London stocks were just in the black by midday on Thursday as investors awaited fresh catalysts.
The FTSE 100 was up 0.1% at 6,529.46.
Milan Cutkovic, market analyst at Axi, said: “With major Asian markets shut for a public holiday and the earnings season slowly coming to an end, investors are waiting for the next big catalyst to propel stocks to new highs.
“The economic calendar for the coming days is looking light and market participants will likely shift their focus back to the stimulus negotiations in Washington DC as well as the global vaccination efforts.
“While investors have accepted that the negotiations around the $1.9 trillion coronavirus relief plan could take a couple of weeks, their patience could soon run thin amid a lack of other major catalysts. US President Biden held his first official phone call with Chinese President Xi Jinping yesterday. With US-China relations at their lowest point in decades, many challenges lie ahead.”
There are no major UK macro releases due, but investors were eyeing the latest initial jobless claims in the US at 1330 GMT.
On the corporate front, pharmaceuticals giant AstraZeneca gained as it posted a spike in final revenues, fuelled by strong demand for its oncology drugs, and predicted further strong growth for the current year.
Relx – formerly Reed Elsevier – also rallied after well-received full-year results, along with Coca-Cola HBC.
Elsewhere, product testing and certification company Intertek was boosted by an upgrade to ‘overweight’ at Morgan Stanley.
Ladbrokes owner Entain was a high riser after it extended the acceptance deadline for its acquisition of Enlabs, standing firm on its offer despite some recoil from Enlabs shareholders.
Royal Mail advanced after saying it expects full-year group adjusted profit to be “well in excess” of £500m after a strong rise in parcel revenues in Christmas period.
Polypipe gained after the piping manufacturer said it raised around £96.3m in a placing to help fund the £210m acquisition of magnetic filters maker ADEY.
On the downside, SSP shares slumped after the Upper Crust and Ritazza owner said it is considering debt and equity funding options following a report about a possible £500m equity raise.
Market Movers
FTSE 100 (UKX) 6,529.46 0.08%
FTSE 250 (MCX) 20,978.57 -0.09%
techMARK (TASX) 4,131.76 0.31%
FTSE 100 – Risers
Coca-Cola HBC AG (CDI) (CCH) 2,387.00p 5.62%
Entain (ENT) 1,370.00p 3.79%
Intertek Group (ITRK) 5,762.00p 3.08%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,852.00p 3.04%
Halma (HLMA) 2,522.00p 2.31%
Pershing Square Holdings Ltd NPV (PSH) 2,600.00p 2.16%
Ocado Group (OCDO) 2,564.00p 2.11%
Burberry Group (BRBY) 1,754.50p 1.98%
Avast (AVST) 500.50p 1.89%
Experian (EXPN) 2,580.00p 1.86%
FTSE 100 – Fallers
Land Securities Group (LAND) 610.80p -2.12%
Royal Dutch Shell ‘B’ (RDSB) 1,279.40p -2.04%
Royal Dutch Shell ‘A’ (RDSA) 1,336.20p -1.98%
British Land Company (BLND) 460.30p -1.67%
Barclays (BARC) 145.30p -1.61%
Anglo American (AAL) 2,670.00p -1.58%
International Consolidated Airlines Group SA (CDI) (IAG) 147.60p -1.53%
NATWEST GROUP PLC ORD 100P (NWG) 172.60p -1.48%
Lloyds Banking Group (LLOY) 36.97p -1.43%
Tesco (TSCO) 243.90p -1.18%
FTSE 250 – Risers
Polypipe Group (PLP) 560.00p 8.95%
Royal Mail (RMG) 451.30p 5.03%
Spirent Communications (SPT) 256.50p 4.48%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,852.00p 3.04%
Hays (HAS) 154.50p 2.52%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 432.00p 2.37%
Games Workshop Group (GAW) 10,430.00p 2.36%
Biffa (BIFF) 246.50p 2.28%
Britvic (BVIC) 809.50p 2.08%
Weir Group (WEIR) 1,984.50p 1.87%
FTSE 250 – Fallers
SSP Group (SSPG) 291.40p -8.08%
Watches of Switzerland Group (WOSG) 626.00p -4.28%
Hammerson (HMSO) 21.92p -4.28%
WH Smith (SMWH) 1,574.00p -3.61%
National Express Group (NEX) 287.40p -2.77%
Beazley (BEZ) 350.80p -2.72%
Petrofac Ltd. (PFC) 118.60p -2.63%
Cineworld Group (CINE) 74.24p -2.57%
Mitchells & Butlers (MAB) 347.50p -2.52%
CLS Holdings (CLI) 214.50p -2.50%enta
