Blue chip stocks in London, Paris and Frankfurt traded higher at midday Monday, with Barclays one of the top riser on the FTSE 100.
The FTSE 100 index was up 18.11 points, 0.2%, at 8,664.90. The FTSE 250 was up 52.54 points, 0.3%, at 19,964.24, and the AIM All-Share was up 2.02 points, 0.3%, at 691.14.
The Cboe UK 100 was 0.1% higher at 865.87, the Cboe UK 250 was down marginally at 17,410.56, and the Cboe Small Companies was down 0.1% at 15,670.30.
The UK is set to post a small expansion in March, the chief business economist at S&P Global Market Intelligence said Monday, as service sector firms noted a gradual improvement in sales opportunities.
The flash UK purchasing managers composite output index published by S&P Global rose to 52.0 in March from 50.5 in February. Growing further above the neutral 50-points mark separating growth from contraction, it indicates the pace of growth sped up in March.
Meanwhile, business activity in the eurozone rose for a third consecutive month in March, with manufacturing output returning to growth for the first time in two years, a preliminary survey reading from S&P Global showed on Monday.
The Hamburg Commercial Bank flash eurozone composite purchasing managers’ index rose slightly to 50.4 points in March from 50.2 in February. The reading was the highest in seven months and remained above the 50-point threshold that separates growth from contraction.
Growth was underpinned by a return to manufacturing expansion, with the sector’s output index climbing to 50.7 points from 48.9, a 34-month high. The manufacturing PMI rose to 48.7 points from 47.6, a 26-month high, though still below 50 points.
In European equities on Monday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.5%.
‘Early gains in European equities are easing back, following a mixed PMI report that saw strong manufacturing offset by questions around the direction of travel for services. Nonetheless, US futures do point towards a strong start, with traders feeling increasingly confident that the reciprocal tariffs due for implementation in just over a week could be less combative than previously expected,’ commented Scope Markets analyst Joshua Mahony.
Stocks in New York were called higher on Monday. The Dow Jones Industrial Average was called up 0.9%, the S&P 500 index up 1.2%, and the Nasdaq Composite up 1.4%.
Mahony continued: ‘With so-called ’Liberation Day’ just nine days away, Trump appears to be taking a more focused and strategic approach which could yet prove less damaging that the broad approach taken thus far. There has been talk of a targeting of the so-called ’dirty 15’ group of nations who have enjoyed persistent surpluses with the US, with other nations likely to remain largely unscathed. Interestingly, there has been talk of Trump pulling back from sweeping industry-specific tariffs, aimed at sectors such as autos, semiconductors, and pharmaceuticals. This may yet simply provide fresh deadlines for traders to anticipate down the line, but for now markets are starting to believe that 2 April may be a sell the rumour, buy the fact situation.’
The pound was quoted at $1.2952 at midday on Monday in London, up from $1.2914 at the equities close on Friday. The euro stood at $1.0843, trading higher against $1.0819.
Against the yen, the dollar was higher at JP¥149.69 compared to JP¥149.05.
Abingdon Health slipped 9.0% on Monday.
The developer, manufacturer and distributor of lateral flow disease tests said its pretax loss widened to £2.6 million in the six months that ended December 31, from £1.2 million the year before, despite revenue rising 29% to £3.1 million from £2.4 million.
This was due to administrative costs increasing 16% to £3.2 million from £2.7 million, and cost of sales edging up 73% to £1.9 million from £1.1 million. The firm recorded no impairment reversals, compared to £361,000 the year before, and incurred one-off legal, professional and fundraising fees of £410,000.
Abingdon remains ‘confident’ in delivering on an £8.6 million market revenue forecast for financial 2025, up 41% on-year from £6.1 million. ‘The group’s key focus remains on continued revenue growth, proactive cost control, progression towards profitability and a cashflow positive position,’ said Chair Chris Hand.
Recruitment firm RTC faded 11%, on broadly flat 2024 pretax profit.
RTC recorded £2.5 million in profit, on revenue that fell 2.0% to £96.8 million from £98.8 million. Despite this, the company lifted its final dividend to 5.0 pence per share from 4.5p the year before. This brought its total 2024 dividend to 6.1p, up 11% on-year from 5.5p.
‘Our solid order book across rail maintenance and renewals, and smart meter roll out and upgrades alongside other key infrastructure programmes, provides some clear visibility of revenue in 2025 and I remain cautiously confident in our short, medium and long-term prospects,’ said Chief Executive Officer & Chair Andy Pendlebury.
Meanwhile, Barclays was one of the FTSE 100’s top risers on Monday, up 1.9%, as property investor and developer Conygar Investment Co announced it intended to repay its £3 million Barclays development loan.
Conygar was trading 5.7% higher.
Conygar intends to raise the funds via the sale of its development land and adjoining seabed at Holyhead Waterfront and its land at Parc Cybi, both in Anglesey, to Stena Line Ports. The disposal will net proceeds of £6.6 million for Conygar after sale costs.
Brent oil was quoted higher at $72.55 a barrel at midday in London on Monday from $72.01 late Friday. Gold was also quoted higher, at $3,026.64 an ounce against $3,013.40.
‘Gold stabilized on Monday after a limited correction as market participants assessed the latest geopolitical and trade tensions. Potential developments around a cease-fire agreement in Eastern Europe could weigh on gold. However, an increase in tensions in the Middle East could counterbalance the impact and help support gold prices and a return to the upside,’ said Exness analyst Inki Cho.
‘Additionally, trade policy uncertainty remains a key driver for gold, as tariffs have raised concerns over US economic stability. The lack of clarity around US trade policy could continue to unsettle markets. Any escalation in trade tariffs could amplify economic risks which would likely benefit the bullion. Meanwhile, attention shifts to this week’s US GDP growth data, which may offer critical insights into the direction of the US economy.’
Still to come on Monday’s economic calendar, the US flash composite PMI at 1345 GMT.
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