Michele Maatouk WebFG News | 06 Nov, 2017 08:59 - Updated: 09:11 | | |
London stocks were flat in early trade on Monday as investors paused for breath after an eventful week.
At 0845 BST, the FTSE 100 was flat at 7,558.68, while the pound was up 0.1% against the euro and the dollar at 1.1280 and 1.3089, respectively.
Spreadex analyst Connor Campbell said: “After a bombardment of news - including a Fed statement, dovish Bank of England rate hike and mixed US non-farm jobs report - investors may struggle to scrape together anything of note in the first full week of November.
“Befitting a tame economic calendar, the markets have gotten off to an achingly slow start. The FTSE opened flat, just a smidge below 7560, meaning with a bit of luck it could find itself to a fresh all-time high at some point this week. A decent smattering of gains in the commodity sector, specifically the miners, is helping prop the UK index up, following a 1.2% jump from copper.
“As for the pound, it is continuing to show little interest in recovering last week’s post-BoE losses.”
In corporate news, challenger bank Aldermore rose after it recommended a bid from South Africa's First Rand bank, as well as reporting 12% growth in net loans by the end of the third quarter.
Rio Tinto advanced as it appointed Simon Trott to the newly-created role of chief commercial officer as it reinforces its focus on driving value across the business from mine to market.
Mitie and Tate & Lyle were boosted by upgrades at Jefferies and Investec, respectively, while GKN was up after Investec lifted the stock to ‘buy’.
Plastics maker Synthomer fell after it said sales volumes in the third quarter remained flat on last year and that it continued to hunt for acquisition opportunities.
EasyJet flew lower despite reporting a 9.9% jump in passenger numbers for October as the load factor ticked higher, but Wizz Air fared much better after its October traffic stats.
Redefine was in the red after announcing the successful exchange of contracts with Patrizia Immobilien AG for the sale of a German supermarket portfolio, with completion anticipated to take place in December 2017.
Morgan Advanced Materials retreated despite saying it is trading in line with its expectations as it reaffirmed its outlook for the full year.
Healthcare company BTG was weaker as it said it will pay a £55.3m provision after the final ruling in its patent dispute with WellStat Therapeutics went against the company.
IWG was hit by a downgrade to ‘sector perform’ at RBC Capital Markets.
FTSE 100 - Risers
Convatec Group (CTEC) 191.40p 5.16%
BHP Billiton (BLT) 1,458.00p 2.14%
Anglo American (AAL) 1,515.00p 2.02%
NMC Health (NMC) 3,150.00p 1.97%
Rio Tinto (RIO) 3,793.50p 1.84%
GKN (GKN) 323.60p 1.67%
Severn Trent (SVT) 2,156.00p 1.17%
Randgold Resources Ltd. (RRS) 7,015.00p 1.01%
Antofagasta (ANTO) 998.00p 0.81%
Fresnillo (FRES) 1,300.00p 0.78%
FTSE 100 - Fallers
Barclays (BARC) 180.70p -1.39%
Johnson Matthey (JMAT) 3,470.00p -0.94%
InterContinental Hotels Group (IHG) 4,325.00p -0.87%
Morrison (Wm) Supermarkets (MRW) 217.30p -0.78%
Reckitt Benckiser Group (RB.) 6,536.00p -0.71%
Ashtead Group (AHT) 1,963.00p -0.71%
easyJet (EZJ) 1,305.00p -0.68%
Prudential (PRU) 1,855.50p -0.67%
Babcock International Group (BAB) 812.50p -0.61%
G4S (GFS) 284.80p -0.59%
FTSE 250 - Risers
Mitie Group (MTO) 251.40p 5.54%
Tullow Oil (TLW) 196.80p 3.20%
Cairn Energy (CNE) 224.50p 3.17%
Aldermore Group (ALD) 309.80p 2.45%
Lancashire Holdings Limited (LRE) 757.50p 2.23%
Sophos Group (SOPH) 617.00p 1.90%
Tate & Lyle (TATE) 703.00p 1.88%
Euromoney Institutional Investor (ERM) 1,178.00p 1.73%
Playtech (PTEC) 781.00p 1.43%
Hunting (HTG) 537.50p 1.42%
FTSE 250 - Fallers
BTG (BTG) 734.00p -5.78%
Redefine International (RDI) 38.09p -1.96%
Inmarsat (ISAT) 583.00p -1.93%
Greene King (GNK) 545.50p -1.89%
Sports Direct International (SPD) 394.30p -1.65%
TP ICAP (TCAP) 492.10p -1.58%
IWG (IWG) 218.40p -1.58%
JD Sports Fashion (JD.) 357.90p -1.38%
Morgan Advanced Materials (MGAM) 320.70p -1.32%
Thomas Cook Group (TCG) 121.40p -0.98%
The greenback weakened against a basket of currencies on Thursday with the dollar index dropping 0.11% to 93.117 by 1715 GMT, it's lowest level in more than a month.
These were the yields on some of the most widely-followed 10-year sovereign bond yields: US: 2.32% (-4bp)UK: 1.28% (+1bp)Germany: 0.35% (+0bp)France: 0.67% (-1bp)Spain: 1.45% (-3bp) Italy: 1.77% (-1bp)Portugal: 1.91% (-1bp)Greece: 5.37% (+3bp)Japan: 0.03% (-0bp)
The Bank of England has admitted paying its female staff 24% less than their male counterparts, primarily due to a lack of women in senior positions .
News out for the UK on Thursday showed second estimate GDP quarter/quarter came in as expected, 0.4%, while the latest minutes from the European Central Bank (ECB) eluded to a discussion about cutting the current bong buying programme.
Friday offers a relatively peaceful end to the week in the financial calendar, with UK mortgage numbers, Germany's Ifo business climate survey and US PMI surveys to sate macro fans, results from Fuller Smith & Turner and Future, while those with some early Christmas shopping may be more focused on Black Friday.
The top flight index closed marginally lower on Thursday even as the pound slipped, with the latest readings on retail sales and UK GDP in focus.
Molecular diagnostics group Premaitha Health has signed an agreement with a new laboratory partner, it announced on Thursday, to offer a non-invasive prenatal testing (NIPT) screening solution in a new East Asian territory.
US tech giant Facebook has announced it will show users of the social network whether it interacted with pages set up by Russian bots during the presidential election last year.
Commercial flooring and specialist construction services company Mountfield Group updated the market on its trading in the year-to-date on Thursday, reporting that net profit for the year was likely to exceed that achieved in both the first half of the current year, and the second half of the 2016 year.
Zoopla and uSwitch owner ZPG confirmed on Thursday that it does not plan to make another offer for GoCompare.