FTSE up after seesaw session; data mixed, miners up

Reuters: [2008-05-14 18:16:00]

By Michael Taylor

LONDON, May 14 (Reuters) - Britain's leading share index ended slightly higher on Wednesday after a flurry of mixed data caused a choppy trading session while merger and acquisition speculation buoyed miners.

The FTSE 100 index <.FTSE> gained 4.1 points, or 0.1 percent at 6,216.0 after earlier falling as low as 6,167.9.

Inflation pushed shares lower early on, after the day after the Bank of England said in a report that inflation would shoot up over the next year and remain above the 2 percent target in two years if rates fall by half a percentage point as markets expect. [ID:nL14821870]. [ID:nL14799522]

But the gloom lifted late in the session as U.S. markets rose after government inflation data eased concerns the Federal Reserve might have to raise interest rates. [ID:nN14432716]

"Better than expected inflation figures from the U.S. managed to pull the FTSE up by its bootstraps today," said David Evans, market analyst at BetOnMarkets.com. "The UK's leading benchmark index was down before the U.S. CPI figures came in and managed to push back into the black."

"Unfortunately, there were no positive surprises coming from the MPC today, just more bad news on inflation and growth prospects for the UK economy."

Banks featured prominently on the downside, as the broader economic concerns were compounded by the need for more rights issues in the sector.

Bradford & Bingley <BB.L> lost 9.3 percent after the lender unveiled a 300 million pound rights issue, just a month after saying it had no plans to do so. [ID:nL14135629]

Analysts said the news would add to pressure on rival Alliance & Leicester (A&L) <ALLL.L> to raise capital. Barclays <BARC.L> is also seen in need of boosting its capital position.

A&L, which tumbled on credit-related writedowns in the previous session, fell 2.8 percent, taking an extra hit as UBS, Goldman Sachs, Citigroup and Dresdner all cut their price targets on the stock. Barclays shed 2.4 percent.

UK mining stocks led FTSE 100 gainers, accounting for over 25 positive index points, fuelled by speculation that a state-controlled Chinese firm is building a stake in BHP Billiton <BLT.L>.

BHP Billiton, Vedanta <VED.L>, Rio Tinto <RIO.L>, Anglo American <AAL.L> and Antofagasta <ANTO.L> added 1-4.9 percent.

ENRC <ENRC.L> also boosted sentiment, up 7.2 percent after the Kazakh mining group said high commodity prices boosted revenue in the first quarter.

COMPASS FINDS RIGHT DIRECTION

Among individual stocks, Compass Group <CPG.L> rose 4.6 percent after the world's biggest caterer beat forecasts with a 29 percent rise in first-half profit and unveiled plans to buy back 400 million pounds ($779 million) of its shares over 18 months.

FirstGroup <FGP.L> slipped 6.3 percent to top the UK blue-chip decliners as investors questioned the health of its balance sheet after the British rail and bus firm's decision to raise 236 million pounds ($459 million) in a share placing to help fund growth in the United States.

In an update, the company also said adjusted operating profit for the year was up nearly 40 percent at 360 million pounds ($700.2 million), and its outlook was positive. But Dresdner cut its price target on the stock to 860 pence from 900 pence with a "buy" rating.

Supermarket group J. Sainsbury <SBRY.L> was 3.9 percent lower after reporting annual underlying pretax profit bang in line with expectations, and after Numis downgraded the stock to "reduce" from "hold."

And one day after builders Redrow <RDW.L> and Galliford Try <GFRD.L> warned that results are being hit by a sharp downturn in the housing sector this spring, Persimmon <PSN.L> gave up 5.2 percent.

Investors will now turn their attentions to updates from Barclays and DSG International <DSGI.L> on Thursday.

(Additional reporting by Rebekah Curtis; Editing by Andrew Callus)

((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net))

Keywords: MARKETS BRITAIN STOCKS

FTSE flat as BoE juggles UK growth with inflation

Reuters: [2008-05-14 13:16:00]

By Rebekah Curtis

LONDON, May 14 (Reuters) - Britain's leading shares drifted by midday on Wednesday, as miners powered on but investors in financials fretted over the Bank of England's (BoE) intensifying battle to shore up the UK economy while reining in inflation.

Banks fell as the BoE said in a report that British inflation would shoot up over the next year and remain above the 2 percent target in two years if rates fall by half a percentage point as markets expect.

"There are a lot of strains within the system," said Graham Secker, UK equity strategist at Morgan Stanley.

"If the bank of England doesn't cut rates further from here, the risk of the housing downturn and the consumer downturn is more substantial."

British house prices are likely to fall 5 percent this year, a Reuters poll of economists showed, and many believe they could tumble twice that as inflationary pressures limit rate cut hopes.

