FTSE quiet ahead of US results season
By the end of the day London’s FTSE 100 index had risen by just 7.6 points, a 0.1% increase which saw it close at 7,879.51.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.There was little excitement on London’s top index on Monday as shares remained largely unchanged on the day.
The muted session came as small falls for the financial sector were outweighed by gains elsewhere, including for some of the retailers.
“Stocks have been left bereft this afternoon with little on the calendar today, and ahead of earnings tomorrow,” said Chris Beauchamp, chief market analyst at online trading platform IG.
“Overall, stocks continue to defy expectations of a fresh downturn, and while it is very early days, earnings season has not yet provided much of a bearish catalyst.”
Today has felt a bit like investors on both sides of the pond have been treading water waiting for a barrage of numbers heading our way
By the end of the day London’s FTSE 100 index had risen by just 7.6 points, a 0.1% increase which saw it close at 7,879.51.
It fared better than its international peers though. The Dax in Germany fell by 0.1% while France’s Cac 40 dropped 0.3%.
The S&P 500 on Wall Street was trading down 0.2% shortly after European markets had closed while its neighbour the Dow Jones was flat.
Some of the biggest financial institutions in London were among the worst performers on the day, with Abrdn, Barclays and Prudential at the bottom of the pack. Tesco, Ocado and others worked together to save the index from a drop.
Danni Hewson, head of financial analysis at AJ Bell, said: “After cracks appeared in the foundations of the banking sector, investors have been braced for more bad news from companies adjusting to the new reality of higher interest rates. Exactly how will the impact have manifested itself on company earnings?”
“Today has felt a bit like investors on both sides of the pond have been treading water waiting for a barrage of numbers heading our way.
“From jobs and inflation figures that should help us take the temperature of the UK economy, to trading updates from household names that will give us a clearer global picture, the next few days should be enlightening.”
In company news, online retailer THG made what might be the day’s biggest splash as it revealed that it had been approached by a potential buyer.
Shares closed up close to 32% after the business revealed that US buyout firm Apollo might be interested in a deal.
Shares in John Wood Group also jumped, albeit just by 6%, after it said that it was also engaging with Apollo over a potential deal.
The US suitor has made several approaches to buy the oil and gas engineering firm, but had them rebuffed. But on Monday it said that it would “engage” with the idea.
The biggest risers on the FTSE 100 were IAG, up 4.35p to 150.3p, RS Group, up 24.2p to 873.2p, Weir Group, up 45.5p to 1,937p, Ashtead, up 111p to 4,791p, and Ocado, up 12p to 522p.
The biggest fallers on the FTSE 100 were Abrdn, down 5.1p to 202.6p, Barclays, down 3.6p to 154.28p, M&G, down 4.1p to 195.9p, Prudential, down 24.0p to 1,145p, and Beazley, down 11.5p to 571.5p.