London open: Stocks dip lower as investors cautious ahead of big day

London stocks nudged lower in early trade, with investors choosing to err on the side of caution a day ahead of the UK general election, a European Central Bank meeting and former FBI boss James Comey's testimony before the Senate panel.

At 0830 BST, the FTSE 100 was down 0.1% to 7,514.66, while the pound was up 0.1% versus the euro and down 0.1% against the dollar at 1.1456 and 1.2899, respectively.

Accendo Markets analyst Mike van Dulken said: "In focus today is the final push by political parties before tomorrow’s UK general election. Pollsters continue to give Theresa May’s Conservatives the edge over Jeremy Corbyn’s Labour, Opinium (4-6 June) giving the sitting PM a 7-point lead over the opposition yesterday, and this will be the last chance to persuade undecided voters, with security, Brexit and the NHS high on the agenda.

Aside from the election, investors were also awaiting an ECB meeting on Thursday, during which policymakers are expected to take a less dovish tone, and a testimony by Comey on Russia's involvement in the US presidential election.

In corporate news, Anglo American was a little lower after it announced the appointment of Stuart Chambers as its chairman.

AstraZeneca was in the red as it entered an agreement with Grünenthal for the global rights to Zomig (zolmitriptan) outside Japan, while Tate & Lyle was hit by a downgrade to 'hold' at Jefferies.

Serviced office group Workspace rallied after upping its dividend by a whopping 40% as annual profits fell due to a smaller property valuation, but its net asset value per share swelled 3.3%.

Plastic products design and engineering group RPC was on the front foot as it said profit more than doubled in the year to the end of March as it benefited from recent acquisitions and a weaker pound.

St Modwen Properties advanced as it announced plans to accelerate commercial development activity and grow its residential and housebuilding business following a review of the business.

Market Movers

FTSE 100 (UKX) 7,514.66 -0.14%
FTSE 250 (MCX) 19,699.33 0.23%
techMARK (TASX) 3,628.81 -0.16%

FTSE 100 - Risers

Taylor Wimpey (TW.) 180.60p 0.89%
Persimmon (PSN) 2,364.00p 0.81%
Marks & Spencer Group (MKS) 368.60p 0.68%
Royal Bank of Scotland Group (RBS) 253.30p 0.64%
Royal Dutch Shell 'B' (RDSB) 2,149.50p 0.61%
BP (BP.) 467.70p 0.60%
Convatec Group (CTEC) 332.10p 0.51%
Barclays (BARC) 210.40p 0.43%
BAE Systems (BA.) 676.00p 0.37%
Royal Dutch Shell 'A' (RDSA) 2,103.50p 0.33%

FTSE 100 - