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LONDON (Alliance News) - Stock prices in London opened mixed Monday, with the FTSE 100 benefiting from weak pound amid fears of a 'hard' Brexit, with the index of large-caps setting a new record intraday high at the open.
The FTSE 100 was up 0.2%, or 12.98 points, at 7,350.79. On Friday, the blue-chip index closed at a record high for a 12th consecutive time, its 14th consecutive session finishing higher. On Monday after the open, the index touched a new record intraday high of 7,354.14.
Just after the open in London, banking stocks were among the biggest fallers in the FTSE 100, with Royal Bank of Scotland Group down 2.3%, Lloyds Banking Group down 1.3% and Barclays down 1.2%.
At the other end of the blue-chip index were miners, with Fresnillo up 2.9%, Anglo American up 2.8% and Glencore up 2.3%.
The pound appeared to suffer market jitters ahead of a speech by UK Prime Minister Theresa May on Tuesday at Lancaster House in London. May is expected to set out the UK government's position in the negotiations with the European Union on Brexit, ahead of the triggering of article 50 by the end of March.
"Gains for UK blue-chips are derived less from shareholder optimism and more from another dollop of perverse helpful sterling weakness overnight, flattering the value of international profits, as markets gear up to hear what May has to say about Brexit (long overdue), currency traders clearly speculating about hard Brexit rhetoric," said Accendo Markets analyst Michael van Dulken.
The pound was quoted at USD1.2033 compared to USD1.2185 at the London equities close on Friday. The UK currency earlier on Monday hit a low of USD1.1987, its lowest level since the 'flash crash' seen in October, when it fell to USD1.1806.
Against the euro, the pound was standing at EUR1.1357, versus EUR1.1466 late Friday.
Meanwhile, the FTSE 250 index, filled with mid-cap stocks more sensitive to the UK economy, started down 0.1% at 18,355.02, though the AIM All Share index of mostly small-cap stocks was up 0.2% at 875.29.
The BATS UK 100 index was up 0.1% at 12,390.72, the BATS 250 down 0.1% at 16,685.12 and the BATS Small Companies flat at 11,034.39.
In mainland Europe, the CAC 40 index in Paris was down 0.3% and the DAX 30 in Frankfurt was 0.5% lower.
In Asia on Monday, the Japanese Nikkei 225 index closed 1.0% lower. In China, the Shanghai Composite ended down 0.3%, while the Hang Seng index in Hong Kong finished down 1.0%.
In a report released earlier Monday, property website Rightmove said UK house prices increased marginally in January. Property prices increased 0.4% in January from prior month to hit GBP300,245 on average. On a yearly basis, house prices advanced 3.2% in January.
Those planning to buy their first home in 2017 have more choice of properties and less competition from other buyers than their counterparts a year ago, Miles Shipside, Rightmove director said. Rightmove said its website traffic has increased by 5% since Boxing Day.
Still in the economic calendar on Monday, Italy's consumer price index is at 0900 GMT, while the eurozone trade balance is at 1000 GMT. Bank of England Governor Mark Carney gives a speech at the London School of Economics at 1830 GMT. The US is closed for Martin Luther King's Birthday.
Elsewhere in London, Ibstock was among the biggest gainers in the FTSE 250, up 1.1%, after saying will hit its earnings expectations for 2016 after growth in revenue in the UK and the US.
Ibstock said group revenue for the year to the end of December rose 5.0% year-on-year, with 2.0% growth in the UK and 18% in the US, the latter benefiting from translating dollar sales into a weak pound. In constant currencies, US revenue rose 4.0%.
Ashmore Group was another gainer, up 0.8%. The emerging markets-focused asset manager said assets under management declined amid net outflows in the final quarter of 2016.
Ashmore reported that for its financial second quarter, which ended December 31, assets under management dropped by 4% to USD52.20 billion from USD54.60 billion.
However, Ashmore said emerging markets asset prices strengthened in December, and it expects to see a return to the improving net flows the company saw in most of 2016.
By Daniel Ruiz; danielruiz@alliancenews.com
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