip maker Intel and Wal-Mart Stores were taken on board, although now looks to be climbing, we think.
Back here in London, it was the weak miners and financial sector that pulled the FTSE down.
The miners were down again, with BHP closing down 22p at 926.5p, Lonmin closing down 64.5p at 944.5p, Xstrata closing down 48p to 952p, and Anglo American down 31p to 1,248p. Rio Tinto did ok, though, closing up 24p at 2,570p.
On to the banks, where Lloyds TSB closed down 6.3p at 167p, HBOS down 6.8p at 90p, and Barclays down 10.5p at 157.7p.
Insurance companies tried to fight the rot, with Royal Sun Alliance closing up 3.2p at 144p, Old Mutual up 4.6p at 54.1p, and Admiral up 5p at a Tenner-even.
The London Stock Exchange (LSE:LSE) closed down 60p to 519.5p after a rather cautious outlook statement to go with results showing H1 pre-tax profits were up 57%. ICAP, the Interdealer broker, had a bad day, closing down 29.5p at 255.25p after a Morgan Stanley downgrade to 'underweight' from 'equal-weight' who also added a cut in target to 195p, down some 60%. Hedge fund manager Man Group did better, especially after the pressure of late, closing up 18.5p to 208.5p. Asset manager Schroders closed down 18.5p at 781.5p, whilst peer 3i Group closed down 24.5p at 425p.
On to telecoms, where telecoms giant Vodafone was up again, adding another 2.2p to close at 124.2p. BT Group also did well, closing up 10p at 122.5p after announcing it was cutting 10,000 jobs as well as Q2 profits down 11%, which wasn't as bad as expected. There is a lot of bad news built in to the BT share price already.
On to the supermarkets, where Sainsburys closed up 9.5p at 289.25p, and peer Tesco closed up 6.8p at 329.1p.
On to beer, where SABMiller fell 24p to 929.5p after saying that cost pressures and the strength of the US dollar are likely to 'adversely affect results', despite reporting a 5% rise in H1 pre-tax profit.
Housing website Rightmove closed down 4.75p at 180.25p after announcing that some 1,900 agents had dropped off its membership, with many going bust and others just not paying the subscription charges. Mmebers were at 10,700 on 31Oct08, a 15% drop from the highest figure of around 12,600 about year ago.
Ladbrokes, the bookie, closed up 3.75p at 161.75p despite saying that betting shop takings were flat, and that they've been significantly hit by 'unfavourable football and horseracing results'. Favourites winning, we think that means.
Over the pond, by the time London closed the DJI was up nearly 7 points, but was looking stronger after its fall. The S&P500 was up just 3 points at 855, and the Nasdaq was down 12 points at 1,487. Wall Street had started better, but fell back as downbeat outlooks from IT chip maker Intel and Wal-Mart Stores were taken on board, although now looks to be climbing, we think.
Back here in London, it was the weak miners and financial sector that pulled the FTSE down.
The miners were down again, with BHP closing down 22p at 926.5p, Lonmin closing down 64.5p at 944.5p, Xstrata closing down 48p to 952p, and Anglo American down 31p to 1,248p. Rio Tinto did ok, though, closing up 24p at 2,570p.
On to the banks, where Lloyds TSB closed down 6.3p at 167p, HBOS down 6.8p at 90p, and Barclays down 10.5p at 157.7p.
Insurance companies tried to fight the rot, with Royal Sun Alliance closing up 3.2p at 144p, Old Mutual up 4.6p at 54.1p, and Admiral up 5p at a Tenner-even.
The London Stock Exchange (LSE:LSE) closed down 60p to 519.5p after a rather cautious outlook statement to go with results showing H1 pre-tax profits were up 57%. ICAP, the Interdealer broker, had a bad day, closing down 29.5p at 255.25p after a Morgan Stanley downgrade to 'underweight' from 'equal-weight' who also added a cut in target to 195p, down some 60%. Hedge fund manager Man Group did better, especially after the pressure of late, closing up 18.5p to 208.5p. Asset manager Schroders closed down 18.5p at 781.5p, whilst peer 3i Group closed down 24.5p at 425p.
On to telecoms, where telecoms giant Vodafone was up again, adding another 2.2p to close at 124.2p. BT Group also did well, closing up 10p at 122.5p after announcing it was cutting 10,000 jobs as well as Q2 profits down 11%, which wasn't as bad as expected. There is a lot of bad news built in to the BT share price already.
On to the supermarkets, where Sainsburys closed up 9.5p at 289.25p, and peer Tesco closed up 6.8p at 329.1p.
On to beer, where SABMiller fell 24p to 929.5p after saying that cost pressures and the strength of the US dollar are likely to 'adversely affect results', despite reporting a 5% rise in H1 pre-tax profit.
Housing website Rightmove closed down 4.75p at 180.25p after announcing that some 1,900 agents had dropped off its membership, with many going bust and others just not paying the subscription charges. Mmebers were at 10,700 on 31Oct08, a 15% drop from the highest figure of around 12,600 about year ago.
Ladbrokes, the bookie, closed up 3.75p at 161.75p despite saying that betting shop takings were flat, and that they've been significantly hit by 'unfavourable football and horseracing results'. Favourites winning, we think that means.
Forex Live Room Trades, Thurs 13Nov08
Just some info - after two fantastic weeks things slowed this week. Four decent trades this morning under the current unusual market conditions, behaviour and circumstances, should be seen as excellent, and we also had one negative trade today. The negative Cable trade was soon sorted on the reverse, and despite showing a 35 pip loss on that trade, many chopped early at 20 or less as it was then obvious there was a reverse.
Here are this morning's trades. Nothing to write home about, compared to last week and previous week, but a steady turn.
EUR/USD - short
Entry: 1.2436
Exit: 1/2 @ 1.2404 = +32 pips
1/2 @ 1.2436 = 0 pips
GBP/USD - short
Entry: 1.4829
Exit: Full position @ 1.4864 = -35 pips
USD/CHF - long
Entry: 1.1913
Exit: 1/2 @ 1.1934 = +21 pips
1/2 @ 1.1913 = 0 pips
GBP/USD - long
Entry: 1.4949
Exit: 1/2 @ 1.4981 = +32 pips
1/2 @ 1.4949 = 0 pips
USD/CAD - short
Entry: 1.2325
Exit: 1/2 @ 1.2295 = +30 pips
1/2 @ 1.2325 = 0 pips
Each morning we enjoy success and a real Live Room experience. Members enjoy a Morning Call and Afternoon Call & Update each day, accessed via the members' area.
Here are this morning's trades. Nothing to write home about, compared to last week and previous week, but a steady turn.
EUR/USD - short
Entry: 1.2436
Exit: 1/2 @ 1.2404 = +32 pips
1/2 @ 1.2436 = 0 pips
GBP/USD - short
Entry: 1.4829
Exit: Full position @ 1.4864 = -35 pips
USD/CHF - long
Entry: 1.1913
Exit: 1/2 @ 1.1934 = +21 pips
1/2 @ 1.1913 = 0 pips
GBP/USD - long
Entry: 1.4949
Exit: 1/2 @ 1.4981 = +32 pips
1/2 @ 1.4949 = 0 pips
USD/CAD - short
Entry: 1.2325
Exit: 1/2 @ 1.2295 = +30 pips
1/2 @ 1.2325 = 0 pips
Each morning we enjoy success and a real Live Room experience. Members enjoy a Morning Call and Afternoon Call & Update each day, accessed via the members' area.
