London close: Stocks claw back some of Monday’s losses

by | Jul 20, 2021

London stocks managed a positive close on Tuesday, recovering some ground following heavy losses in the previous session, but with rising Covid-19 cases still weighing on investors’ minds.
The FTSE 100 ended the session up 0.54% at 6,881.13, and the FTSE 250 was 0.81% firmer at 22,119.48.

Sterling was weaker, meanwhile, last trading 0.4% lower against the dollar at $1.3620, and losing 0.23% on the euro to change hands at €1.1564.

“European markets initially started the day higher, as some tentative buying emerged after yesterday’s sharp selloff,” said CMC Markets chief market analyst Michael Hewson.

“We did see a drift back into negative territory ahead of the US open, however we’ve since recovered off those lows with the FTSE 100 attempting to revisit its early morning highs as we head into the close.

“Cyclicals are leading the move higher, with gains for basic resources and industrials leading today’s rebound.”

In equity markets, housebuilders were among the day’s winners, with Persimmon up 1.45%, Barratt Developments ahead 1.34%, and Vistry Group 2.23% firmer.

“Updates from the sector have been rosy over the past few months, providing a positive backdrop to the shares, and with the sector down some 13% from its peak in April it looks like the time is ripe to go shopping in the likes of Persimmon and Barratt Developments,” said IG market analyst Chris Beauchamp.

Elsewhere, some of the stocks that were hit hardest on Monday kept their heads above water, with engine maker Rolls-Royce up 3.47%, InterContinental Hotels rising 0.93%, broadcaster ITV gaining 2.34%, Cineworld ahead 3.14%, TUI advancing 3.41%, and easyJet 0.94% higher.

InterContinental Hotels was also boosted by an upgrade to ‘buy’ at Stifel, while easyJet was in focus after the budget airline said it had reduced cash burn amid continuing Covid-19 restrictions as it reported a £318m third-quarter loss.

Rolls-Royce, meanwhile, was lifted by a research note from Citi, which said the shares offer “significant” long-term value.

Elsewhere, Transact owner IntegraFin was 3.07% higher after it said third-quarter funds under direction passed £50bn for the first time amid positive equity markets, rising 7.2% over the previous quarter.

On the downside, grocer Wm Morrison lost 0.34% after it emerged that US private equity firm Apollo Global Management was in talks with Fortress Investment Group to join its bid for the supermarket chain.

Apollo said it would not make an offer for Morrisons on its own.

Market Movers

FTSE 100 (UKX) 6,881.13 0.54%
FTSE 250 (MCX) 22,119.48 0.81%
techMARK (TASX) 4,314.98 0.87%

FTSE 100 – Risers

Land Securities Group (LAND) 661.00p 0.00%
Persimmon (PSN) 2,956.00p 0.00%
Entain (ENT) 1,752.00p 0.00%
BP (BP.) 281.80p 0.00%
Whitbread (WTB) 2,837.00p 0.00%
Smith & Nephew (SN.) 1,475.50p 0.00%
Abrdn (ABDN) 271.50p 0.00%
GlaxoSmithKline (GSK) 1,417.00p 0.00%
Bunzl (BNZL) 2,583.00p 0.00%
InterContinental Hotels Group (IHG) 4,575.00p 0.00%

FTSE 100 – Fallers

Unilever (ULVR) 4,362.00p 0.00%
Barclays (BARC) 161.06p 0.00%
Smiths Group (SMIN) 1,502.50p 0.00%
CRH (CDI) (CRH) 3,500.00p 0.00%
Glencore (GLEN) 300.35p 0.00%
Just Eat Takeaway.Com N.V. (CDI) (JET) 5,855.00p 0.00%
Flutter Entertainment (CDI) (FLTR) 11,820.00p 0.00%
B&M European Value Retail S.A. (DI) (BME) 557.60p 0.00%
Rio Tinto (RIO) 5,852.00p 0.00%
Taylor Wimpey (TW.) 151.70p 0.00%

FTSE 250 – Risers

Watches of Switzerland Group (WOSG) 900.00p 0.00%
Beazley (BEZ) 348.20p 0.00%
Scottish American Inv Company (SAIN) 507.00p 0.00%
Frasers Group (FRAS) 570.00p 0.00%
Aston Martin Lagonda Global Holdings (AML) 1,729.00p 0.00%
Electrocomponents (ECM) 997.00p 0.00%
Finsbury Growth & Income Trust (FGT) 902.00p 0.00%
TUI AG Reg Shs (DI) (TUI) 318.50p 0.00%
Savills (SVS) 1,068.00p 0.00%
Close Brothers Group (CBG) 1,470.00p 0.00%

FTSE 250 – Fallers

Greencore Group (CDI) (GNC) 117.40p 0.00%
Beazley (BEZ) 348.20p 0.00%
Scottish American Inv Company (SAIN) 507.00p 0.00%
Frasers Group (FRAS) 570.00p 0.00%
Aston Martin Lagonda Global Holdings (AML) 1,729.00p 0.00%
Watches of Switzerland Group (WOSG) 900.00p 0.00%
Finsbury Growth & Income Trust (FGT) 902.00p 0.00%
TUI AG Reg Shs (DI) (TUI) 318.50p 0.00%
Savills (SVS) 1,068.00p 0.00%
Close Brothers Group (CBG) 1,470.00p 0.00%

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