London open: Stocks rise as oil prices ease; Nvidia in focus

(Sharecast News) - London stocks rose in early trade on Monday following last week's tech-led selloff, as oil prices eased and as investors mulled news over the weekend that US chip giant Nvidia is facing an alleged spying scandal.

At 0835 GMT, the FTSE 100 was 0.2% firmer at 10,692.78, while Brent crude was down 1.8% at $96.54 a barrel and West Texas Intermediate was off 1.2% at $89.74 after Donald Trump said new attacks on Iran were unlikely while talks to end the conflict progress.

Speaking to CNN, the US president said: "It depends on whether or not they sign a very strong agreement.

"The answer is, highly unlikely it's going to be necessary."

Chris Beauchamp, chief market analyst at IG, said: "Oil markets exist in a strange limbo. Trump is still clearly ambivalent about striking Iran again, but the two sides continue to trade blows in Hormuz. For the moment it seems this will continue until the third US carrier arrives in the region, giving the US more weight for any attack.

"Last week's lows appear to be the floor unless there is some kind of real breakthrough in negotiations to end a war that seems both on ice and incapable of being brought to a conclusion."

Meanwhile, the big news over the weekend was that Nvidia has launched an investigation after founder Jensen Huang admitted having an affair with a woman suspected of spying for China.

In a memo sent to employees on Sunday, Huang - who has led the business for more than 30 years - admitted: "I owe my family and all of you an apology. I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.

"I love our country and our company. I am committed to protecting Nvidia and supporting America's national security."

Separately, Nvidia confirmed the board was launching an independent investigation "in light of recent reporting that...Huang has been the target of a foreign intelligence effort".

Neither the company nor Huang named the woman. However, she was widely reported to be Alice Huang, an executive at Singapore-based Nvidia customer Megasped. US officials believe she was recruited by China's Ministry of State Security intelligence agency.

A spokesperson for China's Foreign Ministry said that allegations "about Chinese spies are entirely groundless, speculative and intended to smear and malign China".

UK corporate releases were scarce, but digital technology firm Kainos tumbled despite posting a rise in first-half profit and revenue.

In terms of sectors, miners were the best performers amid higher metals prices, with Fresnillo, Antofagasta, Anglo American, Rio Tinto, Glencore, Endeavour Mining, Hochschild and Pan African Resources all up.

Market Movers

FTSE 100 (UKX) 10,692.78 0.18%

FTSE 250 (MCX) 24,520.06 0.06%

techMARK (TASX) 6,167.22 0.25%

FTSE 100 - Risers

Fresnillo (FRES) 2,584.00p 2.83%

Antofagasta (ANTO) 3,186.00p 2.60%

International Consolidated Airlines Group SA (CDI) (IAG) 444.30p 2.44%

Anglo American (AAL) 3,782.00p 2.32%

Rio Tinto (RIO) 6,383.00p 2.13%

Marks & Spencer Group (MKS) 442.30p 2.10%

Glencore (GLEN) 503.70p 1.81%

AstraZeneca (AZN) 14,056.00p 0.92%

Babcock International Group (BAB) 1,019.00p 0.84%

Autotrader Group (AUTO) 556.40p 0.83%

FTSE 100 - Fallers

Burberry Group (BRBY) 1,086.50p -1.99%

Barratt Redrow (BTRW) 329.10p -1.08%

Coca-Cola HBC AG (CDI) (CCH) 4,142.00p -0.86%

Croda International (CRDA) 3,638.00p -0.76%

IG Group Holdings (IGG) 930.50p -0.75%

Scottish Mortgage Inv Trust (SMT) 1,460.00p -0.71%

SEGRO (SGRO) 908.00p -0.61%

Alliance Witan (ALW) 1,328.00p -0.60%

Coca-Cola Europacific Partners (DI) (CCEP) 8,710.00p -0.51%

Shell (SHEL) 3,702.00p -0.42%

FTSE 250 - Risers

Endeavour Mining (EDV) 4,216.00p 3.86%

THG (THG) 40.52p 3.12%

TBC Bank Group (TBCG) 4,984.00p 2.64%

Pan African Resources (PAF) 118.20p 2.42%

Hochschild Mining (HOC) 499.00p 2.38%

Quilter (QLT) 192.30p 2.29%

Pets at Home Group (PETS) 266.80p 2.22%

North Atlantic Smaller Companies Inv Trust (NAS) 429.00p 2.14%

HarbourVest Global Private Equity Limited A Shs (HVPE) 3,430.00p 2.08%

Avon Technologies (AVON) 2,380.00p 1.93%

FTSE 250 - Fallers

Kainos Group (KNOS) 1,139.00p -7.40%

Baltic Classifieds Group (BCG) 2.39p -3.86%

4Imprint Group (FOUR) 4,244.00p -2.88%

Renishaw (RSW) 4,614.00p -2.08%

RS Group (RS1) 785.00p -1.51%

Partners Group Private Equity Limited. (EUR) (PEY) 6.56p -1.50%

CMC Markets (CMCX) 668.00p -1.47%

Polar Capital Technology Trust (PCT) 538.50p -1.46%

Vietnam Enterprise Investments (DI) (VEIL) 712.00p -1.25%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,204.00p -1.15%