Wednesday, 12 November 2008
Market Wrap, Wednesday 12th November 2008
The FTSE 100 closed down 64.67 points at 4,182.02, whilst the FTSE 250 close ddown 153.33 poiints at 6,251.18, and for those that are interested the FTSE Small Caps closed down 27.84 points at 1,931.96. News from the Bank of England didn't help the markets today.
Over the pond, by the time London closed, the DJI was down 250 points to 8,444, whilst the S&P500 was down 27 points to 872, and the Nasdaq down 36 points at 1,545. There was concerns over the motorcar sector, as well as the financials sector, of course. Retailer Best Buy gave a bearish update, too.
Back here in London, the Bank of England confirmed that the UK entered a recession in the middle of 2008 which will continue well into 2009. The BoE also warned that the whole economic landscape has changed dramatically since August, adding that the UK economy could shrink by 2% over the next year, compared to its recent estimate of 'broadly flat' growth made in August. The BoE then said that it now expects inflation to fall to 1% by 2010, which is half of its 2% target. BoE governor Mervyn King didn't mind saying that the BoE would be prepared to cut interest rates further if needed.
Unemployment was up at its highest in 11 years, leaping another 140k in the quarter to September to 1.82 million.
On to the market, where telecoms giant Vodafone had another good day, up 7p at 122p.
On to the banks, where a fairly decent start soon tailed off. RBS closed down 1.5p at 56p, Barclays down 10.8p at 168.2p, Lloyds TSB closed down 4.1p at 173.3p and HBOS lost 2.4p at 96.8p.
Hedge fund manager Man Group had a bad day, closing down 58p at 190p, down nearly 25%, after further reaction to the H1 results announced last week. A Citigroup downgrade to 'hold' from 'buy' didn't help.
On to retail, where Sainsburys closed up 7.5p at just shy of 280p after reporting rising sales and profits for the 6 months to 04 October 2008, lifting its interim dividend to 3.6p from 3p. Peers didn't do so well, with Morrisons closing down 3p at 245.25p, and Marks & Sparks closing down 19.5p at just shy of 236p.
On to the black stuff, where a barrel was down another $1.50 to US$57.80 bbl (Dec del). BP closed down 23p at 476.25p, RD Shell down 29p at 1,582p, and Tullow Oil closed down 21p to 477p. Oil services company AMEC closed down nearly 17p at 476.25p despite a decent start after saying it was confident of lifting margins, adding that its order book was up 12% this year.
On to the miners, where metal prices fell back again on demand concerns. ENRC closed down 27p at 256p after news that it cut ferrochrome and iron ore output, adding that full year profits would be at the lower end of expectations. Lonmin closed down 71p at 1,009p on news that workers began a strike at its Limpopo mine in South Africa. Antogfagasta closed down 7.25p at 353.25p, Anglo American down 117p to 1,279p, and Vedanta Resources closed down 60p at 623p.
Scottish & Southern Energy closed up 55p at 1,199p after announcing that profits had more than halved during H1, adding that it reckons things won't be too bad at year end. Pre-tax profit for H1 was down to £171.1m from £723.6m last time out.
Over the pond, by the time London closed, the DJI was down 250 points to 8,444, whilst the S&P500 was down 27 points to 872, and the Nasdaq down 36 points at 1,545. There was concerns over the motorcar sector, as well as the financials sector, of course. Retailer Best Buy gave a bearish update, too.
Back here in London, the Bank of England confirmed that the UK entered a recession in the middle of 2008 which will continue well into 2009. The BoE also warned that the whole economic landscape has changed dramatically since August, adding that the UK economy could shrink by 2% over the next year, compared to its recent estimate of 'broadly flat' growth made in August. The BoE then said that it now expects inflation to fall to 1% by 2010, which is half of its 2% target. BoE governor Mervyn King didn't mind saying that the BoE would be prepared to cut interest rates further if needed.
Unemployment was up at its highest in 11 years, leaping another 140k in the quarter to September to 1.82 million.
On to the market, where telecoms giant Vodafone had another good day, up 7p at 122p.
On to the banks, where a fairly decent start soon tailed off. RBS closed down 1.5p at 56p, Barclays down 10.8p at 168.2p, Lloyds TSB closed down 4.1p at 173.3p and HBOS lost 2.4p at 96.8p.
Hedge fund manager Man Group had a bad day, closing down 58p at 190p, down nearly 25%, after further reaction to the H1 results announced last week. A Citigroup downgrade to 'hold' from 'buy' didn't help.
On to retail, where Sainsburys closed up 7.5p at just shy of 280p after reporting rising sales and profits for the 6 months to 04 October 2008, lifting its interim dividend to 3.6p from 3p. Peers didn't do so well, with Morrisons closing down 3p at 245.25p, and Marks & Sparks closing down 19.5p at just shy of 236p.
On to the black stuff, where a barrel was down another $1.50 to US$57.80 bbl (Dec del). BP closed down 23p at 476.25p, RD Shell down 29p at 1,582p, and Tullow Oil closed down 21p to 477p. Oil services company AMEC closed down nearly 17p at 476.25p despite a decent start after saying it was confident of lifting margins, adding that its order book was up 12% this year.
On to the miners, where metal prices fell back again on demand concerns. ENRC closed down 27p at 256p after news that it cut ferrochrome and iron ore output, adding that full year profits would be at the lower end of expectations. Lonmin closed down 71p at 1,009p on news that workers began a strike at its Limpopo mine in South Africa. Antogfagasta closed down 7.25p at 353.25p, Anglo American down 117p to 1,279p, and Vedanta Resources closed down 60p at 623p.
Scottish & Southern Energy closed up 55p at 1,199p after announcing that profits had more than halved during H1, adding that it reckons things won't be too bad at year end. Pre-tax profit for H1 was down to £171.1m from £723.6m last time out.
Tuesday, 11 November 2008
Market Wrap, Tuesday 11th November 2008
The FTSE closed down 157.23 points today at 4,246.69, whilst the FTSE 250 closed down 252.05 points at 6,4040.51, and for those that are interested the FTSE Small Caps closed down 50.88 points at 1,959.8. The FTSE did recover some, but did have a poor day. Oil and metals prices pushing heavyweight commodity issues down and with Wall Street trading sharply lower as Toll Brothers reported a downturn for October.
Over the pond, by the time London closed the DJI was down 238 points at 8,632, whilst the S&P500 was down 25 points at 894, and the Nasdaq down 41 points at 1,575. Wall Street was down after a poor update from cofffee giant Starbucks as well as a downbeat statment from Toll Brothers.
Back here in London, it was the commodity stocks that were retreating after further concerns over world economy and demand levels.
On to the black stuff, where the majors were hit. BP closed down 20.5p at 299.25p, RD SHell down 78p at 1,611p, and BG Group closed down 94p at 904p.
On to the miners, BHP closed down 104p at 1,019p, Rio down 252p at 2,592p, Anglo American down 110p to 1,396p, and Xstrata was 115p lower at 1,076p.
On to telecoms, where Telecoms giant Vodafone had a decent day. One of the few. Decent interims, which were better than expected, saw the telecoms King close up 6.7p at 115p, with profit up over 10% to £7.2bln and a 3.2% lift in the interim divvy to 2.57p per share.
On to the banks, where Lloyds TSB and HBOS were under pressure on further doubts over the merger plans. Lloyds TSB closed down 17.8p at 177.4p and HBOS was down 8.5p at 99.2p. Peers fell too, with Barclays down 6p at 179p and RBS down 3.5p to 57.5p.
Hedge fund manager Man Group closed down nearly 33p at 248p after a Morgan Stanley price target cut to 260p from 455p.
