European stocks dip during ‘lacklustre’ trading session
The FTSE 100 moved 0.02%, or 1.93 points, lower to finish at 7,912.2.
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Your support makes all the difference.London stocks closed a touch lower following a “lacklustre” session across Europe.
Traders and investors appeared cautious ahead of another key week for economic data, with UK borrowing data among figures still to be published.
Meanwhile, US GDP figures later this week could also help frame the Federal Reserve’s interest rate policy going forward.
The FTSE 100 moved 0.02%, or 1.93 points, lower to finish at 7,912.2.
Michael Hewson, chief market analyst at CMC Markets, said: “It’s been a fairly lacklustre start to equity markets trading this week, as we head towards another positive month for European equities.
The FTSE 100 has chopped in and out of negative territory for most of the day with basic resources and telecoms providing the main drag, while energy has pulled the index off its intraday lows
“The FTSE 100 has chopped in and out of negative territory for most of the day with basic resources and telecoms providing the main drag, while energy has pulled the index off its intraday lows.”
The French markets were more positive for much of the session, with LVMH helping to drive the CAC 40 to a new record high before it slipped late in the day.
Mr Hewson said: “The French luxury firm set another notable benchmark today, becoming the first ever European company to reach a 500 billion dollar market cap as it continued to build on its gains from last week.”
The Dax fell by 0.11% and the Cac 40 decreased by 0.04% at the close.
Across the Atlantic, the main US markets opened flat amid the broader caution, although Coca-Cola shares jumped to their highest levels this year after its first quarter figures surpassed expectations.
Meanwhile, sterling nudged higher during a tetchy session for the currency markets.
The pound was up 0.15% to 1.246 US dollars and fell by 0.16% to 1.129 euros at market close in London.
In company news, shares in online retailer THG made further gains after it confirmed it has drafted in a new director as talks rumble on regarding a potential private equity takeover.
Sue Farr will join as a new senior independent director. The appointment comes a week after the MyProtein owner received a takeover approach from US buyout firm Apollo.
Shares in THG climbed by 8.8p to 98p on Monday.
Elsewhere, takeover fever continued in London as Medica became the latest firm to agree a private equity buyout.
The UK-listed radiology services business saw shares surge after it agreed a takeover by Swedish firm IK Investment Partners for 212p per share, valuing the group at £269 million.
Shares were up 54p at 214p at the close of trading.
London-listed miner South32 saw shares drop after it cut its annual production guidance for some operations after setbacks in the third quarter.
The Australia-based firm said poor weather and other disruptions impacted supply. Shares fell 12.5p to 224p.
The price of oil climbed back from their lowest levels for the month after increased concerns over lower demand in China and weaker global growth.
Brent crude oil increased by 1.08% to 82.54 US dollars per barrel when the London markets closed.
The biggest risers on the FTSE 100 were Dowlais Group, up 7.04p at 129.26p, Abrdn, up 3.9p at 206.2p, Airtel Africa, up 1.7p at 110.3p, JD Sports, up 2.35p at 167.65p, and British Land, up 4.7p at 388.8p.
The biggest fallers of the session were Ocado Group, down 11p at 505.8p, Scottish Mortgage Investment Trust, down 11.8p at 632.8p, Fresnillo, down 12.2p at 748.8p, Anglo American, down 40.5p at 2,512p, and BT, down 2.25p at 153.35p.