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London midday: Stocks rebound despite disappointing PMIs

Renae Dyer

LONDON (ShareCast) - (ShareCast News) - London stocks rebounded on Wednesday from the prior day's slump following the release of worse-than-expected Chinese and Eurozone manufacturing data. Caixin's purchasing managers' index on Chinese factory activity fell to 47 in September from 47.3 in August, below the 50 level that separates contraction from expansion. It (Other OTC: ITGL - news) missed analysts' estimates for a reading of 47.5.

"Ironically, gains are despite disappointing Chinese Manufacturing PMI data overnight which only adds to pre-existing concerns about the world's No.2 economy, but suggests markets becoming increasingly accustomed to China data confirming a slower pace of economic growth," said Michael van Dulken, head of research at Accendo Markets.

In the Eurozone, Markit (NasdaqGS: MRKT - news) 's manufacturing purchasing managers' index fell to 52 in September from 52.3 in August, as expected. Services PMI dropped to 54 this month from 54.4 in August, compared to forecasts of 54.2. The Composite PMI, which combines manufacturing and services activity, fell to 53.9 in September from 54.3 the prior month, below estimates of 54.

The market is now turning to the release of manufacturing data in the US at 1445 BST, which is expected to drop to 52.8 this month from 53 in August. The US will also see the release of weekly mortgage application figures from the Mortgage Bankers' Association.

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Meanwhile, European Central Bank president Mario Draghi will testify on monetary policy before the European Parliament Committee at 1500 BST amid speculation on whether the quantitative easing programme will be extended to address market volatility.

Among companies, International Consolidated Airlines was a top riser after Morgan Stanley (Xetra: 885836 - news) said the company "moves to our top 'overweight' pick in the sector" and raised the target price to 1000p from 915p. "Besides third quarter trading momentum we see further opportunities for synergies, costs, cash flow and product leverage to be presented at Capital Markets Day on 6 November." Morgan Stanley also gave Easjet a boost, raising its target price to 1,980p from 1,910p and retaining its 'overweight' rating. "Easyjet (Other OTC: EJTTF - news) has retraced early summer weakness on the back of improved volume momentum and strong summer trading," the broker said.

Smiths Group (Other OTC: SMGKF - news) jumped as the engineering group posted a 3% rise in full-year pre-tax profit and CEO Phil Bowman handed over his role to Andrew Reynolds Smith.

United Utilities Group climbed despite saying that revenue in the six months to 30 September is likely to remain flat and profit is expected to drop.

Johnson Matthey (LSE: JMAT.L - news) dipped after agreeing to a pay settlement to Velocys (Other OTC: OXFCF - news) over an intellectual property case.

BBA Aviation (LSE: BBA.L - news) slumped after the aerospace support and aftermarket services provider announced the acquisition of US rival Landmark Aviation.

