Market overview: Stocks rise after Wall Street bounces back

Sharecast

LONDON (ShareCast) - 1630:Close UK stocks ended the day higher, recovering from a sharp dip earlier on which was attributed to the news-flow out of Ukraine remaining rather negative. Some of the up and until now most high flying stocks, such as Hargreaves Lansdown (LSE: HL.L - news) , Sports Direct (Frankfurt: A0MK5S - news) and IAG, were again amongst the worst performers. A bounce in US stocks on lighter than usual trading volumes - due to the Easter holiday - lent its weight to today's rise. Stateside, Citigroup (NYSE: C - news) was also bouncing back noticeably following its latest quarterly results. To take note of, the S and P 500 may be undergoing what technical analysts denominate a 'pull-back' to a support level which had been previously lost. FTSE 100 up 22 to 6,584.

1612: BP (LSE: BP.L - news) has moved off its lows of the session, allowing the Footsie to recover, or so some say. FTSE 100 up 7 to 6,569.

1331: Three-month copper futures are 0.8 per cent lower at 6,635 dollars per metric tonne.

1330: US retail sales grew by 1.1 per cent month-on-month in March, well ahead of the 0.8 per cent expected by analysts.

1314: US financial giant Citigroup saw earnings per share come in at 1.30 dollars, versus 1.29 dollars a year ago. Shares are up by nearly four per cent in the pre-open. Versus 2013 net credit losses declined by 15 per cent at the US financial heavyweight, while deposits were 3 per cent higher at 966bn dollars.

1205: Shares of Hargreaves Lansdown are again down sharply after losing technical support towards 1,300p last Friday. They are now near their 200-day moving average, which comes in at 1,225p.

1155: Russian actions in Ukraine are a "deliberate destabilisation", William Hague has told a meeting of EU foreign ministers, CNN reports. FTSE 100 down 18 to 6,544.

1121: The Footsie has managed to rise slightly from its intraday lows. Nonetheless, the selling in Eurozone equity markets - especially in the periphery - continues to be significant. However, the dollar/yen cross, a widely followed measures of risk aversion, is actually edging higher by 0.12 per cent to 101.72. Pointing in the other direction, technical analysts at Sharecast are pointing out how last Friday the S&P 500 broke through the neckline on a head-and-shoulders pattern that may take it as low as the 1,760 point mark.

09:59 Defensive issues have clearly got the upper hand this morning. Reckitt Benckiser (Xetra: A0M1W6 - news) is leading risers ahead of its IMS this Wednesday, followed by the likes of Unilever (NYSE: UL - news) , British American Tobacco (LSE: BATS.L - news) and Imperial Tobacco (LSE: IMT.L - news) . Hargreaves Lansdown, Ashtead and IAG are again to be found the bottom of the pile, as risk aversion moves down another notch. The above comes on the heels of reports that the US and Russia have traded barbs at the UN. FTSE 100 down 42 to 6,520.

0900: Credit Suisse (NYSE: CS - news) has lifted its target price on ARM HoldingsIAG to 1,200p from 1,050p. As an aside, Numis continues to use 100 dollars per barrel as its assumption for Brent crude prices, the broker wrote to clients this morning.

0845: UK stocks are outperforming peers over on the continent despite the renewed falls seen on Wall Street and the negative news-flow surrounding the Ukrainian crisis. The benchmark Chinese seven day repo rate eased overnight. Glencore Xstrata (Other OTC: GLCNF - news) is at the top of the leaderboard after acquiescing to Beijing's demands that it sell its Las Bambas copper project in Peru in order to obtain regulatory approval for its merger. Homebuilders' shares are doing worst in the early going. The latest E&Y ITEM Club out this morning is projecting that the rise in asking prices for homes in the UK will retreat to a 4.2 per cent clip in 2016, after advancing by 7.2 per cent in 2015. FTSE 100 down 10 to 6,552.

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