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(Alliance News) - Stock prices in London opened marginally higher on Monday despite persistent health fears after the global coronavirus death toll moved past 500,000.
The FTSE 100 index was up 4.71 points, or 0.1%, at 6,154.92. The mid-cap FTSE 250 index was up 18.92 points, or 0.1%, at 17,132.09. The AIM All-Share index was up 2.62 points, or 0.3%, at 885.76.
The Cboe UK 100 index was down 0.4% at 10,399.43. The Cboe 250 was down 0.4% at 14,561.10, and the Cboe Small Companies was flat at 9,319.59.
In mainland Europe, the CAC 40 in Paris was down 0.4%, while the DAX 30 in Frankfurt was flat.
Data showed more than half a million people died globally due to the coronavirus pandemic, according to an AFP tally on Sunday, as bars in Los Angeles were ordered to close again due to surging cases in the US.
The worldwide number of recorded infections is now just over 10 million from the virus that first emerged in China late last year, with fears growing of a full-blown second wave. The rate of contagion has doubled since May 21.
Infections are up too in some other parts of the world that have reopened, with Europe registering a caseload of over 2.6 million, although daily rates have stabilised.
"The market remains relatively sanguine by the deteriorating health situation in Florida and Texas, as improving cyclical data is keeping investor sentiment afloat for now. The rate of positive tests is 14.7% in Florida and 14.3% in Texas, according to state data. The trajectory for...equities depends on the likelihood of renewed lock-downs. The high economic costs mean the bar is set very high for economic closures," said AxiCorp's Stephen Innes.
In the FTSE 100, Rio Tinto was down 1.0%. The Anglo-Australian miner said it has reached an agreement with the government of Mongolia on a new source of domestic power for its Oyu Tolgoi copper and gold mine.
Rio said the agreement paves the way for the government to fund and construct a state-owned power plant at Tavan Tolgoi. The miner also said the two sides would work towards finalising a power purchase agreement by the end of March 2021.
Construction of the coal-fired power plant will begin no later than July 2021.
In the FTSE 250, Energean was the best performer, up 13% after the oil and gas company amended the terms for its acquisition of Italian utility Edison's exploration & production portfolio.
Energean said the deal now will exclude Edison's Norwegian subsidiary. The latest change follows the exclusion of Edison's Algerian asset. The purchase is now valued at USD284 million, as opposed to the original sum of USD750 million.
It still includes Edison's UK portfolio, with a stake in Glengorm, the largest gas condensate discovery in the Central North Sea.
Elsewhere, Indivior was down 1.2% after the drugmaker said it has promoted Chief Financial & Operations Officer Mark Crossley to chief executive officer to replace Shaun Thaxter, who is stepping down. Crossley has been CFOO of Indivior since February 2017 and joined Indivior in 2012. Indivior said Ryan Preblick, currently SVP of global financial planning & analysis commercial operations, has been appointed interim CFO.
The Japanese Nikkei 225 index closed down 2.3%. In China, the Shanghai Composite ended down 0.7%, while the Hang Seng index in Hong Kong is down 1.1%. The Shanghai market reopened on Monday after being closed on Thursday and Friday for the Dragon Boat Festival holiday.
The pound was quoted at USD1.2366 early Monday, up from USD1.2326 at the London equities close on Friday.
The EU and the UK launch an intense five weeks of negotiations on a deal to define their post-Brexit relations on Monday, with London keen to wrap things up quickly. The new round of talks in Brussels will be the first to be held face-to-face since the coronavirus shutdown combined with the two sides' entrenched positions to stall progress.
The euro was quoted at USD1.1248, up from USD1.1210 late Friday in London. Against the yen, the dollar was trading at JPY107.12 in London, marginally lower than JPY107.21 on Friday.
Gold was quoted at USD1,773.84 an ounce, up from USD1,760.70 late Friday. The precious metal hit a high of USD1,775.67 overnight - its highest level since late 2012.
Brent oil was quoted at USD40.26 a barrel Monday morning, lower from USD40.70 late Friday.
The economic events calendar on Monday has Germany inflation readings at 1300 BST.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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