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London midday: FTSE stays down as miners, energy stocks fall

Published 04/12/2023, 12:10
Updated 04/12/2023, 12:11
London midday: FTSE stays down as miners, energy stocks fall

Sharecast - The FTSE 100 was down 0.4% at 7,499.71.

Meanwhile, gold prices surged in Asian trading, pushing past the $2,100 an ounce mark amid expectations of rate cuts, to reach as high as $2,135 per ounce before easing back.

Russ Mould, investment director at AJ Bell, said: "Tomorrow sees the first of several important US updates on jobs.

"The Job Openings and Labor Turnover Survey (or JOLTS) on 5 December will be followed by ADP payrolls on 6 December and the Challenger, Gray & Christmas job losses survey on 7 December.

"Amid a decline in job vacancies, the market will want to see if workers are feeling confident enough to look around for new opportunities or whether they are feeling nervous and are staying put with their current employer.

"Any sharp increase in unemployment rates will be watched like a hawk by investors who are searching for clues as to whether the Federal Reserve has reason to start cutting rates. Nervousness about the outlook for the US economy is growing and every data point is being scrutinised for clues as to how the central bank might be thinking."

In equity markets, miners and energy stocks fell, with BP (LON:BP), Shell (LON:RDSa), Rio, Glencore (LON:GLEN), Anglo American (JO:AGLJ) and Antofagasta (LON:ANTO) all down as metals and oil prices declined.

Petrofac (LON:PFC) tanked after saying it was looking to sell some assets as it warned on cash flow.

On the upside, William Hill owner 888 Holdings (LON:888) surged following a report that it rejected £700m takeover approach by Playtech (LON:PTEC). According to The Sunday Times, Playtech made a written indicative approach to acquire 888 at 156p a share in July, only for it to be rejected as undervaluing the company.

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Engine maker Rolls-Royce (LON:RR) gained after JPMorgan (NYSE:JPM) upgraded the shares to ‘overweight’ from ‘neutral’, while DS Smith was boosted by an upgrade to ‘overweight’ from ‘equalweight’ at Barclays (LON:BARC).

Capita rallied after saying it was selling its 75% stake in Fera Science Limited, the joint venture set up eight years ago with the government that specialise in environmental testing, research, and advisory and assurance services. The business process services group will receive cash proceeds of £62m from Bridgepoint Group, which will be used to strengthen the balance sheet and support investment.

Boohoo (LON:BOOH) pushed higher after Mike Ashley’s Frasers Group upped its stake in the fast fashion retailer again.

Market Movers

FTSE 100 (UKX) 7,499.71 -0.39%

FTSE 250 (MCX) 18,473.29 0.35%

techMARK (TASX) 4,091.72 0.11%

FTSE 100 - Risers

Rolls-Royce Holdings (RR.) 287.20p 3.79%

Ocado Group (LON:OCDO) 616.60p 3.77%

Smith (DS) (SMDS) 302.50p 2.02%

JD Sports Fashion (JD.) 163.55p 2.00%

B&M European Value Retail S.A. (DI) (BME) 599.60p 1.80%

Pearson (LON:PSON) 931.80p 1.33%

St James's Place (STJ) 666.80p 1.31%

Rightmove (RMV) 559.40p 1.30%

Taylor Wimpey (LON:TW.) 132.65p 1.26%

WPP (LON:WPP) 718.60p 1.10%

FTSE 100 - Fallers

Anglo American (AAL) 2,229.00p -3.55%

Flutter Entertainment (CDI) (FLTR) 12,205.00p -3.10%

Glencore (GLEN) 445.25p -2.72%

United Utilities Group (LON:UU.) 1,064.00p -2.56%

Rio Tinto (LON:RIO) 5,458.00p -2.52%

BP (BP.) 467.65p -2.25%

Shell (SHEL) 2,515.50p -2.04%

Antofagasta (ANTO) 1,469.00p -1.77%

Smurfit Kappa Group (CDI) (LON:SKG) 3,036.00p -1.43%

Centrica (LON:CNA) 150.85p -1.11%

FTSE 250 - Risers

888 Holdings (DI) (888) 83.50p 18.27%

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Ceres Power Holdings (LON:CWR) 186.40p 6.94%

Mobico Group (MCG) 72.70p 6.91%

Digital 9 Infrastructure NPV (DGI9) 32.60p 6.36%

Bakkavor Group (BAKK) 89.00p 4.71%

Helios Towers (HTWS) 75.85p 3.83%

SThree (STEM) 424.50p 3.54%

Savills (LON:SVS) 833.00p 3.48%

TUI (LON:TUIT) AG Reg Shs (DI) (TUI) 503.50p 3.26%

North Atlantic Smaller Companies Inv Trust (NAS) 3,970.00p 3.12%

FTSE 250 - Fallers

Ferrexpo (LON:FXPO) 70.80p -4.71%

Energean (ENOG) 993.50p -2.60%

Senior (SNR) 166.20p -2.35%

Mitie Group (LON:MTO) 98.50p -2.28%

TBC Bank Group (TBCG) 2,695.00p -2.00%

Harbour Energy (LON:HBR) 222.70p -1.94%

Future (FUTR (LON:FUTR)) 830.00p -1.83%

Ithaca Energy (LON:ITH) 147.40p -1.73%

Assura (AGR) 44.50p -1.72%

Foresight Group Holdings Limited NPV (FSG) 401.00p -1.47%

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