London midday: Stocks maintain gains; Imperial Brands bucks the trend

by | Mar 30, 2021

London stocks were still in the black by midday on Tuesday as investors looked past the Archegos Capital collapse.
The FTSE 100 was up 0.5% at 6,766.82.

Spreadex analyst Connor Campbell said: “Although Archegos uncertainties are still hanging over the markets, European investors felt settled enough to push the region’s indices higher on Tuesday.

Despite the positive tone, Campbell cautioned: “There are dangers lurking to undermine these month-end gains. As occurred when February came to a close, bond yields are on the rise.

“And though the markets have broadly made their peace with that in recent weeks, it could still cause a record high-imperilling wobble. Similarly, just because markets appear to have moved on this morning, doesn’t mean the dust has settled on Archegos Capital’s collapse. That situation could still have some nasty surprises up its sleeve.”

In equity markets, British Airways and Iberia owner IAG was the standout gainer on the FTSE 100, with banks Barclays and HSBC also putting in a solid performance.

Royal Mail rallied after saying it would pay a one-off dividend and holding full-year profits guidance as it outlined plans to more than double profits at its GLS parcels unit in the next five years.

Ladbrokes owner Entain was boosted by an upgrade to ‘overweight’ at JPMorgan, but 888 was knocked lower by a downgrade to ‘neutral’ by the same outfit as it took a look at online gaming stocks.

Polymer maker Victrex gained after an upgrade to ‘neutral’ at Citi, which pointed to the first signs of volume growth “as many of its key end markets look to be through trough levels”.

On the downside, Imperial Brands fell even after it backed its full-year guidance as it hailed a good start to the year, with market share growth in its five priority markets.

SSE and Pennon were both trading lower after trading updates, while Cairn Energy lost ground after it said India has appealed against an order by an international tribunal to pay $1.2bn damages to the company in a long-running tax dispute.

Market Movers

FTSE 100 (UKX) 6,766.82 0.46%
FTSE 250 (MCX) 21,544.78 0.51%
techMARK (TASX) 4,260.38 0.61%

FTSE 100 – Risers

International Consolidated Airlines Group SA (CDI) (IAG) 198.10p 3.07%
Barclays (BARC) 185.82p 3.02%
British Land Company (BLND) 527.00p 3.01%
Antofagasta (ANTO) 1,699.00p 2.81%
Melrose Industries (MRO) 168.95p 2.61%
Legal & General Group (LGEN) 282.90p 2.57%
HSBC Holdings (HSBA) 428.15p 2.40%
WPP (WPP) 950.20p 2.13%
Entain (ENT) 1,541.50p 2.09%
Rightmove (RMV) 591.60p 2.04%

FTSE 100 – Fallers

Fresnillo (FRES) 872.40p -2.37%
Severn Trent (SVT) 2,297.00p -1.92%
SSE (SSE) 1,435.00p -1.44%
British American Tobacco (BATS) 2,788.00p -1.36%
National Grid (NG.) 858.80p -1.29%
Rentokil Initial (RTO) 486.10p -1.28%
United Utilities Group (UU.) 916.60p -1.10%
Imperial Brands (IMB) 1,495.00p -1.09%
Scottish Mortgage Inv Trust (SMT) 1,088.00p -1.09%
Reckitt Benckiser Group (RB.) 6,496.00p -1.04%

FTSE 250 – Risers

Victrex plc (VCT) 2,230.00p 4.69%
Hammerson (HMSO) 34.99p 4.48%
SSP Group (SSPG) 366.60p 4.38%
Micro Focus International (MCRO) 573.40p 4.25%
easyJet (EZJ) 969.40p 3.35%
Meggitt (MGGT) 483.00p 3.29%
CMC Markets (CMCX) 490.00p 3.05%
Tullow Oil (TLW) 50.80p 2.96%
Wizz Air Holdings (WIZZ) 4,878.00p 2.69%
Kainos Group (KNOS) 1,484.00p 2.63%

FTSE 250 – Fallers

Cineworld Group (CINE) 100.70p -5.58%
Pennon Group (PNN) 964.60p -2.86%
Gamesys Group (GYS) 1,916.00p -2.74%
Drax Group (DRX) 425.80p -2.74%
JTC (JTC) 628.00p -1.88%
Bytes Technology Group (BYIT) 403.40p -1.61%
Apax Global Alpha Limited (APAX) 190.20p -1.55%
PZ Cussons (PZC) 268.00p -1.47%
Mediclinic International (MDC) 289.80p -1.43%
FDM Group (Holdings) (FDM) 1,016.00p -1.36%

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