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London midday: Stocks slightly lower despite lockdown easing; US earnings eyed

Mon 12 April 2021 11:00 | A A A

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Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7004.63 | Positive 56.64 (0.82%)

Prices delayed by at least 15 minutes

(Sharecast News) - London stocks were off earlier lows but still in the red by midday on Monday even as England's economy began to open up again after the third national lockdown, with investors cautious ahead of the US earnings season.

The FTSE 100 was down 0.3% at 6,894.08, as non-essential retailers, gyms, hairdressers and pubs and restaurants with outdoor spaces reopened.

IG market analyst Joshua Mahony said the recent focus on vaccination efforts and relative levels of lockdown are giving way to a week where earnings seasons takes precedence.

"With US Q1 earnings season underway this week, we finally see a measure of just how far companies have come since the onset of the crisis. Certainly the virus only really took hold towards the latter part of Q1 2020, yet that ability to gauge how firms are faring a year on from that initial shock will provide a useful barometer of who has been able to adjust most effectively," he said.

"The US banks take centre stage for this first week, and whilst the incessant rise in US markets would ordinarily indicate outperformance for the investment banks, we are instead focusing on the likes of Goldman Sachs and Morgan Stanley for a very different reason. While initial accounts highlight a swift and clean exit from their Archegos Capital Management positions, there will be plenty of interest in just how well they have managed to avoid the kind of losses seen at the likes of Nomura and Credit Suisse."

On home shores, there was some good news for retailers as the latest figures from analysts Springboard showed that as at 1000 BST, footfall across all UK destinations was up 218.2%.

Footfall at shopping centres was 339.7% higher, while high streets and retail parks saw increases of 232.8% and 58.2% on the week.

In equity markets, shopping centre owner Hammerson was in the red after confirming it was in talks with Canadian private equity firm Brookfield on a possible sale of its retail parks. Brookfield is prepared to pay around £350m for seven retail parks, the Sunday Times reported.

EasyJet flew lower after HSBC cut its stance on shares of the budget airline to 'hold'.

Online supermarket Ocado and online electricals retailer AO World - both of which have benefitted from Covid-related lockdowns and restrictions - were lower as lockdown eased.

AstraZeneca ticked up despite saying a trial of its Farxiga drug for treating hospitalised Covid-19 patients did not produce statistically significant results.

Market Movers

FTSE 100 (UKX) 6,894.08 -0.31%

FTSE 250 (MCX) 22,200.88 -0.23%

techMARK (TASX) 4,306.80 -0.63%

FTSE 100 - Risers

Admiral Group (ADM) 3,198.00p 1.52%

Bunzl (BNZL) 2,433.00p 1.00%

Severn Trent (SVT) 2,429.00p 0.96%

Barclays (BARC) 187.32p 0.87%

Coca-Cola HBC AG (CDI) (CCH) 2,432.00p 0.79%

Pershing Square Holdings Ltd NPV (PSH) 2,795.00p 0.72%

NATWEST GROUP PLC ORD 100P (NWG) 198.00p 0.69%

Johnson Matthey (JMAT) 3,155.00p 0.67%

United Utilities Group (UU.) 963.40p 0.58%

Just Eat Takeaway.Com N.V. (CDI) (JET) 7,265.00p 0.55%

FTSE 100 - Fallers

Rightmove (RMV) 597.60p -3.36%

Ocado Group (OCDO) 2,087.00p -2.93%

Kingfisher (KGF) 335.50p -2.44%

Associated British Foods (ABF) 2,431.00p -2.13%

Next (NXT) 8,120.00p -2.12%

B&M European Value Retail S.A. (DI) (BME) 537.20p -1.83%

BAE Systems (BA.) 505.60p -1.83%

Anglo American (AAL) 3,032.50p -1.64%

Flutter Entertainment (CDI) (FLTR) 15,055.00p -1.57%

Pearson (PSON) 793.40p -1.54%

FTSE 250 - Risers

Centrica (CNA) 58.62p 2.09%

Mitie Group (MTO) 66.00p 2.01%

Howden Joinery Group (HWDN) 775.60p 2.00%

TI Fluid Systems (TIFS) 295.50p 1.90%

Babcock International Group (BAB) 237.70p 1.89%

BMO Global Smaller Companies (BGSC) 162.60p 1.75%

Lancashire Holdings Limited (LRE) 670.50p 1.59%

Sabre Insurance Group (SBRE) 261.50p 1.55%

Sirius Real Estate Ltd. (SRE) 95.30p 1.49%

Diversified Gas & Oil (DGOC) 114.00p 1.42%

FTSE 250 - Fallers

AO World (AO.) 313.40p -4.45%

FirstGroup (FGP) 91.65p -3.12%

Games Workshop Group (GAW) 10,190.00p -2.95%

Indivior (INDV) 133.70p -2.76%

Pagegroup (PAGE) 540.00p -2.70%

easyJet (EZJ) 948.40p -2.51%

Contour Global (GLO) 200.50p -2.43%

Premier Foods (PFD) 96.00p -2.24%

Restaurant Group (RTN) 119.20p -2.13%

Genuit Group (GEN) 571.00p -2.06%

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