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LONDON MARKET CLOSE: Buoyant miners fail to fire lacklustre FTSE 100
- FTSE 100 Performance: Edged lower by 0.1% to close at 9,692.07, despite strong gains in mining stocks, due to opposing forces from banking, pharma, and utility sectors.
- Mining Sector: Led gains with rising metals prices, notably copper. Glencore (+6.3%), Antofagasta (+4.9%), and Anglo American (+2.5%) were top performers.
- Glencore Update: Plans to restart Alumbrera copper and gold operations in Argentina by Q4 2026, with first production in H1 2028. Expects 9.4% CAGR in copper production from 2026 to 2029.
- Berkeley Group: Rallied 2.5% after Jefferies upgraded to 'buy', citing potential upside from London housing policy changes.
- Economic Data: UK services PMI fell to 51.3 in November but beat flash estimates. US ADP report showed a surprise drop of 32,000 jobs in November, contrasting with expanding US services sector data from S&P Global and ISM.
- Currency Movements: Pound rose to USD1.3342, euro to USD1.1664, and dollar weakened to JPY155.02 against the yen.
- Corporate News:
- J Sainsbury fell 4.2% after Qatar Holding announced plans to sell GBP270 million worth of shares.
- Zigup soared 15% on strong full-year profit forecasts.
- Spire Healthcare plummeted 17% on warnings of lower full-year profits due to NHS slowdown.
- Commodities: Brent oil rose to USD63.04/barrel, and gold increased to USD4,222.94/ounce.
- Upcoming Events: Thursday’s calendar includes eurozone retail sales, construction PMI readings, US jobless claims, and UK corporate updates from AJ Bell, Baltic Classifieds, and Balfour Beatty.
LONDON MARKET MIDDAY: FTSE 100 falls despite gains in Europe
- FTSE 100 Performance: Down 13.62 points (0.1%) at 9,688.18, underperforming compared to European peers like CAC 40 (+0.1%) and DAX 40 (+0.2%).
- Sector Impact: Miners (e.g., Antofagasta +5.4%, Fresnillo +3.5%, Glencore +4.3%) supported the FTSE 100, but declines in banking, pharma, and utilities weighed it down.
- UK Economic Data: Services PMI fell to 51.3 in November (vs. 52.3 in October), indicating marginal growth but subdued business and consumer confidence.
- Currency Movements: Sterling rose to USD1.3287, euro to USD1.1662, and yen weakened to JPY155.44 against the dollar.
- US Markets: Dow Jones, S&P 500, and Nasdaq called higher by 0.2%, 0.2%, and 0.1%, respectively. US Treasury yields narrowed slightly.
- Commodities: Gold up to USD4,204.10/ounce, silver hit a record high of USD58.94/ounce, and Brent oil traded at USD63.13/barrel.
- Corporate Highlights:
- J Sainsbury shares fell 3.7% as Qatar Holding plans to sell GBP272 million worth of shares.
- Zigup shares jumped 14% on strong financial performance, with pretax profit up 16% to GBP65.0 million.
- Spire Healthcare shares slid 15% due to NHS commissioning slowdown impacting full-year profits.
- Paragon Banking Group shares dropped 6.0% despite a 1.1% profit rise, due to credit losses and motor commission redress.
- GENinCode shares spiked 19% after NY State approved its coronary heart disease test for Medicare reimbursement.
- Ondo InsurTech shares dropped 19% on widened pretax loss of GBP3.9 million.
- Upcoming Data: ISM services figures and ADP payroll data from the US expected later on Wednesday.