On to the High Street, where news that retail sales were down 2.2% on last year according to the British Retail Consortium today, giving concerns on the Xmas build up. Marks & Sparks was down 0.5p at 255.25p, Next down 9p to 1,111p, and even supermarkets Sainsburys and Morrisons were down 1.75p at 272.25p and 4p at 248.25p respectively.
Over the pond, by the time London closed the DJI was down 238 points at 8,632, whilst the S&P500 was down 25 points at 894, and the Nasdaq down 41 points at 1,575. Wall Street was down after a poor update from cofffee giant Starbucks as well as a downbeat statment from Toll Brothers.
Back here in London, it was the commodity stocks that were retreating after further concerns over world economy and demand levels.
On to the black stuff, where the majors were hit. BP closed down 20.5p at 299.25p, RD SHell down 78p at 1,611p, and BG Group closed down 94p at 904p.
On to the miners, BHP closed down 104p at 1,019p, Rio down 252p at 2,592p, Anglo American down 110p to 1,396p, and Xstrata was 115p lower at 1,076p.
On to telecoms, where Telecoms giant Vodafone had a decent day. One of the few. Decent interims, which were better than expected, saw the telecoms King close up 6.7p at 115p, with profit up over 10% to £7.2bln and a 3.2% lift in the interim divvy to 2.57p per share.
On to the banks, where Lloyds TSB and HBOS were under pressure on further doubts over the merger plans. Lloyds TSB closed down 17.8p at 177.4p and HBOS was down 8.5p at 99.2p. Peers fell too, with Barclays down 6p at 179p and RBS down 3.5p to 57.5p.
Hedge fund manager Man Group closed down nearly 33p at 248p after a Morgan Stanley price target cut to 260p from 455p.
On to the High Street, where news that retail sales were down 2.2% on last year according to the British Retail Consortium today, giving concerns on the Xmas build up. Marks & Sparks was down 0.5p at 255.25p, Next down 9p to 1,111p, and even supermarkets Sainsburys and Morrisons were down 1.75p at 272.25p and 4p at 248.25p respectively.
Monday, 10 November 2008
Market Wrap, Monday 10th November 2008
The FTSE 100 closed up 38.96 points at 4,403.92, whilst the FTSE 250 closed up 70.98 points at 6,656.56, and for those that are interested the FTSE Small Caps closed up 21.57 points at 2,010.68. The miners did well today. New York opened up.
Over the pond, by the tiome London closed the DJI was up nearly 90 points at 9,033, whilst the S&P500 was up nearly 6 points at 937, and the Nasdaq up just 2 poinbts at 1,649. Wall Street was doing ok early doors, especially due to China's $500 bln 'get going' package, but the Genral Motors news was holding back the general confidence somewhat.
Back here in London, it was the miners that were advancing. The Chinese planned $500 bln plan to help the manufacturers there meant that the miners may see demand rise again. Rio closed up 226p at 2,844, Xstrata was up 123p at 1,191p, Kazakhmys up nearly 15p at 338p, Anglo American was up 156p at 1,506p, and ENRC up over 11p at 314.25p.
The oil majors were also mostly up, with BP up 4.75p at 519.75p, and BG Group up 18.5p at 998p, but a late fall saw RD Shell close down 4p at 1,689p. The oil services companies did well, with Wood Group up 22p at 239p, and peer AMEC up 23p at 539p. Smmaer firm Fortune Oil closed up 0.12p to 8.38p after reporting some strong growth in its Q3 natural gas sales.
The banks didn't do much. RBS closed down 3p at 61p, Lloyds TSB down 5.3p at 195.2p, and HSBC was down 11p to 735.5p.
Staying with financials, but on to insurance, Norwich Union owner Aviva closed up 13.25p at just shy of 390p, Legal & General up 0.5p to 80.5p, and Admiral closed up 8p to 988p.
Man Group closed up 5p at just shy of 281p, Schroders up 59.5p at 850p, and 3i Group up 18.25p at 498.25p.
On to the supermarket giant Tesco, who closed down over 20p at 323p after news that its South Korean business, which its largest market outside the UK, had seen a fall in sales.
On to telecoms, where Cable & Wireless closed up 7.3p to 142p after reporying revenue up 5% to £1.6bn for H1, with EBITDA was up 26% to £357m, giving a healthy post-tax profit (before exceptionals) up 72% to £175m.
Majestic Wine closed down 10.25p at 137.75p after reporting a 25% fall in H1 pre-tax profit to £5.6m, adding that it sees the usually bouyant Xmas trading period being challenging.
Over the pond, by the tiome London closed the DJI was up nearly 90 points at 9,033, whilst the S&P500 was up nearly 6 points at 937, and the Nasdaq up just 2 poinbts at 1,649. Wall Street was doing ok early doors, especially due to China's $500 bln 'get going' package, but the Genral Motors news was holding back the general confidence somewhat.
Back here in London, it was the miners that were advancing. The Chinese planned $500 bln plan to help the manufacturers there meant that the miners may see demand rise again. Rio closed up 226p at 2,844, Xstrata was up 123p at 1,191p, Kazakhmys up nearly 15p at 338p, Anglo American was up 156p at 1,506p, and ENRC up over 11p at 314.25p.
The oil majors were also mostly up, with BP up 4.75p at 519.75p, and BG Group up 18.5p at 998p, but a late fall saw RD Shell close down 4p at 1,689p. The oil services companies did well, with Wood Group up 22p at 239p, and peer AMEC up 23p at 539p. Smmaer firm Fortune Oil closed up 0.12p to 8.38p after reporting some strong growth in its Q3 natural gas sales.
The banks didn't do much. RBS closed down 3p at 61p, Lloyds TSB down 5.3p at 195.2p, and HSBC was down 11p to 735.5p.
Staying with financials, but on to insurance, Norwich Union owner Aviva closed up 13.25p at just shy of 390p, Legal & General up 0.5p to 80.5p, and Admiral closed up 8p to 988p.
Man Group closed up 5p at just shy of 281p, Schroders up 59.5p at 850p, and 3i Group up 18.25p at 498.25p.
On to the supermarket giant Tesco, who closed down over 20p at 323p after news that its South Korean business, which its largest market outside the UK, had seen a fall in sales.
On to telecoms, where Cable & Wireless closed up 7.3p to 142p after reporying revenue up 5% to £1.6bn for H1, with EBITDA was up 26% to £357m, giving a healthy post-tax profit (before exceptionals) up 72% to £175m.
Majestic Wine closed down 10.25p at 137.75p after reporting a 25% fall in H1 pre-tax profit to £5.6m, adding that it sees the usually bouyant Xmas trading period being challenging.
Thursday, 6 November 2008
Market Wrap, Thursday 6th November 2008
The FTSE 100 closed down 258.32 points at 4,272.41, whilst the FTSE 250 closed down off 236.44 points at 6,521.02, and for those that are interested the FTSE Small Caps closed down 45.06 points at 1,983.75. This was a bit of a surprise, as the 1.5% cut in interest rates should have given some belief back in to the markets that the economy was getting a kick start. The miners, oil majors and banks were poor, whilst Wall Street opened down.
Over the pond, by the time London closed the DJI was down 296 points at 8,843, whilst the S&P500 was down 32 points at 920, and the Nasdaq down 47 poin ts at 1,634. Poor retail sales data was taken badly, as was the rise in jobless claims, as investors didn't feel there was any excuse for post-election blues. Cisco gave a downbeat forecast, too.
