Investing
London open: Stocks head lower ahead of ‘quiet day’
UK markets opened slightly lower on Tuesday morning as investors showed caution ahead of what’s set to be a subdued end to the week.
“It’s looking like being another quiet day in the financial markets, similar to what we saw on Monday, with trading volumes being reduced as a result of a lack of economic data or market moving news,” said Market Analyst Craig Erlam from Alpari.
What’s more, volumes are expected to be even lower in the coming days with US markets closed due to the Thanksgiving holiday on Thursday and Friday.
Stocks across Europe headed higher on Monday on the back of a weekend agreement to limit Iran’s nuclear activity, which caused oil prices to fall as much as 3% before recovering slightly. Oil prices were steadier this morning following yesterday’s volatility.
“While one could well argue that last weekend’s deal has ratcheted down the prospect of a flare up in tensions in the region in the short term, the fact that the deal doesn’t alter the supply versus demand dynamics appears to have pretty much negated any apparent positives,” said Chief Market Strategist Michael Hewson from CMC Markets.
Soft drinks maker Britvic rose strongly after it delivered a 28.1% jump in annual pre-tax profit on revenues up 4.4% as a hotter-than-usual summer boosted fourth-quarter sales.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
Investors celebrated banknote printer De La Rue’s interim results as ongoing cost savings helped adjusted profits increase by 20% despite a slip in banknote print volumes.
Mitchells & Butlers was also higher this morning after the pubs group said that full-year profits surged by 81%.
Gold miners Randgold Resources and African Barrick Gold were putting in a decent performance today, rebounding as precious metals prices recovered following a slump on Monday.
Utilities firm Severn Trent was out of favour after delivering a flat first half in terms of underlying profits, as a robust start by the water business was not enough to compensate for a lower contribution from the services arm.
KCOM was also lower after announcing a shake-up of its board, which will see Chairman Bill Halbert assume the role of Chief Executive as of next April. The news came as the company reported a 5.4% fall in first-half profits, in line with its expectations.
Source: ShareCast