LONDON MARKETS: FTSE 100 Clings To Thin Gain As Banks Drift Lower
July 25 2016 - 4:54AM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. stocks edged higher Monday, coming after a fifth week of
advances, but some bank and mining shares were struggling as the
new trading week got underway.
The FTSE 100 was up 0.3% at 6,750.28 but it has darted between
small gains and losses.
Topping the index Monday was home builder Taylor Wimpey PLC
(TW.LN), as shares rose 1.8%, coming after two straight sessions of
declines.
The index on Friday ended up by 0.5%
(http://www.marketwatch.com/story/ftse-100-sags-as-downgrades-weigh-following-global-markets-lead-2016-07-22),
lifted after poor economic data sent the pound sharply lower while
it spurred expectations for monetary stimulus by the Bank of
England when it meets on Aug. 4.
Read: U.K. economy in 'dramatic downturn' after Brexit vote,
data show
(http://www.marketwatch.com/story/uk-economy-in-dramatic-downturn-after-brexit-vote-data-show-2016-07-22)
The pound on Monday has recovered somewhat, trading at $1.3132
after dropping to $1.3096 late Friday. It fell below $1.32 on
Friday after the Markit's PMI reading showing contraction for the
services and manufacturing sectors in July.
Monday on the FTSE 100 , shares of Randgold Resources Ltd.
(RRS.LN) fell 1.8% as the miner said difficulties at its Tongon
gold mine
(http://www.marketwatch.com/story/randgold-sees-improved-results-at-ivory-cost-mine-2016-07-25)
in Ivory Coast will hurt production for the year. Repairs at the
mine have been completed.
Shares of rival miner Fresnillo PLC (FRES.LN) were off 1.5%.
Most metals prices were lower as strength in the dollar pushed the
U.S. Dollar Index to a four-month high on Friday. But shares of
iron ore heavyweight BHP Billiton (BLT.LN) (BHP.AU) (BHP.AU) were
up 1.5%.
In the financial group, shares of Aberdeen Asset Management PLC
(ADN.LN) slipped 0.1%. The company said assets under management
rose
(http://www.marketwatch.com/story/aberdeens-quarterly-assets-under-management-rise-2016-07-25)during
the third quarter by 2.9%. A net outflow of GBP8.9 billion during
the period was offset by GBP17.5 billion in asset appreciation,
said Aberdeen.
Bank shares began to drift lower, with Lloyds Banking Group PLC
(LLOY.LN)(LLOY.LN) turning down 0.4% and Royal Bank of Scotland PLC
(RBS.LN) (RBS.LN) slipping 0.2% but Standard Chartered PLC
(STAN.LN) rose 0.4%.
There's a "degree of concern seemingly mounting over the outcome
of EU stress tests for the sector, which are due later this week.
The London-listed constituents may well pass, but it's going to be
exposure to others in Europe that could end up proving costly for
shareholders," said Tony Cross, market analyst at Trustnet Direct,
in a note.
On the midcap FTSE 250 index , William Hill PLC shares (WMH.LN)
shot up 9% as a consortium made up of gaming companies 888 Holdings
PLC (888.LN) and Rank Group PLC (RNK.LN)said they're considering a
potential takeover offer
(http://www.marketwatch.com/story/888-rank-group-may-make-an-offer-for-william-hill-2016-07-25)
for William Hill.
(END) Dow Jones Newswires
July 25, 2016 04:39 ET (08:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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