Yahoo Finance FTSE 100 LIVE: Index lower as oil majors fall, Boeing takes $15bn hit
Share tips from the Standard City desk
16:42 , Daniel O'Boyle
Last year was a lacklustre one for the FTSE 100 — but not if you followed the share tips from the Standard’s crack team of stock pickers.
The Standard City portfolio returned almost 20% in 2023.
Today we offer our recommendations for the star share price performers in 2024.
$15bn wiped off Boeing market cap
15:14 , Daniel O'Boyle
Boeing has lost $13 billion in market value as its shares plunged this morning over fresh safety concerns.
Flights across the word were grounded after a blowout on a 737 Max 9 plane on Friday.
It's the latest setback for the aviation giant, which has dealt with the pandemic and past safety concerns over the anti-stalling features on an earlier edition of the 737 Max planes.
Mixed start for US shares expected - Boeing to fall
13:56 , Daniel O'Boyle
Wall Street shares are set for a mixed start today, but Boeing looks to be a big faller when trading opens.
Dow Jones futures are down 0.3% to 37596.00, while S&P 500 futures are flat at 4737.25. Nasdaq futures are up 0.2% to 16487.75.
After safety concerns around its aircraft emerged over the weekend, Boeing shares are set to fall by about 8%. That would see around $13 billion wiped off the aeroplane manufacturer's market cap.
Few drops of comfort for new Thames Water boss
12:46 , Daniel O'Boyle
It is day one for Chris Weston in his new job as boss of Thames Water. I hope he wasn’t too alarmed by the bulging in-tray when he arrived at his office in Reading.
But the former Aggreko and British Gas boss will surely have no illusions about the scale of the challenge in front of him.
The role has been something of a poisoned chalice in recent years. His immediate predecessor Sarah Bentley quit in June amid concerns about the financial stability of a utility that supplies the water to most Londoners. She had succeeded Steve Robertson who was sacked over his poor record on leakages in 2019.
Number of mortgage options as 2024 gets under way ‘is highest in 15 years’
11:53 , Daniel O'Boyle
The residential mortgage market has started the new year with the biggest choice of products in more than 15 years, according to a financial information website.
The average “shelf life” of a mortgage product has also increased, to 21 days, compared with 15 days in January last year.
In July 2023, a mortgage typically remained on the market for just 12 days before disappearing, Moneyfacts found.
Market snapshot
10:50 , Daniel O'Boyle
Take a look at our late-morning market snapshot as JD Sports leads the fallers.
Hope for markets as CMC and Plus500 on the up
09:50 , Simon English
There was early hope for the stock market this year when CMC Markets and Plus 500 had positive numbers out.
CMC, the spread betting house led by Lord Peter Cruddas, said there was a “strong performance in the third quarter”. As a result it expects profits for the year to be between £290 million and £310 million. That is up from previous guidance of £250 million and £280 million.
That suggests a return to confidence for retail investors who last year skirted rocky stock markets. CMC shares jumped 26p to 136p.
Plus500 struck a similar tone saying it is looking forward to the year ahead “with confidence”.It had revenues for the year to December of $725 million and Ebitda – adjusted profits – of $340 million.
Both figures are ahead of market expectations. It did not offer a pre-tax profit figure, the more accepted profit measurePlus500 shares rose 83p to 1743p
Shell and BP weigh on FTSE 100, Plus500 up 6% in FTSE 250
08:37 , Graeme Evans
Shell shares have fallen 42.5p to 2528.5p, despite the oil giant forecasting that earnings from gas trading will be “significantly higher” in the fourth quarter.
BP also retreated 5.05p to 468.8p as Brent Crude futures dipped to about $78 a barrel, with their performances leaving the FTSE 100 index 19.97 points lower at 7669.64.
Centrica appeared to benefit from the Shell update as its shares led the blue-chip index with a gain of 3.45p to 155.15p. Other stocks on the front foot included Taylor Wimpey, which improved 0.85p to 145.25p after a broker upgrade.
Legal & General also rallied 2.6p to 246.4p after Berenberg switched to a “buy” recommendation with a new price target of 289p.
The FTSE 250 index rallied 0.3% or 61.77 points to 19,272.16, with trading platform Plus500 up 6% or 94p to 1754p after it forecast better-than-expected 2023 results.
Market snapshot: FTSE 100 lower
08:32 , Daniel O'Boyle
Take a look at today's market snapshot as the FTSE 100 continues its difficult start to the year.
Argo Blockchain shares sink after equity raise
08:15 , Simon Hunt
Shares in Bitcoin miner Argo Blockchain sunk by as much as 10% in the opening minutes of trade this morning after the firm revealed its discounted equity raise.
The company said mining revenue in December climbed to $6.6 million, an increase of 25% on November and the highest revenue month of 2023, while Bitcoin production increased 4% driven by increased transaction fees on the network.
But the company's £7.3 million equity raise was sealed at a purchase price of around a quarter less than its closing share price on Friday, contributing to the stock's fall.
Bet365 swings to loss — but boss Denise Coates rakes in another £220 million
07:25 , Daniel O'Boyle
Bet365 boss Denise Coates earned another £270.7 million in the year to March 2023, despite the business swinging to a loss.
Revenue grew to £3.39 billion, Sports betting still made up the vast majority of revenue, at £2.65 billion, but online casino games continued to be a bigger part of revenue, growing to about £715 million.
As in prior years, the business opted against a geographic breakdown of revenue, arguing it would be “severely prejudicial to the interests of the group”. Bet365 has faced questions from MPs over how much of its profits come from China, where online gambling is illegal.
FTSE 100 seen lower as Hang Seng slumps, oil price down
07:17 , Graeme Evans
The lacklustre start to the year for global markets is set to continue amid the diminishing prospect of a cut in US interest rates in the first quarter.
Wall Street closed flat on Friday but lower across the week after rate uncertainty was fuelled by a stronger-than-expected jobs report, with the addition of 216,000 non-farm payrolls.
This week sees the release of US inflation figures on Thursday followed the next day by results from banking giants including JPMorgan Chase and Citigroup.
Hong Kong’s Hang Seng index fell 2% in today’s session while CMC Markets expects the FTSE 100 index to open 17 points lower at 7674.
Oil stocks are likely to be under pressure after Brent Crude fell 1% to $78 a barrel.
Recap: Friday's top stories
06:11 , Simon Hunt
Good morning from the City desk of the Evening Standard.
Our figures on London stock market floats of the past five years make for grim reading if you are an investor.
The short version is: if you had bought into all of them, if you believed the bankers’ hype, then you are down half your money.
Fund managers and bankers complaining that there is now a buyers strike on UK shares need to look a little closer to home to understand why.
So far, the debate has been about how to boost London’s attractiveness as a place for brilliant new businesses to raise money and float on the stock market. Perhaps those floats need to be better value for money in the first place.
Perhaps London shouldn’t go chasing every tech float going since there’s a good chance that company will turn out to be a flop.
Here's a summary of our other top stories from Friday:
Halifax house prices: UK house prices continue to rebound, hitting their highest level since March after a 1.1% rise in December. But London prices end the year lower than where they started it, despite UK average price rising in 2023
City Spy: A fine birthday present: London Stock Exchange fined $3.5 million just before the FTSE 100 index turns 40.
Katherine’s dock-based Shipbroker Clarkson ups profit forecasts after “strong trading in the final quarter” now expects to make at least £108 million. Comes as demand rises as carriers avoid Red Sea pirates adding to voyage times
Endeavour Mining shares set to fall after boss sacked for ‘irregular payment’ of more than $5m last night
And...First look inside art'otel Hoxton, London's newest skyline hotel.
