Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Indexes & Markets

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

FTSE 100 up as miners, banks rally; easyJet warning tugs airlines

share with twitter share with LinkedIn share with facebook
04/01/2019 | 01:18pm EDT
The London Stock Exchange Group offices are seen in the City of London, Britain

(Reuters) - Gains in miners and banks propelled London's main bourse higher on Monday, as sentiment picked up after surprisingly upbeat data from China and progress in U.S.-China trade talks, while easyJet's bleak forecast triggered a sell-off in airline stocks.

The FTSE 100 ended 0.5 percent higher after rallying as much as 1 percent with gains capped due to investors shunning defensive stocks, and the midcaps added 0.6 percent.

UK markets joined a global rally sparked by data showing Chinese factory activity grew for the first time in four months in March, as well as hopes of a resolution to a prolonged trade dispute between Washington and Beijing.

Also driving sentiment was a survey that showed UK manufacturing growth at an unexpected 13-month high last month as the country stockpiles for Brexit.

Miners jumped 2.5 percent to a 10-month high as base metals prices rose, including nickel after data suggested stimulus measures in China, the world's biggest nickel consumer, were boosting the economy.

Trade progress and reassurance about the Chinese economy also helped Asia-exposed stocks such as HSBC and StanChart.

"The trade deal is going very well," U.S. President Donald Trump said on Friday, with talks between the world's two largest economies set to resume this week.

The Brexit conundrum continued, with parliament set to vote on different options, and sterling firmed on hopes that the uncertainty will end in a softer Brexit than Prime Minister Theresa May's defeated withdrawal agreement.

The default remains for the UK to fall out of the European Union without a deal on April 12.

CAUTIOUS TONE

All but two sectors in the FTSE 100 were in positive territory, with easyJet's weak trading update the biggest negative.

WPP, the world's biggest advertising group, added 3 percent on its best day in a month after a Deutsche Bank rating upgrade.

EasyJet, by contrast, suffered a 10 percent slump on its worst day in nearly three years after it flagged soft ticket pricing, partly due to Brexit uncertainties.

EasyJet's cautious tone brought down shares in British Airways-owner IAG, Wizz Air and the London-listed shares of Ryanair by between 2 and 4.3 percent.

Defensive stocks, which are deemed safer at times of uncertainty, underperformed. British American Tobacco and Imperial Brands were among the worst fallers, while United Utilities, SSE and National Grid also weakened.

Among midcaps, iron ore pellet producer Ferrexpo jumped 6.3 percent as higher iron ore prices took precedence over the company delaying annual results again, with charity investigation continuing.

Babcock edged 3 percent higher after a media report that Rolls-Royce director and former Shell executive Ruth Cairnie would take over as chairman of the defence contractor.

(Reporting by Yadarisa Shabong and Muvija M, Editing by David Holmes and Ed Osmond)

By Muvija M


Stocks mentioned in the article
ChangeLast1st jan.
BABCOCK INTERNATIONAL GROUP 2.40% 217.2 Delayed Quote.-65.49%
BASE CO., LTD. -2.14% 5950 End-of-day quote.120.10%
BASE,INC. -5.94% 11240 End-of-day quote.540.46%
BEST INC. -9.82% 2.57 Delayed Quote.-53.78%
BURBERRY GROUP PLC -0.88% 1356 Delayed Quote.-38.50%
EASYJET PLC 2.16% 505.8 Delayed Quote.-64.49%
EURO / BRITISH POUND (EUR/GBP) -0.43% 0.89922 Delayed Quote.6.81%
FERREXPO PLC 3.36% 190.5 Delayed Quote.19.85%
HSBC HOLDINGS PLC 0.17% 324.55 Delayed Quote.-45.17%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 5.88% 96.44 Delayed Quote.-76.73%
JUST GROUP PLC 1.01% 42.1 Delayed Quote.-46.71%
ROLLS-ROYCE HOLDINGS PLC -1.49% 71.32 Delayed Quote.-69.58%
ROYAL MAIL PLC -1.77% 227 Delayed Quote.0.31%
RYANAIR HOLDINGS PLC 1.20% 11.825 Delayed Quote.-19.17%
SET -0.56% 1194.95 Real-time Quote.-24.36%
THE GLOBAL LTD. -12.20% 223 End-of-day quote.-52.65%
WILL GROUP, INC. -4.33% 773 End-of-day quote.-38.26%
WIZZ AIR HOLDINGS PLC 0.95% 3194 Delayed Quote.-18.00%
WORLD CO., LTD. -2.36% 1323 End-of-day quote.-50.84%
WPP PLC 2.80% 616.6 Delayed Quote.-42.18%
share with twitter share with LinkedIn share with facebook
Latest news "Markets"
10/30Dow Wraps Up Worst Month Since March
DJ
10/30LONDON STOCK EXCHANGE : FTSE 100 logs worst month since March on virus resurgence
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30EUROPE : European shares slide on the week as lockdowns dull recovery hopes
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30TSX slips as energy stocks weigh, virus cases surge
RE
10/30Dow on Track to Wrap Up Worst Month Since March
DJ
10/30TSX slips as energy stocks weigh, virus cases surge
RE
Latest news "Markets"