London open: Stocks nudge lower ahead of busy week
19-02-2018 08:16
London stocks were a touch weaker in early trade on Monday despite positive opening calls, as investors sifted through earnings and looked ahead to a busier rest of the week.
At 0830 GMT, the FTSE 100 was down 0.1% to 7,289.56,while the pound was 0.1% lower versus the dollar and the euro at 1.4011 and 1.1295, respectively.
There are no major data releases due but Bank of England Governor Mark Carney will give a speech at Regents University at 1845 GMT.
Spreadex analyst Connor Campbell said: "Today's empty economic calendar actually masks an incredibly busy week for the UK markets. Wednesday sees the latest jobs report, with wage growth expected to remain at 2.5% against inflation's stubborn 3.0% levels, while Thursday brings with it the second estimate Q4 GDP reading.
"Not only that, it is one of the most over-stuffed weeks for earnings since the year began, with the FTSE's big four banking stocks, a decent chunk of the index's miners, and the likes of InterContinental Hotels, Barratt Developments, BAE Systems, IAG, Pearson, British American Tobacco and Centrica all reporting. If the market's recent macro-trading doesn't come to dominate, then such releases will likely become the FTSE's main source of direction this week."
Investors were digesting the latest survey from Rightmove released earlier, which showed the average UK asking price rose 0.8% on the month in February following a 0.7% jump the month before. On the year, house prices were up 1.5% compared to a 1.1% increase in January.
Rightmove director Miles Shipside said: "This month's rise of 0.8% is well below the 1.6% monthly average at this time of year over the last 10 years, and it is wise for sellers to be cautious and not to over-price given stretched buyer affordability."
In corporate news, consumer goods group Reckitt Benckiser was under the cosh as it vowed to return to growth after reporting flat like-for-like sales for 2017.
Polymetal International slipped after it agreed to increase its stake in the Russian Prognoz silver property to 50% from 5% for $72m to be paid in Polymetal shares.
James Fisher was a little weaker after saying it had bought Australian recompression chamber maker Cowan Manufacturing for AUD $2.6m (£1.5m) in cash.
AstraZeneca ticked lower after it and MedImmune, its global biologics research and development arm, announced that the US Food and Drug Administration (FDA) has approved Imfinzi for the treatment of patients with unresectable Stage III non-small cell lung cancer (NSCLC), whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy (CRT).
On the upside, Spectris rallied as it posted a 12% increase in full-year pre-tax profit and a 13% rise in revenue, while Fidessa racked up strong gains after saying full-year pre-tax profit and revenue rose 2% and 7%, respectively.
Retailer N Brown advanced after announcing that Matt Davies, the former UK boss of Tesco, will succeed Andrew Higginson as its chairman.
FTSE 250 merchanting and DIY group Grafton rose after announcing the acquisition of London-based independent specialist decorators' merchant Leyland SDM for £82.4m on a debt-free, cash-free basis.
Saga also gained after saying it has appointed Patrick O'Sullivan as chairman with effect from 1 May.
In broker note action, Kier was initiated at 'buy' by Stifel, while AA was downgraded to 'sell' by Berenberg.
Market Movers
FTSE 100 (UKX) 7,289.56 -0.07%
FTSE 250 (MCX) 19,770.37 0.19%
techMARK (TASX) 3,328.96 0.23%
FTSE 100 - Risers
NMC Health (NMC) 3,480.00p 1.64%
Evraz (EVR) 398.90p 1.09%
Standard Life Aberdeen (SLA) 368.00p 1.04%
easyJet (EZJ) 1,661.00p 0.85%
Lloyds Banking Group (LLOY) 68.29p 0.83%
Barclays (BARC) 201.70p 0.82%
International Consolidated Airlines Group SA (CDI) (IAG) 612.40p 0.72%
Ashtead Group (AHT) 2,045.00p 0.69%
Carnival (CCL) 4,836.00p 0.52%
AstraZeneca (AZN) 4,763.50p 0.51%
FTSE 100 - Fallers
Reckitt Benckiser Group (RB.) 6,318.00p -3.81%
Fresnillo (FRES) 1,381.40p -1.33%
Randgold Resources Ltd. (RRS) 6,224.00p -1.30%
Shire Plc (SHP) 3,175.00p -0.84%
Micro Focus International (MCRO) 2,101.00p -0.80%
Rio Tinto (RIO) 4,075.00p -0.66%
Unilever (ULVR) 3,780.00p -0.57%
Imperial Brands (IMB) 2,643.50p -0.53%
Vodafone Group (VOD) 203.70p -0.46%
Informa (INF) 686.40p -0.38%
FTSE 250 - Risers
Fidessa Group (FDSA) 2,790.00p 7.10%
Softcat (SCT) 589.00p 4.62%
Spectris (SXS) 2,730.00p 3.14%
Pershing Square Holdings Ltd NPV (PSH) 961.00p 1.48%
Vectura Group (VEC) 80.15p 1.39%
PZ Cussons (PZC) 292.88p 1.34%
IP Group (IPO) 112.60p 1.26%
RPC Group (RPC) 830.20p 1.24%
TBC Bank Group (TBCG) 1,680.00p 1.20%
Euromoney Institutional Investor (ERM) 1,199.20p 1.11%
FTSE 250 - Fallers
AA (AA.) 113.88p -4.02%
Rank Group (RNK) 227.50p -1.73%
Lancashire Holdings Limited (LRE) 561.50p -1.49%
McCarthy & Stone (MCS) 146.80p -1.48%
TalkTalk Telecom Group (TALK) 104.86p -1.35%
Cineworld Group (CINE) 240.80p -1.31%
Sophos Group (SOPH) 526.44p -1.14%
Purecircle Limited (DI) (PURE) 438.00p -1.13%
Barr (A.G.) (BAG) 634.75p -0.98%
St. Modwen Properties (SMP) 384.86p -0.96%
