FTSE rallies for fourth day as commodities rise

Reuters: [2008-05-19 18:48:00]

(Adds Bradford & Bingley close)

By Amanda Cooper

LONDON, May 19 (Reuters) - British blue-chip shares rose on Monday for the fourth day in a row, hitting their highest close in over four months, driven by commodity stocks as crude oil held within sight of recent record highs and as positive broker comment helped miners.

Index heavyweights Royal Dutch Shell <RSDa.L> and BP <BP.L> were up between 1.3 and 3 percent, while Cairn Energy <CNE.L> and Tullow Oil <TLW.L> were up between 2 and 3 percent, as crude oil held above $126 a barrel.

Miners were in demand as precious metals rallied. Large-caps BHP Billiton <BLT.L>, Rio Tinto <RIO.L>, Anglo American <AAL.L> and Xstrata <XTA.L> rose between 1.6 and 4 percent.

Vedanta Resources <VED.L> shot up nearly 9 percent after a rating upgrade from Citi, while Kazakhmys <KAZ.L> rose 6 percent after Credit Suisse added the stock to its Europe focus list.

"At the start of the rally back in late March, there was a lot of short covering and now you sense there is a fear among buyers thinking 'I missed out on almost 1,000 points, I need to get back in before (the index) goes up another 1,000 points'," said Jim Wood-Smith, head of research at Williams de Broe.

"A rising market builds its own momentum."

The FTSE 100 <.FTSE> closed up 72.2 points, or 1.15 percent at 6,376.5 points, hitting its highest closing level in just over four months. The FTSE has risen for four consecutive trading days, making this its best run since a six-day rally in mid-December.

The FTSE has fallen by about 1.2 percent so far this year, but has rallied by nearly 18 percent since mid-March, in spite of a stream of downbeat news on the British economy and a high degree of uncertainty over the outlook for the U.S. economy as inflation persists and growth slows.

"There is a signal that the U.S. did not go into recession. We are beginning to sense that earnings from the non-financial sector were generally far better than expected," said Stephen Pope, head of equity research at Cantor Fitzgerald.

"The fact we broke through the 6,227 level was very encouraging and I imagine we are now going to press up, not in a straight line, around the 6,420-6,450 level," Pope said, looking at the FTSE 100 chart.

The pharmaceutical sector was among the top performers on the FTSE, after European authorities approved the first pre-pandemic bird flu vaccine, Prepandrix, made by GlaxoSmithKline <GSK.L>.

Glaxo stock rose 1.2 percent to rank it among the top ten positive weights on the FTSE, while AstraZeneca <AZN.L> rose nearly 3 percent, driven by market talk of a possible bid from U.S. rival Pfizer <PFE.N>. An Astra spokesman declined to comment.

Shares in mid-cap kitchen equipment maker Enodis <ENO.L> rose 2.4 percent after U.S. diversified manufacturer Manitowoc <MTW.N> said it had raised its bid for the company to 1.08 billion pounds ($2.1 billion) to trump a rival offer.

BRADFORD & BINGLEY SLIDES

Banks were the heaviest negative weight on the index, although the sector did pare losses as the session wore on.

Among the mid-caps, specialist mortgage lender Bradford & Bingley <BB.L> slid nearly 16 percent to an all-time low, hit by concerns over its 300 million pound cash call and the future of its chief executive, as well as over its outlook in deteriorating markets, with some analysts already valuing the firm as if it is no longer writing new business.

Royal Bank of Scotland <RBS.L> fell nearly 4 percent, which dealers blamed on technical factors related to its shares trading "ex-rights" and the glum mood surrounding both the stock and the UK banking sector.

HBOS <HBOS.L>, Lloyds TSB <LLOY.L> and Alliance & Leicester <ALLL.L> were all down between 0.7 and 2.4 percent, while Barclays <BARC.L> and HSBC <HSBA.L> pared earlier losses to trade up between 0.6 and 0.7 percent.

Other decliners included BAE Systems <BAES.L> which shed 1.8 percent after the company said U.S. officials investigating alleged bribes in a Saudi arms deal subpoenaed its chief executive Mike Turner and non-executive director Nigel Rudd. [ID:nN18492328]

(Additional reporting by Rebekah Curtis and Dominic Lau; editing by Sue Thomas/Rory Channing)

((amanda.cooper@thomsonreuters.com; Reuters messaging amanda.cooper.reuters.com@reuters.net; +44 207 542 3424))

Keywords: MARKETS BRITAIN STOCKS

FTSE rallies for fourth day as commodities rise

Reuters: [2008-05-19 18:26:00]

By Amanda Cooper

LONDON, May 19 (Reuters) - British blue-chip shares rose on Monday for the fourth day in a row, hitting their highest close in over four months, driven by commodity stocks as crude oil held within sight of recent record highs and positive broker comment helped miners.

