UK STOCK MARKETS LAG BEHIND EUROPE AND US
UK stock markets lagged behind their international peers on Monday as the FTSE 100 was dragged down by miners and energy giants, in a reversal of Friday’s industrialfuelled rally.
The FTSE 100 closed 30.05 points lower, or 0.38 per cent, to 7,965.53.
It came after the blue-chip index came just a few points away from hitting a new alltime high on Friday, amid surging gold and oil prices.
But oil prices dropped on Monday, as investors continued to weigh up the possibility of conflict in the Middle East escalating, following Iran’s missile and drone attack on Israel over the weekend.
Other top European stock markets fared better on Monday. In Frankfurt, the Dax climbed 0.41 per cent and in Paris, the Cac 40 closed 0.34 per cent higher.
Over in the US, the S&P 500 was up about 0.3 per cent and Dow Jones up 0.4 per cent by the time European markets closed.
It followed the release of data which showed US retail sales increased more than expected in March.
Alex Rudolph, senior market analyst at IG, said: “Following two straight weeks of falling stock prices, European and US indices ended the session in positive territory amid de-escalation hopes in the Middle East, a rebound in Eurozone industrial output, much stronger-than-expected US retail sales and solid Goldman Sachs earnings which beat estimates.’’
The pound was up 0.1 per cent against the US dollar to 1.2465, and up about 0.1 per cent against the euro to 1.171.
The price of Brent crude oil was down 1.2 per cent to 89.30 US dollars (£71.67) at close.
In company news, shares in Inchcape moved higher after the firm said it was selling its UK retail operations for about £346 million to Us-based rival, Group 1 Automotive.
Its boss said the “strategic importance of the UK retail operations has become limited’’ as a result of the group growing internationally. Shares in the London-listed company were 4.1 per cent higher at close.
Shares in Pagegroup fell on Monday afternoon after the recruiter revealed further trading woes and more job cuts, with profits down in recent months.
The biggest risers on the FTSE 100 were: Beazley, up 19.5p to 673.5p; Ocado, up 7.2p to 363.9p; IMI, up 35p to 1,800p; B&M European, up 9.6p to 510.6p; and Admiral Group, up 40p to 2,711p.
The biggest fallers on the FTSE 100 were: Fresnillo, down 24.5p to 598p; BP, down 11.8p to 527.3p; Centrica, down 2.8p to 130.5p; BT, down 2.1p to 105p; and Pershing Square, down 78p to 4,004p.