London stocks were little changed in early trade on Monday, with energy issues under the cosh, as investors eyed key earnings releases this week and the Autumn Budget.
At 0835 GMT, the FTSE 100 was up just 0.1% at 8,255.82.
Commenting on the Budget due on Wednesday, Richard Hunter, head of markets at Interactive Investor, said: “The overarching mood music of late has been slightly despondent, given the new government’s mixed messages on both austerity and growth.
“This comes despite an underlying improving economy, which has shown some resilience in face of these challenges and, for the more domestically focused FTSE250, an increase in merger and acquisition activity which has pointed towards the value to be found within an index rife with stocks at undemanding historical valuations.
“The pressure on this index has erased some of the gains seen in previous months, although the FTSE 250 remains ahead by 5.8% so far this year.”
In equity markets, BP and Shell gushed lower as oil prices fell after Israel’s retaliatory missile strikes on Iran avoided its oil infrastructure. Brent crude was down more than 4%.
Third-quarter results are due this week from both oil majors.
The drop in oil prices provided a boost to airlines, however, with easyJet, BA parent IAG and Wizz all flying higher.
Lloyds Bank was in the red again, having tumbled on Friday, after saying it was assessing the implications of a Court of Appeal ruling concerning motor commission arrangements. The ruling set a new standard for motor dealers acting as credit brokers, requiring them to disclose commissions paid by lenders more comprehensively to customers.
Trainline surged to the top of the FTSE 250 as it raised its full-year growth guidance after a strong first half.
The company said it expects net ticket sales to increase by 12-14% in the year to 28 February 2025, up from a previous target of 8-12% growth, while revenue growth is tipped to be 11-13%, up from 7-11% previously.
Computacenter ticked up despite downgrading its full-year profit guidance after a softer-than-expected end to the third quarter.
Plus500 nudged lower as the online CFD trading platform said it benefited from continued investments to attract new customers in the third quarter, reporting a double-digit increase in revenue, but with falling margins keeping a lid on profit growth.
Market Movers
FTSE 100 (UKX) 8,255.82 0.08%
FTSE 250 (MCX) 20,888.16 0.33%
techMARK (TASX) 4,752.97 0.26%
FTSE 100 – Risers
easyJet (EZJ) 528.00p 4.22%
International Consolidated Airlines Group SA (CDI) (IAG) 216.80p 2.51%
JD Sports Fashion (JD.) 133.80p 1.40%
NATWEST GROUP (NWG) 368.70p 1.32%
InterContinental Hotels Group (IHG) 8,614.00p 1.27%
Standard Chartered (STAN) 863.80p 1.27%
Marks & Spencer Group (MKS) 382.90p 1.22%
Entain (ENT) 724.00p 1.20%
Persimmon (PSN) 1,592.00p 1.14%
HSBC Holdings (HSBA) 689.90p 1.14%
FTSE 100 – Fallers
Shell (SHEL) 2,501.00p -1.94%
BP (BP.) 397.70p -1.78%
BAE Systems (BA.) 1,279.00p -1.01%
GSK (GSK) 1,437.50p -0.76%
Scottish Mortgage Inv Trust (SMT) 871.60p -0.62%
Smurfit Westrock (DI) (SWR) 3,526.00p -0.54%
Lloyds Banking Group (LLOY) 57.38p -0.49%
Barclays (BARC) 240.25p -0.48%
AstraZeneca (AZN) 11,552.00p -0.47%
Rentokil Initial (RTO) 375.20p -0.42%
FTSE 250 – Risers
Trainline (TRN) 372.80p 10.62%
IP Group (IPO) 49.00p 4.93%
Wizz Air Holdings (WIZZ) 1,384.00p 4.37%
NCC Group (NCC) 169.00p 4.32%
Auction Technology Group (ATG) 464.00p 3.57%
JTC (JTC) 1,080.00p 3.05%
Carnival (CCL) 1,497.50p 2.81%
Energean (ENOG) 974.00p 2.36%
Mitie Group (MTO) 120.20p 2.04%
AO World (AO.) 112.00p 2.00%
FTSE 250 – Fallers
Bank of Georgia Group (BGEO) 3,675.00p -8.13%
Bytes Technology Group (BYIT) 454.60p -3.89%
TBC Bank Group (TBCG) 2,775.00p -3.31%
Harbour Energy (HBR) 269.10p -1.75%
Centamin (DI) (CEY) 165.40p -1.49%
JPMorgan Emerging Markets Inv Trust (JMG) 108.40p -1.45%
Crest Nicholson Holdings (CRST) 174.00p -1.36%
Endeavour Mining (EDV) 1,821.00p -1.35%
PZ Cussons (PZC) 86.00p -1.26%
Herald Investment Trust (HRI) 2,085.00p -1.18%