DAVID MYRDDIN-EVANS
THE UK stock market floundered on Monday. The FTSE 100 closed down 0.43 points, or 0.01%, at 7,348.9. Equities struggled to make headway due to a lack of significant data in a shortened trading week ahead of the Easter break. The FTSE 250 ended the day up 0.18% at 19,264.6.
Associated British Foods, which owns Primark, rose 3.78%, making it the day’s biggest gainer on the bluechip index. Its shares increased 94p to £25.78 following reports that the company was looking for a new chairman.
Meanwhile, shares in Mediclinic International jumped 3.57% as a proposed tax change in Switzerland that would hit its profits looked unlikely to go ahead. Mining stocks had a poor day, with Fresnillo, Randgold Resources and Antofagasta leading the FTSE 100 fallers.
On Tuesday morning the market once again lacked direction ahead of key inflation figures and rising tensions in Syria and the Korean peninsula.
The FTSE 100 was little changed overall last week, despite the increased geopolitical worries.
The blue-chip index recovered from an early dip on Friday following the US missile strike on Syria, closing 0.6% higher. Royal Dutch Shell was up 1.7% while Randgold jumped 4.3%.
Meanwhile Standard Life added 3.6% and Aberdeen Asset Manage- ment climbed 4.2% as broker RBC said cost savings from the proposed merger of the investment firms could be substantially higher than initially targeted.
Thursday saw Pearson shares fall 6.7% after a downbeat note from broker Exane BNP Paribas. But EasyJet rose 4.2% after reporting a recovery in passenger numbers. The FTSE 100 was down 0.4%.
On Wednesday Astra Zeneca shed 2% after broker UBS turned cautious, while Old Mutual dropped 4.4% as the South African rand continued to slide on political worries. The FTSE 100 was up 0.2%.
Wm Morrison led the supermarkets lower on Tuesday with a fall of 2.9% after industry data showed slower growth for the sector in March. Sainsbury’s was off 2.2%.
But the FTSE was up 0.5% as the pound weakened. BP was up 1.7% while both Rio Tinto and Anglo American added 2.5%.