"Our view is that we're now entering a real economy problem as opposed to a financial crisis type issue," Secker added.

"Potentially it is pretty serious."

By 1050 GMT the FTSE 100 <.FTSE> was up 4.5 points, or 0.1 percent at 6,216.4 points, as the wider European stock market edged up.

Banks led the decliners as the broader economic concerns were compounded by the need for more rights issues in the sector.

Bradford & Bingley <BB.L> shares sank 9.6 percent after the lender unveiled a 300 million pound rights issue, just a month after saying it had no plans to do so. [nL14135629]

Analysts said the news would add to pressure on rival Alliance & Leicester (A&L) <ALLL.L> to raise capital. Barclays <BARC.L> is also seen in need of boosting its capital position.

A&L, which tumbled on credit-related writedowns in the previous session, dropped 3 percent, taking an extra hit as UBS, Goldman Sachs, Citigroup and Dresdner all cut their price targets on the stock.

Barclays lost 2.2 percent.

Across the Atlantic, U.S. stocks futures edged slightly higher, with investors focusing on key inflation data and corporate earnings from the housing and retail sectors.

MINERS DEFY GLOOM

Miners forged higher, however, with BHP Billiton <BLT.L> jumping 3.5 percent after dealers cited talk that a Chinese entity, possibly aluminium group Chinalco, was looking to buy a stake. [nSYD53306]

Separately, BHP Chief Executive Marius Kloppers told broadcaster CNBC the company was not ruling out adding cash to its all-share hostile offer for rival Rio Tinto <RIO.L>, which added 1.8 percent. [ID:nSYD11531]

Kazakh mining group ENRC <ENRC.L> rose 6.5 percent to lead the FTSE gainers after saying high commodity prices boosted revenue in the first quarter, laying the foundation for an expected robust performance in the full year.

Vedanta Resources <VED.L> added 3.9 percent, while Anglo American <AAL.L> tacked on 2.2 percent.

British rail and bus firm FirstGroup <FGP.L>, which plunged 9 percent, led FTSE decliners after saying it expected to raise 230 million-240 million pounds ($447 million) in a placing of 43.7 million shares, a discount to the current price. Dresdner cut its price target on the stock to 860 pence from 900 pence.

Supermarket group J. Sainsbury <SBRY.L> lost 2.8 percent after reporting annual underlying pretax profit bang in line with expectations, and after Numis downgraded the stock to "reduce" from "hold."

(editing by Elizabeth Fullerton) ((rebekah.curtis@reuters.com; +44 20 7542 4365; Reuters Messaging: rebekah.curtis.reuters.com@reuters.net))

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  Keywords: MARKETS BRITAIN STOCKS =2 
    

Miners lift FTSE but inflationary fears cap gains

Reuters: [2008-05-14 10:27:00]

By Rebekah Curtis

LONDON, May 14 (Reuters) - British blue-chip shares eked out modest gains early on Wednesday, as miners thrust higher by merger and acquisition talk partly offset a banking sector bruised by an increasingly tough inflationary climate.

By 0806 GMT the FTSE 100 <.FTSE> was up 8.9 points, or 0.1 percent at 6,220.7 points, as shares rose across Europe. Advancing shares and decliners were at a ratio of one to one.

Miners dominated the gainers list, together adding 18 points to the index. Leading the FTSE's advance, BHP Billiton <BLT.L> jumped 3.4 percent after dealers cited talk that a Chinese entity, possibly aluminium group Chinalco, was looking to buy a stake. [nSYD53306]

Separately, BHP Chief Executive Marius Kloppers told broadcaster CNBC the company was not ruling out adding cash to its all-share hostile offer for rival Rio Tinto <RIO.L>. [ID:nSYD11531]

Rio and Anglo American <AAL.L> both tacked on 1.9 percent, while Vedanta Resources <VED.L> added 2.8 percent.

Banks kept a leash on gains as concerns for the UK economic outlook were stoked by inflation showing no signs of abating at both the consumer and producer level.

Data the previous day showed Britain's consumer price inflation rate leapt by its biggest amount in nearly six years, to a full point above the central bank's 2 percent target, as food and fuel bills soared, while retail sales values fell for a second month in April.

"It looks concerning," said Roger Cursley, a strategist at Investec. "The picture is not pretty at the moment."

"Inflation numbers are going to stay high for a while and there's no sign of relief on that front, and that's going to make life very difficult for the (Bank of England's) Monetary Policy Committee."

The BoE issues its quarterly inflation report at 0930 GMT.

