Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

London midday: Stocks extend gains despite Chinese official’s ‘bubble’ warning

London stocks had extended gains by midday on Tuesday despite a Chinese official warning that foreign markets are in a bubble, as investors sifted through a raft of corporate news.
The FTSE 100 was up 0.6% at 6,630.67.

Market participants took things in their stride after Guo Shuqing, the head of the China Banking and Insurance Regulatory Commission, said he was “worried the bubble problem in foreign financial markets will one day go pop”.

Shuqing said markets in the US and Europe are trading at high levels, running “counter to the real economy”.

CMC Markets analyst Michael Hewson said: “This is hardly a new phenomenon, there’s been talk about bubbles in US markets for months, and China’s property market isn’t immune to these sorts of concerns either.”

In equity markets, insurer Admiral advanced ahead of its full-year results on Thursday, while engineer Renishaw surged after saying it was putting itself up for sale.

Taylor Wimpey gained after saying it will resume dividend payouts as sales and profits met expectations during an otherwise “unusual and volatile year”.

Rotork was on the front foot as its full-year adjusted operating profit beat analysts’ expectations.

Product testing and certification company Intertek pushed higher as it posted a drop in full-year profit and revenue but said its earnings performance was ahead of the group’s expectations following a strong recovery in the second half.

On the downside, oil giants BP and Shell both gushed lower as oil prices fell.

Flutter Entertainment reversed earlier gains to trade down after the gambling group reported a sharp fall in full-year profits but said it had started the new year with strong momentum and higher revenues.

Equipment rental firm Ashtead fell despite saying that full-year results are set to be ahead of its previous expectations after it outperformed the market in the nine months to the end of January 2021.

Engineer Weir lost ground after it reported a decline in full-year profit and revenue.

Doorstep lender Provident Financial was knocked lower by a downgrade to ‘sell’ at Canaccord Genuity.

Market Movers

FTSE 100 (UKX) 6,630.67 0.64%
FTSE 250 (MCX) 21,232.02 0.05%
techMARK (TASX) 4,038.68 1.03%

FTSE 100 – Risers

Pershing Square Holdings Ltd NPV (PSH) 2,620.00p 4.38%
Admiral Group (ADM) 3,224.00p 3.10%
Standard Chartered (STAN) 484.00p 2.98%
Aveva Group (AVV) 3,537.00p 2.79%
Scottish Mortgage Inv Trust (SMT) 1,215.00p 2.53%
Mondi (MNDI) 1,812.50p 2.31%
Kingfisher (KGF) 272.80p 2.21%
Reckitt Benckiser Group (RB.) 6,172.00p 2.19%
Taylor Wimpey (TW.) 170.10p 2.13%
United Utilities Group (UU.) 894.00p 2.05%

FTSE 100 – Fallers

Flutter Entertainment (FLTR) 13,985.00p -2.58%
Whitbread (WTB) 3,398.00p -1.88%
JD Sports Fashion (JD.) 821.60p -1.86%
BP (BP.) 293.05p -1.51%
Barratt Developments (BDEV) 689.80p -1.17%
Ashtead Group (AHT) 3,974.00p -1.10%
Royal Dutch Shell ‘A’ (RDSA) 1,451.80p -1.01%
International Consolidated Airlines Group SA (CDI) (IAG) 203.70p -0.78%
Royal Dutch Shell ‘B’ (RDSB) 1,394.60p -0.68%
Rolls-Royce Holdings (RR.) 110.70p -0.63%

FTSE 250 – Risers

Renishaw (RSW) 6,860.00p 18.28%
Hammerson (HMSO) 28.97p 5.54%
Rotork (ROR) 373.80p 4.53%
Lancashire Holdings Limited (LRE) 639.50p 3.23%
AO World (AO.) 289.00p 3.21%
Royal Mail (RMG) 466.80p 2.93%
TP Icap Group (TCAP) 244.15p 2.80%
Capita (CPI) 48.91p 2.73%
Baillie Gifford US Growth Trust (USA) 351.00p 2.63%
Rank Group (RNK) 174.80p 2.58%

FTSE 250 – Fallers

Provident Financial (PFG) 271.80p -5.10%
Weir Group (WEIR) 1,931.50p -3.71%
FirstGroup (FGP) 85.95p -2.94%
Travis Perkins (TPK) 1,435.00p -2.91%
Trainline (TRN) 512.50p -2.84%
Energean (ENOG) 885.70p -2.77%
Workspace Group (WKP) 778.50p -2.69%
SSP Group (SSPG) 352.00p -2.38%
Law Debenture Corp. (LWDB) 704.00p -2.36%
Carnival (CCL) 1,616.50p -2.24%

This Week’s Most Read

  • An interview with the pub landlord that barred Sir Keir Starmer

    Footage from today shows Sir Keir Starmer’s entourage man handling Rod Humphris, pub landlord for the Raven of Bath Public house. In this exclusive interview,

  • Sir Keir Starmer in pub brawl?

    Predictions of scuffles in pubs came true today, with a landlord being ejected from his own pub by interlopers. Sir Keir Starmer had been listening

  • Haatch SEIS fund oversubscribed within 2 weeks

    Haatch Ventures quietly launched their first SEIS Fund in March, with a target raise of £1.5m.  This figure was reached within 2 weeks, and the

  • Sir Keir Starmer, pubs and COVID – taking the piss, not taking a piss..

    We thought you weren’t allowed into pubs these days? Incredible scenes erupted today outside the Raven Pub in Bath, as Sir Keir Starmer was confronted

  • Why Government support means there has never been a better time for sustainability start-ups

    When Glasgow hosts the United Nations Climate Change Conference in November, it will be more than two years since the UK signed into law its

  • Staycation Boom Could be Taxing for Landlords

    Furnished holiday lets offer tax breaks, but owners need to tread carefully. Soaring demand for holiday lets as the UK plans for a ‘staycation summer’

  • New financial advice service from Vanguard aimed at retirement savers

    Designed for investors saving for retirement, Vanguard Personal Financial Planning launches on the award-winning Vanguard UK Personal Investor platform – vanguardinvestor.co.uk/financial-advice. The service offers personalised

  • MainStreet Partners: does the ‘S’ in ESG have ‘middle child’ syndrome?

    Long overlooked in favour of its more obvious counterparts, last year saw investors turn a corner and beckon in ‘an era of social impact investing’,

  • Creating a sustainable future – A special supplement in conjunction with M&G | April 2021

    M&G Investments are one of the early adopters of ESG (environmental, social and governance) and impact investing strategies within their funds. In this IFA Magazine

  • The Coming Decade for Climate Solutions

    Randeep Somel, Fund Manager, M&G Climate Solutions Fund, is finding reasons to be cheerful as he uncovers some of the powerful drivers of change which

IFA Magazine

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine