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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  AA    AA.   GB00BMSKPJ95

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Oil stocks, BAT stem financials-driven losses on FTSE 100

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09/26/2017 | 07:01pm CEST
A sign displays the crest and name of the London Stock Exchange in London

The UK's top share index fell for a second day on Tuesday, although a rise in oil prices lifted energy stocks and a broker upgrade gave support to British American Tobacco.

Britain's blue chip FTSE 100 <.FTSE> index fell 0.2 percent to 7,285.74 points, weighed down by financials, while mid caps <.FTMC> slipped 0.3 percent on sharp, results-driven falls.

The broader oil & gas index <.FTNMX0530>, which has lost around 4 percent so far this year, added 0.5 percent as Brent crude touched its highest level in more than two years, before easing back on profit taking.

Shares in Royal Dutch Shell <RDSa.L> rose around 0.8 percent, while Tullow Oil (>> Tullow Oil) added 1.3 percent.

Oil firms have been hit hard this year by stubbornly low oil prices and concerns around developments in electric cars and cleaner fuels.

"There are indeed the beginnings of the effect that these oil supply changes were meant to bring about, they're finally starting to feed through," Ken Odeluga, market analyst at City Index, said.

"Oil companies have made huge progress in terms of cost cuts, efficiency, deleveraging, but on the other hand we've had a really anaemic oil price trend," Odeluga added.

British American Tobacco (>> British American Tobacco) rose 1.4 percent, reversing earlier losses, helped by a an upgrade to outperform from analysts at Cowen and Company.

Following the U.S. Food and Drug Administration's surprise announcement in late July that it was contemplating new rules around nicotine content, BAT shares have fallen 13 percent.

"We view current levels as appropriate to begin building a position," said Cowen and Company.

British mid caps <.FTMC> saw some sizeable moves following results, with shares in Card Factory (>> Card Factory PLC), AA (>> AA) and Close Brothers (>> Close Brothers Group) registering falls of between 6.4 percent and 18.3 percent.

British greeting cards retailer Card Factory saw its first-half profit drop 14 percent and flagged the impact from a fall in the pound and rising wage costs.

A warning about a more competitive environment weighed on lender Close Brothers, which also cited Brexit as a source of uncertainty.

In AA's case, a plan to ramp-up capex spending sent its shares lower, despite its results slightly beating expectations.

"We remain concerned that the business cannot generate sufficient cash flow to satisfy both debt and equity holders," analysts at Jefferies said in a note.

(Reporting by Kit Rees; additional reporting by Danilo Masoni; Editing by Andrew Heavens and Alexander Smith)

By Kit Rees

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Financials ( GBP)
Sales 2018 953 M
EBIT 2018 309 M
Net income 2018 99,5 M
Debt 2018 2 690 M
Yield 2018 5,33%
P/E ratio 2018 8,90
P/E ratio 2019 7,66
EV / Sales 2018 3,85x
EV / Sales 2019 3,70x
Capitalization 981 M
Chart AA
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AA Technical Analysis Chart | AA. | GB00BMSKPJ95 | 4-Traders
Technical analysis trends AA
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 2,25  GBP
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Simon J. Breakwell CEO & Independent Non-Executive Director
John Leslie Leach Chairman
Olly Kunc Director-Operations
Martin Andrew Clarke Chief Financial Officer & Executive Director
Geraint Hayter Director-Information Technology
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