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4-Traders Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY (AXP)
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Worst week since 2016 for FTSE as market remains turbulent

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02/09/2018 | 06:08pm CEST
A worker shelters from the rain as he passes the London Stock Exchange in London

LONDON (Reuters) - British stocks dropped on Friday, posting their worst week in two years as a global sell-off pulled down shares in the most volatile sectors.

The FTSE 100 <.FTSE> was down 1.1 percent at 7,092.43 points at its close, having earlier this week suffered its worst losses since the Brexit vote. The index was down around 9 percent from its record high hit on Jan 12.

The biggest question facing the market was whether the correction marked the start of a bear market.

"If we look at other indicators it doesn't look the case," said Rory McPherson, head of investment strategy at Psigma Investment Management in London.

"Interbank lending rates are still pretty low, credit spreads have moved up slightly from record lows but haven't blown out, and earnings season is coming along pretty well," McPherson said. Equity markets sold off because stocks were overbought and slightly over-valued, he said.

Energy and financials were the biggest weights on the index on Friday, knocking around 35 points off the index.

Investors said, however, domestic bank stocks would probably get support in the medium term from the Bank of England's saying on Thursday it would raise rates sooner and by more than it thought three months ago.

Chemicals firm Johnson Matthey (>> Johnson Matthey PLC) fell the most, 4.3 percent, after rival Umicore (>> Umicore) raised 892 million euros to fund capacity growth.

Merger and acquisition news shook up the small-cap market.

Trinity Mirror (>> Trinity Mirror plc) shares jumped 9.6 percent after the publisher of the Daily Mirror agreed to buy two rivals, the Daily Express and Daily Star.

Shares in British business travel company Hogg Robinson (>> Hogg Robinson Group plc) shot up nearly 49 percent, leading the small-cap index, after saying it got a takeover offer from American Express's (>> American Express Company) global business travel unit and had agreed to sell its payments technology business to Visa (>> Visa).

Materials stocks such as Fresnillo (>> Fresnillo) and Rio Tinto (>> Rio Tinto) gained ground and Direct Line (>> Direct Line Insurance Group PLC) jumped 2.7 percent after saying that 2017 profit would beat market expectations.

Valuations across European stocks and UK stocks fell after this week's losses. Volume has been heavy during the week, with some 1.4 billion UK shares trading on Tuesday, the most in nearly five months.

"The UK market trades on around 14 times next year's earnings, which is good value," McPherson said.

(Reporting by Helen Reid and Kit Rees, editing by Larry King)

By Helen Reid and Kit Rees

Stocks mentioned in the article
ChangeLast1st jan.
DIRECT LINE INSURANCE GROUP PLC 0.35% 376.2 Delayed Quote.-1.78%
FRESNILLO 3.58% 1315.5 Delayed Quote.-11.13%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
HOGG ROBINSON GROUP PLC 0.00% 119 Delayed Quote.44.24%
JOHNSON MATTHEY PLC -0.42% 3520 Delayed Quote.14.96%
REACH PLC -3.33% 84.1 Delayed Quote.9.43%
RIO TINTO 0.46% 4415 Delayed Quote.11.49%
SCOTTISH MORTGAGE INVESTMENT TRUST -0.78% 508 Delayed Quote.14.03%
UMICORE -0.51% 49.07 Delayed Quote.25.00%
VISA 0.04% 130.71 Delayed Quote.14.59%
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Financials ($)
Sales 2018 40 273 M
EBIT 2018 10 998 M
Net income 2018 6 218 M
Debt 2018 -
Yield 2018 1,42%
P/E ratio 2018 14,10
P/E ratio 2019 12,73
Capi. / Sales 2018 2,16x
Capi. / Sales 2019 2,02x
Capitalization 86 888 M
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 108 $
Spread / Average Target 5,7%
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NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Upendra Mardikar VP-Security Strategy, Architecture & Engineering
Charlene Barshefsky Independent Director
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