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LONDON MARKET CLOSE: FTSE 100 held back by weak oil after bright start
- FTSE 100 Performance: - Closed up 15.01 points (0.2%) at 9,299.84, nearing all-time intra-day record of 9,357.51. - Gains in mining stocks offset falls in oil majors (BP down 2.5%, Shell down 1.4%).
- FTSE 250 and AIM All-Share: - FTSE 250 ended 185.00 points higher (0.9%) at 21,866.48. - AIM All-Share up 2.65 points (0.3%) at 780.18.
- Chancellor Rachel Reeves' Pledge: - Promised continued fiscal restraint at the Labour Party conference. - Acknowledged challenges from international events and long-term economic damage. - Emphasized maintaining economic stability and fiscal credibility.
- Market Reaction: - Kathleen Brooks (XTB) noted Reeves' speech placated markets while emphasizing fiscal stability. - UK 10-year bond yield narrowed to 4.70% from 4.75% on Friday.
- Economic Data: - UK mortgage approvals in line with expectations (64,680 in August). - Average mortgage interest rate fell to 4.26% in August.
- Currency Movements: - Pound higher at USD1.3432, euro at USD1.1731, dollar lower against yen at JPY148.57.
- Global Markets: - European equities: CAC 40 up 0.3%, DAX 40 little changed. - US stocks mixed: Dow down 0.1%, S&P 500 up 0.3%, Nasdaq up 0.6%. - Tech stocks led gains in New York amid downplayed US government shutdown concerns.
- Corporate Highlights: - GSK rose 2.3% on CEO transition announcement. - AstraZeneca up 0.9% on US listing upgrade plans. - Admiral rose 3.6% on Jefferies upgrade to 'buy'. - Mining stocks in demand (Antofagasta +5.3%, Glencore +1.7%, Anglo American +2.2%). - Ocado fell 4.1% on Kroger-DoorDash partnership expansion.
- Commodities: - Brent oil fell to USD67.81/barrel. - Gold hit record high of USD3,828.66/ounce.
- Upcoming Events: - Tuesday: UK GDP figures, European inflation data, Chicago PMI, US house price data. - Corporate results: Close Brothers, Card Factory, AG Barr.
LONDON MARKET MIDDAY: Stocks advance despite threat of US shutdown
- London Stock Market:
- FTSE 100 up 0.6% at 9,339.56, FTSE 250 up 0.7% at 21,826.97, AIM All-Share up 0.5% at 781.69.
- Cboe UK indices also higher: Cboe UK 100 +0.7%, Cboe UK 250 +0.8%, Cboe Small Companies +0.4%.
- Positive sentiment driven by reassurance from US inflation data and GSK leadership change.
- European Markets:
- CAC 40 (Paris) and DAX 40 (Frankfurt) both edged 0.1% higher.
- US Market Outlook:
- Dow Jones, S&P 500, and Nasdaq expected to open higher by 0.4%, 0.6%, and 0.7% respectively.
- US Treasury yields narrowed: 10-year at 4.14%, 30-year at 4.72%.
- US lawmakers open to talks to avert government shutdown, but risks remain.
- UK Economic Updates:
- Mortgage approvals in line with expectations at 64,680 in August, slightly down from July.
- Average mortgage interest rate fell to 4.26% in August, sixth consecutive monthly decline.
- Sterling up at USD1.3430, euro at USD1.1719, dollar weaker against yen at JPY148.65.
- Corporate News:
- GSK: Shares up 2.7% after announcing CEO Emma Walmsley's departure and appointment of Luke Miels as successor.
- Berkeley Group: Shares up 2.6% after promoting Neil Eady to CFO.
- BP: Shares down 1.0% despite approving USD5 billion Tiber-Guadalupe project in the Gulf of Mexico.
- CMC Markets: Top gainer on FTSE 250 (+6.4%) after extending partnership with Westpac Banking.
- Capita: Shares up 16% on 'buy' rating from Canaccord.
- Future Metals: Surged 18% on AIM after hiring Keith Bowes as CEO.
- Trafalgar Property Group: Shares down 24% after failing to publish accounts by deadline.
- Commodities:
- Gold up at USD3,817.10/ounce, driven by Fed rate cut expectations, central bank buying, and geopolitical tensions.
- Brent oil down at USD67.96/barrel.
- Upcoming Data:
- US pending home sales numbers due in the afternoon.