BEATEN-UP B&B

Adding pressure to the sector, Bradford & Bingley <BB.L> shares sank 9.3 percent after the lender unveiled a 300 million pound rights issue, just a month after saying it had no plans to do so. [nL14135629]

Analysts said the news will add to pressure on rival Alliance & Leicester (A&L) <ALLL.L> to raise capital. Barclays <BARC.L> is also seen as in need of boosting its capital position. A&L, which tumbled on credit-related writedowns in the previous session, dropped 4 percent. Barclays lost 1.3 percent.

Wall Street declined on Tuesday as oil rose to another record and underscored concerns about inflation, while the Federal Reserve chairman said financial markets are still troubled. Asian stocks struggled to make gains on Wednesday as the benefits of a firm dollar were offset by weak financials.

British rail and bus firm FirstGroup <FGP.L>, off 7.7 percent, led the FTSE decliners after saying it expected to raise 230 million-240 million pounds ($447.4 million) in a placing of 43.7 million shares, a discount to the current price.

Property firm Land Securities <LAND.L> drifted lower after it reported an 8.8 percent slide in the value of its portfolio but said it was outperforming industry benchmarks and its planned demerger was progressing well.

Supermarket group J. Sainsbury <SBRY.L> lost 2.8 percent after reporting annual underlying pre-tax profit bang in line with expectations, and after Numis downgraded the stock to "reduce" from "hold." (Editing by Quentin Bryar) ((rebekah.curtis@reuters.com; +44 20 7542 4365; Reuters Messaging: rebekah.curtis.reuters.com@reuters.net))

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  Keywords: MARKETS BRITAIN STOCKS =2 
    

FTSE weighed down by gloomy data, A&L writedowns

Reuters: [2008-05-13 18:07:00]

By Amanda Cooper

LONDON, May 13 (Reuters) - British blue-chip shares ended Tuesday's session in modestly negative territory, as grim UK economic data and writedowns at Alliance & Leicester <ALLL.L> hit banks, while fresh merger chatter buoyed the mining sector.

The FTSE 100 <.FTSE> fell 8.7 points to 6,211.9points, having tumbled earlier by as much as 1.3 percent.

Alliance & Leicester was the largest percentage decliner on the index, falling by more than 10 percent after the lender said it had taken a hit that analysts said could all but wipe out first-half profit and prompt a dividend cut.

Britain's consumer price inflation rate leapt by its biggest amount in nearly six years, to a full point above the central bank's 2 percent target, as food and fuel bills soared, while retail sales values fell for a second month in April.

This sort of data will force the Bank of England to weigh up the benefits of more rate cuts to boost the flagging British economy against a backdrop of surging inflationary pressures.

That said, the FTSE has proved to be one of the better performers among the major European national benchmarks this year. The index has lost about 4 percent this year, compared with a 10 percent loss in the pan-European FTSEurofirst 300 <.FTEU3> and a 13 percent loss in Frankfurt's DAX <.GDAXI>

"It is proving to be very resilient considering the bad news we've had today, the inflation data, the weak retail sales and another writedown from Alliance & Leicester," said David Jones, chief markets strategist at IG Index.

"6,270-6,280 has capped the market for the last five days, so I think we need a decent break through 6,300 to shake off this sideways movement," he said, adding: "It's not making that much progress on the upside but there is still bullish feeling out there."

A&L HIT

Alliance & Leicester took a 192 million pound ($376 million) hit to profit from assets tarnished by the credit crunch, taking its profit in the first four months to below 2007 levels.

The bank, which warned in February it could leave its dividend unchanged in 2008, said on Tuesday it was still too soon to decide on the payout.

Among the banks, HBOS <HBOS.L> shed 4.1 percent, Lloyds TSB <LLOY.L> and Barclays <BARC.L> both fell 1.6 percent.

New BoE economic forecasts due on Wednesday will probably have a hawkish tone despite a slowing economy and may signal whether there is a risk of no further immediate interest rate cuts after this week's inflation data.

"The concern is we are now about to enter a period of high inflation and much slower growth," said Jeremy Batstone-Carr, head of private client research at Charles Stanley.

"But obviously, by not cutting interest rates any more, the risk is that the UK economy goes through a period of even slower growth and possibly flirts with recession, so what we can say is that the (Bank's) Monetary Policy Committee is probably facing its toughest period since it was instituted.

"The (stock market) rebound has been based entirely on a perception that the worst is over and confidence might be returning. But as the economic slowdown gathers pace, I think it would be premature to say the worst is over," Batstone-Carr said. "One has to proceed with extreme caution at this moment."

Oil shares also reversed early gains to weigh on the index. The sector lagged as U.S. crude oil fell below $124 a barrel after the International Energy Agency cut its forecast for world oil demand growth and investors took profits after a rally to record highs the previous day.

