The Market Close - Glencore to sell Rosneft stake - Collins Sarri Statham Investments

Today's Closing Update

U.S. Shares opened lower as investors assessed the financial impact of hurricane Harvey and tracked Hurricane Irma as it plowed toward Florida.

European and U.K. Shares declined, with euro strength and geopolitical worries driving broad-based losses

Sports Direct International said it will pay employees share bonuses worth over £43.0m. The sports clothing and equipment retailer said 11.1 million shares were acquired by almost 2,000 participants following the exercise of warrants under the company’s share schemes. The shares vested at 390 pence, creating a bonus pool worth over £43.0m. Shares in Sports Direct were trading up 1.7% at 397.10p on Friday. The awards were made to eligible staff who had taken part in a share scheme launched in 2011.

Rathbone Brothers noted a fall in its share price, which it said coincides with an anonymous allegation made in an online discussion forum, and said it is taking “strong action” on this. Shares in Rathbone Brothers were down 5.6% at 2,504 pence Friday, having dropped as low as 2,355p earlier in the day. Rathbone Brothers said it was not aware of anything that would give substance to the allegation, and is taking “strong action”, adding it is “alert to the possibility of market abuse”. A post in relation to Rathbone Brothers was made on discussion website and social news aggregator Reddit.com earlier Friday.

The UK’s manufacturing output grew at the fastest pace this year in July, according to official figures. Output rose by 0.5% in the month, the Office for National Statistics (ONS) said, as car production rebounded after declining in June. Recent surveys of the manufacturing sector have suggested that it is seeing a pick-up in orders and output. However, separate figures from the ONS indicated that there was little change in the UK’s trade deficit during July. The trade deficit in goods and services was barely changed at £2.872bn, while the deficit in goods widened slightly to £11.576bn, compared with June’s downwardly revised figure of £11.527bn.

Glencore said it has struck a deal with partner Qatar Investment Authority to jointly sell a 14.16% stake in Russian-state owned oil and gas giant Rosneft to CEFC China Energy Co Ltd. Glencore said the stake to be sold will be at a premium of approximately 16% to the 30 day volume weighted average price of Rosneft shares on Friday. For the deal to complete, the pair must enter final negotiations with CEFC, which will also have to secure regulatory approval.

Oil prices steadied after almost a week of sharp rises as Hurricane Irma, one of the most powerful storms in a century, drove towards Florida after tearing through the Caribbean.

Gold prices are higher and hit another 12-month high in early U.S. trading. Sellers of the safe-haven metal are scarce heading into a very uncertain weekend and with the U.S. dollar in a near free-fall.

Market Close

Market	Index	Change	% Change
UK 100	7,377.6	-19.4	-0.3%
UK 250	19,610.4	-86.3	-0.4%
GER 30	12,301.2	+4.6	+0.0%
FRA 40	5,112.6	-2.0	-0.0%
U.S. 30	21,825.24	+40.46	+0.2%
U.S. 500	2,464.1	-1.0	-0.0%
OIL (BRENT)	54.11	-0.38	-0.7%
GOLD	1,345.85	-3.37	-0.3%

UK Risers & Fallers

Company	Price	Change	% Change
Sirius Minerals	26.975	+1.9	+7.6%
St. James’s Place	1142	+24	+2.1%
Barclays	187.6	+3.6	+2%
Greene King	555.5	-103.5	-15.7%
BHP Billiton	1402.5	-55	-3.8%
Antofagasta	1008	-39	-3.7%

Reported Economic Data

Time/Date	Previous	Forecast	Outcome
9:30am: U.K. Manufacturing Production m/m	0.0%	0.3%	0.5%
9:30am: U.K. Goods Trade Balance	-12.7bn	-11.9bn	-11.6bn
3:00pm: U.S. Final Wholesale Inventories m/m	0.4%	0.4%	0.6%