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Miners help Britain's FTSE score second monthly gain

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08/31/2017 | 06:13pm CEST
Pedestrians leave and enter the London Stock Exchange in London

LONDON (Reuters) - Britain's top share index rose on Thursday, extending gains from the previous session as support from commodities-related stocks and financials helped the blue-chip index score its second consecutive monthly gain.

The FTSE 100 <.FTSE> ended up 0.9 percent, while mid-caps rose almost 1 percent.

Mining stocks were the standout performers, with Antofagasta (>> Antofagasta), Anglo American (>> Anglo American), Glencore (>> Glencore) and Rio Tinto (>> Rio Tinto) among the top gainers as the price of copper strengthened. [MET/L]

Mining companies have been among the best performers in August, with the sector < .FTNMX1770> ending the month up 7.3 percent.

Precious metals miner Randgold Resources (>> Randgold Resources) has led the way, climbing 12 percent this month as geopolitical jitters resulting from tensions between North Korea and the United States have propped up demand for safe-haven assets.

Peer Fresnillo (>> Fresnillo) has gained 5.2 percent this month.

"The strength in industrial metals has been something of a saviour for the FTSE," said Jasper Lawler, head of research at London Capital Group, adding that recent weakness in sterling has also been a contributing factor.

"No matter what gets thrown at the market, there still seems to be a fair bit of resilience, so even with all the concern around North Korea and more domestically about the Brexit negotiations, there's an underlying confidence that we're still in a bull market."

Financials also extended their recovery from the week's earlier flight from riskier assets after North Korea launched a missile over Japan on Tuesday.

While individual moves were generally rather muted, downgrades from brokers weighed on shares in security firm G4S (>> G4S), which fell 3.2 percent after UBS cut its rating on the stock to "neutral" from "buy". However, UBS analysts added that they had turned positive on the broader UK outsourcing sector because of growing earnings momentum.

TP ICAP (>> TP ICAP PLC) rose 6.3 percent after Morgan Stanley raised its price target on the interdealer broker on prospects of generous dividend increases.

Shares in troubled subprime lender Provident Financial Group (PFG) (>> Provident Financial) also dropped 1 percent after downgrades from brokers Jefferies and Canaccord Genuity.

Provident's shares have dived 57 percent this month after a profit warning prompted by problems at its door-to-door lending business.

"PFG now faces a layer of uncertainty brought about by the disastrous implementation of a new operating model in home collect credit. This makes both forecasting and valuation more than usually difficult," Jefferies analysts said in a note.

"In the short term its dividend-paying capacity is impaired and over the longer term we now use a lower payout ratio."

Jefferies cut its rating on Provident to "hold" from "buy".

Provident Financial will also be excluded from the FTSE 100 index in the quarterly reshuffle, FTSE said on Wednesday, along with Royal Mail (>> Royal Mail), while NMC Health (>> NMC Health PLC) and housebuilder Berkeley Group (>> Berkeley) will join the top share index.

Among mid caps, UK construction services firm Carillion (>> Carillion) will be relegated to the small caps, along with Northgate (>> Northgate plc) and Petra Diamonds (>> Petra Diamonds Limited). The changes will be implemented after the market closes on Sept. 15, taking effect at the start of trading on Sept. 18.

(Reporting by Kit Rees; Editing by David Goodman/Keith Weir)

By Kit Rees

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN 0.68% 1632.6 Delayed Quote.4.68%
ANTOFAGASTA 0.66% 949.2 Delayed Quote.-6.23%
BERKELEY -0.46% 3678 Delayed Quote.-11.94%
CARILLION 0.00% 14.2 Delayed Quote.-17.68%
FRESNILLO 0.68% 1116.5 Delayed Quote.-22.43%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
G4S 0.56% 271.5 Delayed Quote.1.12%
GLENCORE 0.71% 319.25 Delayed Quote.-18.78%
NMC HEALTH 1.17% 3812 Delayed Quote.30.68%
NORTHGATE PLC 0.55% 439.6 Delayed Quote.14.68%
PETRA DIAMONDS LIMITED -0.76% 51.3586 Delayed Quote.-33.65%
PROVIDENT FINANCIAL 0.48% 628.8 Delayed Quote.-4.76%
RANDGOLD RESOURCES 1.05% 5600.707 Delayed Quote.-25.29%
RIO TINTO 0.77% 4102 Delayed Quote.3.27%
ROYAL MAIL -0.53% 466 Delayed Quote.3.56%
TP ICAP PLC -0.74% 281.1 Delayed Quote.-46.73%
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Financials ($)
Sales 2018 27 108 M
EBIT 2018 5 888 M
Net income 2018 3 371 M
Debt 2018 2 650 M
Yield 2018 5,08%
P/E ratio 2018 8,57
P/E ratio 2019 9,57
EV / Sales 2018 1,24x
EV / Sales 2019 1,22x
Capitalization 31 043 M
Duration : Period :
Anglo American Technical Analysis Chart | AAL | GB00B1XZS820 | 4-Traders
Technical analysis trends ANGLO AMERICAN
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 25,4 $
Spread / Average Target 21%
EPS Revisions
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Stephen Thomas Pearce Finance Director & Non-Executive Director
Anthony Martin O'Neill Technical Director & Director
Philip Roy Hampton Senior Independent Non-Executive Director
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