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FTSE /DOW COMP

Good morning!

Good morning

FTSE 100 and FTSE 250 opening higher as the $ was a bit weaker and the Far East Markets were on the up

Morning Market Report

http://www.moneyam.com/action/news/showArticle?id=5659704

WINNERS & LOSERS SUMMARY

FTSE 100 - WINNERS

AstraZeneca, up 2.1%. The Anglo-Swedish drugmaker said that alongside its partner MedImmune, it has presented the full progression-free survival data from a planned interim analysis of the phase III PACIFIC trial for Imfinzi. The group said the results show Imfinzi demonstrated a statistically-significant and clinically-meaningful improvement in progression-free survival compared to current standard of care with active surveillance in patients with locally-advanced, stage III, unresectable non-small cell lung cancer who had not progressed following standard platinum-based chemotherapy concurrent with radiation therapy. Results of the phase III PACIFIC trial show an improvement in progression-free survival of more than 11 months in patients treated with Imfinzi compared to a placebo, AstraZeneca said.

Legal & General, up 1.6%, Prudential, up 1.6%, Aviva, up 1.0%. Shares in the insurance companies were higher as Hurricane Irma is showing signs of weakening and could be downgraded to a tropical storm on Monday, having been downgraded to a category 1 storm with winds of less than 100 miles per hour. The National Hurricane Centre said the storm "should continue to lose strength and fall below hurricane intensity" during the day, as it continues its path northwards. "Insurance stocks were under pressure last week as investors feared for the worst because of Irma, and now Aviva, Legal & General and Prudential are all higher this morning as the insurance claims are likely to be less than initially anticipated," said CMC Markets analyst David Madden. Midcap insurers Lancashire Holdings and Beazley were up 7.6% and 5.7% respectively.

British Land, up 1.7%. Deutsche Bank upgraded the commercial property developer to Buy from Hold.

FTSE 100 - LOSERS

Associated British Foods, down 2.2%. The Primark clothing chain owner and food and ingredients company said its full-year outlook has improved further since its last update in early July, meaning annual adjusted operating profit will be "well ahead of last year". The company said: "Since that time we have experienced an even lower level of markdown which has further improved our full-year outlook. Adjusted operating profit for the group will be well ahead of last year." Primark sales for the full year are to be around 13% higher than the previous year at constant currency, driven by increased retail selling space and 1% growth in like-for-like sales. Grocery revenue from continuing businesses are expected to be level with last year while adjusted operating profit is expected to be lower, the company said. The stock is up 16% so far in 2017.

Randgold Resources, down 1.4%, Fresnillo, down 0.8%. The gold miners were tracking spot gold prices lower quoted at USD1,337.27 an ounce compared to USD1,345.47 at the London equities close Friday. "Gold has retreated from Friday's 13-month high [of USD1,357.47] as fears that North Korea would undertake a missile test over the weekend proved to be unfounded," said Mike van Dulken, head of research at Accendo Markets.

FTSE 250 - WINNERS

Derwent London, up 2.6%. Deutsche Bank raised the London-focused property investor to Hold from Sell.

FTSE 250 - LOSERS

Petra Diamonds, down 8.6%. The diamond miner warned a parcel of diamonds from the Williamson mine in Tanzania has been blocked from export to Petra's marketing office in Antwerp and certain key personnel from the operation are currently being questioned by the authorities. Petra Diamonds, responding to recent media reports about the findings of an investigation into the Tanzanian diamond sector by a parliamentary select committee, said the "grounds upon which these actions have been taken have not been formally made known to the company as yet". The Williamson mine is held 75% by Petra and 25% by the government, and Petra said "all operations related to the mine are conducted in a transparent manner and in full compliance with legislation in Tanzania and the Kimberley Process". Petra follows Acacia Mining to become the second major London-listed miner to have suffered problems in Tanzania following new legislation introduced earlier this year. Acacia was down 1.4%.

Carillion, down 4.5%. The construction company said Finance Director Zafar Khan is leaving the company with immediate effect, confirming a Sky News report. Khan's departure after only nine months in the job is a further blow to the company after a profit warning given in July which sparked fears for the support services firm's long-term future. Khan is to be replaced by Emma Mercer, who has held several senior positions at Carillion since joining in 2008, most recently as finance director of the UK construction arm. Prior to this, she had served as chief financial officer and senior vice-president of Carillion Canada. The unexpected profit warning led the company to put aside GBP845 million following a review of its material contracts due to a "deterioration in cash flows". Shares are down 82% so far in 2017.

Midday Market Report

http://www.moneyam.com/action/news/showArticle?id=5659704

Some oil stock on the weak side

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Banks much the same, lower after being up earlier and FTSE losing ground, though the DOW opening well up with 187 points higher

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VOLUME AND RISING

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VOLUME AND RISING

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re - SXX 26p -1.03p

update 9:30am
For the last 30 minutes there is a seller on the order book currently @ 26p, the order book is placing 50K from the iceberg @ 26p as the last of thee orders is taken with "AT", how big is it is another thing but not able to see.

update 10am
When MMs know there is a seller, the order book is being manipulated down so the seller does not get good prices, this has been going on for some time now and the reason for the large fall.
Once is gone MMs move the order book strong and bounce back strongly like last Friday

Currently the iceberg places 38.4K @ 26p as the order to sell diminishes but someone placed a small sell lower 25.97p
Dispite large buys, till the sell order is done will keep weak

Update 10.15am
The rumour out of Israel that ICL are in talks with SXX to offload Boulby.

"Israel Chemicals has held preliminary discussions with the British company Sirius Minerals to sell its British mining operations for a price that could reach between $150 million and $200 million.
Although ICL’s Boulby mine in Yorkshire has traditionally focused on potash, which is the parent company’s flagship product, Sirius is really interested in the polyhalite mining that the Israeli company has developed in recent years."

End of the day

Thank you for what you taught me.
Please keep teaching my hungry mind!

Nice intraday reversal on the banks. Some parties continuing to sell banks no matter what it seems.

I'm guessing the selling will continue until BOE decision although I'm only looking to go long at these prices as I think the wording of the BOE statement will again show interest rate rises are closer than the market expects

.

Morning all!