ADVFN Morning London Market Report: Monday 1 November 2021

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London open: Stocks gain but Barclays bucks trend as Staley steps down


London stocks rose in early trade on Monday, taking their cue from a record close on Wall street and an upbeat session in Asia, but Barclays bucked the trend as chief executive Jes Staley stepped down.

At 0845 BST, the FTSE 100 was up 0.4% At 7,264.84.

BT was the standout gainer on the FTSE 100 following a report it will this week assert that its cost-cutting programme is ahead of schedule, as it prepares to make thousands more redundancies and bolsters its defences against a potential bid from French billionaire and Altice owner Patrick Drahi.

According to the Sunday Telegraph, the telecoms group is expected to hail the progress of its modernisation programme on Thursday alongside its third quarter update. It cited City sources as saying that chief executive Philip Jansen will announce that a target of £1bn in savings by March 2023 will be met at least a year early.

Elsewhere, Howden Joinery gained after saying it expects annual profits to be at the top end of current analyst forecasts of between £298m and £360m as the surge in DIY demand continued into the second half.

Land Securities ticked up after it agreed to buy property regeneration company U&I Group in a £190m deal.

On the downside, Barclays fell as it said chief executive Jes Staley was standing down with immediate effect after a probe by UK financial regulators into his links with convicted sex offender Jeffrey Epstein.

Richard Hunter, head of markets at Interactive Investor, said: “Staley will be contesting the findings of the probe and in the meantime his replacement has already been announced, suggesting that contingency measures had already been put in place.

“Even so, the inevitable disruption will be an unwelcome side show to Barclays’ recently strengthening recovery.”


Top 10 FTSE 100 Risers

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# Name Change Pct Change Cur Price
1 Micro Focus International Plc +4.88% +17.40 374.10
2 Bt Group Plc +3.60% +5.00 143.90
3 Carnival Plc +2.44% +35.80 1,505.80
4 Next Plc +1.98% +158.00 8,124.00
5 Lloyds Banking Group Plc +1.97% +0.99 51.21
6 Rolls-royce Holdings Plc +1.94% +2.56 134.40
7 Glaxosmithkline Plc +1.92% +29.00 1,537.60
8 International Consolidated Airlines Group S.a. +1.71% +2.80 166.60
9 Whitbread Plc +1.65% +54.00 3,324.00
10 Smith & Nephew Plc +1.51% +19.00 1,274.00


Top 10 FTSE 100 Fallers

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# Name Change Pct Change Cur Price
1 Persimmon Plc -2.02% -55.00 2,666.00
2 Barratt Developments Plc -1.87% -12.40 650.60
3 Taylor Wimpey Plc -1.68% -2.60 151.95
4 Berkeley Group Holdings (the) Plc -1.68% -73.00 4,282.00
5 Barclays Plc -1.68% -3.39 198.86
6 Sainsbury (j) Plc -0.53% -1.60 297.80
7 Severn Trent Plc -0.47% -13.00 2,725.00
8 Royal Dutch Shell Plc -0.43% -7.20 1,677.80
9 Wpp Plc -0.43% -4.50 1,051.50
10 Kingfisher Plc -0.39% -1.30 333.70


Europe open: Shares up as investors eye central bank meetings

European shares made a solid start on Monday in what was expected to be a quiet session with much of the Continent on holiday.

The pan-European Stoxx 600 index was up 0.87% in early deals. Investors will be eyeing central bank policy meetings in the US and UK later in the week.

Asian markets were mixed as weak Chinese economic data weighed on sentiment. Japanese stocks surged after the outcome of the elections triggered expectations of more fiscal stimulus.

In equity news, Barclays Bank shares fell as chief executive Jes Staley stood down in response to the findings of a probe by UK financial regulators into his characterisation of his relationship with convicted sex offender and disgraced financier Jeffrey Epstein.

Howden Joinery shares rose as the building materials merchant said it expected annual profits to be at the top end of expectations due to the continuing demand for home DIY.

Shares in French drugmaker Sanofi were up after HSBC upgraded the stock to ‘buy’.

Pandora, the world’s largest jewellery maker, fell 4% despite raising its outlook for the year.


Monday newspaper round-up: JCB, Eurostar, used cars, Devolver Digital

The construction equipment maker JCB has signed a multibillion-pound deal to import and supply hydrogen produced using renewable energy. As the Cop26 climate conference got under way in Glasgow, the company announced a deal with Australia’s Fortescue Future Industries (FFI) that will allow it to start selling “green” gas through a specialist division, Ryze Hydrogen, from early next year. – Guardian

Almost a quarter of workers are actively planning to change employers in the next few months, a report has claimed, as part of a “great resignation” prompted by a high number of vacancies and burnout caused by the pandemic. A survey of 6,000 workers by the recruitment firm Randstad UK found that 69% of them were feeling confident about moving to a new role in the next few months, with 24% planning a change within three to six months. – Guardian

Eurostar’s boss has dismissed the threat of Spain running services through the Channel Tunnel, claiming red tape means it will take years for a rival rail operator to get up and running. However, HS1, which owns the tracks that Eurostar uses, is holding talks with a clutch of foreign train operators to convince them to launch rival international train services to the UK. – Telegraph

The Dacia Sandero has been Britain’s cheapest new car for almost a decade, but the chip crisis means buyers can now resell their vehicles for a huge premium just months after driving off the forecourt. Used Sanderos with 10,000 miles on the clock are now selling for almost £11,700 on average, or about £1,900 more than a new model. – Telegraph

The banking industry’s new small business compensation scheme has been described as an embarrassment after it concluded only eight cases and just one company received a payout. A parliamentary group that helped to establish the Business Banking Resolution Service, set up to compensate victims of banking scandals, urged Rishi Sunak to change its rules. – Telegraph

The American games publisher behind the lockdown hit Fall Guys: Ultimate Knockout is to float on the London stock market this week with a valuation of about £700 million. Devolver Digital is aiming to sell £200 million of shares to new investors, with existing backers, including its management team, offloading more than £150 million of stock. – The Times


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