Mike Ralston, CEO of Blencowe Resources (BRES) and Manuel Pablo Zúñiga-Pflücker, President and CEO of PetroTal (PTAL) will be presenting and taking live Q&A at focusIR's Investor Webinar on Tuesday 25th February. Please register here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksBEN.L Share News (BEN)

  • There is currently no data for BEN

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

London midday: Stocks reverse gains to turn lower at lunchtime

Thu, 28th Dec 2023 12:27

(Sharecast News) - London's stock markets had turned negative by lunchtime on Thursday, reflecting a subdued trading environment during the typically quiet period between Christmas and New Year.

The FTSE 100, which opened in positive territory, was down 0.13% at 7,715.11 by midday, while the FTSE 250 had slipped 0.27% to reach 19,666.56.

In foreign exchange markets, sterling was last down 0.05% on the dollar, trading at $1.2792, while it declined 0.17% against the euro to change hands at $1.1504.

"The US has recorded the biggest two-month easing in financial conditions in its history because of the impressive US sovereign rally on rising Fed rate cut expectations," said Swissquote Bank senior analyst Ipek Ozkardeskaya.

"It appears that the latest easing in the US financial conditions has been more powerful than the ones observed following the announcements of the quantitative easing programmes from the Fed."

Ozkardeskaya said the rapidly loosening financial conditions were hardly compatible with sustainably low inflation.

"Even less so as the geopolitical tensions started to disrupt global trade ways in a way that could be inflationary.

"One good news is oil's inability to ensure a sustained price rise - the barrel of US crude snapped back below $74 per barrel after testing $76 rising Red Sea tensions."

France unemployment claims rise less than expected, attention now on US

There was a severely limited flow of economic news on Thursday, with France being an exception.

The latest data revealed a positive surprise in France's unemployment benefit claims for November.

While economists had anticipated an increase of 9,200 additional claimants, the actual figure stood at 5,200.

Market participants were now turning their attention to the United States, bracing for a diverse set of data releases scheduled for the afternoon.

Key reports set for release included pending home sales, jobless claims, and the advance goods trade balance.

Economists were projecting a slight drop in initial jobless claims for the week ended 23 December, with expectations set at 205,000, down from the previous week's figure of 210,000.

Lack of news on main market, Zanaga Iron Ore surges on AIM

On London's equity markets, BAE Systems and Prudential had recorded modest gains on the FTSE 100 by midday, while on the FTSE 250, RHI Magnesita had surged over 11%, and the NextEnergy Solar Fund posted a nearly 3% increase.

Outside the main market, Zanaga Iron Ore Company had rocketed almost 24% after it announced a memorandum of understanding (MoU) with China Machinery Engineering Corporation (CMEC) for hydroelectric power solutions for the Zanaga Iron Ore Project.

The MoU also encompassed provisions for project funding.

Insig AI was ahead by more than 5% after it achieved listing on the United Nations Climate Risk Tool Dashboard.

On the downside, BT Group and Barratt Developments led the losses on the FTSE 100, each experiencing a near-2% decline during the morning trading session, while on the FTSE 250, Grainger and Diversified Energy both posted losses of more than 2%.

Fulcrum Metals faced a downturn after reporting an operating loss of £0.35m in its first half, widening from £0.11m in the same period last year.

North American metallurgical coal miner Bens Creek also saw its stock slide, despite demonstrating solid operational progress as its first-half losses slightly widened.

Reporting by Josh White for Sharecast.com.

Market Movers

FTSE 100 (UKX) 7,717.38 -0.10%

FTSE 250 (MCX) 19,665.67 -0.28%

techMARK (TASX) 4,298.46 -0.25%

FTSE 100 - Risers

Scottish Mortgage Inv Trust (SMT) 805.60p 0.95%

BAE Systems (BA.) 1,103.00p 0.73%

AstraZeneca (AZN) 10,564.00p 0.34%

GSK (GSK) 1,454.20p 0.32%

Rio Tinto (RIO) 5,842.00p 0.29%

Relx plc (REL) 3,097.00p 0.29%

Unilever (ULVR) 3,798.50p 0.29%

Pershing Square Holdings Ltd NPV (PSH) 3,560.00p 0.28%

Prudential (PRU) 874.60p 0.25%

Compass Group (CPG) 2,140.00p 0.23%

FTSE 100 - Fallers

BT Group (BT.A) 123.55p -2.02%

Barratt Developments (BDEV) 558.40p -1.41%

Ocado Group (OCDO) 743.40p -1.30%

Smurfit Kappa Group (CDI) (SKG) 3,112.00p -1.27%

Entain (ENT) 993.00p -1.19%

Endeavour Mining (EDV) 1,778.00p -1.17%

Schroders (SDR) 433.40p -1.12%

NATWEST GROUP (NWG) 217.20p -1.00%

Land Securities Group (LAND) 716.40p -1.00%

Berkeley Group Holdings (The) (BKG) 4,710.00p -0.99%

FTSE 250 - Risers

RHI Magnesita N.V. (DI) (RHIM) 3,590.00p 12.05%

NextEnergy Solar Fund Limited Red (NESF) 92.85p 2.60%

PureTech Health (PRTC) 186.40p 2.31%

Helios Towers (HTWS) 88.25p 2.02%

Asia Dragon Trust (DGN) 353.00p 2.02%

Fidelity China Special Situations (FCSS) 207.50p 1.97%

SDCL Energy Efficiency Income Trust (SEIT) 66.80p 1.83%

Schroder Oriental Income Fund Ltd. (SOI) 253.00p 1.81%

Carnival (CCL) 1,310.50p 1.67%

Plus500 Ltd (DI) (PLUS) 1,675.00p 1.52%

FTSE 250 - Fallers

Grainger (GRI) 267.00p -2.84%

Diversified Energy Company (DEC) 1,130.00p -2.71%

Empiric Student Property (ESP) 93.40p -2.10%

Schroder Asia Pacific Fund (SDP) 484.50p -1.72%

Watches of Switzerland Group (WOSG) 673.50p -1.61%

Great Portland Estates (GPE) 418.60p -1.60%

Hargreaves Lansdown (HL.) 718.40p -1.59%

ITV (ITV) 62.88p -1.50%

Grafton Group Ut (CDI) (GFTU) 923.80p -1.48%

Quilter (QLT) 101.30p -1.46%

More News
21 Oct 2021 19:29

IN BRIEF: Bens Creek signs offtake agreement with Integrity Coal Sales

IN BRIEF: Bens Creek signs offtake agreement with Integrity Coal Sales

Read more
19 Oct 2021 14:27

Metallurgical coal miner Bens Creek rises 5% on AIM market debut

Metallurgical coal miner Bens Creek rises 5% on AIM market debut

Read more
15 Oct 2021 17:32

Bens Creek to list on AIM on October 19 after raising GBP7 million

Bens Creek to list on AIM on October 19 after raising GBP7 million

Read more

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.