The Market Close- National Grid sells remaining 25% interest in Cadent Gas for £1.2bn

Today's Closing Update

U.S.Stocks slipped on Tuesday as the latest batch of earnings from companies such as Pfizer and Tapestry disappointed investors already concerned about rising costs and protectionist policies.

European Stocks inched higher, with U.K. equities driving the market action as most of the region’s markets were closed for May Day.

UK manufacturing activity expanded at the slowest pace in 17 months in April, survey data from IHS Markit showed Tuesday. The Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers’ Index fell to 53.9 in April from 54.9 in March. The score was forecast to fall slightly to 54.8. Nonetheless, the indicator signaled expansion in each of the past 21 months.

BP held out the prospect of a first dividend increase since 2014 on Tuesday, after first-quarter profits beat forecasts thanks to rising oil and gas prices and production. Chief Financial Officer Brian Gilvary said the London-listed company might consider raising the dividend later this year if oil prices remain near current levels and debt declines.

John McFarlane said he is not about to quit as chairman of Barclays, adding that most shareholders backed Jes Staley to remain as the British bank’s chief executive following a misconduct inquiry. Barclays has faced uncertainty over its leadership, mainly due to regulatory scrutiny of Staley’s treatment of a whistleblower and concerns among some investors about its investment bank-focused strategy.

Britain’s media secretary Matt Hancock will give his verdict on Rupert Murdoch’s 18-month pursuit of Sky by June 13, potentially paving the way for Murdoch’s Fox to take on Comcast in the battle for the British TV group. Twenty-First Century Fox agreed a deal to buy the 61% of Sky it did not already own in December 2016 but the takeover has been repeatedly held up by politicians and regulators who fear it will give Murdoch too much influence in Britain.

Pfizer Inc racked up its biggest miss on sales in a year in the first quarter, hurt by lower-than-expected sales of blockbuster breast cancer drug Ibrance and arthritis drug Xeljanz. Pfizer shares, which have struggled to benefit from the surge in stock market prices since Donald Trump’s election in 2016, dipped just over 1% in response to the results.

National Grid said it had agreed to sell its remaining 25% interest in UK natural gas distributor Cadent Gas to the Quadgas Investments consortium for around £1.2bn. The company said it had an option to complete the sale any time between 1 March 2019 and 31 October 2019, subject to at least six months’ notice and meeting customary regulatory conditions.

WPP said it has taken over full ownership of three joint venture assets in south-east Asia and Taiwan. WPP has taken over its subsidiary Young & Rubicam’s joint venture operations in Malaysia, Singapore, Thailand, and Vietnam. It has also done the same for its subsidiary Wunderman in Thailand and Taiwan.

Oil Prices slid as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market.

Gold Prices fell to a six-week low today as the dollar firmed near 3-1/2-month highs, with investors awaiting direction on US monetary policy from the US Federal Reserve.

Market Close

UK 100	7,520.4	+11.1	+0.2%
UK 250	20,348.3	+63.3	+0.3%
GER 30	12,612.11	–	–
FRA 40	5,520.5	+37.3	+0.7%
U.S. 30	23,883.85	-279.30	-1.2%
U.S. 500	2,632.1	-15.9	-0.6%
OIL (BRENT)	73.38	-1.31	-1.8%
GOLD	1,304.36	-11.03	-0.8%

UK Risers & Fallers

Just Eat	805.4	+31.6	+4.1%
Bunzl	2179	+68	+3.2%
Virgin Money	296.55	+18	+6.5%
British American Tobacco	3900	-99	-2.5%
Kingfisher	296.3	-7.5	-2.5%
Centamin	149.825	-7.15	-4.6%