The indices remained steady but the broader market weakly so sliding in reaction to rising geopolitical tensions between the US and North Korea and a slump in oil prices.
SSE and Centrica shares hit on Tory plans to cap prices
Apple shares shift higher meanwhile Conservatives confirm energy rate bill cap
Monday saw the FTSE 100 finish just three points higher at 7,300.86, up 0.05%. The top risers included Intu Properties, up 2.15% to 275.50p and Paddy Power Betfair, up 2.10% to 8,250p. Centrica shares lifted 1.86%. There was also some support for high street retailer Next, up 1.84%.
AkzoNobel, world leading paint maker and owner of Dulux paint, has turned down a third takeover offer worth €26.9bn by its US competitor PPG Industries.
A touch of euphoria, then a fall back to reality. That was the currency markets reaction to the decisive Macron victory in Paris on Sunday which took 66% of the total vote. In Asia Japanese stocks surged following the news with the Nikkei 225 up 2.3% initially.
Some investor relief after Emmanuel Macron claimed an emphatic victory in the French election yesterday. The Nikkei climbed by more than 2% to a 17-month high. The euro also climbed to a one-year peak of almost 1.24.60 against the yen. However Macron’s victory had been priced in, to some degree, by the markets.
US jobs growth steps up but oil prices continue to struggle
IAG shares rose 5% this morning to 600.17p as the owner of British Airways and Iberia revealed a 10% surge in operating profits – hitting €170m – for the first quarter of 2017. The new numbers appear impressive given that the first quarter is traditionally slow for the airline.
M&S reveals new chairman meanwhile oil prices stumble to a five-month low
A small uptick for the FTSE 100 on Thursday: the Big Board ended 15 points higher at 7,248.10, up 0.2% with the FTSE 250 finishing 2.58 points down at 19,680. Travel fared well with British Airways owner IAG and TUI AG up 2.97% and 2.92% respectively.
The latest chapter in the growing tale of woe that is UK retailing tells how Next shares lost 6% as investors reacted to disappointing results. This echoes the Sainsbury's experience earlier this week. As reported earlier, total sales at Next fell by 2.5% in the first three months of the year and the top end of its profit forecast has been cut to £740m from £780m.