LONDON BROKER RATINGS: Jefferies ups Admiral and cuts Sabre Insurance
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- 29th Sep 2025 09:37
- The following London-listed shares received analyst recommendations Monday morning and on Friday:
- FTSE 100
- Jefferies raises Admiral Group to 'buy' (hold) - price target 4,100 (2,550) pence
- Citigroup cuts ConvaTec price target to 250 (310) pence - 'neutral'
- Barclays raises Kingfisher price target to 285 (280) pence - 'underweight'
- Barclays cuts Unilever price target to 5,300 (5,600) pence - 'overweight'
- RBC cuts 3i Group price target to 3,625 (3,650) pence - 'sector perform'
- RBC raises Kingfisher price target to 320 (300) pence - 'sector perform'
- Berenberg starts Rentokil Initial with 'sell' - price target 284 pence
- FTSE 250
- Barclays cuts Tate & Lyle price target to 650 (720) pence - 'overweight'
- SMALL CAP
- Jefferies cuts Sabre Insurance to 'underperform' - price target 116 (145) pence
- Barclays raises Wise price target to 1,300 (1,270) pence - 'overweight'
- Canaccord starts Capita with 'buy' - price target 900 pence
- Related Shares:
LONDON MARKET OPEN: FTSE 100 pushed higher by GSK and AstraZeneca
- London Stock Market:
- FTSE 100 opened up 0.7% at 9,345.37, led by gains in GSK (+3.6%) and AstraZeneca (+1.6%).
- FTSE 250 and AIM All-Share also rose by 0.7% and 0.6%, respectively.
- Cboe UK indices showed similar positive trends.
- European Markets:
- CAC 40 in Paris gained 0.2%, DAX 40 in Frankfurt up 0.1%.
- Currency Movements:
- Sterling rose to USD1.3444, euro to USD1.1726, while the dollar weakened against the yen.
- Asian Markets:
- Mixed performance: Nikkei 225 down 0.7%, Shanghai Composite up 0.9%, Hang Seng up 1.9%, S&P/ASX 200 up 0.9%.
- US Markets (Friday Close):
- Dow Jones, S&P 500, and Nasdaq Composite closed higher by 0.7%, 0.6%, and 0.4%, respectively.
- Commodities:
- Gold price climbed to USD3,806.40 per ounce, Brent oil fell to USD68.46 per barrel.
- Corporate News:
- GSK: Appointed Luke Miels as CEO designate, effective January 1, 2026.
- AstraZeneca: Plans to harmonize share listing across London, Stockholm, and NYSE; positive trial results for Enhertu in early breast cancer.
- Admiral Group: Shares up 2.0% after Jefferies upgraded to 'buy' with a price target of 4,100 pence.
- Fermi: Announced secondary listing on the London Stock Exchange Main Market.
- Genuit Group: Acquired Davidson Holdings for GBP49.0 million; shares up 2.9%.
- Hilton Food Group: Sold Fairfax Meadow Europe for GBP54 million; shares down 0.2%.
- Eqtec: Revenue down 56% but pretax loss narrowed; shares up 14%.
- Tern: Shares dropped 20% after announcing an open offer to raise GBP642,486.
- Economic Calendar:
- UK mortgage approvals and US pending home sales figures expected later on Monday.
LONDON MARKET EARLY CALL: FTSE 100 to rise amid hopes of Gaza deal
- London Stocks: Set to open higher on Monday, with FTSE 100 futures indicating a 0.4% rise to 9,322.73, amid easing Middle East tensions following President Trump's hints at a Gaza crisis solution.
- Currencies: Sterling rose to USD1.3438, euro to USD1.1724, and the dollar weakened against the yen to JPY148.82.
- US Treasury Yields: 10-year yield narrowed to 4.16%, 30-year to 4.73%.
- Middle East Crisis: Trump hinted at a breakthrough, with a plan reportedly including a permanent ceasefire, hostage release, Israeli withdrawal from Gaza, and increased humanitarian aid.
- Revolut Listing: Considering a dual listing in New York and London, potentially valuing the fintech at USD75 billion, with a fast-track to FTSE 100.
- US Government Shutdown Risk: Investors monitoring the risk of a shutdown on Wednesday, though a last-minute deal is likely, according to analysts.
- Global Markets: Wall Street ended higher on Friday; Asian markets mixed on Monday with Nikkei down 0.9%, Shanghai Composite up 0.9%, and Hang Seng up 1.9%.
- Commodities: Gold rose to USD3,812.50/ounce, Brent oil down to USD68.79/barrel.
- Economic Calendar: UK mortgage approvals, US pending home sales, and Spanish CPI data due Monday.
- Corporate News: Carnival to release third-quarter results.
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