LONDON BROKER RATINGS: Jefferies raises Berkeley; Stifel cuts Ithaca
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- 3rd Dec 2025 09:34
- The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:
-
FTSE 100
- RBC cuts easyJet price target to 590 (620) pence - 'outperform'
- Jefferies raises Persimmon price target to 1,815 (1,790) pence - 'buy'
- Jefferies raises Berkeley Group to 'buy' (hold) - price target 5,037 (4,109) pence
- Jefferies cuts Barratt Redrow to 'hold' - price target 447 pence
- JPMorgan raises Rightmove price target to 527 (500) pence - 'underweight'
- JPMorgan raises Auto Trader target to 635 (630) pence - 'underweight'
- JPMorgan raises Informa price target to 1,345 (1,120) pence - 'overweight'
- JPMorgan raises Howden Joinery target to 900 (884) pence - 'neutral'
- JPMorgan raises Rio Tinto price target to 6,950 (6,100) pence - 'overweight'
- JPMorgan raises Glencore price target to 450 (400) pence - 'neutral'
- JPMorgan raises Anglo American price target to 3,220 (2,760) pence - 'neutral'
- JPMorgan raises Antofagasta price target to 3,500 (3,400) pence - 'overweight'
- JPMorgan places Fresnillo on 'positive catalyst watch'
- Goldman Sachs cuts Entain price target to 1,030 (1,110) pence - 'buy'
- Deutsche Bank Research cuts Whitbread to 'hold' (buy) - price target 2,815 (3,375) pence
-
FTSE 250
- Stifel cuts Ithaca Energy to 'sell' (hold) - price target 137 (152) pence
- Jefferies cuts Travis Perkins to 'underperform' (hold) - price target 535 (594) pence
- JPMorgan cuts Trainline to 'underweight' (neutral) - price target 230 (300) pence
- JPMorgan raises Baltic Classifieds target to 208 (194) pence - 'underweight'
- JPMorgan raises THG price target to 55 (43) pence - 'neutral'
- JPMorgan raises Travis Perkins price target to 720 (670) pence - 'overweight'
- JPMorgan cuts Hochschild Mining price target to 600 (610) pence - 'overweight'
- Morgan Stanley raises Drax to 'overweight' - price target 900 pence
- Citigroup raises Drax to 'buy' - price target 850 pence
- Morgan Stanley cuts PageGroup to 'underweight' - price target 215 pence
- Deutsche Bank Research cuts Victrex price target to 780 (850) pence - 'hold'
-
SMALL CAP
- JPMorgan cuts Auction Technology Group target to 685 (695) pence - 'overweight'
- JPMorgan raises YouGov price target to 385 (375) pence - 'neutral'
- JPMorgan raises BHP price target to 2,300 (2,100) pence - 'neutral'
- Goldman Sachs cuts Flutter Entertainment price target to 22,300 (22,900) pence - 'buy'
- Deutsche Bank Research raises On The Beach price target to 345 (320) pence - 'buy'
- RBC cuts NextEnergy Solar Fund price target to 75 (85) pence - 'outperform'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 lags Europe as J Sainsbury weighs
- London Stock Market:
- FTSE 100 opened flat at 9,702.98 (+1.18 points), lagging European rally.
- FTSE 250 down 0.1% at 21,950.25, AIM All-Share up 0.3% at 750.58.
- J Sainsbury shares fell 4.3% after Qatar Holding announced sale of £272 million worth of shares.
- HSBC shares down 1.0% after appointing Brendan Nelson as group chair.
- Antofagasta led FTSE 100 with 2.8% gain on JPMorgan price target raise.
- Smiths Group up 2.1% after agreeing to sell Smiths Detection for £2.0 billion.
- European Markets:
- CAC 40 (Paris) up 0.2%, DAX 40 (Frankfurt) up 0.4%.
- US-Russia Talks:
- High-stakes talks on Ukraine war failed to yield breakthrough; no compromise on territory.
- Jared Kushner and Steve Witkoff met Vladimir Putin in Kremlin.
- Global Markets:
- Nikkei 225 (Tokyo) up 1.1%, Shanghai Composite down 0.5%, Hang Seng (Hong Kong) down 1.3%.
- S&P/ASX 200 (Sydney) up 0.2%.
- Wall Street (Tuesday): Dow +0.4%, S&P 500 +0.3%, Nasdaq +0.6%.
- Currencies & Commodities:
- Sterling up at $1.3262, Euro at $1.1645, Dollar lower against Yen at ¥155.67.
- Gold up at $4,206.80/ounce, Brent oil slightly lower at $62.80/barrel.
- Corporate News:
- Zigup shares up 13% on increased earnings; revenue +2.9%, pretax profit +16%.
- Spire Healthcare shares down 13% on lower full-year earnings guidance.
- Trainline shares down 7.2% on JPMorgan downgrade to 'underweight'.
- Physiomics shares down 28% on CEO Peter Sargent's resignation.
- Economic Calendar:
- UK composite PMI, US ISM services, and ADP payroll data due Wednesday.
LONDON MARKET EARLY CALL: FTSE 100 seen flat as HSBC names new chair
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- London Stocks: Set to open marginally higher; FTSE 100 futures up 3.3 points at 9,705.10.
- HSBC Leadership: Brendan Nelson appointed as permanent group chair after serving as interim chair since October 2025.
- Currency Movements: Sterling up to USD1.3238, euro higher at USD1.1642, and dollar lower against the yen at JPY155.60.
- Ukraine Talks: Kremlin states "no compromise" reached on Ukrainian territories with US envoys.
- US Federal Reserve: President Trump hints at nominating Kevin Hassett as potential Fed Chair successor to Jerome Powell.
- US Markets: Wall Street closed higher; Dow Jones up 0.4%, S&P 500 up 0.3%, Nasdaq up 0.6%.
- Asian Markets: Nikkei 225 up 1.1%, Shanghai Composite down 0.5%, Hang Seng down 1.3%, S&P/ASX 200 up 0.2%.
- Commodities: Gold up to USD4,209.10/ounce, Brent oil down to USD62.58/barrel.
- UK Corporate Calendar: Full-year results from Paragon Banking Group; Glencore hosts capital markets day.
- Economic Calendar: Composite PMI readings, ISM services figures, and ADP payroll data in the US.
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