Stocks in London opened mixed on a quiet Monday, with the week starting to become progressively more busy on Tuesday, with a slew of economic indicators in particular on Thursday.
On Tuesday, markets in New York will reopen, after being closed for the Washington’s Birthday public holiday on Monday.
The FTSE 100 index was up 8.27 points, 0.1%, at 7,719.98. The FTSE 250 was down 41.39 points, 0.2%, at 19,150.54, and the AIM All-Share was down 2.80 points, 0.4%, at 755.98.
The Cboe UK 100 was up 0.1% at 772.65, the Cboe UK 250 was down 0.2% at 16,569.84, and the Cboe Small Companies was up 0.2% at 14,519.33.
In European equities on Monday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both down 0.4%.
‘The FTSE 100 made a sluggish start to trading on Monday, lacking some direction amid the absence of big corporate or economic releases,’ said AJ Bell investment director Russ Mould.
‘That changes later in the week when the minutes of the latest Federal Reserve meeting are released and the AI stock Nvidia unveils its latest quarterly results. There is little margin for error for the chip specialist given the supercharged surge in its share price which has continued into 2024.’
New data on Monday showed that the average price tag on a UK home jumped by more than £3,000 month-on-month in February, according to a property website.
Across Britain, the average new seller asking price increased by 0.9% or £3,091 this month to £362,839, Rightmove said. The website said the increase is in line with the seasonal rise it would expect in February.
In signs of growing market momentum, the average asking price is also up by 0.1% compared with a year earlier, following a period of annual falls in every month since August 2023.
The number of sales agreed in the first six weeks of this year is also 16% higher than in the same period last year, Rightmove said.
On the back of the data, London’s housebuilders were trading lower. Taylor Wimpey lost 0.3%, Persimmon was down 0.8% and Barratt Developments fell by 0.2%.
Elsewhere in the FTSE 100, AstraZeneca jumped 3.5%.
The Cambridge-based pharmaceutical company reported positive analysis from its Laura phase III trial for Tagrisso in lung cancer.
The treatment, following chemoradiotherapy, showed a ‘meaningful improvement in progression-free survival’ for a group of sufferers of non-small cell lung cancer, versus those in the placebo group.
Overall survival data showed a ‘favourable trend’ for Tagrisso, but Astra noted the data ‘were not mature’ at the time of the analysis. The trial will continue to assess overall survival as a secondary endpoint.
Separately, the firm announced Tagrisso with chemotherapy received US approval from the Food & Drug Administration for use in locally advanced or metastatic epidermal growth factor receptor-mutated non-small cell lung cancer.
In the FTSE 250, Currys PLC shares jumped 33% to 62.50 pence, with Chinese e-commerce firm JD.com Inc the latest to throw its hat in the ring for a possible takeover of the consumer electronics retailer.
JD.com, noting press coverage, said it is mulling an acquisition of Currys. The Telegraph newspaper on Sunday reported JD.com has held early talks with Currys.
JD.com noted that there is no certainty that its interest will result in a bid.
On Sunday, Currys said it rejected a takeover tilt from US private equity firm Elliott Investment Management LP.
Currys said it received an unsolicited proposal worth around £702.8 million from Elliott, or 62 pence per share. The Currys market value of £708.7 million topped that figure on Monday.
Currys said the Elliott bid ‘significantly undervalued the company and its future prospects’.
Bank of Georgia rose 5.0%, after it snapped up Armenia’s Ameriabank.
Following last week’s announcement that it was in talks with Ameriabank regarding a potential acquisition, Bank of Georgia confirmed the signing of a conditional agreement to acquire the leading Armenian bank for $303.6 million.
Bank of Georgia said that the Yerevan-based bank has ‘an attractive franchise, in an attractive market, with similar characteristics to Georgia’.
Bank of Georgia Chair Mel Carvill said: ‘This transaction is a significant milestone for the group and a new chapter in our strategic development. Through Ameriabank we are set to enter Armenia, one of the fastest-growing economies in the region. Ameriabank has a well-regarded and experienced management team, and I am delighted that they will stay on after the transaction is closed. ’
The pound was quoted at $1.2618 at midday on Monday in London, higher compared to $1.2582 at the equities close on Friday. The euro stood at $1.0775, unchanged from late Friday. Against the yen, the dollar was trading at JP¥149.97, down compared to JP¥150.13.
Brent oil was quoted at $82.77 a barrel at midday in London on Monday, down from $82.88 late Friday. Gold was quoted at $2,018.88 an ounce, up against $2,009.01.
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