Back here In London, the shock news was obviously the 1.5% cut in interest rates, with most believing a 0.5% cut was on the cards, or, at bvest, a match of the Aussie's cut of last week at 0.75%.
The news actually gave a negative effect to the London Market, with the oil majors and miners taking pressure again. BP closed down 30p at 493p, whilst RD Shell closed down 125p at 1,647p.
On to the miners where metal prices fell back again, with rumours and cynical speculation that some mines may have to be closed as they become unprofitable. BHP & Rio both closed down some 15%, whilst Vedanta closed down 186.53p at 721.5p after reporting a 24.7% fall in H1 profits today, whilst ENRC closed down 69.25p at 289.75p, Xstrata down 168p at 1,022p, and Anglo American down 231p to 1,326p.
On to the banks, where the lower interest rates news gave investors concerns about the banks' profits, causing selling. RBS closd down 5.1p at 63.9p, Barclays closed down 12.2p at 183.7p, Lloyds TSB down 21.15p at 187.6p, and HBOS down 10.2p at 103.5p.
Staying with financials, news from Man Group that said funds under management was down 9% to US$67.6 bln didn't do the hedge fund manager any favours. The share price closed down 122.25p, a massive 31% on the day, at 270p after further comment that the profit before tax (PBIT) was down 24% at US$624m.
Similarly 3i closed down 76.5p at 515p after saying unrealised assets fell £411m in the 6 months until end September.
On to insuarnce, where Royal Sun Alliance said it had a 11% rise in 3rd quarter revenues from premiums to £4.853 bln, but the shares closed down 6.3p at 143.8p as the whole financial sector was under pressure. Peers faired better, though, as Old Mutual closed 1.7p at 55.3p after an upbeat interim statement and update helped, with the insurer adding it didn't need any help or had any fund raising plans.
On to the High Street, where Marks & Sparks continued it mini revival, closing up 8p at just shy of 253p after investors felt that the lower interest rates would help the highly geared retailer.
Smith & Nephew closed down 44.5p at 505p after announcing third quarter earnings up 3%, which wasn't as good as expected. News that it would probably get a US$100m hit on revenue this year due to the previous revelations of unacceptable sales practices at its Plus Orthopaedics business didn't help at all.
Tate & Lyle closed up 12p at just shy of 382p after the sugar refiner announced H1 PBIT of £128m, which was better than expected.
Housebuilders did well as a result of the interest rate cut, with Barratts closing up 1.5p at 85p, Persimmon closing up 14p at just shy of 337p, and Bovis Homes closing up 30.5p at just shy of 388p.
Over the pond, by the time London closed the DJI was down 296 points at 8,843, whilst the S&P500 was down 32 points at 920, and the Nasdaq down 47 poin ts at 1,634. Poor retail sales data was taken badly, as was the rise in jobless claims, as investors didn't feel there was any excuse for post-election blues. Cisco gave a downbeat forecast, too.
Back here In London, the shock news was obviously the 1.5% cut in interest rates, with most believing a 0.5% cut was on the cards, or, at bvest, a match of the Aussie's cut of last week at 0.75%.
The news actually gave a negative effect to the London Market, with the oil majors and miners taking pressure again. BP closed down 30p at 493p, whilst RD Shell closed down 125p at 1,647p.
On to the miners where metal prices fell back again, with rumours and cynical speculation that some mines may have to be closed as they become unprofitable. BHP & Rio both closed down some 15%, whilst Vedanta closed down 186.53p at 721.5p after reporting a 24.7% fall in H1 profits today, whilst ENRC closed down 69.25p at 289.75p, Xstrata down 168p at 1,022p, and Anglo American down 231p to 1,326p.
On to the banks, where the lower interest rates news gave investors concerns about the banks' profits, causing selling. RBS closd down 5.1p at 63.9p, Barclays closed down 12.2p at 183.7p, Lloyds TSB down 21.15p at 187.6p, and HBOS down 10.2p at 103.5p.
Staying with financials, news from Man Group that said funds under management was down 9% to US$67.6 bln didn't do the hedge fund manager any favours. The share price closed down 122.25p, a massive 31% on the day, at 270p after further comment that the profit before tax (PBIT) was down 24% at US$624m.
Similarly 3i closed down 76.5p at 515p after saying unrealised assets fell £411m in the 6 months until end September.
On to insuarnce, where Royal Sun Alliance said it had a 11% rise in 3rd quarter revenues from premiums to £4.853 bln, but the shares closed down 6.3p at 143.8p as the whole financial sector was under pressure. Peers faired better, though, as Old Mutual closed 1.7p at 55.3p after an upbeat interim statement and update helped, with the insurer adding it didn't need any help or had any fund raising plans.
On to the High Street, where Marks & Sparks continued it mini revival, closing up 8p at just shy of 253p after investors felt that the lower interest rates would help the highly geared retailer.
Smith & Nephew closed down 44.5p at 505p after announcing third quarter earnings up 3%, which wasn't as good as expected. News that it would probably get a US$100m hit on revenue this year due to the previous revelations of unacceptable sales practices at its Plus Orthopaedics business didn't help at all.
Tate & Lyle closed up 12p at just shy of 382p after the sugar refiner announced H1 PBIT of £128m, which was better than expected.
Housebuilders did well as a result of the interest rate cut, with Barratts closing up 1.5p at 85p, Persimmon closing up 14p at just shy of 337p, and Bovis Homes closing up 30.5p at just shy of 388p.
Wednesday, 5 November 2008
Market Wrap, Wednesday 5th November 2008
The FTSE 100 closed down 105.41 points at 4,534.09, whilst with the FTSE250 off 17.79 points at 6,760.91 and for those that are interested the FTSE Small Caps closed down 3.37 points at 2,025.46. The miners pulled back again, depsite the rises yetsterday. Wall Street was down after the election news, with economy fears, it was said.
Over the pond, by the time London closed the DJI was down 166 points to 9,459, whilst the S&P500 was down nearly 17 points at 989, and the Nasdaq down nearly 24 points at 1,756. The US opened down, which was said not to be a reaction to the US election result.
Back here in London, the miners reversed yesterday's gains, with Vedanta closing down 91.5p at 908p, BHP down 18p at 1,140p, Rio down 187p at 2,948p, Anglo American down 110p at 1,557p, and Lonmin down 107p at 1,166p.
On to the oil majors, where the lower price of the black stuff was taking its toll. Further cuts in production by OPEC, or the OPEC suppliers more like, are on the cards so to try and supprt prices. BP closed down over 10p at 523p, RD Shell down 78p at 1,772p, and BG Group closed down 28p at 951.5p. RD SHell went ex-divvy, too.
The oil services companies reversed their rally too, with AMEC closing down 51p at 539.5p, Wood Group down 29p at 253p and Petrofac down 21.25p at 423.75p.
On the the banks, where RBS closed up 3.8p at 69p, and Barclays closed up 10p at 195.9p, but Lloyds TSB closed down 1.25p at just shy of 209p, HBOS down 2.3p at 113.7p, and HSBC down 15p at 775p.
On to commercial property, where Liberty International closed down 25p at 733p after reporting a pre-tax loss of £1.059 bln, which was down from a profit of £442m last year.
On to the High Street, where Marks & Sparks closed up 6.25p at just shy of 245p after news from its clothing peer Next, up 64p at 1,189p, that it should hit expectations this year despite sales expected to fall back next year.
Bus and train operator FirstGroup reported revenue up by 56.5% with adjusted operating profit up 75.8% for H1 until end of September. FirstGroup closed up 14.5p at 459.75p, whilst peers followed up with Go-Ahead up 41p at 1,408p, National Express up 13.5p at 602p, and Stagecoach up 9.7p at 193.9p.