Index heavyweights Royal Dutch Shell <RSDa.L> and BP <BP.L> were up between 1.3 and 3 percent, while Cairn Energy <CNE.L> and Tullow Oil <TLW.L> were up between 2 and 3 percent, as crude oil held above $126 a barrel.

Miners were in demand as precious metals rallied. Large-caps BHP Billiton <BLT.L>, Rio Tinto <RIO.L>, Anglo American <AAL.L> and Xstrata <XTA.L> rose between 1.6 and 4 percent.

Vedanta Resources <VED.L> shot up nearly 9 percent after a rating upgrade from Citi, while Kazakhmys <KAZ.L> rose 6 percent after Credit Suisse added the stock to its Europe focus list.

"At the start of the rally back in late March, there was a lot of short covering and now you sense there is a fear among buyers thinking 'I missed out on almost 1,000 points, I need to get back in before (the index) goes up another 1,000 points'," said Jim Wood-Smith, head of research at Williams de Broe.

"A rising market builds its own momentum."

The FTSE 100 <.FTSE> closed up 72.2 points, or 1.15 percent at 6,376.5 points, hitting its highest closing level in just over four months. The FTSE has risen for four consecutive trading days, making this its best run since a six-day rally in mid-December.

The FTSE has fallen by about 1.2 percent so far this year, but has rallied by nearly 18 percent since mid-March, in spite of a stream of downbeat news on the British economy and a high degree of uncertainty over the outlook for the U.S. economy as inflation persists and growth slows.

"There is a signal that the U.S. did not go into recession. We are beginning to sense that earnings from the non-financial sector were generally far better than expected," said Stephen Pope, head of equity research at Cantor Fitzgerald.

"The fact we broke through the 6,227 level was very encouraging and I imagine we are now going to press up, not in a straight line, around the 6,420-6,450 level," Pope said, looking at the FTSE 100 chart.

The pharmaceutical sector was among the top performers on the FTSE, after European authorities approved the first pre-pandemic bird flu vaccine, Prepandrix, made by GlaxoSmithKline <GSK.L>.

Glaxo stock rose 1.2 percent to rank it among the top ten positive weights on the FTSE, while AstraZeneca <AZN.L> rose nearly 3 percent, driven by market talk of a possible bid from U.S. rival Pfizer <PFE.N>. An Astra spokesman declined to comment.

Shares in mid-cap kitchen equipment maker Enodis <ENO.L> rose 2.4 percent after U.S. diversified manufacturer Manitowoc <MTW.N> said it had raised its bid for the company to 1.08 billion pounds ($2.1 billion) to trump a rival offer.

Banks were the heaviest negative weight on the index, although the sector did pare losses as the session wore on.

Royal Bank of Scotland <RBS.L> fell nearly 4 percent, which dealers blamed on technical factors related to its shares trading "ex-rights" and the glum mood surrounding both the stock and the UK banking sector.

HBOS <HBOS.L>, Lloyds TSB <LLOY.L> and Alliance & Leicester <ALLL.L> were all down between 0.7 and 2.4 percent, while Barclays <BARC.L> and HSBC <HSBA.L> pared earlier losses to trade up between 0.6 and 0.7 percent.

Other decliners included BAE Systems <BAES.L> which shed 1.8 percent after the company said U.S. officials investigating alleged bribes in a Saudi arms deal subpoenaed its chief executive Mike Turner and non-executive director Nigel Rudd. [ID:nN18492328]

(Additional reporting by Rebekah Curtis and Dominic Lau; editing by Sue Thomas)

((amanda.cooper@thomsonreuters.com; Reuters messaging amanda.cooper.reuters.com@reuters.net; +44 207 542 3424))

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FTSE rises by midday on commodities; banks weigh

Reuters: [2008-05-19 13:15:00]

By Dominic Lau

LONDON, May 19 (Reuters) - Britain's top share index rose by midday on Monday, extending the previous session's gains, as commodity shares tracked firmer raw material prices, offsetting weaker banks.

By 1051 GMT, the FTSE 100 <.FTSE> was up 15.7 points, or 0.25 percent at 6,320.0, after hitting its highest closing level in four months on Friday. Major European indexes also traded higher by mid-session.

"Investors are still pretty confident on the outlook of the stock market as opposed to the negative headlines that we are seeing at the moment," said Henk Potts, equity strategist at Barclays Stockbrokers.

"There was a lot to be disappointed about from the macro economy last week but increasingly investors are believing the second half of the year looks brighter than the first half."

