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FTSE / DOW YTD

FTSE100 seen opening higher

StockMarketWire.com

The headline index looks set to open higher when trading gets underway in London, according to financial websites, despite yesterday's fairly anaemic session and taking its positive cue from upbeat overnight performances on Wall St. and in Asia.

US & ASIA

In the US last night, the Dow gained 165 points to close at 17,829, the Nasdaq added 73 points at 5,127 and the S&P 500 climbed 25 points higher to 2,104.

In Asia today, the Nikkei is closed for Culture Day and remains unchanged at 18,683, while the Hang Seng had gained 277 points at 22,647.

WTI crude oil traded at $46.33 a barrel and Brent at $48.87.

Gold settled at $1,137.34 an ounce.

FTSE cautiously mixed as STAN dives, resources gain

StockMarketWire.com

FTSE indices were cautiously mixed to noon with Standard Chartered (STAN) leading to the blue chip downside, and several house builders wilting as UK construction data came in a jot below forecasts. Gains among resources acted as partial offset, however. Europe was mixed.

To noon, FTSE 100 was down 7.29 points, or 0.11%, to 6354.51. FTSE 250 was up 5.31, or 0.03%, to 17,172.7. At 11.36am, gold and copper were at USD1131/oz and USD231/lb, the precious yellow metal having eased further through the morning. Crude rose 0.7%-0.09%.

Standard Chartered (STAN) fell 8.87% to 650.3p on a disappointing Q3 and news of a GBP3.3bn capital hike to strengthen its balance sheet. A strategic review promised up to 15,000 job cuts. Sector pal RBS (RBS), down 0.76% to 320.65p, and other banks eased much less.

Weakening UK construction data, outlined further below, put a dent in house builders, which were led south by Taylor Wimpey (TW.), down 4.06% to 190.15p. Barratt Developments (BDEV), Persimmon (PSON) and Berkeley (BKG) were off about 2.06%-3.73%. Also notable among fallers were commercial property, pharmas and utilities.

Overall, about 55 blue chips lost ground, but gains among miners and oilies acted as a partial offset. Glencore (GLEN) was up 2.21% to 118.15p and BG (BG.) gained 1.24% to 1041.75p. Supermarkets tiptoed up after Morrisons (MRW), up 0.65% to 171.4p, and insurers in the wake of Admiral (ADM), up 1.18% to 1628p.

In blue chip news, Associated British Foods (ABF) fell 0.86% to 3404.5p on a strong FY turn, with currency and commodity challenges noted. Imperial Tobacco (IMT), up 0.21% to 3504.5p, reported a successful year of further strengthening the business and improving quality of growth. National Grid (NG.) lost 0.56% to 918.05p on confirming a change of CEO next year.

BIGGER MOVERS

Lansdowne Oil & Gas (LOGP) jumped 26.93% to 2.38p after the Standard Exploration Licence (SEL) 1/11 that contains the Barryroe oil field received term and area extensions from Irish authorities. Lansdowne has a 20% interest in SEL 1/11.

Kennedy Ventures (KENV) jumped 23% to 7.38p after recommencing production of tantalum at the Tantalite Valley project in Namibia. World Careers Network (WOR) slumped 17.78% to 185p after its FY pretax profit plunged to GBP1.2m, half that of the prior year.

Roxi Petroleum (RXP) dived 15.22% to 7.63p as investors were unimpressed by its latest operations update from its flagship BNG asset. Getech (GTC) fell 13.79% to 37.5p as it accompanied in-line FY results with a warning results for the FY 2016 would be significantly below views.

ECONOMIC NEWS

UK construction purchasing managers' index (PMI) came in at a seasonally adjusted 58.8 in October, a tickle below forecasts for 58.9 and from 59.9 in September.

Spain's unemployment net change for October was 82,300 against an expected 70,300 and from 26,100 previously.

LONDON HIGHLIGHTS

Biome Technologies (BIOM) rose 13.73% to 145p on a pleasing trading update that showed marked improvement in revenues. Advanced Medical Solutions (AMS) gained 6.79% to 178.88p on US regulator the FDA approving two of its skin adhesive LiquiBand Exceed products for sale.

OptiBiotix Health (OPTI) rallied 6.17% to 60.25p on confirming the filing of two new patents covering its cholesterol reducing product. Intercede (IGP), up 3.86% to 134.5p, said H1 revenues rose 37% to GBP5.5m. It posted a profit of GBP0.5m, from a loss of GBP0.7m a year ago.

Weir Group (WEIR), up 5.95% to 1139p, sees its FY earnings broadly in line with views, but, expecting trading conditions to remain challenging, will focus on delivering further cost and procurement savings, plus cash generation.

Diamondcorp (DCP) fell 4.35% to 8.25p as project delays put pressure on on its ability to start repaying debt, scheduled to commence in Q1 2016. It is trying to strike a deal with its lenders, but traders are unconvinced.

Jardine Lloyd Thompson (JLT), down 4.34% to 919.25p, has reduced its expectations for FY group profits due to lower trading profits from its UK employee benefits business and foreign exchange headwinds.

Just Eat (JE.) had 3.45% taken away to leave its shares at 425.7p, this despite raising its FY revenue guidance from GBP230m to GBP240m after strong Q3 order growth. Like-for-like orders rose 48%, with more than 74% of orders made via mobile devices.

Other stocks in the news included The People's Operator (TPOP), Intercede (IGP), Direct Line Insurance (DLG), Arian Silver (AGQ), ULS Technology (ULS), Sirius Petroleum (SRSP), Pendragon (PDG), K3 Business Technology (KBT), Regus (RGU), Next Energy Solar Fund (NESF) and Providence Resources (PVR).

Story provided by StockMarketWire.com