| Monday 28 January 2013 QUOTE OF THE DAY If one does not know to which port one is sailing, no wind is favourable - Lucius Annaeus Seneca THIS MORNING IN LONDON FTSE 100 6,284.45 19.54 0.31% FTSE 250 13,136.10 69.66 0.53% FTSE 350 3,362.18 11.47 0.34% FTSE All Share 3,294.38 11.28 0.34% AIM 100 3,304.61 -7.29 -0.22% AIM All Share 740.09 -0.20 -0.03% 11:45 am ADVERTISEMENT Tired of Trading Home Alone? CLICK HERE Markets range-bound ahead of a busy week London's benchmark index, the FTSE 100, was pausing for a breather on Monday morning after a decent run as of late, with markets cautious ahead of a busy week.
The index was trading within an extremely narrow range this morning, with just 10 points separating its intraday high (6,289) and low (6,279).
Impressive economic data from across the globe helped drive a 2.1% rise on the Footsie last week, including better-than-expected readings of Chinese and American manufacturing, US jobless claims and German sentiment. Since the start of 2012, the UK index has jumped an impressive 6.6%.
Nevertheless, markets were able to hold on to recent gains with confidence about China providing some support. Stephen Green, the head of research for Greater China at Standard Chartered, said that Chinese industrial profits should rise by 30% in 2013 on average as a result of investment in infrastructure and real estate, improvements in export demand and looser monetary conditions. Meanwhile, economist Lu Ting from Bank of America Merrill Lynch expects profits to grow by 25% in the first half of this year.
Market analyst Craig Erlam has said that while markets are quiet today, we could see "increased volatility" later in the week ahead of more corporate earnings and a central bank meeting Stateside. Meanwhile, the first estimate of fourth-quarter US GDP will be released on Wednesday, and the all-important jobs report is on the agenda for Friday.
Erlam said: "This week therefore has the potential to make or break the stock market rally, which has seen the S&P hit five year highs, while the FTSE has had its best January in more than 20 years. At this moment in time, I can't see this week's events damaging the rally, if anything with earnings expectations so low and recent data improving, stock indices are likely to hit new highs as the week goes on."
Stock futures are pointing to a similar, flat start on Wall Street as markets await earnings from heavyweight industrial group Caterpillar and durable goods orders for December which are expected to rise by 2.0%, ahead of the 0.8% gain the month before.
FTSE 100: Capita, Tate & Lyle hit by downgrades Outsourcing group Capita was a heavy faller this morning after Canaccord Genuity downgraded its rating for the stock from 'hold' to 'sell'. The broker said that the attractions of Capita's investment case have "diminished".
Sweeteners and food products firm Tate & Lyle was also down after Investec reduced its stance from 'buy' to 'hold' following a 29% share-price jump since mid-September. Tate's third-quarter results are due on February 1st.
Drinks giant Diageo was wanted after reaching an agreement to form a 50:50 joint venture in respect of United National Breweries' traditional sorghum beer business in South Africa. Broadcaster ITV was in the red after acquiring the freehold of London Television Centre for £56m. According to the company, the purchase gives ITV flexibility in its property strategy as it continues to rebalance the business.
FTSE 250: New World Resources sees prices plunge New World Resources slumped this morning after saying that the price it could sell its thermal coal in 2013 had tumbled as the market was hit by oversupply. The company managed to negotiate an average price of 60 per tonne for 2013 thermal coal deliveries, a 19% fall on 2012 prices.
Budget airline easyJet was lower after revealing that its Chairman, Sir Mike Rake, would step down this summer. The move comes after three years of high-profile public arguments between management and easyJet founder Sir Stelios Haji-Ioannou about how the company is run.
Software solutions group Anite jumped after acquiring the Propism channel emulation product set of Elektrobit Corp for 31m. Christopher Humphrey, Anite's Chief Executive said: "The product line we are buying is an excellent addition and a good fit with Anite's Handset Testing business and the acquisition is expected to be enhancing to adjusted earnings."
Outsourcing group Mitie gained after saying that it is performing in line with expectations as strong organic growth has been driven by new and expanded contracts.
FTSE 100 - Risers Old Mutual (OML) 189.60p +1.07% HSBC Holdings (HSBA) 717.10p +0.96% Aberdeen Asset Management (ADN) 419.30p +0.94% Amec (AMEC) 1,109.00p +0.82% Prudential (PRU) 955.00p +0.79% Unilever (ULVR) 2,553.00p +0.79% Imperial Tobacco Group (IMT) 2,439.00p +0.79% Vodafone Group (VOD) 171.50p +0.73% Barclays (BARC) 302.85p +0.71% Royal Bank of Scotland Group (RBS) 368.50p +0.71%
FTSE 100 - Fallers Evraz (EVR) 291.60p -2.80% Petrofac Ltd. (PFC) 1,695.00p -2.02% Capita (CPI) 779.50p -1.83% Tate & Lyle (TATE) 821.00p -1.56% Fresnillo (FRES) 1,672.00p -1.53% Aggreko (AGK) 1,730.00p -1.37% Tullow Oil (TLW) 1,167.00p -1.35% BG Group (BG.) 1,150.00p -1.33% InterContinental Hotels Group (IHG) 1,856.00p -1.28% Kingfisher (KGF) 273.90p -1.26%
FTSE 250 - Risers Anite (AIE) 147.60p +4.83% Telecom Plus (TEP) 986.50p +4.72% Britvic (BVIC) 462.90p +3.21% Diploma (DPLM) 560.50p +2.66% Essar Energy (ESSR) 139.30p +2.50% Atkins (WS) (ATK) 806.50p +2.41% Menzies(John) (MNZS) 701.50p +2.41% Laird (LRD) 229.10p +2.28% Henderson Group (HGG) 159.70p +2.24% RIT Capital Partners (RCP) 1,203.00p +2.12%
FTSE 250 - Fallers New World Resources A Shares (NWR) 290.90p -7.03% Home Retail Group (HOME) 124.30p -6.96% Centamin (DI) (CEY) 55.80p -4.37% Debenhams (DEB) 102.80p -2.37% Elementis (ELM) 210.40p -2.09% Petropavlovsk (POG) 362.40p -2.00% Homeserve (HSV) 239.50p -1.84% Rotork (ROR) 2,650.00p -1.78% Regus (RGU) 117.10p -1.76% Halfords Group (HFD) 346.40p -1.70% WHAT THE BROKERS SAY THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Sound Oil Rivington Street Holdings Ascent Resources Premier Foods The Running Trading Thread
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