LONDON MARKETS: FTSE 100 Ends Higher, Helped By Marks And Spencer's Gain After Earnings
08 Novembre 2017 - 6:37PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Miners rise despite a slowdown in growth of Chinese imports,
exports
U.K. stocks closed with a modest gain Wednesday, as Marks and
Spencer Group PLC shares rose after the big retail chain's results
and as miners gained despite a downbeat reading on Chinese
trade.
What markets are doing: The FTSE 100 index fell 0.2% to finish
at 7,529.72, erasing part of Tuesday's 0.7% drop
(http://www.marketwatch.com/story/fall-for-retailers-keeps-ftse-100-in-check-2017-11-07)
and edging back toward Monday's record close at 7,562.28.
Meanwhile, the pound fell below $1.31 during the session on
speculation that U.K. Prime Minister Theresa May may lose a member
of her cabinet, which would be the second cabinet loss within a
week. Priti Patel, who serves at the U.K.'s international
development secretary, was expected Wednesday to be dismissed by
May because of undisclosed meetings she held with Israeli
officials, according to local media reports.
Sterling was recently at $1.3110, down from $1.3168 late
Tuesday.
On Thursday, Brexit negotiation talks were slated to resume.
What's moving markets: Retail stocks were notable movers, with
Marks and Spencer finishing higher after a choppy session. They had
fallen in the prior session after a disappointing reading on retail
sales and as Barclays figures showed a slowdown in consumer
spending.
Read:Weak British retail sales flash 'warning sign' for crucial
shopping season
(http://www.marketwatch.com/story/weak-british-retail-sales-flash-warning-sign-for-crucial-shopping-season-2017-11-07)
Meanwhile, mining shares gained even after Chinese trade data
showed exports and imports grew slower than expected
(http://www.marketwatch.com/story/china-trade-surplus-widens-in-october-2017-11-08)
in October. China's manufacturing industry is a key buyer of
industrial and precious metals.
"China is making a concerted effort to move towards a more
service-focused economy. That being said, their demand for minerals
is still a major driver of commodity prices and mining companies,"
said David Madden, CMC Markets analyst, in a note.
M&S pulls on retailers: Marks and Spencer shares (MKS.LN)
closed up 1.6%. The retail chain reported a fall in adjusted profit
(http://www.marketwatch.com/story/marks-spencer-profit-falls-on-clothing-sales-2017-11-08)
that topped forecasts. But the company said it was pulling back on
its plans for new Simply Food stores
(http://corporate.marksandspencer.com/documents/reports-results-and-publications/press-releases/201718/half-year-results-for-26-weeks-to-30-september-2017.pdf).
"The headwinds facing our food business have intensified as
competitors have encroached on some of our space with the rapid
growth of convenience," said M&S Chief Executive Steve Rowe in
a statement.
While M&S has been working to sort out poor performance in
its clothing and home departments, until now, the food business has
been seen as steady.
"Food-store expansion is being scaled back a touch now, which
may disappoint investors since food has been the bright spot for a
while," Neil Wilson, senior market analyst at ETX Capital, said in
a note.
Among other retailers, Next PLC (NXT.LN) shares gained 0.8%,
while Kingfisher PLC (KGF.LN) shares rose 1.1%. But shares in
Associated British Foods PLC (ABF.LN) , which runs fast-fashion
company Primark, were down 3.5%.
Stock movers: In the mining group, Fresnillo PLC (FRES.LN) rose
1.6%, Rio Tinto PLC (RIO) (RIO) (RIO) gained 1.1%, and Randgold
Resources PLC (RRS.LN) was up 1.2%. But Antofagasta PLC (ANTO.LN)
was down 1.1%.
Persimmon PLC (PSN.LN) fell 3.6%. The home builder said total
sales per site since reporting its half-year results were in line
with the year-ago period. Forward sales beyond 2017 were up 10%
(http://www.marketwatch.com/story/persimmon-forward-sales-up-10-2017-11-08),
the company said.
Shares in SSE PLC (SSE.LN) closed down 0.9% after the company
said it has made an agreement
(http://www.marketwatch.com/story/sse-innogy-agree-to-merge-two-uk-retail-units-2017-11-08)
with Innogy (IGY.XE) to merge two of their U.K. retail energy
units, as it reported a fall in first-half profit for fiscal
2018.
GKN PLC shares (GKN.LN) rose 1.5% following a Sky News report
(http://news.sky.com/story/gkn-plots-aerospace-tie-up-with-state-owned-chinese-group-comac-11118436)
that the engineering company is set to create a joint venture with
state-owned Chinese aerospace company Comac.
Off the FTSE 100, Wizz Air Holdings PLC (WIZZ.LN) tumbled 9.3%
as analysts said the airline's latest results raised questions
about costs, according to a Dow Jones Newswires report.
(END) Dow Jones Newswires
November 08, 2017 12:22 ET (17:22 GMT)
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