Market Report
US open: Stocks jump as bond bears throw in the towel
Wall Street was moving higher in a lacklustre day in terms of the corporate and economic news-flow, amid data showing the largest inflows into bonds for 122 weeks.
Europe close: Stocks end week on strong note
European markets ended the week on a strong note amid reports that Britain's Conservatives will seek to form a coalition government, thus allowing the UK to see off the threat of new elections while allowing Brexit negotiations to commence on time, and big gains on Wall Street.
WTI futures steady despite 22nd consecutive oil rig count increase
The number of oil rigs in operation in the US rose for a 21st week running, rising by eight to 741 over, their highest level since 10 April 2015, according to Baker Hughes data for the seven days ended on 9 June.
FTSE 250 movers: Homebuilders knocked lower after Election amid stretched valuations
Commodity stocks did best on the second-tier index as traders pushed base metals higher on the back of the latest Chinese foreign trade and commodity import volume data released the day before, which had beat forecasts.
FTSE 100 movers: Oil & Gas, Aerospace & Defence lead gains
Oil and Aerospace & Defence stocks boosted the top flight index as sterling swooned on the heels of the 2017 General Election upset for the Tories.
FX round-up: Sterling a ballot-box victim for second time in 12 months
The polls suggested a hung parliament was a real possibility and PM Theresa May's snap election made it a reality. The ballot box victim -- for a second time in a little less than 12 months -- was sterling, as widely expected.
London close: Blue chips higher after sterling flops on hung parliament
Blue-chip stocks campaigned to a higher close on Friday after PM Theresa May's Tories ended up with a humiliating hung parliament in their snap general election, causing sterling to flop on the dollar and euro.
Petrofac fears overdone with SFO fine limited to GBP1bn, recommends Kepler
Investors have overreacted to the Serious Fraud Office investigation into Petrofac, reckoned analysts at Kepler Cheuvreux, initiating coverage with a 'buy' rating even though it predicted a maximum cash fine of £1. 05bn.
US wholesale inventories drop more than expected in April
US wholesale inventories shrank more than expected in April, revised figures showed.
Broker tips: Petrofac, Kaz Minerals, Gem Diamonds
Investors have overreacted to the Serious Fraud Office investigation into Petrofac, reckoned analysts at Kepler Cheuvreux, initiating coverage with a 'buy' rating even though it predicted a maximum cash fine of £1. 05bn.
Commodities: Copper storms ahead on China demand, supply disruptions
Copper stormed into the limelight on UK election Friday with both the spot and three-month prices for the industrial favourite bursting higher amid rising demand out of China and wider supply disruptions.
Ukrproduct defers loan repayment while it negotiates new terms
One of Ukraine’s largest producers of branded dairy foods and beverages, Ukrproduct Group, announced on Friday that it had reached agreement with OTP Bank for the deferral of the principal loan repayment of UAH 32. 3m (£0. 95m), initially due on 9 June, until 23 June.
Helios expands with another Lloyd's member acquisition
Helios Underwriting announced on Friday that, in line with its strategy of increasing underwriting capacity through acquisition, it agreed to acquire limited liability member of Lloyd’s - Nottus No 51 - for a consideration of £984,500 in cash on 8 June, following approval of change of control by Lloyd’s of London.
South Africa competition watchdog happy with Coal of Africa acquisition
Coal of Africa confirmed on Friday that the South African Competition Commission had unconditionally approved its acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary, which was announced by CoAL on 5 April.
L'Oreal in talks to sell The Body Shop to Natura
French cosmetics giant L’Oreal announced on Friday that, following an “extensive” review of strategic options for its The Body Shop division to “ensure its best future development”, the group had received a firm offer from Natura Cosméticos to acquire The Body Shop, and as a result had entered into exclusive discussions with Natura.
Gresham House strategic pleased with performance
Gresham House Strategic published its final audited results for the year to 31 March on Friday, reporting “strong investment performance” with its net asset value increasing 7. 6% during the period, 19. 9% during the 12 months to 31 May and 20. 2% since the appointment of Gresham House Asset Management.
Funding risk at KAZ Minerals very limited even in bearish copper price scenario, Credit Suisse says
Analysts at Credit Suisse reaffirmed their 'Outperform' recommendation and 630. 0p target price for Kaz Minerals say that funding risks for the copper miner were now "very limited" even under 'bearish' copper price assumptions.
Ferrum Crescent raises £225k to support exploration programme
AIM-listed European lead-zinc explorer Ferrum Crescent has conditionally raised around £225,521 through a placing of 322. 2m shares at 0. 07p each to support its ongoing exploration programme in North West Spain.
Imaginatik raises £1.4m in share placing
AIM-listed innovation company Imaginatik has raised £1. 4m in a placing of 68. 7m share at 2p each, which will be used to invest in sales and marketing, the development of partnership channels and to support further investment in technology.
Big losers and small majorities: Clegg loses his seat, Rudd holds on
Some big names lost their seats as members of parliament as a shock UK election result unfurled on Friday morning, including former Liberal Democrat leader Nick Clegg and several Conservative ministers.