Market Pulse
Director dealings: LXB Retail's Kitchen sinks more cash into new strategy
LXB Retail Properties director Danny Kitchen has made his second purchase of shares this month, splashing out around £41,000.
Citi sees 40% chance of Brexit; says stocks and sterling could drop 15%
A Remain vote in Thursday’s EU referendum is still Citigroup’s base case – it sees a close outcome of 55% of the vote or less – but the risk of a Leave win is high at 40%, the bank said.
H&M profits fall 17% due to cold spring and strong dollar
Swedish fashion retailer Hennes & Mauritz (H&M) reported a 17% fall in second-quarter profits as a strong dollar increased costs and a cold spring affected sales.
FTSE 100 movers: Miners, RSA rally; AB Foods slumps on MS downgrade
London’s FTSE 100 index was up 0. 7% to 6,266. 94 in afternoon trading, with traders attributing the gains to optimism the UK will vote to remain in the EU on Thursday.
Barclays gains confidence in RSA Insurance's growth and yield ambitions
Barclays said it sees 15% upside at RSA Insurance after an encouraging meeting with some of the company's management, reiterating its 'overweight' rating.
Avacta claims development could lead to early Zika diagnosis
Avacta, biotherapeutics and research agent developer, reported on Wednesday it had identified three proteins which could be used to develop the first tests to diagnose early stages of the Zika virus.
1PM CFO Helen Walker to step down
AIM-listed specialist provider of finance facilities to the SME sector, 1PM, said its chief financial officer Helen Walker plans to step down at the end of its current financial year ending 31 May 2017.
Macquarie somewhat surprised by organisational reshuffle at Rio Tinto
The decision of Andrew Harding, Rio Tinto’s ex-Iron Ore chief to depart the company was not unexpected, but the organisational reshuffle of the company’s organisational structure was “somewhat of a surprise”, analysts at Macquarie said.
FTSE 100 could drop below 5,000 in Brexit, says UBS
Given the risk rally of the last few days, there is significant room for downside in the event of a Leave vote, said UBS strategist Yianos Kontopoulos, noting the possibility the FTSE 100 could drop 21% from current levels to below the 5,000 mark.
London midday: FTSE flattens off as investors sit on sidelines
The FTSE 100 maintained its small lead by midday on Wednesday as, although polls showed the EU referendum remained too close to call, rallying housebuilding and financials stocks indicated investors were confident the status quo would be maintained.
Pound sluggish ahead of last Brexit polls, volatility eyed later
The pound continued to gain strength on Wednesday as traders and gamblers put their money behind Britain voting to remain in the European Union, with three opinion polls in the afternoon and evening offering potential for volatility.
Europe midday: Stocks nudge up in cautious trade ahead of Brexit vote
European stocks edged tentatively higher on Wednesday, with investors likely cautious a day ahead of Britain’s referendum on EU membership.
Cambridge Cognition signs distribution deal with Manus Neurodynamica
AIM-listed neuroscience technology company Cambridge Cognition Holdings has signed a distribution agreement to market a Parkinson’s sensor pen for healthcare technology group Manus Neurodynamica.
SocGen outlines post-referendum trade ideas
Remain is the central scenario in Societe Generale’s equity allocation model and the FTSE 100 is one of its preferred indices, the bank said as it outlined its equity trade ideas for both outcomes.
US pre-open: Stocks seen flat ahead of UK's EU referendum
US futures pointed to a broadly flat open on Wednesday following two days of gains, a day before the UK votes on its European Union membership.
Asia report: Markets mixed as Brexit chatter continues
Markets in Asia closed mixed on Wednesday, as investors continued the countdown to the Brexit referendum on Thursday.
HSBC starts Dixons Carphone at 'buy'
HSBC initiated coverage of Dixons Carphone at ‘buy’ with a 460p price target, saying it is well-place and well-run, with growth underpinned.
Mirada wins largest commercial roll-out for Iris digital TV software
Mirada announced its largest commercial deal to date, with the roll-out of its Iris multi-screen software solution to one of Mexico’s largest telecommunications providers, Izzi Telecom.
Morgan Stanley downgrades AB Foods on Primark valuation
Associated British Foods was under the cosh on Wednesday after Morgan Stanley cut its stance on the stock to ‘equalweight’ from ‘overweight’ and slashed the price target to 2,650p from 3,500p as it took a fresh look at Primark.
London open: Housebuilders lead FTSE higher on Brexit confidence
London stocks inched up on Wednesday morning as polls showed the EU referendum remained too close to call, though rallying housebuilding and financials stocks indicated investors were confident a Brexit will be avoided.