London midday: Stocks a touch lower as miners retreat
Sharecast
Published Apr 20, 2023 13:04
London midday: Stocks a touch lower as miners retreat
Sharecast - The FTSE 100 was down 0.1% at 7,890.13.
Russ Mould, investment director at AJ Bell (LON:AJBA), said: "The decline in miners, packaging groups and retailers on the UK stock market would suggest investors are once again worried about the outlook for the global economy. Markets have stalled over the past few days, with the latest corporate updates failing to move the dial."
"A lot of companies are keeping their heads above water but there remain plenty of headwinds to cloud the outlook. The prospect of another round of interest rate hikes in the US and Europe will further increase the cost of borrowing, coinciding with fears that banks are going to have stricter lending policies following the recent Silicon Valley Crisis. Tighter lending could feasibly lead to weaker economic activity."
"Later today we’ll get an update on US jobless claims, manufacturing activity and US home sales, helping to give a more up-to-date picture of the state of the country."
In equity markets, miners were on the back foot, with Antofagasta (LON:ANTO), Anglo American (LON:AAL) and Rio Tinto (LON:RIO) all down as metals prices fell.
Rio Tinto was also in focus after it reported record first-quarter iron ore shipments from its Plibara operations in Western Australia as China ramped up steel production, but cut copper output guidance due to issues at its US Kennecott and Chilean Escondida operations.
Elsewhere, WH Smith (LON:SMWH) fell even as the retailer hailed a "strong" first-half performance, ahead of its expectations, as the travel segment benefited from a significant recovery in passenger numbers.
Antofagasta, Vistry (LON:VTYV), Vesuvius (LON:VSVS) and Vivendum were among the stocks trading ex-dividend.
On the upside, real estate investment trust Segro (LON:SGRO) gained after saying 2023 had got off to strong start, boosted by solid occupier demand and limited supply.
Consumer healthcare giant HALEON (LON:HLN) rose as it posted first-quarter sales ahead of expectations, boosted by a strong cold and flu season.
Investment platform operator AJ Bell was trading up even as it said that inflows had decreased in the three months ended 31 March despite seeing customer numbers grow during the period.
Get The App
Iron ore pellet maker Ferrexpo (LON:FXPO) advanced after it said Ukraine's Supreme Court had ruled in favour of the company in a dispute over a share deal.
Read more on Sharecast.com
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.