ITV closed up 0.25p at 31.5p despite a downbeat outlook statement, saying it felt next year would be challenging too, despite this year's figures looking to be as expected.
On to the builders, where Redrow closed down over 22p at 189p after a fairly lack-lustre AGM statement. Peers also fell, with Barratts down 4.25p at 83.5p, and Persimmon down 29p at just shy of 232p.
Over the pond, by the time London closed the DJI was down 166 points to 9,459, whilst the S&P500 was down nearly 17 points at 989, and the Nasdaq down nearly 24 points at 1,756. The US opened down, which was said not to be a reaction to the US election result.
Back here in London, the miners reversed yesterday's gains, with Vedanta closing down 91.5p at 908p, BHP down 18p at 1,140p, Rio down 187p at 2,948p, Anglo American down 110p at 1,557p, and Lonmin down 107p at 1,166p.
On to the oil majors, where the lower price of the black stuff was taking its toll. Further cuts in production by OPEC, or the OPEC suppliers more like, are on the cards so to try and supprt prices. BP closed down over 10p at 523p, RD Shell down 78p at 1,772p, and BG Group closed down 28p at 951.5p. RD SHell went ex-divvy, too.
The oil services companies reversed their rally too, with AMEC closing down 51p at 539.5p, Wood Group down 29p at 253p and Petrofac down 21.25p at 423.75p.
On the the banks, where RBS closed up 3.8p at 69p, and Barclays closed up 10p at 195.9p, but Lloyds TSB closed down 1.25p at just shy of 209p, HBOS down 2.3p at 113.7p, and HSBC down 15p at 775p.
On to commercial property, where Liberty International closed down 25p at 733p after reporting a pre-tax loss of £1.059 bln, which was down from a profit of £442m last year.
On to the High Street, where Marks & Sparks closed up 6.25p at just shy of 245p after news from its clothing peer Next, up 64p at 1,189p, that it should hit expectations this year despite sales expected to fall back next year.
Bus and train operator FirstGroup reported revenue up by 56.5% with adjusted operating profit up 75.8% for H1 until end of September. FirstGroup closed up 14.5p at 459.75p, whilst peers followed up with Go-Ahead up 41p at 1,408p, National Express up 13.5p at 602p, and Stagecoach up 9.7p at 193.9p.
ITV closed up 0.25p at 31.5p despite a downbeat outlook statement, saying it felt next year would be challenging too, despite this year's figures looking to be as expected.
On to the builders, where Redrow closed down over 22p at 189p after a fairly lack-lustre AGM statement. Peers also fell, with Barratts down 4.25p at 83.5p, and Persimmon down 29p at just shy of 232p.
Tuesday, 4 November 2008
Market Wrap, Tuesday 4th November 2008
The FTSE 100 closed up 196.22 points at 4,639.5, whilst the FTSE 250 closed up almost 335 points at 6,778.7, and for those that are interested the FTSE Small Caps closed up 39.29 points at 2,028.83. The miners did better, as did the High Street. Marks & Spencer reported less profits, but better than expoected.
Over the pond, by the time London closed the DJI was up some 267 points at 9,587, whilst the S&P500 was up 33 points to 1,000, and the Nasdaq was up 45 points at 1,771.
Back here in London, the miners did better after a shaky start to the day. Rio Tinto was up 235p at 3,315p, BHP Billiton closed up 83p at 1,158p, Kazakhmys closed up 59.5p at 397.25p, whilst Lonmin closed up 165p at 1,273p, Anglo up 125p at 1,667p, Antofagasta up 19.5p at 416.25p,
On to the oil majors, where BP closed up 25p at 533.25p, RD Shell up 141p at 1,850p, and BG Group closed up 75.5p at 979.5p after announcing 3rd quarter revenues and profits were way up, with the price of the black stuff helping last quarter, as well as higher production. Oil services firms also did well, with Wood Group up nearly 42p at 282p, and AMEC closing up 62p at 590.5p.
On to the High Street, where Marks & Sparks announced lower profits on sales down 5.7% on last year. but this wasn't as bad as expected, with the shares closing up 17p at 238.5p. Clothing retyail peer Next closed up 30p at 1,125p.
On to the banks, where Barclays closed up 14.4p at 185.9p despite a sell stance from ING and 150p target. RBS closed even at 65.2p despite an ING sell stance and 50p target, coupled with news that opearying profit was down 8% in the first 9months this year. Lloyds TSB, HBOS, and HSBC received hold ratings from ING. Lloyds TSB closed up 12.2p at 210p, and HBOS up 10.6p.
On to the builders, where hopes of a 0.5% cut on Thursday giving them some interest. Taylor Wimpey closed up 2.25p at 16p, Persimmons up 31p at just shy of 352p, Bovis up 15.5p at 370.25p, and Barratts up 1.75p to 87.55p.
Pub operator JD Wetherspoon closed up 15.5p at 262.5p after some better than expected news, with Whitbread closing up 87p at 998p, and Punch Taverns' closed down 12.5p at 171p despite posting figures that were in-line with expectations.
Over the pond, by the time London closed the DJI was up some 267 points at 9,587, whilst the S&P500 was up 33 points to 1,000, and the Nasdaq was up 45 points at 1,771.
Back here in London, the miners did better after a shaky start to the day. Rio Tinto was up 235p at 3,315p, BHP Billiton closed up 83p at 1,158p, Kazakhmys closed up 59.5p at 397.25p, whilst Lonmin closed up 165p at 1,273p, Anglo up 125p at 1,667p, Antofagasta up 19.5p at 416.25p,
On to the oil majors, where BP closed up 25p at 533.25p, RD Shell up 141p at 1,850p, and BG Group closed up 75.5p at 979.5p after announcing 3rd quarter revenues and profits were way up, with the price of the black stuff helping last quarter, as well as higher production. Oil services firms also did well, with Wood Group up nearly 42p at 282p, and AMEC closing up 62p at 590.5p.
On to the High Street, where Marks & Sparks announced lower profits on sales down 5.7% on last year. but this wasn't as bad as expected, with the shares closing up 17p at 238.5p. Clothing retyail peer Next closed up 30p at 1,125p.
On to the banks, where Barclays closed up 14.4p at 185.9p despite a sell stance from ING and 150p target. RBS closed even at 65.2p despite an ING sell stance and 50p target, coupled with news that opearying profit was down 8% in the first 9months this year. Lloyds TSB, HBOS, and HSBC received hold ratings from ING. Lloyds TSB closed up 12.2p at 210p, and HBOS up 10.6p.
On to the builders, where hopes of a 0.5% cut on Thursday giving them some interest. Taylor Wimpey closed up 2.25p at 16p, Persimmons up 31p at just shy of 352p, Bovis up 15.5p at 370.25p, and Barratts up 1.75p to 87.55p.
Pub operator JD Wetherspoon closed up 15.5p at 262.5p after some better than expected news, with Whitbread closing up 87p at 998p, and Punch Taverns' closed down 12.5p at 171p despite posting figures that were in-line with expectations.
Forex - Afternoon Call - Updates & Summaries, Tues 04Nov08
This is the Afternoon Call text that is sent to all subscribers in the afternoon, together with explanation charts. Subscribers also get a Morning Call e-mail at 06:30 each morning with forecasts & sumaries too, which is prior to the live room opening. The Live Room then explains the trades we are looking for and calls them as they occur.
Tuesday 4th November pm
London Session
- A decent day in the room today, considering the markets were fairly quiet.
- We had 3 Live Calls, all making profits.
