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FTSE 100 shares taken higher by Sky

Last updated: 17:27 09 Dec 2016 GMT, First published: 06:55 09 Dec 2016 GMT

St Paul's Cathedral
  • FTSE 100 closes firmer

  • Sky shares boost FTSE in final minutes of session

  • Caps best week for FTSE 100 since July

  • Pound dips against the dollar to $1.2577 

FTSE 100 shares closed higher on Friday, after Wall Street recorded another set of record high indices and it was announced just before closing time that 21st Century Fox (NASDAQ:FOXA) plans to take over UK broadcaster Sky PLC (LON:SKY).

The blue-chip FTSE 100 ended up 0.3% at 6954, notching up five consecutive days of gains, and led by Sky, up 31% at 1034.72p. 21st Century already owns 39.1% of Sky and its offer values the sports and film content specialist at about £18bn in total. Media tycoon Rupert Murdoch controls 21st Century Fox, whose shares were down 3% at $27.76.

The move on Sky also led broadcaster ITV PLC (LON:ITV) to become the second-biggest riser on the FTSE 100, of 5.5% to 191.5p.

The FTSE 250 index gained 0.3% to 17,733 and led by white appliances distributor AO World plc (LON:AO.) up 6.3% at 186.1p.

The FTSE AIM 100 Index ended up a whopping 1.3% at 3929 and the FTSE AIM All-Share Index up 0.9% at 820.

London bourse risers outweighed the losers, by 36% to 25%.


1515 GMT - FTSE 100 in limbo ahead of US start

  • FTSE100 up 23 at 6,954

  • Target price cut hits TUI

  • Harvest Minerals shines after trial mining permit update

  • Marshalls falls on FTSE 250

After a largely somnolent day, the top-share index has roused itself to end the week on a high note, following the lead of the US, where the Dow Jones has ascended to another high.

Lender Barclays PLC (LON:BARC) was a party-pooper, falling 2.1% after Bank of America Merrill Lynch issued a research note with an 'underperform' rating.

Holiday firm TUI AG (LON:TUI) was also in the doghouse as Barclays cut its price target to 1,170p from 1,230p in the wake of yesterday's results.

Harvest Minerals Ltd (LLON:HMI) had a good afternoon, rising more than 11% on the back of good news about its application for a trial mining permit at its Arapua fertiliser project.

The company believes it has now jumped all the hurdles required and submitted the necessary documentation to the Departamento Nacional de Produção Mineral in Brasilia for final approval. 

1.15pm

FTSE 100 is practically flat at mid-session with traders unsure which way to jump.

It comes after Wall Street hit fresh highs yesterday and futures indicate a higher open today.

Top dog on Footsie, which is overall 0.05% up at 6,935 is broadcaster Sky (LON:SKY), up 4.18% to 822.50p.

The biggest loser was insurer Prudential plc (LON:PRU) down almost 3% at 1,580p.

Euromoney (LON:ERM) shares are down over 6% to 1,050p as newspaper titan and Daily Mail owner DMGT (LON:DNG) sold shares to cuts its stake in the former to below 50% to  reduce its debt.

FTSE 250 paving group Marshalls (LON:MSHL) also dropped over 6% to 297.9p despite a positive trading update. New data  showing an unexpected slowdown in UK construction activity, is seemingly rocking the market, suggests commentators.

Meanwhile, Fyffes PLC (LON:FFY)  shares went bananas - up almost 45% to 186.75p as the Japanese conglomerate Sumitomo swooped for the Irish foods group.

 

9.30am

FTSE 100 posted modest gains as Wall Street hit another record overnight.

London’s blue chip index was 8 points higher at 6,939 and buoyed by the Dow Jones adding 65 points to 19,614.

Product testing giant Intertek PLC (LON:ITRK) was one of the best performers early on as Goldman Sachs upgraded to 'buy'.