Market Movers techMARK 3,010.19 +0.98% FTSE 100 6,011.21 +1.27% FTSE 250 16,586.19 +0.34% FTSE 100 - Risers International Consolidated Airlines Group SA (CDI) (IAG) 590.50p +4.14% easyJet (EZJ) 1,746.00p +2.71% Old Mutual (Other OTC: ODMTY - news) (OML) 190.60p +2.42% Coca-Cola HBC AG (CDI) (CCH) 1,370.00p +2.32% Smiths Group (SMIN) 1,052.00p +2.24% GKN (GKN (LSE: GKN.L - news) ) 260.10p +2.16% Royal Dutch Shell (Xetra: R6C1.DE - news) 'B' (RDSB) 1,576.00p +2.07% Marks & Spencer Group (MKS) 485.60p +2.02% HSBC Holdings (HKSE: 0005.HK - news) (HSBA) 497.25p +2.02% Kingfisher (Amsterdam: KF6.AS - news) (KGF) 344.80p +2.01% FTSE 100 - Fallers Johnson Matthey (JMAT) 2,296.00p -0.95% RSA Insurance Group (RSA) 403.80p -0.59% Randgold Resources Ltd. (RRS) 3,720.00p -0.53% Hikma Pharmaceuticals (LSE: HIK.L - news) (HIK) 2,371.00p -0.34% Burberry Group (Other OTC: BBRYF - news) (BRBY) 1,327.00p -0.30% ARM Holdings (LSE: ARM.L - news) (ARM) 928.00p -0.16% Travis Perkins (LSE: TPK.L - news) (TPK) 1,982.00p -0.15% TUI AG Reg Shs (DI (KSE: 003160.KS - news) ) (TUI (LSE: TUI.L - news) ) 1,177.00p -0.08% Persimmon (PSN) 2,040.00p -0.05% FTSE 250 - Risers Petra Diamonds Ltd (LSE: PDL.L - news) .(DI) (PDL) 99.00p +8.85% Kaz Minerals (LSE: KAZ.L - news) (KAZ) 110.80p +6.13% Premier Oil (LSE: PMO.L - news) (PMO) 66.65p +4.80% Evraz (EVR) 65.40p +3.81% AA (AA.) 298.90p +3.21% Ted Baker (Other OTC: TBAKF - news) (TED) 3,060.00p +2.17% Hays (HAS) 153.30p +2.06% Enterprise Inns (LSE: ETI.L - news) (ETI) 108.20p +1.98% Cineworld Group (LSE: CINE.L - news) (CINE) 561.50p +1.91% Supergroup (Stuttgart: 49S.SG - news) (SGP) 1,330.00p +1.84% FTSE 250 - Fallers Greene King (Other OTC: GKNGY - news) (GNK) 770.50p -4.35% Sophos Group (LSE: SOPH.L - news) (SOPH) 243.00p -2.02% Cranswick (CWK) 1,611.00p -1.65% OneSavings Bank (Stuttgart: 2OS.SG - news) (OSB) 394.40p -1.65% Wetherspoon (J.D.) (JDW) 703.00p -1.54% Poundland Group (Other OTC: PDLDF - news) (PLND) 306.60p -1.54% Zoopla Property Group (WI) (ZPLA) 209.30p -1.32% Daejan Holdings (LSE: DJAN.L - news) (DJAN) 6,060.00p -1.30% Templeton Emerging Markets Inv Trust (TEM) 403.00p -1.23% Virgin Money Holdings (UK) (VM.) 381.60p -1.22% FTSE TechMARK - Risers Torotrak (TRK) 6.70p +7.20% Oxford Biomedica (LSE: OXB.L - news) (OXB) 9.09p +2.83% Oxford Instruments (Other OTC: OXGGY - news) (OXIG) 564.00p +2.45% KCOM Group (LSE: KCOM.L - news) (KCOM) 90.00p +1.41% Ricardo (RCDO) 905.00p +1.17% Skyepharma (SKP) 348.25p +1.02% Spirent Communications (Other OTC: SPMYY - news) (SPT (Taiwan OTC: 8431.TWO - news) ) 74.75p +0.67% Consort Medical (Other OTC: CSRMY - news) (CSRT) 926.50p +0.65% NCC Group (LSE: NCC.L - news) (NCC (BSE: NCC6.BO - news) ) 267.50p +0.19% FTSE TechMARK - Fallers DRS Data & Research Services (LSE: DRS.L - news) (DRS (Other OTC: DRSX - news) ) 12.00p -5.88% Dialight (DIA (Amsterdam: DI6.AS - news) ) 619.50p -2.36% SDL (SDL (LSE: SDL.L - news) ) 341.00p -0.94% Innovation Group (Other OTC: INVGF - news) (TIG) 39.50p -0.63% Gresham Computing (LSE: GHT.L - news) (GHT) 111.50p -0.45% Sepura (SEPU) 173.50p -0.43% IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 202.32 -0.03%