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18 MARKETS WEDNESDAY 8 JUNE 2016
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FTSE 100 rises for
third day despite
a fall for miners
THE BENCHMARK share
index chalked up its third
straight day of gains
yesterday, as a rise in oil and
energy shares offset weaker
mining stocks. The blue-chip FTSE
100 closed up 0.2 per cent at 6,284.53
points.
Shares in oil majors Royal Dutch
Shell and BP climbed as oil prices hit
eight-month highs, buoyed by the US
dollar nearing one-month lows and
by falling Nigerian oil output. Shell
got a further lift as investors
welcomed its plans to increase cost
savings from its takeover of BG
Group. Shell and BP added 3.2 per
cent and 1.3 per cent respectively
At the losing end of the FTSE 100,
mining stocks Anglo American,
Glencore, and Antofagasta lost
ground as copper prices fell.
They each lost between 2.2 per
cent and three per cent.
Among mid-caps, shares in Sports
Direct, which was relegated from
the FTSE 100 earlier this year,
climbed by 5.4 per cent as owner
Mike Ashley gave evidence to MPs
over the company’s controversial
employment practices.
FTSE
6,325
6,300
6,275
6,250
6,225
6,200
6,175
6,284.53
7 June
1 June 2 June 3 June 6 June
7 June
WEIR
1,350
1,325
1,300
1,275
1,250
1,225
1,200
1,175
P
1,302.00
7 June
I June 2 June
3 June 6 June 7 June
Weir Group was raised to “hold” yesterday and its target price hiked from 800p to
1,200p by Canaccord Genuity. Analysts are sceptical of a recovery in oil and gas
manufacturing, but said the engineer’s ability to generate cash meant it shouldn’t
trade at a large discount. They cited a notable increase in the share prices of Weir’s
US peers and what is likely to be a shallower than expected price trough.
IDOX
68
67
66
65
64
63
62
P
67.50
7June
I June 2 June
3 June 6 June 7 June
Idox’s rating was downgraded to “hold” with a target price of 60p by analysts at
FinCapp, however they identified potential for further acquisitions and upgrades.
The public voting and information management specialist’s interims released
yesterday were in line with unchanged expectations. Idox posted earnings before
interest, tax, depreciation and amortisation of £10.1m on revenue of £37.2m.
S&P creeps to
a record high
THE S&P 500 ended at its best
level in almost a year yesterday,
helped by a big jump in energy
shares and investor confidence that
higher interest rates will not derail the
economy.
The Dow Jones industrial average
ended up 17.95 points, or 0.1 per cent,
to 17,938.28, and earlier broke above
18,000, while the S&P 500 gained 2.72
points, or 0.13 per cent, to 2,112.13, its
highest close since 22 July.
The S&P now sits less than 19 points
from its all-time closing high of
2,130.82.
The Nasdaq Composite dipped 6.96
points, or 0.14 per cent, to 4,961.75.
Navistar International shares
jumped 19.6 per cent to $14.54 after it
posted a surprise second-quarter
profit.
On the downside, the S&P 500
healthcare index dropped 0.7 per cent,
dragged down by Biogen and Alexion.
Biogen tumbled 12.8 per cent to
$252.86 after its multiple sclerosis drug
failed in a mid-stage study. Alexion
dropped 10.9 per cent to $138.13 after
its drug failed a trial.
CITY MOVES WHO’S SWITCHING JOBS Edited by Joseph Millis @joemillis59
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NATIONAL FOOTBALL
LEAGUE UK
Melissa Brown, a sales and
marketing executive with
more than 15 years’
experience in the
entertainment industry, has
joined the National Football
League’s London office to take
responsibility for further
growing the league’s
commercial performance in
the UK. Melissa joins the NFLUK office as vice-president
of commercial partnerships following a stint at Syco
Entertainment, where for six years she was commercial
director responsible for building brand partnerships for
The X Factor and Britain’s Got Talent. Among the deals
she secured around The X Factor were multi-brand
partnerships with Unilever and Reckitt Benckiser and
partnerships with TRESemme and Thorntons
chocolates. Melissa, who previously held positions at
Celador and ITV, will oversee a six-strong team in the
areas of sponsorship and consumer products and
report to NFLUK managing director Alistair Kirkwood.
LANDMARK CHAMBERS
Landmark Chambers, specialists in environmental,
planning, property and public law, has announced the
appointment of its new chambers director – Paul
Newhall. Paul joins from London law firm Collyer
Bristow LLP, where he was business development
director.
MARK DAVIES & ASSOCIATES
Mark Davies & Associates continues its expansion into
the international private client arena with the
appointment of David Bell as a tax consultant. David is
a chartered accountant and fellow of the Chartered
Institute of Securities & Investment who joins from
Lombard Odier, where he led the wealth planning
offering from the London office. David has 10 years’
experience in advising wealthy families, particularly
those who are UK resident non-domiciled.His focus
will be on developing and maintaining relationships
with clients and their advisers.
BACKBASE
Backbase, the digital banking technology company, has
announced the appointment of Leonore Van Waaij as
chief financial officer. Van Waaij is the former CFO at The
Phone House, where she spent over three years
managing and overviewing all financial and comm -
ercial operations. She brings over 15 years extensive
experience in finance, controlling and auditing, as well
as operations management in the retail and
commercial industries. Prior to The Phone House, she
worked for several multinational companies such as
Deloitte and Amsterdam Airport Authority, with a focus
on improving operations and maximising profits
through the restructuring of finance management, IT
systems, costs and company productivity.
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