London open: Stocks nudge up amid raft of corporate news

Opening Market Report
07:30, 2nd March 2021

(Sharecast News) - London stocks were a touch higher in early trade on Tuesday as investors paused for breath after solid gains in the previous session, and sifted through a raft of corporate news.
At 0840 GMT, the FTSE 100 was up 0.2% at 6,600.96.

Investors were digesting comments by a Chinese official, who warned of a bubble problem in foreign markets.

Spreadex analyst Connor Campbell said: "After Monday put the markets back to roughly where they were before the bond tantrum last week - or at the very least on the road to a full recovery - Tuesday has seen European investors start with uncertainty in their step.

"Sentiment was undermined early on by comments from Guo Shuqing, the head of the China Banking and Insurance Regulatory Commission. He said that the financial markets are running 'counter to the real economy', and that he is worried that the 'bubble problem in foreign financial markets will one day pop'.

"Guo is really saying nothing that investors, in their hearts, won't - or shouldn't - already be aware of. However, it was enough to halt the kind of bombastic growth that kicked off the month."

In equity markets, housebuilder Taylor Wimpey rallied after saying it will resume dividend payouts as sales and profits met expectations during an otherwise "unusual and volatile year".

Engineer Renishaw surged after saying it had put itself up for sale.

Flutter Entertainment also gained after the gambling group reported a sharp fall in full-year profits but said it had started the new year with strong momentum and higher revenues.

Product testing and certification company Intertek pushed higher as it posted a drop in full-year profit and revenue but said its earnings performance was ahead of the group's expectations following a strong recovery in the second half.

Fresnillo shone as the precious metals miner said full-year profits and revenues rose, supported by higher prices for precious metals, but remained cautious looking forward.

On the downside, equipment rental firm Ashtead fell despite saying that full-year results are set to be ahead of its previous expectations after it outperformed the market in the nine months to the end of January 2021.

Engineer Weir lost ground after it reported a decline in full-year profit and revenue.

Market Movers

FTSE 100 (UKX) 6,600.96 0.19%
FTSE 250 (MCX) 21,296.13 0.35%
techMARK (TASX) 4,038.93 1.03%

FTSE 100 - Risers

Taylor Wimpey (TW.) 172.05p 3.30%
Intertek Group (ITRK) 5,632.00p 2.77%
Pershing Square Holdings Ltd NPV (PSH) 2,565.00p 2.19%
Scottish Mortgage Inv Trust (SMT) 1,210.00p 2.11%
Rightmove (RMV) 600.00p 1.76%
Aveva Group (AVV) 3,493.00p 1.51%
Admiral Group (ADM) 3,174.00p 1.50%
London Stock Exchange Group (LSEG) 9,858.00p 1.48%
Pennon Group (PNN) 935.60p 1.45%
United Utilities Group (UU.) 887.40p 1.30%

FTSE 100 - Fallers

Ashtead Group (AHT) 3,911.00p -2.66%
BP (BP.) 290.90p -2.23%
Royal Dutch Shell 'A' (RDSA) 1,440.20p -1.80%
Royal Dutch Shell 'B' (RDSB) 1,380.00p -1.72%
Polymetal International (POLY) 1,422.00p -1.42%
JD Sports Fashion (JD.) 829.20p -0.96%
Antofagasta (ANTO) 1,816.00p -0.90%
Whitbread (WTB) 3,439.00p -0.69%
Anglo American (AAL) 2,886.00p -0.41%
Smith (DS) (SMDS) 401.70p -0.40%

FTSE 250 - Risers

Renishaw (RSW) 6,525.00p 12.50%
Hammerson (HMSO) 28.44p 3.61%
Hill & Smith Holdings (HILS) 1,306.00p 3.16%
ICG Enterprise Trust (ICGT) 1,025.00p 2.71%
Capita (CPI) 48.86p 2.63%
Oxford Instruments (OXIG) 1,898.00p 2.37%
GCP Student Living (DIGS) 156.80p 2.35%
Rank Group (RNK) 174.00p 2.11%
Baillie Gifford US Growth Trust (USA) 349.00p 2.05%
TR Property Inv Trust (TRY) 381.50p 2.01%

FTSE 250 - Fallers

Weir Group (WEIR) 1,928.00p -3.89%
Carnival (CCL) 1,621.00p -1.97%
Rathbone Brothers (RAT) 1,522.00p -1.81%
Travis Perkins (TPK) 1,454.00p -1.62%
JPMorgan Japanese Inv Trust (JFJ) 650.00p -1.52%
Contour Global (GLO) 202.50p -1.46%
Apax Global Alpha Limited (APAX) 213.00p -1.39%
Impax Environmental Markets (IEM) 452.00p -1.31%
Beazley (BEZ) 350.00p -1.24%
SSP Group (SSPG) 356.20p -1.22%

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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