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

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Delayed Quote. Delayed  - 07/23 05:28:00 pm
109.95 GBp   -2.96%
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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

LONDON (Reuters) - 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

Stocks mentioned in the article
ChangeLast1st jan.
AA -2.96% 109.95 Delayed Quote.-33.35%
ANGLO AMERICAN 0.18% 1603.4 Delayed Quote.3.25%
ANTOFAGASTA -0.23% 940.8 Delayed Quote.-6.31%
BP -0.28% 566.15 Delayed Quote.8.53%
BRITISH AMERICAN TOBACCO -1.05% 3919.5 Delayed Quote.-21.08%
CARD FACTORY PLC 0.59% 206 Delayed Quote.-30.67%
CLOSE BROTHERS GROUP 0.63% 1528 Delayed Quote.4.83%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
GLENCORE -0.24% 310.65 Delayed Quote.-20.09%
RECKITT BENCKISER -1.40% 6419 Delayed Quote.-5.95%
TULLOW OIL 0.05% 215.9 Delayed Quote.4.40%
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Financials (GBP)
Sales 2019 957 M
EBIT 2019 267 M
Net income 2019 42,0 M
Debt 2019 2 720 M
Yield 2019 1,77%
P/E ratio 2019 15,38
P/E ratio 2020 8,71
EV / Sales 2019 3,56x
EV / Sales 2020 3,41x
Capitalization 692 M
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Technical analysis trends AA
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TrendsBearishNeutralNeutral
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 7
Average target price 1,24  GBP
Spread / Average Target 9,3%
EPS Revisions
Managers
NameTitle
Simon J. Breakwell Chief Executive Officer & Director
John Leslie Leach Chairman
Olly Kunc Director-Operations
Martin Andrew Clarke CFO, Secretary & Executive Director
Ollie Holden Chief information Officer
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