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London open: Stocks edge down on weak Asian cues; Rightmove rallies
London stocks edged lower in early trade on Monday, taking their cue from a downbeat session in Asia.
At 0830 GMT, the FTSE 100 was down 0.2% at 7,471.69.
Richard Hunter, head of markets at Interactive Investor, said: “With other global markets giving the UK little to go on, the main indices again showed few signs of life in opening exchanges.
“The premier index drifted lower, with an oil price which has drifted given OPEC uncertainty over the rearranged and upcoming meeting putting some pressure on the majors, with BP and Shell weaker.
“The FTSE100 is still keeping its head above water so far this year – just – although the 0.2% rise could evaporate very quickly.”
In equity markets, Ladbrokes and Coral owner Entain was knocked lower by a downgrade to ‘sell’ from ‘buy’ at Goldman Sachs.
“We now believe the inflection of fundamentals will take longer to come through, leading us to cut our estimates (by circa 30% at EPS for FY24/25E),” GS said.
On the upside, Rightmove rallied after it lifted its full-year forecast for annual revenue per advertiser as it hailed strong demand for its products since it last reported. The company now expects ARPA growth to be between £112 and £116, up from previous guidance of £103 to £105.
West End landlord Shaftesbury Capital was also in the black as it hailed a “strong” start to the Christmas trading, with footfall high and sales tracking above the prior year. The company said customers reported sales up 12% on 2022 levels and 16% above 2019 levels.
Aviva was in focus as it agreed to buy Optiom from Novacap and other minority shareholders for around £100m. Optiom, which operates as a managing general agent (MGA), is a provider of vehicle replacement insurance in Canada and offers flexible payment options to customers.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Rightmove Plc | +6.79% | +34.60 | 543.80 |
| 2 |  |
Fresnillo Plc | +4.31% | +22.80 | 551.40 |
| 3 |  |
Johnson Matthey Plc | +2.39% | +37.00 | 1,583.00 |
| 4 |  |
Admiral Group Plc | +1.88% | +50.00 | 2,714.00 |
| 5 |  |
Sage Group Plc | +1.59% | +17.50 | 1,121.50 |
| 6 |  |
Auto Trader Group Plc | +1.37% | +9.60 | 710.20 |
| 7 |  |
Ocado Group Plc | +1.16% | +6.60 | 577.60 |
| 8 |  |
Taylor Wimpey Plc | +0.95% | +1.20 | 127.50 |
| 9 |  |
Carnival Plc | +0.95% | +9.50 | 1,009.50 |
| 10 |  |
Imperial Brands Plc | +0.82% | +15.00 | 1,853.50 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Shell Plc | -1.19% | -31.00 | 2,564.00 |
| 2 |  |
Flutter Entertainment Plc | -0.99% | -125.00 | 12,495.00 |
| 3 |  |
Astrazeneca Plc | -0.98% | -100.00 | 10,080.00 |
| 4 |  |
Rolls-royce Holdings Plc | -0.95% | -2.30 | 238.70 |
| 5 |  |
Bhp Group Limited | -0.85% | -21.00 | 2,439.50 |
| 6 |  |
Rentokil Initial Plc | -0.81% | -3.70 | 451.30 |
| 7 |  |
Bp Plc | -0.76% | -3.60 | 472.90 |
| 8 |  |
Burberry Group Plc | -0.69% | -10.50 | 1,517.50 |
| 9 |  |
St. James’s Place Plc | -0.63% | -4.20 | 657.60 |
| 10 |  |
Anglo American Plc | -0.54% | -12.00 | 2,204.50 |
Monday newspaper round-up: BoE, office space, BAE Systems
The Bank of England’s reliance on “inadequate” forecasting models and a lack of intellectual diversity within its most senior ranks contributed to inflation sticking at among the highest levels in decades, a Lords report has found. In a report critical of Threadneedle Street, the powerful Lords economic affairs committee said the central bank had made “errors” in its handling of the inflation shock triggered after the Covid pandemic and Russia’s invasion of Ukraine. – Guardian
Women hold just one in five commercial roles on the boards of Britain’s 350 largest listed companies, according to research that suggests firms have blind spots and operate at “various levels of consciousness” when it comes to senior female staff. Many are failing to address important barriers that women face in the workplace, the report found, including operating a “woman tax”, whereby women are given additional tasks alongside their day jobs without placing the same expectation on their male peers. – Guardian
Nearly 7m sq ft of office space in Canary Wharf does not meet environmental property standards, new figures show. Outdated real estate across the business district, which is known for its huge office towers, could pose a problem for the embattled property group as the Government pursues its green agenda. Current proposals mean that by 2027 all commercial buildings must have an energy performance certificate (EPC) rating of A, B or C and by 2030 only A or B. – Telegraph
There is a “democratic deficit” in parliamentary scrutiny of the Bank of England because oversight of Threadneedle Street’s work has failed to keep up with the expansion of its responsibilities, peers have warned. The Lords’ economic affairs committee is calling for an overhaul in the way in which the Bank is held to account to reflect changes to its powers and objectives, which have “expanded substantially” in the 25 years since it was made operationally independent. – The Times
One of the more unusual flotations of 2024 is set to deliver a multimillion-pound windfall to BAE Systems. While the London Stock Exchange has suffered a series of defections and snubs from international businesses, Air Astana, the flag carrier of Kazakhstan, looks set to follow a string of other companies from the country that have come to London to list shares. – The Times
