Shares in blue chip indices in London and Paris traded mostly higher on Monday morning, as investors await flash UK purchasing managers’ index data to be out shortly.
The FTSE 100 index opened up 48.13 points, 0.6%, at 8,693.31. The FTSE 250 was up 103.68 points, 0.6%, at 20,022.05, and the AIM All-Share was trading up 2.90 points, 0.4%, at 692.02.
The Cboe UK 100 was 0.4% higher at 869.01, the Cboe UK 250 was 0.3% higher at 17,461.42, and the Cboe Small Companies was flat at 15,687.06.
US President Donald Trump’s deadline for ’reciprocal’ tariffs to be reimposed on trading partners Canada and Mexico looms on April 2, with hopes of tariffs becoming more targeted to specific goods and sectors.
In the US on Friday, Wall Street ended in the green, with the Dow Jones Industrial Average up 0.1%, the S&P 500 up 0.1% and the Nasdaq Composite up 0.5%.
The pound was quoted at $1.2952 early on Monday in London, compared to $1.2914 at the equities close on Friday. The euro stood higher at $1.0847, against $1.0819.
Against the yen, the dollar was trading higher at JP¥149.54 compared to JP¥149.05.
‘The US dollar started the week on a weaker note, weighed down by fresh uncertainty surrounding global trade policy. Investors remained cautious amid concerns that new levies could dampen US economic growth,’ said Kudotrade analyst Konstantinos Chrysikos.
‘In this regard, markets could remain focused on new economic data. The release of GDP growth data later this week could affect sentiment as traders reassess the trajectory of the economy and the potential impact of tariffs, in particular after the Federal Reserve revised its projections down. Softer data could reignite growth concerns and reinforce downside risks for the currency in the short term, while stronger-than-expected figures could help the dollar rebound.’
Still to come on Monday’s economic calendar are UK and US flash composite PMIs at 0930 GMT and 1345 GMT.
In European equities on Monday, the CAC 40 in Paris was up 0.8%, while the DAX 40 in Frankfurt slipped 0.5%.
Celadon Pharmaceuticals tumbled 64% on Monday morning.
The fall follows James Short, chief executive officer and 39.5% shareholder, announcing last week that he intends to propose de-listing from AIM at the next general meeting, as well as the removal of four non-executive directors and the firm’s chair. Short believes delisting will ‘help the group to significantly reduce its operational costs and also enable the company to more easily access capital, and on more attractive terms’.
The board, up until March 19, had not been supportive of Short’s de-listing proposal, but on Friday tendered the resignations of non-executive directors Robert Barr, Elizabeth Shanahan, David Firth and Steven Hajioff with immediate effect. The remaining directors at the pharmaceutical company focused on cannabis-based medicines are now just Chair Alexander Anton and CEO Short. Chair Anton intends to resign from the board if shareholders approve the delisting plans.
Sovereign Metals slipped 8.3%, following its request for a trading halt, for shares listed on the Australian Securities Exchange. The pause in trading is pending a proposed capital raise, to remain in place until March 26 or until an announcement is made.
FTSE 100’s Intertek Group, on the other hand, rose 2.3% at Monday’s open.
The consumer product testing and certification services provider launches its previously-announced share buyback for up to £350 million, to be completed by December 31 and run by JP Morgan Securities.
In Asia on Monday, the Nikkei 225 index in Tokyo faded 0.2%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was trading up 0.9%. The S&P/ASX 200 in Sydney closed 0.1% higher.
Rockhopper Exploration climbed 9.2% on a report that overall resources at its Sea Lion project remain unchanged. The report was published by operator Navitas Petroleum, and notes that a ‘significant number’ of barrels have been moved from ’development on hold’ to ’development pending’ classification.
Brent oil was quoted lower at $71.96 a barrel early in London on Monday, slipping from $72.01 late Friday.
Gold was quoted higher at $3,026.89 an ounce against $3,013.40.
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