Miners were in demand, with BHP Billiton <BLT.L>, Rio Tinto <RIO.L>, Anglo American <AAL.L>, Xstrata <XTA.L>, Vedanta Resources <VED.L>, Lonmin <LMI.L> and Kazakhmys <KAZ.L> up between 0.2 and 5.4 percent.

Kazakhmys, which topped the FTSE 100 gainers, was also lifted by Credit Suisse's move to add the stock to its Europe focus list, while Vedanta was boosted by a rating upgrade from Citi.

Oil shares also gained as crude prices <CLc1> held near $126 a barrel. BP <BP.L> advanced 0.7 percent, Royal Dutch Shell <RDSa.L> added 1.3 percent and gas producer BG Group <BG.L> put on 1.9 percent.

Banks were the heaviest negative weight on the index, despite comments from Deutsche Bank <DBKGn.DE> Chief Executive Josef Ackermann that the end of the credit crisis was getting closer and the U.S. real estate market should recover in the second half of the year. [ID:nL18189630]

Royal Bank of Scotland <RBS.L>, Barclays <BARC.L>, HSBC <HSBA.L>, HBOS <HBOS.L>, Lloyds TSB <LLOY.L>, Standard Chartered <STAN.L> and Alliance & Leicester <ALLL.L> were all down between 0.2 and 6.3 percent.

BAE Systems <BAES.L> shed 1.3 percent after the company said U.S. officials investigating alleged bribes in a Saudi arms deal subpoenaed its chief executive Mike Turner and non-executive director Nigel Rudd. [ID:nN18492328]

BSkyB <BSY.L> advanced 2.6 percent after Deutsche Bank upgraded the pay-TV operator to "buy" from "hold".

The broker, on the other hand, downgraded British Airways <BAY.L> to "sell" from "buy". The stocks was down 4.7 percent.

"There is a signal that the U.S. did not go into recession. We are beginning to sense that earnings from the non-financial sector were generally far better than expected," said Stephen Pope, head of equity research at Cantor Fitzgerald.

"The fact we broke through the 6,227 level was very encouraging and I imagine we are now going to press up, not in a straight line, around the 6,420-6,450 level," Pope said, looking at the FTSE 100 chart. (Additional reporting by Rebekah Curtis, editing by Elizabeth Fullerton) ((dominic.lau@reuters.com; +44 20 7542 5440; Reuters Messaging: dominic.lau.reuters.com@reuters.net))

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  Keywords: MARKETS BRITAIN STOCKS =2 
    

FTSE edges up early on commodities; BAE falls

Reuters: [2008-05-19 09:49:00]

By Dominic Lau

LONDON, May 19 (Reuters) - Britain's FTSE 100 share index edged up early on Monday after hitting its highest closing level in four months in the previous session, as gains in commodity shares offset weakness in banks and BAE Systems <BAES.L>.

By 0744 GMT, the FTSE 100 <.FTSE> was up 19.1 points, or 0.3 percent at 6,323.4, after gaining 1.6 percent last week.

"There is signal that the U.S. did not go into recession. We are beginning to sense that earnings from the non-financial sector were generally far better than expected," said Stephen Pope, head of equity research at Cantor Fitzgerald.

"The fact we broke through the 6,227 level was very encouraging and I imagine we are now going to press up, not in a straight line, around the 6,420-6,450 level," Pope said, looking at the FTSE 100 chart.

BAE Systems shed 1.8 percent after the company said U.S. officials investigating alleged bribes in a Saudi arms deal subpoenaed its chief executive Mike Turner and non-executive director Nigel Rudd. [ID:nN18492328]

Banks remained under pressure despite comments from Deutsche Bank <DBKGn.DE> Chief Executive Josef Ackermann that the end of the credit crisis was getting closer and the U.S. real estate market should recover in the second half of the year. [ID:nL18189630]

HSBC <HSBA.L>, HBOS <HBOS.L>, Lloyds TSB <LLOY.L>, Standard Chartered <STAN.L> and Alliance & Leicester <ALLL.L> were all down between 0.2 to 1.3 percent.

Miners tracked higher metal prices, with BHP Billiton <BLT.L>, Rio Tinto <RIO.L>, Anglo American <AAL.L>, Lonmin <LMI.L>, Xstrata <XTA.L>, Kazakhmys <KAZ.L> and Vedanta Resources <VED.L> rose between 0.3 and 4.8 percent.

Kazakhmys, which topped the FTSE 100 gainers, was also aided by Credit Suisse's move to add the stock to its Europe focus list.

Oil shares stayed firm as crude prices <CLc1> held near $127 a barrel. BP <BP.L> added 0.7 percent, Royal Dutch Shell <RDSa.L> put on 0.6 percent and gas producer BG Group <BG.L> tacked on 0.9 percent.