BP <BP.L> fell 0.2 percent, while Royal Dutch Shell <RDSa.L> <RDSb.L> lost 0.4 percent. BG Group <BG.L> fell 3.7 percent, while Cairn Energy <CNE.L> lost 3.8 percent and Tullow Oil <TLW.L> fell 1.3 percent.

Among gainers, the mining sector rallied, reversing some of the previous session's declines. Mining stocks were further supported in afternoon trading by fresh speculation in the market of a new bid by BHP Billiton <BLT.L> for Rio Tinto <RIO.L>. BHP declined to comment.

Rio Tinto shares rose as much as 5.3 percent to end the day with a gain of 3.7 percent, while BHP shares rose 1.4 percent.

Vedanta Resources <VED.L> rose 3.1 percent, while Xstrata gained 0.6 percent.

Imperial Tobacco <IMT.L> added 1.6 percent after Morgan Stanley lifted its price target on the stock to 3,050 pence from 3,000 pence.

(Additional reporting by Rebekah Curtis, editing by Elizabeth Fullerton)

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

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  Keywords: MARKETS BRITAIN STOCKS =2 
    

FTSE turns red on inflation fears, A&L writedowns

Reuters: [2008-05-13 12:45:00]

By Rebekah Curtis

LONDON, May 13 (Reuters) - British blue-chip shares reversed early gains to drop by more than 1 percent by midday on Tuesday, as surging UK inflation data cast shadows over the UK economic outlook and credit-related writedowns hit Alliance & Leicester.

By 1030 GMT, the FTSE 100 <.FTSE> was down 61.3 points at 6,159.3 points, as shares across Europe, earlier supported by overnight gains in U.S. and Asian markets, gave up their early advances.

The ratio of declining stocks to advancers on the FTSE was about nine to one.

Britain's consumer price inflation rate leapt by its biggest amount in nearly six years, to a full point above the central bank's 2 percent target, as food and fuel bills soared.

That put Bank of England Governor Mervyn King a whisker away from having to write to the government explaining how he plans to bring inflation back to target, and will likely severely dent expectations of further interest rate cuts.

"The concern is we are now about to enter a period of high inflation and much slower growth," said Jeremy Batstone-Carr, head of private client research at Charles Stanley.

"But obviously, by not cutting interest rates any more, the risk is that the UK economy goes through a period of even slower growth and possibly flirts with recession, so what we can say is that the (Bank's) Monetary Policy Committee is probably facing its toughest period since it was instituted.

"It's absolutely important that the Bank of England does not blink, it needs to hold its nerve."

Topping the FTSE 100's <.FTSE> percentage losers, Alliance & Leicester <ALLL.L> fell by nearly 11 percent after taking a 192 million pound ($376 million) hit to profit from assets tarnished by the credit crunch, taking its profit in the first four months to below 2007 levels.

The bank, which warned in February it could leave its dividend unchanged in 2008, said on Tuesday it was still too soon to decide on the payout.

Also in the sector, HBOS <HBOS.L> shed 5.1 percent, Lloyds TSB <LLOY.L> fell 2.8 percent and Barclays <BARC.L> lost 2.5 percent.

MORE MACRO GLOOM

British retail sales values fell for a second consecutive month in April, suggesting tighter credit conditions and rising household bills are forcing consumers to tighten their belts. [ID:nL12584179]

"The (stock market) rebound has been based entirely on a perception that the worst is over and confidence might be returning. But as the economic slowdown gathers pace, I think it would be premature to say the worst is over," Batstone-Carr said. "One has to proceed with extreme caution at this moment."

The FTSE has fallen by more than 4.5 percent this year, but has performed better than the pan-European FTSEurofirst 300 index <.FTEU3>, which has fallen by about 10 percent and is among the top performing national indexes in Europe in 2008.

TUI Travel <TT.L>, Europe's biggest travel firm, added 1.5 percent to lead FTSE 100 gainers after saying demand for summer holidays remained strong as it reported a lower first-half loss. [ID:nL13426168]

Imperial Tobacco <IMT.L> added 2 percent after Morgan Stanley lifted its price target on the stock to 3,050 pence from 3,000 pence.

Oil shares also reversed early gains to weigh on the index. The sector lagged as U.S. crude oil fell below $124 a barrel after the International Energy Agency cut its forecast for world oil demand growth and investors took profits after a rally to record highs the previous day.

On the downside, ITV <ITV.L> shed 4.6 percent after Goldman Sachs downgraded the stock to "sell" from "neutral" and added it to a pan-European sell list.

Also on the economic agenda, investors awaited U.S. retail sales data for April at 1230 GMT. (Editing by David Hulmes)

((rebekah.curtis@reuters.com; +44 20 7542 4365; Reuters Messaging: rebekah.curtis.reuters.com@reuters.net))

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  Keywords: MARKETS BRITAIN STOCKS =2