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(Alliance News) - Stocks in London ended mixed on Wednesday, with the FTSE 100 showing resistance to the dire US private-sector jobs data.
The FTSE 100 index closed up just 4.34 points at 5,853.76. The FTSE 250 ended down 110.67 points, or 0.7%, at 15,982.47 and the AIM All-Share closed up 5.30 points, or 0.7%, at 807.72.
The Cboe UK 100 ended down 0.1% at 9,898.10, the Cboe UK 250 closed down 0.9% at 13,706.60, and the Cboe UK Small Companies ended up 0.2% at 8,900.60.
In Paris the CAC 40 ended down 1.2%, while the DAX 30 in Frankfurt ended down 1.1%.
"It hasn't been a full-on bullish day as investors are continuing to weigh the impact of the economic damage from Covid-19 lockdown against the prospects of re-opening as most major economies edge towards the resumption of some sort of activity," ThinkMarkets analyst Fawad Razaqzada said.
In the FTSE 100, Ocado closed up 5.7% after the online grocer said retail sales so far in the second quarter have jumped by 40% as grocery demand surges due to the Covid-19 pandemic.
The stock hit an all-time high of 1,772.50 pence during the session.
Ocado said retail revenue in its first quarter ended early March was 10% higher year-on-year. So far in its second quarter, sales have climbed 40% annually. Consumers in the UK, during the early stages of the virus crisis, stockpiled on goods in fear of shortages further down the line.
Ocado said demand ratcheted up "almost overnight" due to Covid-19. It noted it has "ramped up" capacity at its fulfilment centres as a result of the increased demand.
"It has been another strong day for tech stocks in the US, and in the UK Ocado provides some of that magic for investors on this side of the Atlantic. Nothing, it seems, can stop Ocado's rise, the company having finally found real success with its online supermarket offering but still managing to bring home the bacon in the shape of global partnerships with other supermarkets. Having rallied 70% since late March the price looks overextended, but with supermarkets back on top thanks to changed shopping habits Ocado looks set to reap the rewards," said IG Group's Chris Beauchamp.
AstraZeneca closed up 3.7% after the Anglo-Swedish drugmaker said its Farxiga treatment has now been approved in the US to treat heart failure in adults.
Farxiga, the brand name for dapagliflozin, has been approved by the US Food & Drug Administration to reduce cardiovascular death and hospitalisation for heart failure in adults with heart failure who have reduced ejection fraction and do not have type-2 diabetes.
The approval was based on Astra's phase 3 DAPA-HF trial, which showed that Farxiga achieved "a statistically significant and clinically meaningful reduction" in cardiovascular death or hospitalisation for heart failure versus placebo.
ITV closed up 3.1% despite the broadcaster saying the Covid-19 pandemic battered advertising revenue in April. Ad revenue slumped by 42% over the month of April, though it edged 2.2% higher in the first quarter to the end of March.
Total first-quarter revenue was 3.7% lower annually at GBP842 million from GBP874 million in 2019. Broadcast revenue edged 2.2% higher to GBP500 million, but in production arm ITV Studios it was 11% lower at GBP342 million. External revenue, which includes the advertising and non-advertising contribution, fell 6.5% year-on-year in the first quarter to GBP694 million.
The pound was quoted at USD1.2349 at the London equities close, sharply lower from USD1.2453 at the close Thursday after the latest UK construction data amplified fears over a near-term GDP slump.
The UK construction purchasing managers' index sank to previously unseen levels as Covid-19 forced a reduction in activity, figures from IHS Markit showed.
The IHS Markit-Chartered Institute of Procurement & Supply construction total activity index plummeted to just 8.2 in April from 39.3 in March. April's reading was the lowest since data were first collected in April 1997, with the previous record low 27.8 in February 2009.
Any reading below 50 indicates a weakening of conditions.
The euro stood at USD1.0799 at the European equities close, down from USD1.0842 late Tuesday after the Covid-19 pandemic dealt the eurozone economy a severe blow in April, IHS Markit figures showed.
Meanwhile, UK Prime Minister Boris Johnson set a new 200,000 daily coronavirus testing target as he said he "bitterly" regrets the Covid-19 crisis in care homes and expressed frustration about problems supplying personal protective equipment.
At his first Prime Minister's Questions since his recovery from coronavirus, Johnson said his "ambition" was for the new testing goal to be met by the end of the month.
His Commons appearance came ahead of a speech on Sunday where he is expected to set out plans for easing the lockdown, as ministers hinted that cafes may be able to reopen in the summer months if they can provide outdoor facilities.
The prime minister suggested some of the measures he announces on Sunday could be implemented as soon as the next day.
The euro bloc's composite purchasing managers' index dropped to 13.6 in April from March's previous record low of 29.7. April's flash reading was 13.5.
Among countries, Germany had the highest composite PMI reading of 17.4, while Spain's was the weakest at 9.2. All five countries surveyed, though, recorded survey lows in April.
In other downbeat economic news, the European Commission predicted the eurozone economy would contract by a staggering 7.7% in 2020.
Calling it a "recession of historic proportions", the EU's executive said the 19-member single currency zone would then rebound by 6.3% in 2021, in an uncertain recovery that would be felt unevenly across the continent.
Against the yen, the dollar was trading at JPY106.05, down from JPY106.58 late Tuesday.
Stocks in New York were higher at the London equities close, shrugging off another round of dreadful US jobs data as the market focuses on an expected future rebound.
The DJIA was up 0.3%, the S&P 500 index up 0.5% and the Nasdaq Composite up 1.1%.
Over 20 million jobs were lost in the US in April, payroll processor ADP said on Wednesday, warning that the data doesn't yet reflect the full impact of Covid-19 on employment.
Total US nonfarm private employment fell by 20.2 million in April, in line with consensus of 20.1 million, as cited by FXStreet. In March, just 149,000 jobs were lost.
The ADP figures are seen as an indicator of the all-important government jobs report due out Friday, which economists expect to show 28 million jobs lost in the month due to the widespread business shutdowns to contain the virus.
Federal Reserve Vice Chairman Richard Clarida has meanwhile provided an upbeat outlook, saying the US economy could see positive growth in the second half of the year, though tempered that by saying it was dependent containing the virus.
Brent oil was quoted at USD29.41 a barrel at the London close, down from USD30.22 at the same time the prior day.
Brent crude has almost doubled since hitting a 21-year low on April 22, on hopes that a glut in global crude markets was easing and on the reopening of big economies. Still, the North Sea benchmark and its US counterpart WTI remain weighed down by tepid demand and high volumes in storage.
Gold was quoted at USD1,685.00 an ounce at the London equities close, down from USD1,698.55 late Tuesday.
The economic events calendar on Thursday has the Bank of England's interest rate decision at 0700 BST.
The UK corporate calendar on Thursday has annual results from telecommunications firm BT Group and first-quarter earnings from hotel operator InterContinenal Hotels Group and British Airways parent International Consolidated Airlines.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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