FTSE 100 dips but European traders largely shake off Russia impact
London’s top index moved 0.11%, or 8.29 points, lower to finish at 7,453.58.
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Your support makes all the difference.European stocks were largely steady on Monday as the financial markets shrugged off the latest political instability in Russia.
The aborted revolt from Russian mercenaries over the weekend resulted in an initial dip in sentiment, but the markets were generally unfazed and boosted by the positive impact on energy pricing.
The FTSE 100 was weaker as UK banks finished slightly down amid concerns over the borrowing market after last week’s shock interest rate hike.
London’s top index moved 0.11%, or 8.29 points, lower to finish at 7,453.58.
Germany’s Dax index fell by 0.13% while the Cac 40 closed up 0.29%.
Michael Hewson, chief market analyst at IG said: “Despite weekend events in Russia, European markets have proved to be reasonably resilient, although we did see the Dax sink to its lowest levels this month, and the FTSE 100 fall close to three-month lows in early trade.
“The early weakness proved short-lived with markets recovering towards break-even levels in the afternoon session.”
UK housebuilder stocks witnessed a modest rebound, Mr Hewson said, “on the back of an update by Peel Hunt that suggested now might be a good time to buy with some of the shares fairly cheap on a valuation basis”.
Across the Atlantic, the US markets continued where they left off at the end of last week, dipping amid widespread caution towards the end of a broadly positive performance in June.
Meanwhile, sterling edged higher during a quiet session for currency trading.
The pound was up 0.09% to 1.272 US dollars and had decreased 0.08% to 1.165 euros at market close in London.
In company news, Associated British Foods closed lower despite the Primark owner improving its outlook for the full year due to a jump in sales driven by higher prices.
Shares moved 16p down to 1,937p after bosses at the consumer business stressed that the environment is still “tough”.
AO World shares were boosted further on Monday after Mike Ashley’s Frasers Group continued in its recent share-buying spree.
The retail vehicle, which owns Sports Direct, acquired just under 19% of the technology retail business earlier this month and confirmed it has now increased its holding to around 22.2%.
Shares in AO climbed by 1.1p to 85.5p as a result, while Frasers moved marginally higher.
Shipping specialist Braemar entered choppy waters after it said its shares are due to be suspended due to a delay in publishing its accounts.
The company saw shares drop 55p to 224p as a result.
The price of oil moved slightly higher as a result of potential supply disruption for oil and gas being produced in Russia.
A barrel of Brent crude rose by 0.34% to 74.03 US dollars at the time markets were closing in London.
The biggest risers on the FTSE 100 were Sainsbury’s, up 6.7p to 263.9p, Berkeley Group, up 74p to 3,847p, JD Sports, up 2.8p to 146.6p, Taylor Wimpey, up 1.95p to 102.65p, and Admiral Group, up 38p to 2,154p.
The biggest fallers on the FTSE 100 were Vodafone, down 2.63p to 70.06p, BAE Systems, down 19.4p to 918.4p, Haleon, down 5.8p to 321.2p, Melrose Industries, down 6.6p to 487.3p, and Ocado, down 7p to 530.6p.