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London open: Stocks nudge up as investors eye US inflation, UK GDP
London stocks were just a smidgen firmer in early trade on Monday, paring opening losses as investors eyed the release of key US inflation and UK growth figures later in the week.
At 0905 BST, the FTSE 100 was 0.1% higher at 8,242.24.
Susannah Streeter head of money and markets at Hargreaves Lansdown, said: “It’s been a lacklustre start for the FTSE 100, which only made small steps of progress in early trade, with scant positive data around to spark significant gains amid ongoing caution. The latest snapshot of business activity in the US has caused fresh uncertainty, with the PMI numbers showing robust growth. There are worries it could lead to the Fed holding off from cutting interest rates for longer. The official US GDP data out on Thursday will be closely watched to establish just how stubborn inflation could be in the last yards down to target.
“The UK’s growth snapshot is out on Friday, and although the expectations are that it might show a shift out of stagnation mode, it’s unlikely to be so significant that it’ll help propel the Conservatives’ election prospects forward in any meaningful way.”
In equity markets, Prudential was the standout gainer on the FTSE 100 after saying it would return $2bn to investors via a share buyback to be completed by mid-2026.
Britvic fizzed higher again as Carlsberg confirmed that PepsiCo has agreed to waive the change of control clause in the bottling arrangements it has with Britvic, removing a potential hurdle in the Danish brewer’s pursuit of the UK drinks company.
Britvic shares surged on Friday after it confirmed it had rejected a £3.1bn takeover proposal from Carlsberg.
Ecommerce services and fulfilment group THG advanced as it announced a new multi-year partnership with retail conglomerate Frasers Group that includes the sale of its portfolio of luxury goods websites. Mike Ashley’s Frasers was also in the black.
Insulation and building products group SIG tumbled as it delivered a profit warning after a challenging first half, as ongoing softness in the building and construction sector across Europe resulted in subdued demand across the majority of its end-markets.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Prudential Plc | +5.46% | +38.60 | 745.80 |
| 2 |  |
Associated British Foods Plc | +2.67% | +66.00 | 2,534.00 |
| 3 |  |
Burberry Group Plc | +2.54% | +25.00 | 1,010.00 |
| 4 |  |
Bt Group Plc | +1.87% | +2.65 | 144.25 |
| 5 |  |
Wpp Plc | +1.74% | +13.00 | 760.60 |
| 6 |  |
Antofagasta Plc | +1.51% | +31.00 | 2,089.00 |
| 7 |  |
British American Tobacco Plc | +1.49% | +37.00 | 2,525.00 |
| 8 |  |
Ashtead Group Plc | +1.48% | +80.00 | 5,474.00 |
| 9 |  |
Phoenix Group Holdings Plc | +1.45% | +7.50 | 523.50 |
| 10 |  |
Itv Plc | +1.43% | +1.15 | 81.45 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Flutter Entertainment Plc | -2.99% | -450.00 | 14,615.00 |
| 2 |  |
Smurfit Kappa Group Plc | -2.52% | -92.00 | 3,566.00 |
| 3 |  |
Ocado Group Plc | -2.02% | -6.30 | 305.10 |
| 4 |  |
Bhp Group Limited | -0.90% | -20.00 | 2,213.00 |
| 5 |  |
Mondi Plc | -0.67% | -10.00 | 1,488.50 |
| 6 |  |
Rio Tinto Plc | -0.57% | -30.00 | 5,204.00 |
| 7 |  |
Sage Group Plc | -0.51% | -5.50 | 1,075.50 |
| 8 |  |
Berkeley Group Holdings (the) Plc | -0.51% | -24.00 | 4,706.00 |
| 9 |  |
Scottish Mortgage Investment Trust Plc | -0.43% | -3.80 | 884.80 |
| 10 |  |
Rentokil Initial Plc | -0.42% | -1.90 | 451.60 |
Monday newspaper round-up: John Lewis, heat pumps, THG
The outgoing chair of John Lewis has insisted that the retail group is “back on track” and “more fit for the future” with an improving financial position enabling it to spend money refurbishing Waitrose supermarkets and opening convenience stores. Sharon White, who will retire as chair of the John Lewis Partnership in September, said the upmarket Waitrose brand was “underrepresented in convenience” as it sought new avenues of growth. – Guardian
The UK’s drive to replace gas boilers with heat pumps is being stymied by a lack of consumer demand and a shortage of skilled installers to fit heat pumps where they are wanted, according to an industry survey. The most comprehensive poll of heat pump installers to date found that the biggest barrier was the low number of households choosing to get one fitted. – Guardian
Rishi Sunak’s Covid start-up fund has pushed dozens of companies into liquidation in an attempt to recover taxpayer loans. The Future Fund has issued winding up petitions to 32 companies that it backed during the pandemic, according to court records. In many cases it has resulted in the business being ordered to cease trading by courts and the company wound up without the fund recouping its investment. – Telegraph
The EU has clinched last-ditch talks with Beijing over plans to impose higher tariffs on Chinese imports of electric cars amid fears of a looming tit-for-tat trade war. Trade ministers from China and the European Commission agreed to start negotiations to settle a dispute over EU plans to raise tariffs on electric vehicle imports from China to up to 48pc. – Telegraph
Burnout, toxic management and a lack of meaningful work are three of the main reasons that workers “quietly quit”, according to an expert who has studied the phenomenon. Employees dubbed “quiet quitters” are so-called because they do the minimum work required in their job and do not go above and beyond in their efforts. Research from Gallup found this month that the UK’s employees were among the least motivated by their work in Europe, with only 10 per cent saying that they were engaged in their job. The lack of engagement in work is estimated to cost the UK economy 11 per cent of GDP, or £257 billion annually. – The Times
The chairman of THG is on course to avoid an investor revolt at the health and beauty retail group’s annual meeting against his reappointment after criticism from an activist investor. Shareholders are due to support the re-election of Lord Allen of Kensington at the company’s annual meeting despite calls from Kelso Group, a small shareholder, for a “debate” about his future. – The Times
