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(Alliance News) - Stock prices in London were higher at midday on Monday, with retailers and housebuilders among the winners, although reactions were relatively "muted" to DoorDash's proposal for Deliveroo.
"A weekend light on drama was just what the doctor ordered for financial markets and the FTSE 100 made a strong start on Monday to move closer to recovering all of its post-Liberation Day losses," commented AJ Bell's Russ Mould.
However, he added: "Whether the initial relief is sustained depends on Trump's approach from here and there is still lingering uncertainty about what happens next with tariffs. The 90-day pause on most reciprocal tariffs takes us to July, so as we move into the summer, they will become a live issue once again assuming separate deals aren't already in place."
The FTSE 100 index was up 23.49 points, 0.3%, at 8,438.74. The FTSE 250 was up 125.36 points, 0.6%, at 19,735.05, and the AIM All-Share was up 2.42 points, 0.4%, at 675.27.
The Cboe UK 100 was up 0.3% at 840.27, the Cboe UK 250 was up 0.8% at 17,255.97, and the Cboe Small Companies was up 0.4% at 15,297.43.
"Domestic focused names, including housebuilders and retailers, were among the gainers in London," Mould commented.
Entain continued to lead the FTSE 100, up 5.0%, although Marks & Spencer still led the laggers with a 2.4% decline, having last week paused online orders in the UK & Ireland region following a cyber incident.
However, fashion retailer JD Sports was up 2.0% while Primark owner Associated British Foods gained 1.3%. Meanwhile, among housebuilders, Berkeley Group was 1.7% higher, Persimmon gained 1.4%, and Taylor Wimpey rose 1.1%.
Deliveroo remained the clear leader of the FTSE 250, up 18%, while the second-biggest winner, Ferrexpo, rose 5.4%. At the other end, Mobico was down 3.6%.
This followed London-based Deliveroo's suspension of a buyback, following the news of a 180p per share takeover proposal from San Francisco-based fellow food delivery company DoorDash.
However, Mould noted: "The market seems sceptical that DoorDash will be successful with efforts to buy Deliveroo, judging by the relatively muted share price reaction...Deliveroo's shares hovered around 170p on Monday morning, short of DoorDash's proposed takeout price and suggesting this is not a slam dunk deal.
"There was speculation among analysts that Deliveroo could receive a rival bid, yet the share price performance doesn't suggest that is on the cards. The share price would trade much higher than the 180p level if the market seriously thought a counterbid would happen."
On AIM, Christie was up 24%.
The London-based professional services provider reported pretax profit of GBP1.0 million for 2024, against the prior year's GBP2.9 million loss. Revenue rose to GBP60.4 million from GBP52.3 million, and Christie increased the final dividend on-year to 1.75 pence from 0.50p.
CyanConnode lost 22%.
The Cambridge, England-based narrowband radio frequency mesh network developer said its order book had grown on-year to about GBP180 million at March 31 from GBP50 million.
However, CyanConnode also noted that "large shipments expected in March 2025 did not materialise" from its "major Indian customers". As a result it expects GBP14 million in revenue and an Ebitda loss for the year to March 31.
US President Donald Trump's meeting with Ukrainian President Volodymyr Zelensky was a "step in the right direction", a UK minister has said.
Images from the Pope's funeral showed the two leaders locked in intense discussion in their first meeting since a fraught clash in the White House in late February.
The US president turned his criticism towards Russian President Vladimir Putin on Saturday, but after returning from the Vatican said he thought his Ukrainian counterpart was ready to cede control of occupied Crimea to Russia as part of a peace deal.
The Trump administration's proposed peace agreement has raised eyebrows among allies, as it appears to benefit Moscow far more than Kyiv. The deal on the table would reportedly result in large swathes of territorial concessions by Ukraine, something which Zelensky has insisted he will not accept.
Nonetheless, UK Health Minister Stephen Kinnock said it was "very welcome to see that really constructive and clear dialogue happening between President Zelensky and Trump".
In European equities on Monday, the CAC 40 in Paris was up 0.8%, while the DAX 40 in Frankfurt was up 0.7%.
Germany's Christian Democrats, CDU, who are set to lead the country's next government, on Monday revealed their picks for Cabinet, with the party set to fill seven posts.
Johann Wadephul, an experienced CDU politician and lawyer, is set to become foreign minister when the government is sworn in next week, while Katherina Reiche was named as the next economy minister.
Named to the post at a time of rapidly shifting geopolitics, Wadephul will be faced with a number of tasks requiring a delicate hand, including how to position Berlin amid growing calls for more German leadership in Europe, and an ever-more abrasive US president.
Reiche will also have her work cut out for her, DPA suggested, with Germany's ailing economy expected to be the main focus of the incoming administration.
The pound was quoted at USD1.3342 at midday on Monday in London, higher compared to USD1.3313 at the equities close on Friday. The euro stood lower at USD1.1358, against USD1.1372. Against the yen, the dollar was trading lower at JPY143.41 compared to JPY143.88.
Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index down 0.2%, and the Nasdaq Composite down 0.1%.
"Later this week there are several updates which will provide significant insight into America's economic health," noted Mould. "They include manufacturing figures, a first reading of first-quarter US GDP, inflation and jobs figures. These may either dampen or revive concerns about recession in the world's largest economy."
He continued: "These may either dampen or revive concerns about recession in the world's largest economy. The week is also littered with significant earnings updates from the likes of Coca-Cola, Microsoft, Amazon, Apple and McDonald's.
"Investors are likely to be laser-focused on outlook statements to see to what extent the big shift in US trade policy is having an impact on businesses."
In Asia on Monday, the Nikkei 225 index in Tokyo closed up 0.4%. In China, the Shanghai Composite was down 0.2%, while the Hang Seng index in Hong Kong ended marginally lower. The S&P/ASX 200 in Sydney closed up 0.4%.
Beijing on Monday insisted that "no phone call" took place recently between President Xi Jinping and his US counterpart, after Donald Trump said he had spoken with the Chinese leader.
In an interview conducted on April 22 with TIME Magazine and published Friday, Trump insisted Chinese leader Xi had called him.
But when asked about the comments on Monday, foreign ministry spokesman Guo Jiakun said: "As far as I know, there has been no phone call between the two heads of state recently."
"China and the US are not conducting consultations or negotiations on tariff issues," he added.
Meanwhile, US Treasury Secretary Scott Bessent on Sunday defended Trump's tumultuous tariff policy – which has sent shivers through markets – as a way of creating "strategic uncertainty" that gives Washington the upper hand.
When asked about Bessent's comments, Beijing on Monday said that the US should approach dialogue with China in a "fair, respectful and reciprocal" manner.
"If the US really wants to solve the problem through dialogue and consultation, it should stop its threats and extortion," foreign ministry spokesman Guo Jiakun said at a regular news conference.
Brent oil was quoted lower at USD65.38 a barrel at midday in London on Monday from USD66.68 late Friday.
Gold was quoted higher at USD3,289.53 an ounce against USD3,279.17.
Still to come on Monday's economic calendar is the US Dallas Fed manufacturing index.
By Emma Curzon, Alliance News reporter
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