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(Alliance News) - Stock prices in London were in the green early on Monday following the weekend's news that UK Prime Minister Boris Johnson has, grudgingly, requested an extension to the looming Brexit deadline, reducing the chances of a no-deal Brexit.
The FTSE 100 stock index was 35.82 points higher, or 0.5%, at 7,186.16.
The FTSE 250 was up 55.24 points, or 0.3%, at 20,286.69, and the AIM All-Share was 0.4% higher at 884.21.
The Cboe UK 100 index was up 0.1% at 12,155.82. The Cboe UK 250 was 0.4% higher at 18,246.85, but the Cboe UK Small Companies was down 0.2% at 11,110.59.
The UK government's ongoing attempts to leave the EU are expected to dominate the news cycle once more as Johnson is set for a showdown with Commons Speaker John Bercow as the prime minister pushes for a knife-edge Commons vote on his Brexit deal.
At a special Saturday sitting, members of Parliament voted by 322 to 306 in favour of an amendment withholding approval of Johnson's Brexit deal until legislation to implement it is in place.
Bercow, who Tory Brexiteers have accused of being pro-Remain, will rule on whether the government can bring a so-called "meaningful vote" on its plans.
If the Speaker blocks the move, focus will switch to the government bringing its Withdrawal Agreement Bill before MPs on Monday, with a vote on its second reading on Tuesday.
Ministers insist they "have the numbers" to push the agreement through, but the parliamentary situation appears to be on a tightrope. Labour has made clear it will try to hijack the legislation by putting down amendments for a second Brexit referendum and a customs union with the EU.
London Capital Group Senior Market Analyst Ipek Ozkardeskaya commented: "Ongoing Brexit uncertainties could inject some volatility to the British stock markets approaching the October 31st deadline as well, where small, mid-cap stocks would be more exposed than the blue-chip stocks which benefit from dollar-denominated revenues.
"But, for now, there are no particular signs of stress across the British equity markets. So far, pound traders are content that a disorderly Brexit will likely be avoided in two weeks. Yet an early general election and maybe another Brexit referendum are on the UK's political agenda for the coming months. Therefore, cable could give back its recent gains along with the fading hopes of an imminent Brexit agreement."
The pound was quoted at USD1.2929 early on Monday, higher against USD1.2885 at the close Friday.
In mainland Europe, the CAC 40 in Paris was marginally higher and the DAX 30 in Frankfurt was up 0.4% in early trading.
In London, Pearson was an early riser, gaining 1.4% after Deutsche Bank upgraded the education publisher to Hold from Sell.
At the other end of the FTSE 100, Prudential was 10% lower as it completed the demerger of M&G Prudential.
Prudential Chair Paul Manduca said: "This has been a complex transaction and I would like to thank everyone for their hard work. The board believes the demerger will help Prudential and M&G to become more closely aligned to the interests of their customers and shareholders."
Smith & Nephew was down 4.9% following the announcement that Namal Nawana has agreed to step down as chief executive officer, by mutual agreement, at the end of October.
Non-Executive Director Roland Diggelmann has been named as his replacement.
Diggelmann, the former CEO of Roche Holding AG's Diagnostics unit, will take over the job on November 1. He has been on Smith & Nephew's board since early 2018. Smith & Nephew said Nawana is leaving to pursue other opportunities outside the UK.
The company also noted it has continued to see "positive momentum" since the end of the first half and is expected to release its third-quarter trading update at the end of October.
Takeaway food platform Just Eat was 3.7% lower in early trade but said it is confident in its current performance and has confirmed its full-year guidance.
For the three months ended September, revenue grew 25% on the year prior to GBP247.5 million with orders up 16% to 62 million during the period. Within the UK, orders rose 8% to 33 million.
Over the nine months ended September, revenue was 28% higher on the year before at GBP717.8 million.
Just Eat reaffirmed its 2019 revenue guidance, expecting to report revenue between GBP1.0 billion and GBP1.1 billion for the full year. Excluding Just Eat's Latin America operations, underlying earnings before interest, tax, depreciation and amortization is guided to be between GBP185 million and GBP205 million.
The company's share of its Latin America operations, being Brazil and Mexico, is expected to report an underlying Ebitda loss of between GBP80 million and GBP100 million.
In 2018, Just Eat generated underlying Ebitda of GBP173.9 million on revenue of GBP779.5 million.
Just Eat's all-share combination with Takeaway.com NV is expected to be completed "around year end". In August, Takeaway.com and Just Eat proposed an all-share combination to create one of the largest food delivery companies in the world with a market capitalisation around EUR10 billion and processing orders worth over EUR7 billion per year.
In the midcaps, Capital & Counties was 6.2% higher after a consortium led by luxury property developer Nicholas Candy confirmed it is in the early stages of considering making a cash takeover offer for the company.
Candy Ventures said there is no certainty that it will mount an acquisition bid for London- and Johannesburg-listed Capital & Counties.
Candy must announce its intention to make a takeover offer by November 18. Capital & Counties has been in the process of demerging its Covent Garden and Earls Court property portfolios in London.
Elsewhere, Funding Circle was 11% higher, saying it is "confident" it is on the "right course of action" despite the "uncertain economic environment".
At the end third quarter, ended September 30, Funding Circle's loans under management stood at GBP3.7 billion, up 31% on a year before.
Year to date originations are up 9% year on year at GBP1.8 billion.
Trifast was down 23% after guiding for a drop in underlying pretax profit in financial 2020.
In the year ended March 2020, Trifast expects its underlying pretax profit to be about GBP22 million compared to the GBP23.6 million reported in financial 2019.
"The challenging market environment has continued into the second quarter of financial 2020, with end markets across a number of sectors remaining weak, particularly in the automotive sector. This has led to some reduced volumes to existing builds across the UK, Europe and Asia," the company explained.
The Japanese Nikkei 225 index closed up 0.3% on Monday. In China, the Shanghai Composite ended 0.1% higher, while the Hang Seng index in Hong Kong was 0.1% higher in late trade.
Protests in Hong Kong continued over the weekend following an unauthorised pro-democracy rally on Sunday, as protesters set up roadblocks and torched businesses, and police responded with tear gas and a water cannon.
Protesters threw firebombs and took their anger out on shops with mainland Chinese ties as they skirmished late into the evening with riot police, who unleashed numerous tear gas rounds on short notice, angering residents and passers-by.
Police had beefed up security measures before the rally, for which they refused to give permission, the latest chapter in the unrest that has disrupted life since early June.
In the US on Friday, Wall Street ended in the red, with the Dow Jones Industrial Average closing down 1.0%, the S&P 500 0.4% lower, and the Nasdaq Composite 0.8% lower.
The economic events calendar on Monday has Bank of England policymaker Andy Haldane will speak at a joint BoE, Federal Reserve Board and European Central Bank conference in Frankfurt at 1600 BST.
By Paul McGowan; paulmcgowan@alliancenews.com
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