LONDON MARKETS: FTSE 100 Lifted By Rising Supermarket Stocks, Weaker Pound
2017年12月5日 - 06:23PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. blue-chip stocks advanced on Tuesday , with supermarket
shares marching higher after private retail sales data and a
ratings upgrade for Tesco PLC. The market overall also got a lift
as the pound was pulled lower on political concerns.
What markets are doing: The FTSE 100 index was up 0.3% at
7,362.55, led by gains for shares in consumer goods and services,
oil and gas and financial companies. But the basic materials and
technology groups were losing ground. The benchmark on Monday rose
0.5%
(http://www.marketwatch.com/story/ftse-100-leaps-propelled-by-progress-on-us-tax-cuts-2017-12-04).
The pound traded at $1.3389, down from $1.3478 late Monday in
New York. Against the euro, sterling bought EUR1.1306, less than
EUR1.1360 on Monday.
What's moving markets: Supermarket chain Tesco landed a ratings
upgrade from Goldman Sachs, sending its shares to the top of the
FTSE 100. Overall, consumer-related shares were higher after the
British Retail Consortium and KPMG said retail sales in November
rose 1.5% year-over-year following a dip in October. Food sales
were the biggest part of that growth. But BRC-KPMG did note that
Black Friday sales resulted in a "meagre" rise of 0.6% in
like-for-like sales in November.
Meanwhile, a continued pullback in the pound aided shares of
multinational companies, as they make the bulk of their earnings
overseas. Sterling was jolted Monday after U.K. Prime Minister
Theresa May and European Commission President Jean-Claude Juncker
said they hadn't been able to reach an agreement on some Brexit
issues. British officials have been working to settle some issues
before EU leaders meet at a summit on Dec. 14-15.
The pound had jumped through $1.35 on Monday following reports
that an agreement on avoiding a post-Brexit hard border between the
Republic of Ireland and Northern Ireland was getting close, but the
deal was reportedly shot down by Northern Ireland's Democratic
Unionist Party. The DUP struck a support deal with May's party
earlier this year.
Stock movers: Tesco PLC (TSCO.LN) (TSCO.LN) climbed 3.6% after
Goldman Sachs raised its rating on the supermarket chain to buy
from sell. Shares of rival J Sainsbury PLC (SBRY.LN) rose 2.2% and
shares of Wm. Morrison Supermarkets PLC (MRW.LN) rose 3.3%.
Mining shares were mostly lower even as data showed activity in
China's services sector expanded in November, which would bode well
for the world's second-largest economy, where companies are a major
buyer of industrial and precious metals.
Anglo American PLC (AAL.LN) and Rio Tinto PLC (RIO) (RIO) (RIO)
fell 0.8%, and Glencore PLC (GLEN.LN) gave up 1.6%. But Randgold
Resources PLC (RRS.LN) (RRS.LN) was up 1%.
Economic data: A reading on U.K. services activity is due at
9:30 a.m. London time, or 4:30 a.m. Eastern Time from IHS Markit
and CIPS. Analysts polled by FactSet are looking for a reading of
55.0.
(END) Dow Jones Newswires
December 05, 2017 04:08 ET (09:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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