- A 4th trade should currently be open with excellent profits.
- As expected we had some dollar weakness during the London session.
USD/CHF – Long Call
- Live Room Call: Entry on the break of 1.1744
- Trade: Break of immediate support level on the 15min chart
- 21CCI: Bearish momentum
- The 50MA was penetrated from above.
- Maximum move: 1.1704, (+40 pips), before trade closed.
- 1st Level 1.1714, +30 (1/2 position)
- 2nd Level 1.1744, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 1.1714
- After being stopped out by 3 pips the pair traded at a low of 1.1656
- (Allow for few pips slippage on entry/exit levels).
EUR/JPY – Long Call
- Live Room Call: Entry on the break of 125.16
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- The 50MA was penetrated from below.
- Maximum move: 125.90, (+74 pips), before trade closed.
- 1st Level 125.65, +49 (1/2 position)
- 2nd Level 125.16, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 125.65.
- (Allow for few pips slippage on entry/exit levels).
EUR/USD - Long Call
- Live Room Call: Entry on the break of 1.2654
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- Maximum move: 1.2692, (+38 pips)
- 1st Level 1.2674, +20 (1/2 position)
- 2nd Level 1.2684, +30 (1/4 position)
- 3rd Level 1.2674, +20 (1/4 position)
- Stop: Moved to breakeven when the pair reached 1.2674
- Trade was closed before any stop was hit. The pair surged to 1.2840.
- (Allow for few pips slippage on entry/exit levels).
UPDATE - US Session
USD/CAD
- In the Live Room we were looking for a break of the support level 1.1783.
- After the break we reached the 1st Level 1.1715, +68 (1/2 position).
- Half position should have been taken here with the stop moved to breakeven.
- The next target was also reached, 2nd Level 1.1655, +128 (1/4 position)
- Next support levels are seen at 1.1625, 1.1550.
- The stop should have now been moved to around 1.1715.
To be able to catch all the markets live just login to Market Bytes Live Room each weekday morning. We are open from 7 am through to 10 am each weekday morning.
If your subscription has expired or would just like an free upgrade to trial the service write to me at support@marketbytes.com
We look forward to seeing you in the Live Room. Remember the opening times are from 7 am to 10 am (GMT)
Tuesday 4th November pm
London Session
- A decent day in the room today, considering the markets were fairly quiet.
- We had 3 Live Calls, all making profits.
- A 4th trade should currently be open with excellent profits.
- As expected we had some dollar weakness during the London session.
USD/CHF – Long Call
- Live Room Call: Entry on the break of 1.1744
- Trade: Break of immediate support level on the 15min chart
- 21CCI: Bearish momentum
- The 50MA was penetrated from above.
- Maximum move: 1.1704, (+40 pips), before trade closed.
- 1st Level 1.1714, +30 (1/2 position)
- 2nd Level 1.1744, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 1.1714
- After being stopped out by 3 pips the pair traded at a low of 1.1656
- (Allow for few pips slippage on entry/exit levels).
EUR/JPY – Long Call
- Live Room Call: Entry on the break of 125.16
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- The 50MA was penetrated from below.
- Maximum move: 125.90, (+74 pips), before trade closed.
- 1st Level 125.65, +49 (1/2 position)
- 2nd Level 125.16, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 125.65.
- (Allow for few pips slippage on entry/exit levels).
EUR/USD - Long Call
- Live Room Call: Entry on the break of 1.2654
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- Maximum move: 1.2692, (+38 pips)
- 1st Level 1.2674, +20 (1/2 position)
- 2nd Level 1.2684, +30 (1/4 position)
- 3rd Level 1.2674, +20 (1/4 position)
- Stop: Moved to breakeven when the pair reached 1.2674
- Trade was closed before any stop was hit. The pair surged to 1.2840.
- (Allow for few pips slippage on entry/exit levels).
UPDATE - US Session
USD/CAD
- In the Live Room we were looking for a break of the support level 1.1783.
- After the break we reached the 1st Level 1.1715, +68 (1/2 position).
- Half position should have been taken here with the stop moved to breakeven.
- The next target was also reached, 2nd Level 1.1655, +128 (1/4 position)
- Next support levels are seen at 1.1625, 1.1550.
- The stop should have now been moved to around 1.1715.
To be able to catch all the markets live just login to Market Bytes Live Room each weekday morning. We are open from 7 am through to 10 am each weekday morning.
If your subscription has expired or would just like an free upgrade to trial the service write to me at support@marketbytes.com
We look forward to seeing you in the Live Room. Remember the opening times are from 7 am to 10 am (GMT)
Morning Market, Tuesday 4th November 2008
The FTSE was down a few points at 4,438 this morning, probably as a reflection of the negative day over the pond yesterday. There will be a reaction to the BoE & ECB interest rate decision on Thursday this week, with another 0.5% cut in interest rates expected. If less than that is announced there will be a negative reaction, although news from down under that the Aussie's RBA had cut by another 0.75% was a surprise.
Last night over the pond, the DJI closed down 518 points at 9319.83, whilst the S&P50 closed down 2.45 points at 966.30, and the Nasdaq cloed up 5.38 points at 1,726.33. News that US manufacturing data was lower for October, and that car sales were quite poor for last month, didn't help the Wall Street indicies. Factory Activity was at a 26-year low, said the Institute for Supply Management. The election is also going to take some effect this week, as the focus is looking in the direction too.
Back here in London, it was the poor showing on Wall Street last night,m plus the oil and mining stock under pressure, that was weighing on the FTSE this morning, albeit not great.
On to the miners, where prices did ok considering metal prices drifted back somewhat yesterday, with demand concerns evident, although this morning there was some pressure downwards. Rio was down 6%, Anglo down 4%, and Xstrata down 1.5%.
On to the oil majors, where the price of the black stuff was at US$62 bbl, with BP up 0.25%, RD Shell down 0.75%, whilst Cairn Energy was off slightly too. BG Group was down 1.25% after saying that net profit was up 140% in the 3rd quarter at £857m. The price of the black stuff in the last quarter helping, they said, as well as higher production.
On to the banks, where RBS said it will raise nigh-on £20 bln of capital, addiong that they have written back £206m for the 3rd quarter. This is on top of the nighg-on £6 bln write down for H1. RBS was down nearly 8%, whilst HSBC was off 0.25% this morning. Others were mixed, with Lloyds TSB up $% and Barclays up 4.25%.
On to the High Street, where Marks & Sparks was up 8% this morning after saying that H1 profits were down 34% on 2007 at £298m, but this was better than expected.
On to the builders, where Taylor Wimpey was up 20% and Barratts up 7%.
Last night over the pond, the DJI closed down 518 points at 9319.83, whilst the S&P50 closed down 2.45 points at 966.30, and the Nasdaq cloed up 5.38 points at 1,726.33. News that US manufacturing data was lower for October, and that car sales were quite poor for last month, didn't help the Wall Street indicies. Factory Activity was at a 26-year low, said the Institute for Supply Management. The election is also going to take some effect this week, as the focus is looking in the direction too.
Back here in London, it was the poor showing on Wall Street last night,m plus the oil and mining stock under pressure, that was weighing on the FTSE this morning, albeit not great.
On to the miners, where prices did ok considering metal prices drifted back somewhat yesterday, with demand concerns evident, although this morning there was some pressure downwards. Rio was down 6%, Anglo down 4%, and Xstrata down 1.5%.
