London stocks were up in quiet trade by midday on Monday even as commodity prices fell, as the latest warning from China sparked hopes that inflationary pressures might ease.
The FTSE 100 was up 0.3% at 7,040.66 after China warned against excessive speculation in commodities, saying there would be “zero tolerance” for monopolies in spot and futures markets, and for speculation and hoarding.
Spreadex analyst Connor Campbell said: “Instead of tanking, the FTSE’s sizeable commodity cabal, the index’s oil and mining stocks were broadly up on the day, with BHP Group and Antofagasta the outliers.”
He said the FTSE was likely up “on speculation that this Chinese commodity warning could help ease the inflationary pressures that have so spooked the markets this year”.
“It is a very quiet day – and week – all told, especially with Germany and France enjoying a May Bank Holiday,” said Campbell. Several markets across Europe are closed for Pentecost/Whit Monday.
In equity markets, Cineworld gained as the movie theatre operator reported a strong opening weekend in the UK after Covid-19 restrictions were lifted, led by the success of Peter Rabbit 2: The Runaway.
Kainos rallied after it said annual profit more than doubled to a record as organisations invested in its digital operations during the pandemic.
Mr Kipling owner Premier Foods was a high riser after Shore Capital reiterated its ‘buy’ rating on the stock.
Doorstep lender Provident Financial slumped amid expectations it will be ejected from the FTSE 250 in the next reshuffle.
Market Movers
FTSE 100 (UKX) 7,040.66 0.32%
FTSE 250 (MCX) 22,429.26 0.13%
techMARK (TASX) 4,330.47 0.52%
FTSE 100 – Risers
Flutter Entertainment (CDI) (FLTR) 13,255.00p 2.51%
Entain (ENT) 1,615.50p 2.31%
Compass Group (CPG) 1,569.00p 1.92%
InterContinental Hotels Group (IHG) 4,889.00p 1.35%
Aveva Group (AVV) 3,292.00p 1.20%
Vodafone Group (VOD) 129.00p 1.19%
Intermediate Capital Group (ICP) 2,054.00p 1.08%
Croda International (CRDA) 6,862.00p 1.06%
WPP (WPP) 984.60p 1.05%
Spirax-Sarco Engineering (SPX) 12,375.00p 1.02%
FTSE 100 – Fallers
Fresnillo (FRES) 856.40p -2.90%
Antofagasta (ANTO) 1,514.50p -1.59%
Barratt Developments (BDEV) 745.60p -1.17%
Admiral Group (ADM) 2,918.00p -0.68%
United Utilities Group (UU.) 986.00p -0.64%
Severn Trent (SVT) 2,490.00p -0.60%
BHP Group (BHP) 2,104.50p -0.57%
Mondi (MNDI) 1,912.50p -0.52%
Berkeley Group Holdings (The) (BKG) 4,609.00p -0.45%
Standard Chartered (STAN) 504.80p -0.43%
FTSE 250 – Risers
Mitie Group (MTO) 69.10p 5.02%
Premier Foods (PFD) 106.00p 4.33%
Restaurant Group (RTN) 127.20p 4.26%
Royal Mail (RMG) 543.60p 3.27%
Cineworld Group (CINE) 89.58p 3.18%
WH Smith (SMWH) 1,732.50p 2.64%
Micro Focus International (MCRO) 501.40p 2.47%
National Express Group (NEX) 290.80p 2.32%
Wetherspoon (J.D.) (JDW) 1,368.00p 2.32%
Dr. Martens (DOCS) 491.20p 2.16%
FTSE 250 – Fallers
Provident Financial (PFG) 252.20p -4.97%
Pagegroup (PAGE) 566.00p -4.31%
Investec (INVP) 276.70p -4.29%
Energean (ENOG) 768.00p -3.09%
Drax Group (DRX) 440.60p -2.31%
Helios Towers (HTWS) 160.40p -1.96%
Tullow Oil (TLW) 51.22p -1.95%
Bytes Technology Group (BYIT) 514.50p -1.72%
Trainline (TRN) 309.00p -1.72%
Capital & Counties Properties (CAPC) 166.50p -1.60%
