Lunchtime market roundup: FTSE 100 up amid gains for telecoms, pharma

Stock prices in London were mixed on Friday midday, with the blue chip index higher amid a boost from telecommunications and pharmaceutical stocks while NatWest Group suffered, while investors digested stronger-than-expected eurozone economic growth.

The FTSE 100 index was up 19.75 points, 0.2%, at 10,741.82. The FTSE 250 was down 164.32 points, 0.7%, at 24,512.71, and the AIM All-Share was down 6.58 points, 0.9%, at 756.87.

The Cboe UK 100 was up 0.2% at 1,065.89, the Cboe UK 250 was down 0.5% at 21,643.05, and the Cboe Small Companies was up 0.3% at 19,049.78.

In European equities on Friday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt fell 0.6%.

The eurozone economy expanded more quickly than expected in the third quarter, although growth slowed from the previous three months, according to a preliminary estimate from Eurostat.

Gross domestic product rose 0.4% quarter-on-quarter in the three months to September, ahead of an FXStreet-cited market forecast of 0.2%, but slowing from 0.6% growth in the second quarter, which had been the strongest quarterly expansion in four years.

On an annual basis, eurozone GDP growth accelerated to 1.3% from 1.2% in the second quarter, exceeding expectations of a slowdown to 1.1%.

Eurostat is due to publish more detailed third-quarter GDP figures on November 13.

Separate figures showed the eurozone unemployment rate remained unchanged at 6.5% in September, compared with expectations for a decline to 6.4%.

The pound was quoted at USD1.3413 at midday Friday, higher than USD1.3369 at the London equities close on Thursday. Against the euro, sterling edged up to EUR1.1981 from EUR1.1977 a day earlier.

The euro rose to USD1.1196 from USD1.1162 late Thursday. Against the yen, the dollar fell to JPY157.21 from JPY157.85.

In the FTSE 100, BT Group was among the leading gainers, climbing 5.7% following reports that Virgin Media O2 was nearing an agreement to use BT's Openreach fibre broadband network.

The Financial Times, citing people familiar with the matter, reported that Virgin Media O2 was close to a deal that would allow it to serve new customers through Openreach in areas not covered by its existing network.

The telecommunications operator is also reportedly pausing upgrades to its cable network as part of a broader cost-cutting programme.

The report comes as Virgin Media O2's owners challenge the UK competition regulator's opposition to their £2 billion acquisition of fibre network operator Netomnia.

Both BT and Virgin Media O2 declined to comment.

AstraZeneca advanced 3.8% after reporting third-quarter revenue and profit ahead of market expectations.

The pharmaceutical company said pretax profit rose 22% to USD3.96 billion from USD3.24 billion a year earlier, while revenue increased 6.7% to USD16.21 billion from USD15.19 billion.

AstraZeneca maintained its full-year guidance for revenue growth of a mid-to-high single-digit percentage and core earnings per share growth of a low double-digit percentage at constant exchange rates.

At the other end of the blue-chip index, NatWest Group plunged 7.4% after its third-quarter net interest income fell short of market expectations.

The bank reported an 8.9% increase in net interest income to £3.56 billion from £3.27 billion a year earlier, while operating pretax profit rose 1.9% to £2.23 billion from £2.18 billion.

Total income increased 7.1% to £4.64 billion from £4.33 billion, although profit attributable to ordinary shareholders declined 4.1% to £1.53 billion from £1.60 billion.

NatWest reaffirmed its full-year outlook.

Among smaller companies, Mobico Group jumped 12% after agreeing to a recommended £308 million cash takeover by Leita Mobility, a subsidiary of Autobuses de León.

Autobuses de León is jointly owned by the Cosmen family's CMC Group and a fund managed by Asterion Industrial Partners.

Under the terms of the deal, Mobico shareholders will receive 46 pence per share, representing a 55% premium to the transport operator's closing share price of 29.7p on October 20, the last trading day before the offer period began.

The acquisition implies an enterprise value of £2.32 billion.

CMC Group, Mobico's largest shareholder with a stake of around 26%, has been an investor since 2005.

The bidder said private ownership would provide greater flexibility to address Mobico's debt burden, improve operational performance and support long-term growth.

Mobico's independent directors unanimously recommended the offer, which is expected to be implemented through a court-sanctioned scheme of arrangement.

Meanwhile, Predator Oil & Gas Holdings plunged 38% to 0.83p, despite announcing that its MOU-6 well had been successfully perforated.

Elsewhere, Abenojar Tungsten began unconditional trading on the London Main Market on Friday following its initial public offering.

The company's shares were quoted at 108p in early trading, below the IPO price of 110p.

Following the flotation, Chief Executive Officer Gonzalo Garcia San Miguel held a 91.1% stake, while Ana Beatriz Suarez Calvo owned 2.1%.

Stocks in New York were called mixed, with the Dow Jones Industrial Average set to open up 0.1%, while the S&P 500 was called down 1.1% and the technology-heavy Nasdaq Composite down 2.5%.

The yield on the US 10-year Treasury was quoted at 4.93% at midday Friday, narrowing from 5.00% on Thursday. The yield on the US 30-year Treasury narrowed to 5.29% from 5.33%.

Brent oil was trading at USD117.25 a barrel at midday Friday, higher than USD113.75 late Thursday, as disruption to global energy supplies continued despite plans by European countries to release oil from strategic reserves.

Several European countries are preparing to release 42.6 million barrels of oil from strategic reserves in the coming months as part of efforts by the Group of Seven nations to ease supply concerns.

EU Energy Commissioner Dan Jorgensen said around half of the planned release would consist of diesel.

The move comes as disruption to shipping through the Strait of Hormuz continues to threaten global energy supplies amid the conflict in the Middle East.

Gold was quoted at USD3,999.50 an ounce at midday Friday, lower than USD4,012.39 on Thursday.

Still to come on Friday's economic calendar, the US releases its third-quarter employment cost index at 1230 GMT, with economists expecting a 0.8% increase, slowing from 0.9% in the second quarter.

Germany publishes its flash harmonised consumer price inflation figures for October at 1300 GMT, with the annual rate expected to ease to 3.1% from 3.3% in September.

The US Chicago purchasing managers' index follows at 1345 GMT, with the reading expected to fall to 56.1 points in October from 58.8 in September.

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