Michele Maatouk Sharecast | 20 Mar, 2017 08:42 - Updated: 09:42 | | |
London stocks edged lower in early trade on Monday after closing at a record high again at the end of last week, as investors sifted through some corporate news and digested developments at the G20 meeting.
At 0830 GMT, the FTSE 100 was down 03% to 7,403.07, while sterling was up 0.2% to $1.2419 and flat at €1.1534.
Spreadex's Connor Campbell said: "The pound is caught between last week’s dovish hike from the Fed, the Bank of England’s non-unanimous rate vote, where Kristen Forbes signalled that she believes an increase is in order, and Tuesday’s inflation figure, which is set to cross the BoE’s long held 2.0% target.
"Yet this hawkish haze hasn’t helped sterling out as much against the euro as it has against the greenback, with the pound still having a way to go before it reclaims its end of February/start of March losses."
The latest survey from Rightmove showed house prices in England and Wales rose 1.3% on the month in March to £310,108, marking the biggest increase since 2007. On the year, however, growth was 2.3%, slowing down significantly from 7.6% in March 2016.
In terms of regions, the strongest performance was seen in the Midlands, with East and West Midlands prices at record highs.
Prices in the East Midlands were up 2.1% on the month and 5.7% on the year, surpassing £200,000 for the first time. Prices in the West Midlands were also up 2.1% on a monthly basis, and 4.2% on the year.
Market participants were also mulling over the latest G20 meeting, during which finance ministers from the world's biggest economies dropped an anti-protectionist commitment following opposition from the US.
In corporate news, Vodafone nudged lower after agreeing terms of a $23bn merger between its Indian business and Idea Cellular, which is part of the Aditya Birla Group.
Facilities manager Carillion ticked down just a touch after saying it has won a £90m contract from the UK Defence Infrastructure Organisation to design and build a communications centre in Cyprus.
LondonMetric Property advanced after saying it has bought two last mile distribution warehouses in Leeds for £12m, reflecting a blended net initial yield of 6% and a reversionary yield of 6.5%.
Hansteen Holdings was on the front foot after it agreed to dispose of its German and Dutch portfolios for €1.28bn to entities owned by funds advised by affiliates of The Blackstone Group and M7 Real Estate. In addition, the company posted a dip on 2016 pre-tax profit but lifted its dividend.
Pub operator Marston's edged higher as it agreed a new bank facility to replace the £257.5m existing facility that was due to expire in November 2018.
Kaz Minerals was also in the black after saying it has received $166m in VAT refunds so far this year as the tax paid during the construction of the Bozshakol and Aktogay projects has started to be returned.
G4S was under pressure following a downgrade by HSBC, while ASOS was hit by a downgrade from Goldman Sachs.
FTSE 100 - Risers
Associated British Foods (ABF) 2,688.00p 2.75%
Old Mutual (OML) 223.00p 0.77%
Sainsbury (J) (SBRY) 271.70p 0.74%
Admiral Group (ADM) 1,958.00p 0.67%
Dixons Carphone (DC.) 303.60p 0.63%
easyJet (EZJ) 1,027.00p 0.49%
Pearson (PSON) 653.00p 0.46%
Capita (CPI) 573.00p 0.44%
Hammerson (HMSO) 580.50p 0.35%
BT Group (BT.A) 335.35p 0.30%
FTSE 100 - Fallers
Standard Chartered (STAN) 720.50p -1.36%
BP (BP.) 458.45p -0.98%
Anglo American (AAL) 1,282.00p -0.81%
BHP Billiton (BLT) 1,322.50p -0.79%
Hikma Pharmaceuticals (HIK) 2,152.00p -0.74%
Royal Dutch Shell 'B' (RDSB) 2,214.50p -0.70%
Compass Group (CPG) 1,504.00p -0.66%
St James's Place (STJ) 1,065.00p -0.65%
Glencore (GLEN) 340.20p -0.61%
Shire Plc (SHP) 4,781.00p -0.60%
FTSE 250 - Risers
Evraz (EVR) 226.10p 3.53%
Hansteen Holdings (HSTN) 124.50p 2.22%
Unite Group (UTG) 644.50p 1.98%
Phoenix Group Holdings (DI) (PHNX) 806.00p 1.83%
Ladbrokes Coral Group (LCL) 131.30p 1.47%
Electrocomponents (ECM) 483.70p 1.32%
SSP Group (SSPG) 413.20p 1.30%
Metro Bank (MTRO) 3,342.00p 1.18%
BH Macro Ltd. GBP Shares (BHMG) 2,145.80p 1.17%
JPMorgan Indian Investment Trust (JII) 710.00p 1.07%
FTSE 250 - Fallers
IP Group (IPO) 164.00p -2.61%
G4S (GFS) 293.10p -2.59%
Nostrum Oil & Gas (NOG) 458.80p -2.36%
Tullow Oil (TLW) 197.70p -2.27%
F&C Commercial Property Trust Ltd. (FCPT) 141.60p -2.14%
Cranswick (CWK) 2,439.00p -2.05%
Redefine International (RDI) 37.01p -2.01%
Sophos Group (SOPH) 270.50p -1.74%
TalkTalk Telecom Group (TALK) 182.00p -1.62%
Rathbone Brothers (RAT) 2,359.00p -1.50%
An over supply of crude from Nigeria and Libya of approximately 1m barrels per day weighed heavily on the oil market on Friday with September contracts for both WTI crude and Brent crude down 2.28% and 2.29% respectively.
Magnolia Petroleum, an Oklahoma based oil and gas investment company, has divested and agreed farmouts over several wells in North Dakota and Oklahoma for a total of $411,000.
European stocks ended the week firmly in the red as the euro continued to march higher, with the strength in the single currency weighing on exporters and car makers were hit by reports of collusion in the industry, combining to send the Dax to new three-month lows.
On Friday sterling managed to recover most of its losses against the US dollar from prior session posting a morning high of 1.3020, only managing to touch psychological resistance of 1.3000 briefly.
UK stocks were lacklustre on Friday as oil and stocks plunged but investors mulled yet more waxing and waning of Brexit negotiations, proving that uncertainty is the only certainty surrounding the issue.
London's FTSE 100 was in the red on Friday, along with stock benchmarks in Europe and the US.
US industrial giant General Electric reported net profits of $1.34bn for the second quarter of 2017, 53% less than its earnings for the same quarter in 2016.
Wall Street was slightly lower in early trading following disappointing updates from Microsoft and Ebay, alongside weak guidance from industrial conglomerate GE.
Retail betting service supplier Sports Information Services (SIS), in which Catalyst Media Group holds a 20.5% stake, has secured rights and media agreements for its greyhound and horseracing content.
AIM-listed Dalata has acquired Hotel La Tour for £31m from Hotel La Tour Limited, which owns the long leasehold interest in the hotel situated on Park Street in the centre of Birmingham.