22nd May 2018 08:38
LONDON (Alliance News) - Stocks in London on Tuesday were broadly higher, with the FTSE 100 just about managing to remain in the green ahead of an appearance by Bank of England Governor Mark Carney later in the morning.Leading the FTSE 250 gainers was Cranswick, after posting a jump in annual profit, while Halfords sank as, looking ahead, it expects profit for its recently-commenced financial year to be flat.The FTSE 100 index was broadly flat, just 2.13 points higher at 7,861.30 early Tuesday. The mid-cap FTSE 250 index was up 0.2%, or 54.13 points, at 21,191.79. The AIM All-Share index was up 0.2% at 1,093.65.The Cboe UK 100 index was down 0.1% at 13,334.10. The Cboe UK 250 was up 0.2% at 19,414.70, and the Cboe UK Small Companies up 0.1% at 12,943.15.In the FTSE 100, Anglo American was 1.5% lower after it said its De Beers rough diamond sales in the fourth sales cycle of 2018 were about 5.0% higher than the year prior amid "robust" demand.Its fourth cycle sales in 2018 - as of Monday - stood at a provisional USD550 million. This was higher than the USD522 million sales reported in the fourth cycle of 2017 and USD524 million sales reported for the third cycle of 2018. In the FTSE 250, Halfords was was 14% lower after it said it sees profit for the year ahead "broadly in line" with its figure for 2018.Revenue rose 3.7% in the year to March 31, coming in at GBP1.14 billion, up 2.0% on a like-for-like basis. Retail sales were up 2.3% like-for-like.Pretax profit slipped to GBP67.1 million from GBP71.4 million. Underlying pretax profit fell 5.0% to GBP71.6 million from GBP75.4 million.Looking ahead, the auto parts retailer said it anticipates the UK motoring market will remain "robust", with good growth prospects for the cycling market. However, Halfords said it does not expect prices to rise in cycling this year."Given this, the phasing of our remaining FX mitigation actions and decisions to accelerate investment in services and customer capabilities", Halfords said, underlying pretax profit for its current financial year is expected to be "broadly in line" with 2018's figure.HomeServe was down 3.5% despite posting a annual 15% rise in revenue, up to GBP899.7 million, as pretax profit jumped 25% to GBP123.3 million.The FTSE 250-listed home services provider proposed a final dividend of 14.4p, taking the total dividend for the year to 19.1p, up 25%.Galliford Try was 2.5% lower after it said sales at Linden Homes remain "encouraging", though it has seen extra cost pressures at the Aberdeen Western Peripheral Route.The construction firm said it is making "good progress" on the Aberdeen Western Peripheral Route, though has experienced further cost pressures due to weather delays, which is likely to increase the exceptional charge in the current year.At the top of the index was Cranswick, 9.0% higher after it said revenue rose 18% to GBP1.46 billion in its recently-ended financial year, as like-for-like sales climbed 13%.Pretax profit climbed 14% to GBP88.0 million. The company raised its full-year dividend by 22% to 53.7p.Provident Financial was up 1.2% after Barclays resumed the subprime lender with an Overweight rating.In mainland Europe early Tuesday, the CAC 40 in Paris was flat while the DAX 30 in Frankfurt, re-opening from Monday's holiday, was up 0.1%.In Asia on Tuesday, the Japanese Nikkei 225 index closed down 0.2%. In China, the Shanghai Composite closed flat. Markets in Hong Kong are closed on Tuesday for the Birthday of the Buddha holiday.To come in the economic calendar on Tuesday, UK public sector net borrowing is at 0930 BST, with the CBI industrial trends survey at 1100 BST. In the afternoon is the US Redbook index at 1355 BST.Bank of England Governor Mark Carney and Monetary Policy Committee Members Dave Ramsden, Gertjan Vlieghe and Michael Saunders appear in front of the Treasury Select Committee to be questioned on the May inflation report at 1000 BST.This comes ahead of UK consumer price index data for April on Wednesday, retail sales on Thursday and a first quarter gross domestic product reading on Friday."In the space of the last five weeks the pound has slipped from its highest levels since the Brexit referendum to its lowest levels since last December, as a combination of weaker data, a failure to deliver on a rise in interest rates by the Bank of England, and a resurgent US dollar have prompted a significant amount of profit taking," said CMC Markets chief market analyst Michael Hewson."In this context this week's April inflation and retail sales data are likely to be important in the context of whether we get a rate rise next month or have to wait a little bit longer, though retail sales for May could well get a big boost from the weekend Royal Wedding and the significant tourism boost," Hewson added.Sterling was quoted at USD1.3438 early Tuesday, firm compared to USD1.3407 at the London equities close on Monday.Related Shares:
Anglo AmericanPFG.LCranswickGalliford TryHalfordsHSV.L