FTSE falls marginally despite strong mining and travel shares

FTSE falls marginally despite strong mining and travel shares
Die FTSE 100 closed 2.15 punte, of 0.03%, lower at 7,025.43 Maandag.

European stocks wavered during a shaky session despite positive moves for mining and travel firms in London.

Die FTSE closed in the red after a weak lead from Asian markets put it on the back foot before it was also impacted by heavily cautious Wall Street trading before the Federal Reserve meeting later in the week.

Die FTSE 100 closed 2.15 punte, of 0.03%, lower at 7,025.43 Maandag.

Danni Hewson, financial analyst at AJ Bell gesê: “This week has the potential to be a rollercoaster and investors can be forgiven for keeping their powder dry.

“London’s markets have been similarly afflicted despite a good showing by miners.

“Anglo American Platinum kicked things off in style and investors will be salivating at the prospect of more big gains off the back of upward commodity pricing.”

Miners thus leapt higher while signs of recovery in summer bookings at Ryanair also helped travel and leisure stocks in London.

The Ireland-based airliner finished 4% higher after lifting its guidance for summer traveller numbers. The move helped rivals easyJet, Jet2 and IAG to strong gains.

In Europe’s other major markets, the Dax underperformed after the latest IFO survey appeared to suggest that the German economy is starting to slow in the wake of rising costs and more Delta variant cases.

The German Dax decreased by 0.36% and the French Cac moved 0.05% higher.

Across the Atlantic, the Dow Jones dipped on the opening bell from record highs from last week as falls for Asian tech stocks weighed on US trading sentiment.

Intussen, sterling made a minor improvement against a weak dollar as US currency traders acted with caution ahead of this week’s key Fed meeting, due to start on Tuesday.

The pound was up 0.05% versus the US dollar at 1.383 and was 0.02% higher against the euro at 1.171.

Retail property firm NewRiver made gains after secured the £222.3 million sale of its Hawthorn pub business to Admiral Taverns.

The listed investment firm started a sale process for the 674-strong pub operator in April to strengthen its balance sheet and provide funds to invest in its core retail operation.

Shares climbed 2.3p to 89.2p at the close of play.

FirstGroup was another strong performer after its biggest investor, activist shareholder Coast Capital Management, called for the resignation of its chief executive Matthew Gregory.

Shares improved by 2.25p to 84.4p at the transport operator amid speculation that the intervention could lead to a strategy shake-up.

Royal Mail closed 6p lower at 527.2p after brokers at Liberum said it is “unclear” whether recent revenue trends for its parcels and letters operations will stabilise as pandemic disruption eases.

The price of oil slipped back marginally from last week’s high amid concerns over demand due to the pandemic as well as extreme weather in Europe and Asia.

Brent crude declined by 0.15% aan 74 dollar per vat.

Die grootste stygings op die FTSE 100 were IAG, up 7.74p at 176.2p, Antofagasta, up 58.5p at 1,495.5p, Glencore, up 10.45p at 326.2p, and Anglo American, up 94.5p at 3,058.5p.

Die grootste valers op die FTSE 100 were Unilever, down 113p at 4,031p, London Stock Exchange, down 200p at 7,424p, B&M., down 14p at 563.4p, and Smith & Nephew, down 35.5p at 1,519p.

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