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London close: Stocks mixed at start of busy week

Mon, 23rd Oct 2023 19:21

(Sharecast News) - London's stock markets finished with a varied performance on Monday, driven by concerns over rising UK bond yields and global interest rate trends.

Market participants were also closely monitoring geopolitical developments in the Middle East and a busy corporate calendar for the week.

The FTSE 100 concluded the trading session with a decline of 0.37%, settling at 7,374.83 points, while the FTSE 250 index edged up 0.15% to 17,058.99.

In currency markets, sterling was last 0.73% stronger on the dollar to trade at $1.2253, while it declined 0.03% against the euro to change hands at €1.1479.

"At one point it looked as if markets in Europe were going to open higher in the wake of the start of aid convoys into Gaza over the weekend, however a combination of rising yields, and concerns over the prospects for global growth saw markets initially slide into the red," said CMC Markets chief market analyst Michael Hewson.

"Sentiment has stabilised a touch in the afternoon session as yields retreated from their intraday highs, and while the DAX and FTSE 100 have struggled, the CAC 40 and FTSE Mib have edged into positive territory, making it very mixed session for European stocks.

"It's been a broadly downbeat session for the FTSE 100 with weakness in UK housebuilders after Vistry Group become the latest to warn on its sales, saying that it saw little evidence of an uptick in sales during September in what is normally a buoyant time for sales."

Tech giants and banks to take centre stage this week

Investors worldwide were gearing up for a significant week ahead, bracing themselves for a flurry of earnings reports from major corporations.

Across the Atlantic, tech giants such as Alphabet, Microsoft, Amazon, and Meta Platforms were poised to deliver financial updates.

In the United Kingdom, the financial sector would take the spotlight, with a line-up of major banks scheduled to release their earnings reports.

Barclays was set to kick off the proceedings on Tuesday, followed by Lloyds, NatWest, and Standard Chartered.

Vistry in the red, Keller Group surges

On London's equity markets, Vistry Group took a notable hit on Monday, plummeting by 5.79%.

Despite reiterating its full-year profit guidance, Vistry expressed concerns about subdued house sales, citing a lack of the usual seasonal uptick in private sales activity.

Miners also faced downward pressure, with Anglo American, Glencore, and Antofagasta all declining.

On the upside, retailers showcased strength, with Frasers Group, Ocado Group, Next, Kingfisher- owner of B&Q - and Marks & Spencer Group all performing well.

The companies all saw gains ranging from 1% to just under 4% by the close.

Keller Group emerged as one of the standout performers, surging 16.49% after it raised its full-year earnings outlook following an exceptionally strong first-half performance.

Indivior, a drug maker specialising in addiction treatment, saw its stock rise by 5.17% after announcing a $385m settlement to resolve the final lawsuit claims in the long-running Suboxone anti-trust case.

Flutter Entertainment also enjoyed gains of 4.06% as Exane BNP Paribas named it the top pick in the gaming sector ahead of the third-quarter earnings season, following a challenging period for the industry.

Reporting by Josh White for Sharecast.com.

Market Movers

FTSE 100 (UKX) 7,374.83 -0.37%

FTSE 250 (MCX) 17,058.99 0.15%

techMARK (TASX) 4,010.37 -0.37%

FTSE 100 - Risers

Flutter Entertainment (CDI) (FLTR) 12,955.00p 4.06%

Ocado Group (OCDO) 505.40p 3.84%

International Consolidated Airlines Group SA (CDI) (IAG) 141.90p 2.83%

Informa (INF) 701.60p 2.30%

Rolls-Royce Holdings (RR.) 203.50p 2.29%

WPP (WPP) 696.20p 2.20%

Halma (HLMA) 1,845.00p 1.91%

Next (NXT) 6,958.00p 1.81%

Experian (EXPN) 2,687.00p 1.70%

JD Sports Fashion (JD.) 128.20p 1.62%

FTSE 100 - Fallers

Fresnillo (FRES) 525.80p -4.68%

AstraZeneca (AZN) 10,100.00p -3.16%

BT Group (BT.A) 110.70p -2.85%

BP (BP.) 532.20p -2.42%

Endeavour Mining (EDV) 1,718.00p -2.39%

Antofagasta (ANTO) 1,297.00p -2.04%

InterContinental Hotels Group (IHG) 5,762.00p -1.97%

Centrica (CNA) 154.75p -1.59%

Glencore (GLEN) 428.75p -1.53%

NATWEST GROUP (NWG) 215.30p -1.46%

FTSE 250 - Risers

Keller Group (KLR) 784.00p 16.49%

4Imprint Group (FOUR) 4,710.00p 5.61%

Indivior (INDV) 1,587.00p 5.17%

Bridgepoint Group (Reg S) (BPT) 177.50p 5.03%

Me Group International (MEGP) 142.60p 3.63%

Ferrexpo (FXPO) 77.75p 2.98%

Quilter (QLT) 78.80p 2.74%

Mitie Group (MTO) 98.70p 2.60%

Man Group (EMG) 218.60p 2.44%

Abrdn (ABDN) 154.50p 2.39%

FTSE 250 - Fallers

Vistry Group (VTY) 685.00p -5.79%

Energean (ENOG) 829.50p -4.49%

Centamin (DI) (CEY) 79.50p -4.22%

Helios Towers (HTWS) 62.15p -3.49%

Harbour Energy (HBR) 252.30p -3.11%

Hipgnosis Songs Fund Limited NPV (SONG) 75.40p -2.71%

Direct Line Insurance Group (DLG) 160.30p -2.11%

Vesuvius (VSVS) 394.80p -2.03%

Octopus Renewables Infrastructure Trust (ORIT) 83.40p -1.88%

TUI AG Reg Shs (DI) (TUI) 403.60p -1.85%

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