29th Apr 2019 07:41
LONDON (Alliance News) - Stock prices in London are seen opening higher on Monday, tracking Chinese equity markets after new record highs in the US on Friday.In company news, CRH said it will continue its share buyback programme and Ferrexpo attempted to reassure investors after a tumultuous time last week. IG futures indicate the FTSE 100 index is to open 12.51 points higher at 7,440.70. The blue chip index closed down 0.1% at 7,428.19 on Friday.In China, the Shanghai Composite is flat, while the Hang Seng index in Hong Kong is up 0.8%. Financial markets in Japan will be closed throughout the week, as the country celebrates Golden Week.In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.3%, S&P 500 up 0.5% and Nasdaq Composite up 0.3%. The Nasdaq and the S&P 500 ended the session at new record closing highs of 8,146.39 and 2,939.88 points, respectively.Russian steelmaker Evraz said Monday it made a positive start to 2019 with increased crude steel output and product sales. For the first-quarter to the end of March, crude steel output was up 4.1% to 3.5 million tonnes from the first quarter of 2018, due to higher pig iron production, following the completion of repairs at its blast furnace number three. Steel product sales were up 3.9% to 3.2 million tonnes from 3.1 million tonnes last year due to increased pig iron and crude steel output. Iron pellet producer Ferrexpo said it was disappointed by the resignation of Deloitte as auditor and said it is committed to the "highest level of governance and transparency. The company clashed with Deloitte over its chief executive's possible involvement with Blooming Land, a charity that has been financial backed by the miner and which now is being examined for missing payments.Ferrexpo emphasised that Blooming Land is not a related party to the company or to CEO Kostyantin Zhevago. In attempt to reassure shareholders after its share price slump last week, Ferrexpo said it continues to trade strongly and that realised prices for iron pellets remains high.Ferrexpo said it has started the process to find a new auditor and independent directors, following the resignations of two non-executives last week. "As reported in the group's 2018 full year results announcement, at this stage we cannot conclude as to the ultimate use of all of the funds by the charity. While there are indications that some funds could have been misappropriated, further work is required before any final conclusions can be drawn and the board would like to make clear that to date no conclusive evidence of misappropriation of funds has come to light," Chair Steve Lucas said. Irish building materials firm CRH said it is to continue with its share buyback programme, with a EUR350 million repurchase conducted independently by stockbroker Davy. The buyback is to start on Monday and will end no later than August 16. Auto Trader said Chief Executive Trevor Mather is to retire in March 2020, and it has promoted current Chief Financial Officer & Chief Operating Officer Nathan Coe to CEO-designate with effect from May 1. The company said operations head Catherine Faiers will become COO.The pound was quoted at USD1.2932 early Monday, flat with USD1.2929 at the London equities close Friday.Talks between the UK government and Labour aimed at breaking the Brexit deadlock will continue on Monday with both parties facing internal pressures ahead of European elections.Tories fear the May 23 poll could result in an electoral mauling for UK Prime Minister Theresa May if she has not been able to deliver the Brexit that Britons voted for almost three years ago.The contest is forcing Labour to clarify its position on a second referendum, with Jeremy Corbyn and the party's National Executive Committee under pressure from MPs and MEPs to back a vote on any Brexit deal.Senior Tories have said they still hope the elections - and the threat posed by Nigel Farage's Brexit Party - can be avoided if a compromise deal can get through Parliament before polling day, allowing the contest to be cancelled.However, Labour has played down the prospects of a breakthrough in the cross-party talks, accusing May of refusing to change her Brexit red lines.The economic events calendar on Monday has eurozone consumer confidence at 1000 BST and Ireland retail sales at 1100 BST. In the afternoon there is the US personal consumption expenditures price index at 1330 BST - the core reading of this is the US Federal Reserve's preferred gauge of inflation.Still to come in the US earnings calendar, Google parent Alphabet will report earnings after the market close in New York on Monday.
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