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London close: Stocks finish April in risk-on mood

Published 28/04/2023, 18:27
Updated 28/04/2023, 17:59
London close: Stocks finish April in risk-on mood

Sharecast - Helping to buoy sentiment was the release of US data showing a large drop in price pressures, although other inflation readings Stateside appeared to point in the opposite direction.

"The month is going out with some small upside for stocks, after a week in which earnings provided fresh good news," said IG chief market analyst Chris Beauchamp.

"But the first week of the new month will be equally as busy as the one just finished, with more big names reporting plus rate decisions and job numbers. There are still plenty of potential hurdles to any further gains in stocks."

The FTSE 100 was down 0.50% at 7,870.57.

According to the US Department of Commerce, the annual rate of increase in the price deflator for personal consumption expenditures came off in March to 4.2%, against 5.1% in February.

Yet the Department of Laboral also reported on Friday that the Employment Cost Index had risen slightly more than anticipated during the first quarter, breaking with the downtrend in place across 2022, Ian Shepherdson at Pantheon Macroeconomics said.

Nonetheless, Shepherdson said the ECI figures were impossible to reconcile with other data.

Shares in NatWest (LON:NWG) fell despite the UK bank reporting better-than-expected first-quarter profit driven by higher interest rates, as it also posted a sharp drop in deposits as customers chased better rates, with incomes squeezed by rising inflation. Other banks followed suit, with Barclays (LON:BARC) and Lloyds (LON:LLOY) also in the red.

Renishaw (LON:RSW) was under the cosh after it downgraded its full-year profits and revenue guidance amid lower demand from the semiconductor and electronics sectors.

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On the upside, Pearson (LON:PSON) rallied as the education publisher said it was on track to meet annual guidance and announced a £300m share buyback to start in the second half of the year, as it posted a 2% jump in total group sales in the first quarter.

Corrugated packaging company Smurfit Kappa Group (LON:SKG) was up after it reported a rise in first-quarter profit despite a dip in sales.

Asia-focused insurer Prudential (LON:PRU) rose as it reported a jump in first-quarter sales and new business profit.

Hikma (LON:HIK) gained as it upgraded full-year guidance after a stronger-than-expected start to the year for its generics business, but expressed concern about the impact of the current conflict in Sudan on operations.

Specialist engineer Rotork (LON:ROR) advanced after saying it expects 2023 adjusted operating profit to be slightly ahead of expectations driven by strong order intake.

Outside the FTSE 350, broker Numis Corp (LON:NUM) rocketed after agreeing to be bought by Deutsche Bank (ETR:DBKGn) in a £410m cash deal. Under the terms of the transaction, DB will pay 350p per share.

FTSE 100 - Risers

Prudential PLC (LON:PRU) 1,211.50p +4.17%

Pearson 887.00p +3.79%

Smurfit Kappa Group (CDI) (SKG) 2,942.00p +3.37%

London Stock Exchange Group (LON:LSEG) 8,346.00p +3.24%

Segro Plc (LON:SGRO) 834.80p +2.99%

Land Securities Group (LAND (LON:LAND)) 674.20p +2.77%

British Land Company PLC (LON:BLND) 400.20p +2.72%

Beazley PLC (LON:BEZG) 595.50p +2.67%

Persimmon (LON:PSN) 1,314.00p +2.46%

Rentokil Initial (LON:RTO) 632.40p +2.40%

FTSE 100 - Fallers

NATWEST GROUP (NWG) 262.00p -3.75%

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Diageo (LON:DGE) 3,622.00p -2.50%

Antofagasta (ANTO) 1,460.50p -1.85%

Ocado Group (LON:OCDO) 505.20p -1.48%

Weir Group (LON:WEIR) 1,840.00p -1.47%

Barclays PLC (LON:BARC) 159.88p -1.33%

Pershing Square (NYSE:SQ) Holdings Ltd NPV (PSH) 2,760.00p -1.29%

Fresnillo (LON:FRES) 711.40p -1.28%

Lloyds Banking Group 48.20p -1.27%

British American Tobacco (LON:BATS) 2,927.00p -1.22%

FTSE 250 - Risers

Tullow Oil (LON:TLW) 27.96p +4.72%

Helios Towers Plc (LON:HTWS) 104.30p +4.09%

Hikma Pharmaceuticals 1,841.00p +4.01%

CLS Holdings PLC (LON:CLSH) 135.60p +3.99%

Rotork 327.00p +3.55%

Urban Logistics Reit PLC (LON:SHED) 141.40p +3.51%

Wizz Air Holdings (LON:WIZZ) 3,021.00p +3.49%

Genuit Group PLC (LON:GENG) 300.50p +3.26%

Diversified Energy Company PLC (LON:DEC) 94.70p +3.10%

Carnival (NYSE:CCL) 654.40p +3.09%

FTSE 250 - Fallers

WAG Payment Solutions PLC (LON:WPS) 97.00p -5.37%

Digital 9 Infrastructure PLC (LON:DGI9) 65.90p -4.91%

Telecom Plus (LON:TEP) 1,806.00p -3.11%

Bank of Georgia Group PLC (LON:BGEO) 2,960.00p -2.47%

Syncona Ltd (LON:SYNCS) 154.00p -2.41%

Renishaw 3,604.00p -2.07%

BH Macro Ltd (LON:BHMG) 419.00p -1.64%

4Imprint Group Plc (LON:FOUR) 4,510.00p -1.53%

JPMorgan Japanese Investment Trust (LON:JFJ) 454.50p -1.52%

Centamin (LON:CEY) 103.30p -1.15%

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