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(Alliance News) - Stock prices in London were mixed at the open on Monday with oil majors supporting the FTSE 100, while Sirius Real Estate was the worst FTSE 250 performer.
The UK flagship index was up 5.60 points, or 0.1%, at 7,309.17 early Monday. The FTSE 250 index was down 22.60 points, or 0.1%, at 23,574.30. The AIM All-Share index was flat at 1,237.67.
The Cboe UK 100 index was up 0.1% at 724.70. The Cboe 250 was up 0.1% at 21,077.10 and the Cboe Small Companies up 0.2% at 15,609.29.
In mainland Europe, the CAC 40 stock index in Paris was up 0.3% and the DAX 40 in Frankfurt was flat.
In Asia on Monday, the Japanese Nikkei 225 index closed down 0.4%. In China, the Shanghai Composite ended up 0.2%, while the Hang Seng index in Hong Kong closed down 0.4%. The S&P/ASX 200 in Sydney finished down 0.1%.
China's exports saw a better-than-expected performance in October, official data showed on Sunday, with demand strengthening in some key markets such as the US and Covid numbers easing overseas.
The trade data from the world's second-largest economy also suggested that Chinese factories had kept the goods flowing out despite power outages in recent months caused by emission reduction targets, the surging price of coal, and supply shortages.
Exports rose a better-than-expected 27% on-year in October, according to customs authorities, to USD300.2 billion. Imports came in slightly below analyst estimates, rising 21% in October.
interactive investor's Richard Hunter commented: "Overnight markets in Asia saw investors taking a more circumspect stance. Despite China's exports beating forecasts and resulting in a record trade surplus, imports missed estimates, suggesting a slowdown of domestic demand.
"Coupled with the other pressures which have more recently been troubling the economy, such as the rise in Covid-19 cases, power shortages and a shadow over the property sector, the route to normality seems less clear. This uncertainty spilled over into the UK in early trade, as markets struggled for direction."
In the FTSE 100, Polymetal International was up 2.5% after the gold miner said it had approved the construction of the Veduga gold project in the Krasnoyarsk region of Russia.
The company approved a USD447 million investment in the 4 million ounce asset, based on the results of a preliminary feasibility study. First production is expected in the second quarter of 2025.
Gold stood at USD1,816.55 an ounce on Monday morning, higher against USD1,810.85 late Friday.
Oil majors were in the green, tracking spot oil prices higher. BP, Royal Dutch Shell 'A' and 'B' were up 0.9%, 1.5% and 1.6% respectively.
Brent oil was quoted at USD83.55 a barrel early Monday, up sharply from USD82.82 at the close Friday.
Asset manager abrdn was up 0.8% after it confirmed it is in discussions with JC Flowers for a potential acquisition of online retail investment platform interactive investor.
The Financial Times on Saturday reported the FTSE 100 firm is finalising a deal to buy Manchester-based ii for GBP1.5 billion, in a bid to deepen its direct-to-consumer business, citing people with "direct knowledge of the matter".
However, abrdn said there can be no certainty that the discussions will result in a deal. It said it will make a further announcement "as and when appropriate".
Disputing a weekend press report, JD Sports Fashion was down 1.8%. The sportswear retailer responded to a Sunday Times article, saying it "totally refuted" any breaches in corporate governance.
The newspaper said that JD Sports had launched an investigation into who had covertly filmed Chair & Chief Executive Peter Cowgill meeting his counterpart at footwear retailer Footasylum, Barry Bown, in a possible breach of competition rules.
Last week, the UK Competition & Markets Authority ordered JD Sports to sell Footasylum, which it had acquired in 2019. JD highlighted that Cowgill has known Bown "on a business and personal basis for over 25 years".
As a result, JD said it was not unusual, "or in any way suspicious or illegitimate, for the pair to meet from time to time", including in relation to the ongoing review by the CMA of JD's acquisition of Footasylum.
JD noted it has an obligation under the terms of the interim enforcement order from the CMA to encourage key staff of the Footasylum business - which includes Bown - to remain with the business.
In the FTSE 250, Sirius Real Estate was the worst performer, down 3.6%. The business park operator said it has agreed to buy Helix Investments for GBP245 million in cash and will raise GBP135 million to help fund the deal.
Sirius plans to raise GBP135 million from placing of up to 105.3 million shares from investors in the UK and South Africa. The price at which the shares are to be issued will be announced at the close of a bookbuild process. Sirius shares closed at 138.00p on Friday in London.
Sirius also said an improving economy and renewed market confidence was reflected in its interim performance. For the half year to September 30, pretax profit was EUR78.2 million, up 26% from EUR62.2 million last year. Sirius raised its interim dividend by 12% to 2.04 euro cents from 1.82 cents.
The pound was quoted at USD1.3455 on Monday morning, down from USD1.3482 at the close Friday.
The euro stood at USD1.1553, little changed from USD1.1550. Against the Japanese yen, the dollar was trading at JP113.55, rising from JPY113.47.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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