News & Reports

Thursday broker round-up

Thu 20th Jun 13, 08:43

Ashtead Group: Jefferies takes target price from 690p to 750p and leaves its buy recommendation unchanged.

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Today's Market Reports

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Market overview: UK retail sales trounce forecasts

0930: UK retail sales excluding those of automotive fuel rose by 2.0 per cent month-on-month in May, well ahead of the 1.0 per cent expected by the consensus. 54 minutes ago

Eurogroup to discuss direct recap of Eurozone banks

Eurozone Finance and Economic Ministers, also known as the Eurogroup, are set to meet up on Thursday at 14:00 London time to outline rules on how to proceed with the direct recapitalization (recap) of banks in trouble. 53 minutes ago

Europe open: Stocks plunge as Fed signals end of stimulus

Fed may end stimulus next year; China PMI declines; Lloyds ready to return to private sector, says Osborne 1 hour ago

Gulf Keystone widens 2012 losses

Oil and gas company Gulf Keystone widened its annual losses, reflecting an increase in administrative expenses, interest arising on convertible bonds and a rise in taxes. 1 hour ago

Takeover approach for New Britain Palm Oil

The majority shareholders in Papua New Guinea-focused New Britain Palm Oil have made an offer for the remaining shares in the company. 1 hour ago

Eros International profit tumbles 15 per cent

Shares of Indian-language film producer Eros International tumbled after it revealed a decline in full year pre-tax profit, adding that its NYSE listing process is underway and is expected to conclude later this year. 1 hour ago

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Traders' views

What does the future hold for the Indian rupee?

By Ronnie Chopra

With Indian growth slowing, the currency has been hit hard. But while this benefits some parts of the economy, the impact of the US Fed decisions and upcoming Indian elections means there could be lots more different pressures on the rupee in the medium-term future.

The weakness in the rupee in 2013 has been astounding. The severity of the fall in the last few weeks has caught many by surprise with the rupee falling from the low 80s against sterling (INR/GBP) to the current level of 91.70 (on 18 June 2013), and the low 50s against the US dollar (INR/USD) to 58.60 at the time I write this.

Aim stock to watch: Falkland Islands Holdings (FKL)

By Andrew Hore

Falkland Islands Holdings (FKL) provides investors with a lower risk exposure to the potential development of oil and gas prospects in the Falkland Islands. However, the return on the investment is unlikely to be seen until 2015 at the earliest.

Last year, FTSE 250 company Premier Oil acquired a 60% stake in the Sea Lion prospect discovered by Rockhopper.

Expect GBP, CAD & AUD weakness

By Ronnie Chopra

From a purchasing power point of view, sterling above 1.50 USD seems difficult to justify and with Mark Carney taking the reins at the Bank of England from July we may already have seen sterling's 2013 year high. Carney has been a strong advocate of more quantitative easing (QE) in the UK, which would drive sterling sharply lower.

GBP/USD 
Sterling’s sharp rise against the US dollar has caught many by surprise, the currency has recovered from 1.51 USD in May to the current 1.57 USD level. However, the 1.57 level is proving difficult to cross and we won’t be surprised if the USD now begins to regain some ground and take the GBP back to below 1.55 USD over the next couple of weeks.

Emerging Markets Hurt On Fears Over Reduced Liquidity/Slowing Growth

By Ishaq Siddiqi

Fears over a reduction in global liquidity as central banks scale back easing measures sends emerging markets in a rout with slowing global growth adding to the malaise.

EM’s have been the biggest beneficiaries of loose global central bank money over the years; central banks around the world have pumped in $12trillion of extra liquidity since the financial crisis of 2008, preventing a systemic risk in the market.

All asset classes seem unloved at the moment

By Ronnie Chopra

Over the last few weeks global equity prices have fallen quite sharply, the FTSE 100 has fallen from 6875 which was reached on 22nd May (only 120 points from its all -time high set in December 1999) to the current level which is just above 6300 - an 8% fall in 3 weeks.

The Dow Jones Industrial Average Index has fared better, albeit still over 300 points lower now than its recent record high. The US benchmark index hit an all-time high on May 29th at 15542. The Nikkei index has experienced > 20% fall from 16,000 to 12,500 in a matter of a few weeks but it has since bounced to just above 13,000.

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