Earnings growth can triple to 15% annually until 2020 if the company executes well on M&A said the US broker, which has a target price of 4,350p.

That’s a chunky 32% upside on today’s 3,294p, up 42p.

Not so good for Capita PLC (LON:CPI), which slumped again following yesterday’s profit warning as brokers took a red pen to their forecasts.

Shore Capital believes the outsourcer’s slot in the FTSE100 is now in doubt.

“Our model suggests that free cash flow available for strategic development and debt reduction post the dividend payment is set to remain under pressure."

'Sell' is its view. Shares dropped 4% to 466p.

The share price of Fyffes PLC (LON:FFY) went bananas as Japanese conglomerate Sumitomo swooped for the Irish foods group.

The board of Fyffes has recommended Sumitomo’s offer of €2.23 in cash per share, prompting a 45% jump in the share price in London trading.

The terms value Fyffes at €751.4mln.  

The Daily Mail and General Trust PLC (LON:DMGT) is to sell off a large chunk of shares in Euromoney Institutional Investor PLC (LON:ERM).

DMGT has a 67% stake in publisher and events organiser Euromoney, but announced plans after the market closed yesterday to reduce its stake to around 42%, selling shares at 975p a pop.  Shares in Euromoney were down 60p at 1,060p.

In similar vein, cloud-based video editing platform developer Forbidden Technologies plc (LON:FBT) shares took a tumble, falling 4% to 8.875p, after it emerged that Schroders had reduced its stake from 11.34% to 10.52%.

6.55am ... Preview: FTSE 100 set for quiet start

The FTSE 100 looks set to resist to the pull of Wall Street, which was in record territory again overnight, to open almost flat.

The spread betting firms are indicating the index of blue-chip shares will open just five points to the good later at 6,935.55.

The Dow Jones closed up 65 points at 19,614.81, boosted by the latest employment data.

In the month since the election, the index has gained almost 7% on hopes President-elect Donald Trump will cut taxes and spend heavily on infrastructure.

“Just when you think US stocks may have peaked and can’t move any higher they go and register new all-time highs once again, in what is becoming a fairly regular theme,” said Michael Hewson of CMC Markets, referring to the unstoppable momentum behind the US stocks indexes.

With the exception of the Nikkei (up 1.2%) and Shanghai (ahead 0.5%), Asia’s main share market succumbed to a bout of profit-taking.

Back here in the UK it is expected to be a quiet day for scheduled corporate news with paving company Marshalls and photo booth operator Photo-Me among the bigger companies reporting.

  • Brent crude 6 cents a barrel higher at US$53.83.
  • Gold 60 cents lower at $1169.20 an ounce.
  • Pound worth US$1.2584.

Business Headlines

  • Spread betting firms have been dealt another blow after the German financial regulator unveiled a clamp-down on contracts-for-difference trading, just two days after the British watchdog revealed plans to curb the industry – Telegraph.
  • UK regulators have summoned Citigroup executives for fresh discussions over the bank’s role in October’s “flash crash” in sterling, seeking more information on the supervision and controls Citi had in place – FT.
  • Glencore’s deal to buy almost a fifth of Russia’s largest oil producer Rosneft with the Qatar Investment Authority is being hailed as a return to form for the mining and trading company’s acquisitive and pugnacious boss, Ivan Glasenberg – FT.
  • After more than a decade of falling album sales and revenue losses to digital piracy, the world’s largest record companies are heralding a rosier future through a newer form of tech disruption: music streaming – FT.
  • Elon Musk has lost a launch order from Britain’s biggest satellite company after a rocket built by SpaceX, his space exploration company, exploded on the launch pad – Times.
  • Airline profits are expected to fall for the first time in six years amid a predicted rise in oil prices and a drop in passenger numbers – Times.
  • A critical UK gas pipeline supplying 11 million homes and businesses has been sold for £13.8bn to a consortium of investors from Australia, China and Qatar – Daily Mail.

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