London open: Stocks steady as sterling breaches $1.40
(Sharecast News) - London stocks were little changed in early trade on Monday despite strong gains in the mining sector, held back by a stronger pound as investors cheered the prospect of easing coronavirus restrictions.
At 0845 BST, the FTSE 100 was flat at 7,131.38, while the pound was 0.6% firmer against the dollar at 1.4062. Against the euro, sterling was trading 0.7% higher at 1.1582.
Spreadex analyst Connor Campbell said: "Reports that the UK government is pushing ahead with its lockdown-easing plan - regardless of concerns over the Indian covid-19 variants currently circulating (and, in some areas, surging) - gave the pound a shot in the arm.
"From May 17th up to six people, or two households, will be able to meet indoors, while cinemas, restaurants, pubs and the like will be able to have patrons mix inside.
"This appeared to counter any concerns the currency may have had over the SNP's renewed push for a referendum on Scottish independence and sent the pound up."
In equity markets, miners were the standout gainers as metals prices rallied, with iron ore and copper prices hitting fresh record highs. Rio Tinto, BHP, Anglo American, Glencore and Antofagasta all gained.
Greggs was the top performer on the FTSE 250 as it said annual profit could be similar to 2019 and was likely to materially beat board expectations after like-for-like sales returned to growth following the relaxation of Covid-19 restrictions.
Polymer maker Victrex was also in the black as it posted a decline in interim profit as the medical division was a drag on revenue, but declared a dividend.
On the downside, airlines were under the cosh, with British Airways owner IAG, easyJet and Wizz all lower amid disappointment that popular destinations such as Spain, France and Italy were not on the government's green list.
Provident Financial slumped as it said it was pulling out of doorstep lending after more than 100 years as the subprime lender plunged to a £113.5m annual loss.
Market Movers
FTSE 100 (UKX) 7,131.38 0.02%
FTSE 250 (MCX) 22,801.88 0.12%
techMARK (TASX) 4,362.61 -0.42%
FTSE 100 - Risers
BHP Group (BHP) 2,407.50p 2.99%
Rio Tinto (RIO) 6,730.00p 2.98%
Fresnillo (FRES) 936.20p 2.77%
Antofagasta (ANTO) 1,907.50p 1.79%
Barclays (BARC) 184.40p 1.58%
British Land Company (BLND) 544.20p 1.57%
Glencore (GLEN) 327.45p 1.46%
Anglo American (AAL) 3,426.50p 1.33%
Berkeley Group Holdings (The) (BKG) 4,812.00p 1.31%
Lloyds Banking Group (LLOY) 47.14p 1.25%
FTSE 100 - Fallers
Rightmove (RMV) 594.60p -2.04%
Auto Trader Group (AUTO) 564.80p -1.77%
Intertek Group (ITRK) 6,090.00p -1.62%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,001.00p -1.55%
Scottish Mortgage Inv Trust (SMT) 1,198.00p -1.40%
Experian (EXPN) 2,773.00p -1.28%
London Stock Exchange Group (LSEG) 7,080.00p -1.26%
Aveva Group (AVV) 3,306.00p -1.25%
Relx plc (REL) 1,889.50p -1.23%
Rolls-Royce Holdings (RR.) 105.46p -1.20%
FTSE 250 - Risers
Greggs (GRG) 2,553.00p 8.87%
Victrex plc (VCT) 2,504.00p 5.92%
Safestore Holdings (SAFE) 910.00p 4.60%
Ferrexpo (FXPO) 496.60p 3.59%
BlackRock World Mining Trust (BRWM) 693.00p 2.51%
Cineworld Group (CINE) 94.76p 2.42%
Crest Nicholson Holdings (CRST) 427.00p 2.10%
Derwent London (DLN) 3,546.00p 1.96%
Big Yellow Group (BYG) 1,255.00p 1.95%
Workspace Group (WKP) 910.50p 1.90%
FTSE 250 - Fallers
Provident Financial (PFG) 242.80p -5.96%
Allianz Technology Trust (ATT) 274.00p -3.01%
Meggitt (MGGT) 485.30p -2.57%
Trainline (TRN) 428.40p -2.41%
Fidelity China Special Situations (FCSS) 408.00p -2.16%
easyJet (EZJ) 1,073.50p -1.96%
4Imprint Group (FOUR) 2,335.00p -1.89%
Energean (ENOG) 860.00p -1.77%
Wizz Air Holdings (WIZZ) 4,950.00p -1.75%
Kainos Group (KNOS) 1,446.00p -1.63%
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