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In London, the equity market is quiet as Europe commemorates Armistice Day. Slim trading volumes and low volatility are to be expected throughout the session.
Vodafone is leading the FTSE 100 leader board after the telecoms company reported a decline in first-half EBITDA but raised its full-year guidance, catching traders’ attention. The move in Vodafone added 11 points to the FTSE 100.
A resilient property market has helped Land Securities; NAV at the largest quoted REIT rose by one fifth on the year which pushed the share price higher by 2.5%. The Land Securities skyscraper at Fenchurch Street, nicknamed the ‘Walkie Talkie’, has 90% occupancy, which says a lot about London’s property and financial services sector.
CRH is reaping the rewards from its large exposure to North America. Even though its European business is improving the recovery in the US construction sector is saving the company from stagnation.
Mining companies are in meltdown this morning after Citigroup slashed its price target for iron ore. Metals have been under pressure lately as a strong a US dollar and a weaker China are the main drivers behind the move.
We are offering a grey market on the market capitalisation of Virgin Money, set to float on Friday, and it suggests a market value of £1.35 billion.
In the US, we are expecting the Dow Jones to open 20 points higher at 17,633. Today is Veterans Day in the US and market movements are predicted to be low.