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(Alliance News) - London stocks were mixed on Tuesday, as European markets stabilised despite the death toll from the spread of coronavirus in China rising past 100.
The FTSE 100 index was up 12.47 points, or 0.2%, at 7,424.52. The FTSE 250 was down just 3.30 points at 21,300.37, and the AIM All-Share was down 0.4% at 949.42.
The Cboe UK 100 index was up 0.2% at 12,583.49, the Cboe UK 250 was down 0.1% at 19,248.30, and the Cboe Small Companies index up 0.2% at 12,417.81.
In mainland Europe on Tuesday, the CAC 40 index in Paris was flat, while the DAX 30 in Frankfurt was down 0.2%.
Stocks in Europe were steadier on Tuesday after suffering bruising losses on Monday over fears for the spread of coronavirus. The FTSE 100 had shed 2.3% and the CAC 40 and DAX 30 both lost 2.7%.
"Stocks have already taken a beating, particularly those most exposed to the Chinese economy which will, in all likelihood, suffer as a result of this outbreak. And the worst is unlikely to be behind them, even as they squeeze out small gains in early trade today. This is more a reflection of the pain suffered on Monday, than anything else," said Craig Erlam at Oanda.
The contagion, which experts believe emanated from a wild animal market in the Chinese city of Wuhan last month, has triggered a desperate Chinese containment effort after spreading nationwide and to more than a dozen other countries.
The National Health Commission on Tuesday announced 26 new deaths, bringing the nationwide total to 106. Confirmed infections also nearly doubled compared to Monday, to 4,515. Nearly 7,000 more cases are suspected and awaiting confirmation.
The World Health Organization last week stopped short of declaring the outbreak a global emergency, which could have prompted a more aggressive international response such as travel restrictions. But the WHO on Monday admitted making an error in originally assessing the virus' worldwide threat as "moderate", issuing an update late Sunday saying the risk was actually "high at the global level."
Despite the virius's rampant spread, stocks in the US are called for a firm open on Tuesday. The Dow Jones and S&P 500 are both seen up 0.3%, while the Nasdaq is called 0.5% higher.
Oil remained soft over demand fears stemming from the expected hit to the Chinese economy from the spread of the virus. Brent oil was quoted at USD58.72 a barrel midday Tuesday from USD58.90 late Monday.
Gold, meanwhile, fell back slightly to be quoted at USD1,580.47 an ounce against USD1,582.00 at the close on Monday, though remained higher than USD1,571.18 at the end of last week.
In forex, the pound was quoted at USD1.3014 at midday Tuesday, down compared to USD1.3056 at the close on Monday.
The euro stood at USD1.1014 at midday Tuesday, soft against USD1.1020 late Monday. Against the safe haven Japanese yen, the dollar was trading at JPY108.79 compared to JPY108.93 late Monday.
"The return of US data will help shift attention from China, with durable goods and consumer confidence providing useful snapshots on the US economy ahead of tomorrow’s Fed meeting," said Chris Beauchamp, chief market analyst at IG.
Durable goods orders are due at 1330 GMT, and consumer confidence at 1500 GMT.
In London, luxury retailer Burberry was the worst performer in the FTSE 100, down 2.9%. The firm, known for its checked print and trench coats, has shed 7.5% over the past seven days due to its high exposure to Chinese consumers.
British Airways parent International Consolidated Airlines was down 1.2% on worries the spread of coronavirus will dent air travel. The stock has shed 9.1% over the past seven days.
Smirnoff vodka maker Diageo, meanwhile, was down 2.5% after JPMorgan cut the distiller to Underweight from Neutral.
The top performer in the FTSE 250 was soft-drinks company AG Barr, up 13% as it guided for full-year profit ahead of consensus.
The Irn-Bru maker said it adjusted its pricing and promotions in the year ended January 25 to align more closely with market conditions, which resulted in an increase in average realised prices.
For the 2020 financial year, AG Barr expects adjusted pretax profit to be be at the top end of current market expectations, just ahead of GBP37 million, but down from GBP45.2 million a year ago. Revenue is predicted to total GBP255 million versus GBP279 million a year ago.
Crest Nicholson rose 4.3% after the housebuilder maintained its dividend payment despite posting a 39% drop in profit for its 2019 financial year amid lower home completions.
For the year ended October 31, the company's pretax profit slumped to GBP102.7 million from GBP168.7 million in financial 2018, and revenue slipped 3% to GBP1.08 billion from GBP1.12 billion. Home completions fell 4% to 2,912 units from 3,048.
The company maintained its full-year dividend at 33.0p per share.
Crest said it remains confident in its ability to deliver on previous guidance and reiterated expectations for adjusted pretax profit in its current financial year in a range of GBP110 million to GBP120 million. Adjusted pretax profit in financial 2019 was GBP121.1 million.
By Lucy Heming; lucyheming@alliancenews.com
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