London open: Stocks rise ahead of GDP; TUI rallies on results
By Michele Maatouk
Date: Tuesday 11 Feb 2020
(Sharecast News) - London stocks rose in early trade on Tuesday, taking their cue from gains on Wall Street and a mostly positive Asian session, as investors eyed the release of the latest UK GDP figures.
At 0830 GMT, the FTSE 100 was up 0.9% at 7,514.15.
Spreadex analyst Connor Campbell said: "The coronavirus death toll is now above 1000. Professor Gabriel Leung, the head of public health at Hong Kong University, has warned the illness 'could infect 60%' of the world population. And there have been increased criticisms about how the Chinese government has handled the outbreak.
"However a slowing infection rate, and the assumption that global central banks will step in to provide liquidity when needed, has allowed the coin toss of the market's mood to come up positive."
On the data front, fourth-quarter UK GDP data is due at 0930 GMT, along with manufacturing and industrial production figures.
In equity markets, TUI was sitting pretty at the top of the FTSE 100 after the travel company upgraded full-year profits guidance as higher demand at its markets and airlines unit offset costs from the Boeing 737 MAX aircraft grounding. The company forecast underlying earnings before interest and tax of €850m - €1.05bn, compared with €893m it reported in the previous period.
Airlines easyJet and IAG flew higher, while miners advanced, with Glencore, Anglo and Rio all higher.
Ocado rose even as it said its annual loss more than quadrupled as costs rose and the online grocer and logistics company paid for the destruction by fire of a high-tech warehouse.
William Hill rallied as it announced a strategic partnership with CBS Sports in the US.
Food producer Cranswick edged up after buying the Buckle family's pig farming and rearing operations as well as the family's 50% stake in the White Rose Farms joint venture it set up with the family in 2018.
JD Sports was in the green even as the Competition and Markets Authority said its proposed ?90m takeover of Footasylum would "substantially" lessen competition. Although it will assess all evidence before making a final decision, its current view is that blocking the deal by requiring JD Sports to sell the Footasylum business may be the only way of addressing its competition concerns.
On the downside, UAE healthcare provider NMC Health was under pressure again as US research firm and short-seller Muddy Waters took another swipe at the company.
Market Movers
FTSE 100 (UKX) 7,514.15 0.90%
FTSE 250 (MCX) 21,627.90 0.63%
techMARK (TASX) 4,153.95 0.41%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 932.80p 8.97%
easyJet (EZJ) 1,544.50p 3.45%
International Consolidated Airlines Group SA (CDI) (IAG) 624.40p 2.97%
Glencore (GLEN) 235.80p 2.70%
Evraz (EVR) 399.50p 2.65%
Anglo American (AAL) 2,066.50p 2.56%
Johnson Matthey (JMAT) 2,721.00p 2.22%
Rio Tinto (RIO) 4,210.00p 2.12%
Melrose Industries (MRO) 244.20p 2.05%
JD Sports Fashion (JD.) 862.80p 1.99%
FTSE 100 - Fallers
NMC Health (NMC) 888.40p -4.08%
Compass Group (CPG) 1,982.50p -0.38%
Ocado Group (OCDO) 1,212.50p -0.37%
Unilever (ULVR) 4,686.00p 0.01%
Relx plc (REL) 2,076.00p 0.05%
Tesco (TSCO) 257.00p 0.08%
Aveva Group (AVV) 5,180.00p 0.10%
Croda International (CRDA) 5,080.00p 0.10%
Meggitt (MGGT) 663.80p 0.12%
Reckitt Benckiser Group (RB.) 6,486.00p 0.12%
FTSE 250 - Risers
Kaz Minerals (KAZ) 488.50p 4.16%
Stagecoach Group (SGC) 141.60p 3.58%
Ferrexpo (FXPO) 144.45p 3.07%
William Hill (WMH) 183.35p 2.75%
GVC Holdings (GVC) 930.80p 2.74%
National Express Group (NEX) 456.00p 2.61%
FirstGroup (FGP) 127.00p 2.42%
RHI Magnesita N.V. (DI) (RHIM) 3,308.00p 2.41%
TalkTalk Telecom Group (TALK) 120.90p 2.37%
Hammerson (HMSO) 234.20p 2.36%
FTSE 250 - Fallers
Barr (A.G.) (BAG) 565.00p -2.25%
Homeserve (HSV) 1,294.00p -1.90%
Tate & Lyle (TATE) 784.40p -0.71%
Micro Focus International (MCRO) 772.80p -0.64%
Sirius Minerals (SXX) 5.43p -0.64%
RIT Capital Partners (RCP) 2,080.00p -0.48%
Restaurant Group (RTN) 122.30p -0.41%
Hastings Group Holdings (HSTG) 187.30p -0.37%
Avast (AVST) 460.60p -0.35%
UK Commercial Property Reit Limited (UKCM) 86.40p -0.35%
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