Last checked at 
(Alliance News) - Stocks in London struggled on Monday despite some promising data from AstraZeneca on its potential Covid-19 vaccine.
Equity markets elsewhere in Europe recorded gains, while the euro edged back from intraday highs, as traders hope for agreement from EU leaders over a EUR750 billion virus rescue package for the bloc.
The FTSE 100 index closed down 28.78 points, or 0.5%, at 6,261.52. The FTSE 250 ended up 37.92 points, or 0.2%, at 17,385.85, and the AIM All-Share closed up 8.41 points, or 1.0%, at 886.11.
The Cboe UK 100 ended down 0.5% at 623.85, the Cboe UK 250 closed up 0.4% at 14,759.19, and the Cboe Small Companies ended down 0.1% at 9,143.08.
"There wasn't much cohesion during Monday's trading, a sign of a market struggling to find direction in a quagmire of Covid-19 news," said Connor Campbell at Spreadex.
The US on Sunday recorded 63,872 new coronavirus cases in the previous 24 hours, Johns Hopkins University reported in its real-time tally. This puts the total number of cases in the US, the nation hardest hit by the global pandemic, at nearly 3.8 million.
The US has recorded more than 60,000 new cases every day for the last six days, peaking at a record 77,638 infections on Friday.
President Donald Trump, in a Fox News interview broadcast on Sunday, again defended his handling of the pandemic, claiming that the US was "the envy of the world" on testing. Referring to his early prediction that the virus would disappear, he said, "I'll be right eventually."
Meanwhile, UK Prime Minister Boris Johnson has played down the prospect of a second national coronavirus lockdown, saying he did not want to use it any more than Britain's Trident nuclear deterrent.
The PM said the authorities were getting better at identifying and isolating local outbreaks, although it was important that the power to order national action was held in reserve.
"I can't abandon that tool any more than I would abandon a nuclear deterrent. But it is like a nuclear deterrent, I certainly don't want to use it. And nor do I think we will be in that position again," he told The Sunday Telegraph.
His comments could lead to further tensions between ministers and their scientific experts after the chief scientific adviser, Patrick Vallance, warned on Friday there was "a risk" that national measures could be needed as winter approaches.
On a more positive note in the fight against the pandemic, AstraZeneca reported encouraging interim results from a trial of its potential Covid-19 vaccine, being developed alongside Oxford University.
The much-anticipated findings showed that a single dose of AZD1222 resulted in a four-fold increase in antibodies fighting SARS-CoV-2, the virus strain which causes Covid-19.
"Interim results from the ongoing Phase I/II COV001 trial, led by Oxford University, showed AZD1222 was tolerated and generated robust immune responses against the SARS-CoV-2 virus in all evaluated participants," Astra said.
"Neutralising activity against SARS-CoV-2 (as assessed by the MNA80 assay) was seen in 91% of participants one month after vaccination and in 100% of participants who received a second dose."
Andrew Pollard, chief investigator of the Oxford trial, noted that the vaccine did not lead to any unexpected reactions.
AstraZeneca shares closed up 1.5%.
On London's junior AIM market, shares in Synairgen surged after announcing positive results from the clinical trial of its antiviral therapy SNG001 in hospitalised Covid-19 patients.
Synairgen shares ended Monday's session at 194.00 pence, after closing at just 36.50p on Friday.
SNG001 is Synairgen's wholly-owned inhaled formulation of interferon beta. It is a proposed treatment for people suffering from chronic obstructive pulmonary disease. The company previously said that two Phase II clinical trials in asthma showed that the inhaled SNG001 treatment activated antiviral pathways in the lung and improved lung function in patients with a respiratory viral infection.
On Monday, the respiratory drug firm said results from the double-blind placebo-controlled trial which tested 101 patients showed that patients who received SNG001 were more than twice as likely to recover from Covid-19 as those on placebo.
Data also showed that patients who received the treatment had a 79% lower risk of developing severe disease compared to the placebo.
In European equities on Monday, the CAC 40 in Paris ended up 0.5%, while the DAX 30 in Frankfurt rose 1.0%.
Spreadex's Campbell commented: "The euro – which started the day on the front foot – gradually lost confidence as the day went on, its energy sapped by the lack of progress at the EU summit regarding a EUR750 billion Covid-19 rescue-package."
French President Emmanuel Macron and German Chancellor Angela Merkel on Monday expressed cautious hope for an agreement on a post-coronavirus recovery plan, on the fourth day of a marathon EU summit in Brussels.
Painful discussions resumed with what Macron said was "the possible hopes of a compromise", but he added: "Nothing has been agreed yet, so I will remain extremely cautious".
He spoke as the 27 EU leaders began gathering for another session of talks after three days and nights of prolonged wrangling failed to agree the EUR750 billion rescue package. Macron and Merkel, the EU's most powerful leaders, are the deal's backers, but are facing bitter opposition from the Netherlands and other "frugal" smaller but rich nations of the north.
To placate the Netherlands, EU Council President Charles Michel is expected to propose that the level of grants in the package is reduced to EUR390 billion, compared with EUR500 billion in the initial proposal.
The euro stood at USD1.1441 at the European equities close Monday - having traded above USD1.1460 in the morning - against USD1.1433 at the same time on Friday.
The pound was quoted at USD1.2644 at the London equities close Monday, up compared to USD1.2538 at the close on Friday.
Against the yen, the dollar was trading at JPY107.24, higher compared to JPY107.11 late Friday.
Stocks in New York were mixed at the London equities close, with the Dow Jones down 0.2%, the S&P 500 index up 0.3%, and the Nasdaq Composite up 1.3%.
Brent oil was quoted at USD43.00 a barrel at the London equities close Monday, soft from USD43.08 late Friday.
Gold was quoted at USD1,816.37 an ounce at the London equities close amid Monday's caution, up against USD1,810.20 at the close on Friday. This helped London-listed Polymetal International rise 2.5%.
In gold market news, Yamana Gold said it is in advanced stages of the listing process on the London Stock Exchange and intends for common shares to be admitted to the standard segment of the Official List and to trading on the LSE's Main Market in "the next few months".
The company, already listed in the US and Canada, has a market capitalisation of USD5.1 billion according to a US Security & Exchange Commission filing.
Yamana, one of Canada's biggest gold producers, said that in addition to its other listings on the New York Stock Exchange and the Toronto Stock Exchange, it believes that a listing on the LSE will bring European investors on to the company's share register. It added that is not intending to raise equity capital in conjunction with the LSE listing.
Elsewhere in London, British American Tobacco closed down 2.9% after Jefferies cut the cigarette maker to Hold from Buy.
Future surged 14% in the FTSE 250 after saying trading for financial 2020 will be at the top end of market expectations due to strong digital audience numbers, cost controls, and acceleration of synergies following acquisition of TI Media.
The current consensus range for adjusted earnings before interest, tax, depreciation and amortisation for the year ending September 30 is GBP86.3 million to GBP91.0 million, according to the company. In financial 2019, adjusted Ebitda totalled GBP54.5 million.
Football and technology magazines publisher Future, which also organises events, attributed the surge in digital audience to an increased consumer shift to digital media during the Covid-19 lockdown. As a result of the strong trading, the company has decided to repay the support received from the UK government's furlough scheme.
The UK corporate calendar on Tuesday has first quarter results from TalkTalk Telecom and a trading statement from Euromoney Institutional Investor.
In a thin data calendar for Tuesday, there is Japanese inflation at 0030 BST.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
