FTSE positive despite hit to Russian firms

Market report Emma Newlands

London-listed Russian stocks slumped as companies suffered from delayed investor reaction to the launch of US sanctions against Moscow on Friday.

The FTSE 100 ended the day up 11.11 points at 7,194.75, but was dragged down by Russian mining company Evraz, which held the bottom spot after falling 65.1p to 385.4p.

It follow’s Friday’s launch of US sanctions on a raft of high-profile Russian businesspeople and their companies as well as senior officials over what the US Treasury called a “range of malign activity around the globe”, including the supply of weaponry to the Assad regime in Syria.

BP was also seen to be feeling the pinch due to its exposure to Russia through its stake in Rosneft, and was among the worst performers on the FTSE 100, down 4.85p at 493.55p.

In currency markets, sterling was on the rise, up by 0.3 per cent both against the US dollar at $1.413 and the euro at €1.147, thanks in part to solid UK house price data.

In UK stocks, Rolls-royce Holdings rose 10.8p to 878.8p as the engine-maker said it was offloading fuel injection technology firm L’orange to America’s Woodward in a £610 million deal. Shares in Rathbone Brothers rose 40p to 2,414p after the wealth manager confirmed it was in takeover talks with Glasgowbased investment manager Speirs and Jeffrey over a potential £200m deal.

The biggest risers on the FTSE 100 included Associated British Foods, up 77p at 2,572p, and WPP, up 26p at 1,188.5p. The biggest fallers included Glencore, down 12p at 339.15p, and Smurfit Kappa Group, down 46p at 3,012p. Shares in French Connection soared after the chain struck a £23.3m deal to sell lifestyle brand Toast to Denmark’s Bestseller. The steelmaker was among Londonlisted Russian stocks affected by reaction to sanctions against some Russian businesses.