FTSE markedly weaker in early deals
MORNING REPORT: Headline shares were markedly weaker in early deals today, with little in the way of blue chip news to provide direction. Losses were broad-based, with only Asia-facing bank Standard Chartered making any significant progress.
At 9:00am, the FTSE100 was down 47.86 points at 4,292.85 with the FTSE250 off 76.54 points at 7,430.17 and the FTSE Smallcaps 4.79 points lower at 2,247.16.
US & ASIA
In the US last night the Dow Jones Industrial Average added 57.14 points at 8,504, the S&P500 gained 4.01 points at 923.33 and the Nasdaq Composite rose 10.68 points to 1,845.7.
In Asia today, the Nikkei was down 63.78 points at 9,876.15, while the Hang Seng was recently down 213.83 points at 18,164.9.
Crude oil traded at $69.10 a barrel on Nymex.
LONDON MARKETS
In economic news, PMI construction spending data is due for release at 9:30am.
An unexpected move by Sweden to cut its key interest rate to a record low of 0.25%, created activity in the currency markets this morning, coming as the ECB was reported to be expecting interest rates in Euroland to remain stable through the year.
With the exception of Antofagasta, up 0.5p at 625p, mining shares eased lower this morning. Lonmin was the biggest blue chip casualty early on, down 36p at 1,182p, while Rio Tinto slumped 39.5p at 2,118.5p following news of a 96.97% take-up of its record rights issue in London.
Oil majors eased as the price of crude remained below $70 a barrel, with BP off 5.55p at 484.45p, BG Group 7p lower at 1,054p and Shell down 27p at 1,529p.
Among the banks, only Standard Chartered managed to make any headway, up 7p at 1,187p. Royal Bank of Scotland was the worst sector performer as the backlash over CEO Hester's remuneration package rumbled on, the shares down 0.4p at 39p. Lloyds eased 0.67p at 67.58p and Barclays fell away after a firm start, down 1.65p at 288.6p.
Insurers fared little better, with Friends Provident, up 0.34p at 68.31p, the only one in positive territory. Prudential slid 8.75p to 404.75p, Legal & General fell 1.04p at 56.78p and Aviva dipped 9.5p at 339.25p.
Retailers Sainsbury and Marks & Spencer were rare gainers in early deals, up 0.75p at 316p and 0.5p at 318p, respectively.
British Airways remained weak as its high profile pay dispute continued to make headlines, down a further 3.8p at 120.2p, dragging down no-frills peer easyJet, 2.25p lower at 265.5p.
The hangover from yesterday's news it was losing its East Coast rail franchise pushed National Express lower still, off a further 10.25p at 273.75p, with doubts being raised about whether it will manage to retain its remaining franchises.
The troubles spilled over to other operators, with FirstGroup forced 2.25p lower at 351.75p and Go-Ahead down 4p at 1,202p.
Brewer and pub operator Greene King was a bright spark in the gloom, up 11.5p at 421.5p, after reporting that pretax profit slipped 15% to £118.5m in the year ended 3rd May, ahead of target. The company said its Belhaven brewery achieved a milestone profit of over £30m, with growth of 11.9% in the year.
Photo-Me International was another bucking the dismal trend of the day, ahead 0.25p at 16.75p, after revealing it had swung into pre-tax profit on continuing operations of £1.6m in the year to April.
At 9:00am, the FTSE100 was down 47.86 points at 4,292.85 with the FTSE250 off 76.54 points at 7,430.17 and the FTSE Smallcaps 4.79 points lower at 2,247.16.
US & ASIA
In the US last night the Dow Jones Industrial Average added 57.14 points at 8,504, the S&P500 gained 4.01 points at 923.33 and the Nasdaq Composite rose 10.68 points to 1,845.7.
In Asia today, the Nikkei was down 63.78 points at 9,876.15, while the Hang Seng was recently down 213.83 points at 18,164.9.
Crude oil traded at $69.10 a barrel on Nymex.
LONDON MARKETS
In economic news, PMI construction spending data is due for release at 9:30am.
An unexpected move by Sweden to cut its key interest rate to a record low of 0.25%, created activity in the currency markets this morning, coming as the ECB was reported to be expecting interest rates in Euroland to remain stable through the year.
With the exception of Antofagasta, up 0.5p at 625p, mining shares eased lower this morning. Lonmin was the biggest blue chip casualty early on, down 36p at 1,182p, while Rio Tinto slumped 39.5p at 2,118.5p following news of a 96.97% take-up of its record rights issue in London.
Oil majors eased as the price of crude remained below $70 a barrel, with BP off 5.55p at 484.45p, BG Group 7p lower at 1,054p and Shell down 27p at 1,529p.
Among the banks, only Standard Chartered managed to make any headway, up 7p at 1,187p. Royal Bank of Scotland was the worst sector performer as the backlash over CEO Hester's remuneration package rumbled on, the shares down 0.4p at 39p. Lloyds eased 0.67p at 67.58p and Barclays fell away after a firm start, down 1.65p at 288.6p.
Insurers fared little better, with Friends Provident, up 0.34p at 68.31p, the only one in positive territory. Prudential slid 8.75p to 404.75p, Legal & General fell 1.04p at 56.78p and Aviva dipped 9.5p at 339.25p.
Retailers Sainsbury and Marks & Spencer were rare gainers in early deals, up 0.75p at 316p and 0.5p at 318p, respectively.
British Airways remained weak as its high profile pay dispute continued to make headlines, down a further 3.8p at 120.2p, dragging down no-frills peer easyJet, 2.25p lower at 265.5p.
The hangover from yesterday's news it was losing its East Coast rail franchise pushed National Express lower still, off a further 10.25p at 273.75p, with doubts being raised about whether it will manage to retain its remaining franchises.
The troubles spilled over to other operators, with FirstGroup forced 2.25p lower at 351.75p and Go-Ahead down 4p at 1,202p.
Brewer and pub operator Greene King was a bright spark in the gloom, up 11.5p at 421.5p, after reporting that pretax profit slipped 15% to £118.5m in the year ended 3rd May, ahead of target. The company said its Belhaven brewery achieved a milestone profit of over £30m, with growth of 11.9% in the year.
Photo-Me International was another bucking the dismal trend of the day, ahead 0.25p at 16.75p, after revealing it had swung into pre-tax profit on continuing operations of £1.6m in the year to April.
Story provided by Business Financial Newswire
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