Euro stocks head for a seventh day of gains

UK mining stocks where helped this morning after it emerged China’s gross domestic product rose 7.8 percent in July to September from a year earlier. Latest figures from China add to signs that Chinese economic growth is stabilizing.

Gold continued to fall on Friday as investors took profits after the precious metal headed for the best weekly advance in two months amid speculation the Federal Reserve will delay tapering stimulus. 

Risers:

Prudential, +2.97%

The life insurance and financial services company has led the FTSE 100 higher following an upbeat statement overnight from Asian rival AIA. With Prudential having a strong exposure to the company, AIA reported record quarterly results and said its new business rose by 26%. The insurance sector was also helped by reports that an EU capital requirement could be eased compared to the initial version sought by regulators.

Kingfisher, +1.05%

Kingfisher’s stock had its “buy” rating restated by Citigroup in a research note issued today. They currently have a 500p price target on the stock. Citigroup’s price objective suggests a potential upside of 31.79% from the company’s current price.

Regus, +3.25%

Flexible workspace provider Regus opened a new location in metro Birmingham. Regus’ flexible options not only satisfies the immediate needs of customers, such as new market entry, but also allows a business to scale its requirements throughout every stage of development in a cost-effective and risk-free way. The new office location have also brought with them new jobs.

Spectris, +1.08%

Shares in the instrumentation and controls company have risen after the company reported that sales for the three months to end-September were 5% higher than the prior year period. Sales to Europe grew 8% on a like-for-like basis and performance in North America showed improvement on the previous quarter, with sales being flat compared to last year. Sales to Asia Pacific declined 1%, with weak performances recorded in China and Japan partly compensated for by strong growth in South Korea and India.

Wasabi Energy, +7.14%

Wasabi Energy shares powered up on Thursday as its Turkish expansion plans were validated by some impressive numbers from its pre-feasibility study. Wasabi’s wholly-owned Turkish subsidiary Imparator Enerji has an option to acquire up to 50% of the Turkish company which owns Tuzla. Its 15 MW share of the plant can net Wasabi more than A$70mln.

Fallers:

William Hill, -3.07%

Shares in William Hill have tumbled after JPMorgan slashed its recommendation on the stock from ‘overweight’ to ‘underweight’. William Hill, shedding 2.8%, has been the worst performing share amongst FTSE 100 stocks during this morning’s session.

Anglo American, -2.58%

Anglo American have announced that  iron ore production was down 24 per cent in the third quarter, year-on-year. The company withdrew from the Pebble copper project and sold its Amapa iron ore company in Brazil to miner Zamin. Kumba iron ore production fell to 9.5m tonnes after weaker production at Sishen mine, although this was in part offset by a stronger performance at Kolomela. Meanwhile, Copper production was up 32 percent in the period whilst nickel increased seven percent. Diamond production increased by 21 percent and coal saw a nine percent increase.

Barclays, -1.83%

The Guardian Care Homes Group are suing Barclays to cancel an interest-rate swap deal linked to the London interbank offered rate, saying they wouldn’t have agreed if they knew the benchmark was being rigged. An appeal by Barclays against the Libor claims is being heard alongside a similar swap case against Deutsche Bank AG brought by Indian property developer Unitech Ltd.

Spirent Communications, -1.6%

Research analysts at Goldman Sachs Group dropped their price objective on shares of Spirent Communications from 175p to 170p in a report released today. The firm currently has a “neutral” rating on the stock. Goldman Sachs Group’s price target would indicate a potential upside of 35.89% from the stock’s previous close.

Nyota Minerals, -16.67%

Shedding the largest value amongst AIM listed shares, Nyota Minerals future looked a little clearer today after it agreed a short-term funding deal and said it was in talks to sell a majority stake in its flagship asset to an unnamed partner. No financial terms were given. However, Nyota’s partner has to show it has sufficient funding to carry out a work programme necessary to maintain the licence.