On to the oil majors, where the price of the black stuff was at US$62 bbl, with BP up 0.25%, RD Shell down 0.75%, whilst Cairn Energy was off slightly too. BG Group was down 1.25% after saying that net profit was up 140% in the 3rd quarter at £857m. The price of the black stuff in the last quarter helping, they said, as well as higher production.
On to the banks, where RBS said it will raise nigh-on £20 bln of capital, addiong that they have written back £206m for the 3rd quarter. This is on top of the nighg-on £6 bln write down for H1. RBS was down nearly 8%, whilst HSBC was off 0.25% this morning. Others were mixed, with Lloyds TSB up $% and Barclays up 4.25%.
On to the High Street, where Marks & Sparks was up 8% this morning after saying that H1 profits were down 34% on 2007 at £298m, but this was better than expected.
On to the builders, where Taylor Wimpey was up 20% and Barratts up 7%.
Monday, 3 November 2008
Forex - Afternnon Call - Sent to Subscribers
Here is the Afternoon Call - sent to Live Room subscribers this afternoon at 3:30pm.
Please find todays afternoon call below. We look forward to seeing you in the Live room tomorrow morning.
London Session
- A relatively quiet day in the Live Room today.
- We had 2 Live Calls, both making positive gains.
- Early morning saw dollar weakness followed by some consolidation.
USD/CHF – Long Call
- Live Room Call: Entry on the break of 1.1550
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- The 50MA was also penetrated above.
- Maximum move: 1.1591, (+41 pips)
- 1st Level 1.1587, +37 (1/2 position)
- 2nd Level 1.1550, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 1.1385
- (Allow for few pips slippage on entry/exit levels).
EUR/JPY – Short Call
- Live Room Call: Entry on the break of 127.05
- Trade: Break of trendline on the 15min chart
- 21CCI: Bearish momentum
- The 50MA was penetrated after entry.
- Maximum move: 126.49, (+51 pips)
- 1st Level 126.52, +53 (1/2 position)
- 2nd Level 127.05, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 126.52
- (Allow for few pips slippage on entry/exit levels).
UPDATE - US Session
GBP/USD
- Trade setup was mentioned during the Live Room session.
- We have had a break of the trendline on the 1hr chart.
- The first support level has also been penetrated.
- Entry on the break of 1.6160
- 1st Level 1.6076, +84 (1/2 position)
- ½ position should have been taken with stop moved down.
- Next target levels are 1.6004, 1.5960
- (The pair is approaching the 1.6004 level as I write this report, look to take ¼ there).
USD/CAD
- Trade setup to look for the break of 1.1901 was mentioned in the Live Room.
- We had a touch of the level without any penetration.
- Still look for a possible short on the break of that level.
To be able to catch all the markets live just login to Market Bytes Live Room each weekday morning. We are open from 7 am through to 10 am each weekday morning.
If your subscription has expired or would just like an free upgrade to trial the service write to me at support@marketbytes.com
We look forward to seeing you in the Live Room. Remember the opening times are from 7 am to 10 am (GMT).
Please find todays afternoon call below. We look forward to seeing you in the Live room tomorrow morning.
London Session
- A relatively quiet day in the Live Room today.
- We had 2 Live Calls, both making positive gains.
- Early morning saw dollar weakness followed by some consolidation.
USD/CHF – Long Call
- Live Room Call: Entry on the break of 1.1550
- Trade: Break of immediate resistance level on the 15min chart
- 21CCI: Bullish momentum
- The 50MA was also penetrated above.
- Maximum move: 1.1591, (+41 pips)
- 1st Level 1.1587, +37 (1/2 position)
- 2nd Level 1.1550, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 1.1385
- (Allow for few pips slippage on entry/exit levels).
EUR/JPY – Short Call
- Live Room Call: Entry on the break of 127.05
- Trade: Break of trendline on the 15min chart
- 21CCI: Bearish momentum
- The 50MA was penetrated after entry.
- Maximum move: 126.49, (+51 pips)
- 1st Level 126.52, +53 (1/2 position)
- 2nd Level 127.05, +0 (1/2 position)
- Stop: Moved to breakeven when the pair reached 126.52
- (Allow for few pips slippage on entry/exit levels).
UPDATE - US Session
GBP/USD
- Trade setup was mentioned during the Live Room session.
- We have had a break of the trendline on the 1hr chart.
- The first support level has also been penetrated.
- Entry on the break of 1.6160
- 1st Level 1.6076, +84 (1/2 position)
- ½ position should have been taken with stop moved down.
- Next target levels are 1.6004, 1.5960
- (The pair is approaching the 1.6004 level as I write this report, look to take ¼ there).
USD/CAD
- Trade setup to look for the break of 1.1901 was mentioned in the Live Room.
- We had a touch of the level without any penetration.
- Still look for a possible short on the break of that level.
To be able to catch all the markets live just login to Market Bytes Live Room each weekday morning. We are open from 7 am through to 10 am each weekday morning.
If your subscription has expired or would just like an free upgrade to trial the service write to me at support@marketbytes.com
We look forward to seeing you in the Live Room. Remember the opening times are from 7 am to 10 am (GMT).
Market Wrap, Monday 3rd November 2008
The FTSE 100 closed up 44.9 points at 4,422.24, whilst the FTSE 250 closed up 171.32 points at 6,453.87, and for those that are interested the FTSE Small Caps closed up 39.13 points at 1,977.68. The miners and oil majors did ok, but the banks were mostly mixed, if not down.
Over the pond, by the time London closed the DJI was up 24 points at 9,349, whilst the S&P500 was up a point at 969, and the Nasdaq up 24 points at 9,349.
Back here in London, news from the Chartered Institute of Purchasing and Supply was that its purchasing managers' index was up to 41.5 in October, from a revised 41.2 in September, which was better than the consensus forecast of 40. It's worth noting that this was still the 2nd weakest since the survey began in 1992.
On to the miners, where BHP closed up 22p at 1,075p, Rio up 36p at 29-quid, Anglo American up 10p at 1,542p, Xstrata up 109p at 1,164p, and Kazahkmys closed up 52.25p at 337.75p.
On to the black stuff, where oil majors strengthed, with BP up a penny at 508.25p, whilst RD Shell wasup 50p at 1,709p.
On the the banks, where it was mixed. Lloyds TSB and HBOS had a fair amount to say, which we covered this morning. Then Lloyds TSB said there was no-one else sniffing HBOS with a better bid. Lloyds had unveiled the terms of its offer for HBOS this morning, adding a profit warning due to bad debts. Lloyds TSB closed where it opened, just shy of 198p, whilst HBOS closed up 6.1p at 105.4p. Barclays, on the other hand, closed down 7.4p at 171.5p as talk was that its Middle East fund raising plans will end up costing more than taking advantage of the government's bail-out box.
Staying with financials, but onto insurance, Norwich Union owner Aviva was up 19.5p at 387.5p, Admiral up 42.5p at 955p and The Pru up 23p at 338p.
BSkyB closed up 12p at 390.5p after Tiscali confirmed it was in talks with the satellite-come-broadband provider about its UK assets and business, with media reporting figures of around £450m being banted around.
B&Q owner Kingfisher closed up 8p at 122p after its news about its Polish expansion was received well. Peer Home Retail Group closed up nearly 23p at 219.5p.
Israeli telecoms equipment firm, BATM Advanced Communications, closed up 1.75p at 41.25p after saying it had experienced growth across its whole business in the last quarter.
Chloride Group closed up 15.25p at 147.25p after announcing H1 profit up from £12.22m to £17.58m.
Over the pond, by the time London closed the DJI was up 24 points at 9,349, whilst the S&P500 was up a point at 969, and the Nasdaq up 24 points at 9,349.
