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London open: Stocks gain after Friday’s losses; Entain jumps
London stocks rose in early trade on Monday, recovering from heavy losses at the end of last week on the back of a disappointing US non-farm payrolls report.
At 0840 BST, the FTSE 100 was up 0.6% at 8,229.77.
Richard Hunter, head of markets at Interactive Investor, said: “Initial gains were not quite enough to reverse Friday’s declines, although the FTSE 100 remains ahead by 6.4% in the year to date.
“May’s record highs are now around 2.7% away, and further progress could be hamstrung amid what is currently a cautious investing environment.”
In equity markets, Ladbrokes owner Entain jumped to the top of the FTSE 100 after it said online net gaming revenue growth during the second half to date has been ahead of its expectations.
Hunter said: “The spike in the price comes as something of a relief given that the shares have fallen by 45% over the last year, largely driven by regulatory threat and emerging competition in the US.”
Flutter Entertainment also gained.
Elsewhere, Barratt Developments rose after saying that it, Homes England and Lloyds Bank had formed a joint venture that will focus on developments of large sites for housing.
Each partner will invest up to £150m in the venture, to be called the MADE Partnership, focusing on multiple large scale, residential-led developments from 1,000 to more than 10,000 homes “along with a variety of community facilities and employment uses”.
Potential development opportunities will include large brownfield developments, as well as new garden village style communities.
Property portal Rightmove ticked higher after an upgrade to ‘hold’ from ‘underperform’ at Jefferies.
On the downside, Burberry fell after a downgrade to ‘underweight’ from ‘equalweight’ at Barclays, which cited structural brand weakness.
Barclays said that despite already being one of the worst-performing names in its space, it still sees downside for Burberry as it has concerns about the company’s ability to remain a high-end luxury brand in line with its coverage “considering its lack of disciplined full-price strategy”.
“Burberry looks likely to turn loss-making for the first time in H1-25 and considering that we expect the environment to remain tough next year, it could be difficult to see margin recovery in the short term,” the bank said.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
South32 Limited | +2.36% | +3.50 | 151.60 |
| 2 |  |
Melrose Industries Plc | +2.32% | +10.50 | 463.80 |
| 3 |  |
Wise Plc | +2.30% | +14.50 | 645.50 |
| 4 |  |
Pershing Square Holdings Ltd | +2.23% | +78.00 | 3,570.00 |
| 5 |  |
Diploma Plc | +2.05% | +88.00 | 4,386.00 |
| 6 |  |
Ashtead Group Plc | +2.04% | +106.00 | 5,296.00 |
| 7 |  |
Antofagasta Plc | +2.01% | +33.00 | 1,671.50 |
| 8 |  |
Jd Sports Fashion Plc | +1.91% | +2.55 | 136.15 |
| 9 |  |
Hsbc Holdings Plc | +1.79% | +11.60 | 660.40 |
| 10 |  |
Spirax Group Plc | +1.77% | +130.00 | 7,455.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Astrazeneca Plc | -0.73% | -92.00 | 12,558.00 |
| 2 |  |
Pearson Plc | -0.70% | -7.50 | 1,066.00 |
| 3 |  |
Severn Trent Plc | -0.52% | -14.00 | 2,696.00 |
| 4 |  |
Reckitt Benckiser Group Plc | -0.51% | -23.00 | 4,515.00 |
| 5 |  |
Tesco Plc | -0.38% | -1.40 | 365.20 |
| 6 |  |
Ferguson Enterprises Inc. | -0.34% | -50.00 | 14,550.00 |
| 7 |  |
Segro Plc | -0.32% | -2.80 | 874.60 |
| 8 |  |
Sse Plc | -0.25% | -5.00 | 1,968.50 |
| 9 |  |
Marks And Spencer Group Plc | -0.20% | -0.70 | 347.00 |
| 10 |  |
Prudential Plc | -0.19% | -1.20 | 618.80 |
Monday newspaper round-up: HSBC, CGT, Asda
HSBC is recruiting hundreds of bankers to serve rich clients in the UK as it looks to head off growing competition from British rivals and take a larger slice of the wealth management market. Europe’s biggest bank is hoping to fortify the UK arm of its wealth and private banking operations by bulking up its team of relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees. – Guardian
The UK is missing out on billions of pounds of revenue each year from small retail businesses that exploit weaknesses in government systems to evade paying tax, the public spending watchdog has warned. The National Audit Office (NAO), which monitors tax and spending by the government, said the trail of tax debts left by small retailers was widespread and increasing every year. – Guardian
Rachel Reeves has been urged to start charging capital gains tax on second homes and businesses after their owners die. Scrapping relief that wipes out capital gains tax charges on death would simultaneously drive economic growth and raise £2bn a year for the Treasury as the Chancellor scrambles to fill a £22bn budget black hole, according to the Institute for Fiscal Studies (IFS). – Telegraph
Almost 2m self-employed workers face a pensions crisis unless they urgently start to save more, the Institute for Fiscal Studies (IFS) has warned. Just 500,000 self-employed people earning more than £10,000 a year are paying into a pension at all, according to the IFS, with 1.8m failing to do so. It represents a collapse in savings rates over the past 25 years. Back in 1998, almost two-thirds of the self-employed saved into a pension. – Telegraph
Britain’s third largest supermarket chain has launched one of the biggest workplace saving schemes in the UK for its 150,000 retail workers. Asda has partnered with Wagestream, the financial benefits company, to offer its workers a 4.7 per cent AER (annual equivalent rate) workplace savings account, which is protected under the Financial Services compensation Scheme. – The Times