BSkyB <BSY.L> advanced 1.7 percent after Deutsche Bank upgraded the pay-TV operator to "buy" from "hold".

The broker, on the other hand, downgraded British Airways to "sell" from "buy". The stock was down 3 percent.

London Stock Exchange <LSE.L> advanced 3.2 percent, extending the previous session's 5.1 percent gains on market talk of bid interest after Sanford Bernstein said in a report that the fall in its share price had bought the UK bourse within reach of Nasdaq <NDAQ.O> and NYSE Euronext <NYX.N>.

Among mid-caps, Enodis <ENO.L> gained 2.1 percent after U.S. diversified manufacturer Manitowoc <MTW.N> increased its offer for the British kitchen equipment maker to 1.08 billion pounds to trump a rival offer. (Additional reporting by Rebekah Curtis; Editing by Greg Mahlich) ((dominic.lau@reuters.com; +44 20 7542 5440; Reuters Messaging: dominic.lau.reuters.com@reuters.net))

     
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  Keywords: MARKETS BRITAIN STOCKS =2 
    

FTSE rises to 4-month closing high, spurred by oil

Reuters: [2008-05-16 18:09:00]

By Dominic Lau

LONDON, May 16 (Reuters) - Britain's benchmark index rose 0.8 percent on Friday to hit its highest closing level in four months as surging crude prices pumped oil shares higher, while bid activity powered British Energy <BGY.L>.

The FTSE 100 <.FTSE> closed up 52.5 points at 6,304.3, but well off its day's high of 6,348.6 after a survey showed U.S. consumer confidence tumbled to its lowest in 28 years this month.

The index gained 1.6 percent this week, but is still down 2.4 percent for the year.

"We had the lowest consumer confidence figures in the U.S. since the 1980s so that's really what turns the U.S. negative. No doubt that's going to put a cap on UK stocks as well going into next week," said Martin Slaney, head of derivatives at GFT Global Markets.

Topping the gainers, British Energy leapt 5.2 percent to 715.5 pence after saying it had received a range of takeover proposals, including some prices above Thursday's closing price of 680 pence. [ID:nL16387334]

London Stock Exchange <LSE.L> surged 5.1 percent on market talk of bid interest after Sanford Bernstein said in a report that the fall in its share price had brought the UK bourse within reach of Nasdaq <NDAQ.O> and NYSE Euronext <NYX.N>.

Oil shares added nearly 26 points to the index as crude prices <CLc1> shot to a record high near $128 a barrel.

BP <BP.L> advanced 1.5 percent, Royal Dutch Shell <RDSa.L> rose 2.8 percent and Tullow Oil <TLW.L> put on 3.2 percent.

Miners were mixed, with Anglo American <AAL.L>, Xstrata <XTA.L>, Lonmin <LMI.L> and Vedanta Resources <VED.L> up. But Antofagasta <ANTO.L>, Eurasian Natural Resources <ENRC.L>, BHP Billiton <BLT.L> and Rio Tinto <RIO.L> were down.

Morgan Stanley said investors would be wise to lock in profits in miners and oil shares as the two sectors had outperformed by 66 and 30 percent respectively in the last 12 months.

"Both levels (of outperformance) are unusually high and are historically consistent with a subsequent period of underperformance," the broker said in a report, adding investors should favour defensive stocks, such as tobacco.

Major European indexes also finished the day higher, while U.S. stocks eased after the Reuters/University of Michigan consumer sentiment survey although data showed construction starts on new homes rose stronger than expected.

Banks remained weak, with Royal Bank of Scotland <RBS.L> off 3.4 percent after the Financial Times said Warren Buffet's Berkshire Hathaway Inc <BRKa.N> had pulled out of the bidding in the 7 billion pound ($13.6 billion) auction of its UK insurance business. RBS was not immediately available for comment.

Barclays <BARC.L> lost 2 percent and HSBC <HSBA.L> ticked down 0.1 percent, but HBOS <HBOS.L> and Lloyds TSB <LLOY.L> were higher.

The Bank of England reiterated its mortgage swap plan has no upper limit and refused to forecast any final total after media reports that banks could exchange assets worth well above the estimate of initial demand. [ID:nL16524349]

British Airways <BAY.L> climbed 4 percent after it unveiled its first dividend payment since 2001 after meeting forecasts with a 45 percent rise in annual profit.

Sainsbury <SBRY.L> shed 1.3 percent to extend recent losses after recent negative broker comments which followed the supermarket group issuing results on Wednesday.

(Additional reporting by Rebekah Curtis and Michael Taylor; editing by Sue Thomas) ((dominic.lau@reuters.com; +44 20 7542 5440; Reuters Messaging: dominic.lau.reuters.com@reuters.net))

     
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  Keywords: MARKETS BRITAIN STOCKS =2