Back here in London, news from the Chartered Institute of Purchasing and Supply was that its purchasing managers' index was up to 41.5 in October, from a revised 41.2 in September, which was better than the consensus forecast of 40. It's worth noting that this was still the 2nd weakest since the survey began in 1992.
On to the miners, where BHP closed up 22p at 1,075p, Rio up 36p at 29-quid, Anglo American up 10p at 1,542p, Xstrata up 109p at 1,164p, and Kazahkmys closed up 52.25p at 337.75p.
On to the black stuff, where oil majors strengthed, with BP up a penny at 508.25p, whilst RD Shell wasup 50p at 1,709p.
On the the banks, where it was mixed. Lloyds TSB and HBOS had a fair amount to say, which we covered this morning. Then Lloyds TSB said there was no-one else sniffing HBOS with a better bid. Lloyds had unveiled the terms of its offer for HBOS this morning, adding a profit warning due to bad debts. Lloyds TSB closed where it opened, just shy of 198p, whilst HBOS closed up 6.1p at 105.4p. Barclays, on the other hand, closed down 7.4p at 171.5p as talk was that its Middle East fund raising plans will end up costing more than taking advantage of the government's bail-out box.
Staying with financials, but onto insurance, Norwich Union owner Aviva was up 19.5p at 387.5p, Admiral up 42.5p at 955p and The Pru up 23p at 338p.
BSkyB closed up 12p at 390.5p after Tiscali confirmed it was in talks with the satellite-come-broadband provider about its UK assets and business, with media reporting figures of around £450m being banted around.
B&Q owner Kingfisher closed up 8p at 122p after its news about its Polish expansion was received well. Peer Home Retail Group closed up nearly 23p at 219.5p.
Israeli telecoms equipment firm, BATM Advanced Communications, closed up 1.75p at 41.25p after saying it had experienced growth across its whole business in the last quarter.
Chloride Group closed up 15.25p at 147.25p after announcing H1 profit up from £12.22m to £17.58m.
Morning Market, Monday 3rd November 2008
The FTSE was up 30 points this morning 4,407, which is the 5th session in a row we've been in positive territory. The mineing stocks and oil majors heloing this morning, but the bansk were down. There is a feeling a croiss the board that the Bank of England (BoE) and the European Central Bank (ECB) will cut interest rates this week, which will follow on from cuts in USA, China, India, and Japan last week.
Over the pond on Friday, the DJI closed up 144.32 points at 9325.01, whilst the S&P 500 closed up 14.66 points at 968.75, and the Nasdaq up 22.43 points at 1720.95. Not a bad week, over there, but the whole month was still the worst for years - back 'til 1987. It seems that investors ignored bleak economic data and felt that the improvement in the troubled financial and credit markets were showing some value. The US presidential election voting kicks off tomorrow, which will cause some movement, whilst the US non-farm payroll figures for last motnh are due on Friday.
Back here in London, firmer metal prices boosted mining shares. BHP, Rio, Anglo American, Xstrata, Vedanta Resources, Antofagasta and ENRC were up between 2% and 7% this morning. Rio Tinto said that it sees most of its projects in a strong position to weather any economic climate forces.
On to the oil majors, where BP, RD Shell, BG Group, Tullow Oil and Cairn Energy up between 0.25% and 5% this morning.
On to the banks, where Lloyds TSB & HBOS are set to raise some £17 bln between them, with £4 bln coming from the governments bail-out box, and £13 bln by way of new share issue. This just as Lloyds TSB made a profit warning. But the new point bank plans to pay a divvy again next year, in 2009. Lloyds TSB was down 1.25% after announcing the drop in profits for the first 9 months, whilst HBOS was up 3% after some news at the weekend of a rival bid that will be better than the Lloyds TSB bid was mentioned. HBOS has taken a £5.2 bln write down on the value of its risky assets and bad loans for the first 9 months of this year, with the last £2.7 bln in the 3rd quarter. Other banks were also down, with Barclays down 7% on concerns that its US$12 bln fundraising is going to work out dearer than the cash offerd by the government's bail-out box. RBS was down 2.5% this morning, whilst HSBC was down 3.5%.
Stayung with financials, the London Stock Exchange (LSE:LSE) was up over 7% this morning after press reports that the LSE wasn't taking the new rival platforms competition sitting down. The LE said it is levying a special charge on orders that do not come to the exchange directly, i.e.- that they are instead routed through its new competitors. How dare anyone rival the LSE...
On to retial, where Marks & Sparks was up 3% this morning, continuing its recent run, whist clothing peer Next was up 1.75%. B&Q owner Kingfisher was up 3.75% this morning after saying it plans to double its Polish business over the next 5 years. It says that the exodus back to Poland of all the workers that were over here (oir words to that effect) will help limit the impact of a global recession in Poland. It added that it doesn't expect any growth here in the UK for the next year, but did say that it reckons it can pcik up a market share from more distressed rivals.
News from Ryanair was that profits have halved due to the price of the black stuff.
Over the pond on Friday, the DJI closed up 144.32 points at 9325.01, whilst the S&P 500 closed up 14.66 points at 968.75, and the Nasdaq up 22.43 points at 1720.95. Not a bad week, over there, but the whole month was still the worst for years - back 'til 1987. It seems that investors ignored bleak economic data and felt that the improvement in the troubled financial and credit markets were showing some value. The US presidential election voting kicks off tomorrow, which will cause some movement, whilst the US non-farm payroll figures for last motnh are due on Friday.
Back here in London, firmer metal prices boosted mining shares. BHP, Rio, Anglo American, Xstrata, Vedanta Resources, Antofagasta and ENRC were up between 2% and 7% this morning. Rio Tinto said that it sees most of its projects in a strong position to weather any economic climate forces.
On to the oil majors, where BP, RD Shell, BG Group, Tullow Oil and Cairn Energy up between 0.25% and 5% this morning.
On to the banks, where Lloyds TSB & HBOS are set to raise some £17 bln between them, with £4 bln coming from the governments bail-out box, and £13 bln by way of new share issue. This just as Lloyds TSB made a profit warning. But the new point bank plans to pay a divvy again next year, in 2009. Lloyds TSB was down 1.25% after announcing the drop in profits for the first 9 months, whilst HBOS was up 3% after some news at the weekend of a rival bid that will be better than the Lloyds TSB bid was mentioned. HBOS has taken a £5.2 bln write down on the value of its risky assets and bad loans for the first 9 months of this year, with the last £2.7 bln in the 3rd quarter. Other banks were also down, with Barclays down 7% on concerns that its US$12 bln fundraising is going to work out dearer than the cash offerd by the government's bail-out box. RBS was down 2.5% this morning, whilst HSBC was down 3.5%.
Stayung with financials, the London Stock Exchange (LSE:LSE) was up over 7% this morning after press reports that the LSE wasn't taking the new rival platforms competition sitting down. The LE said it is levying a special charge on orders that do not come to the exchange directly, i.e.- that they are instead routed through its new competitors. How dare anyone rival the LSE...
On to retial, where Marks & Sparks was up 3% this morning, continuing its recent run, whist clothing peer Next was up 1.75%. B&Q owner Kingfisher was up 3.75% this morning after saying it plans to double its Polish business over the next 5 years. It says that the exodus back to Poland of all the workers that were over here (oir words to that effect) will help limit the impact of a global recession in Poland. It added that it doesn't expect any growth here in the UK for the next year, but did say that it reckons it can pcik up a market share from more distressed rivals.
News from Ryanair was that profits have halved due to the price of the black stuff.
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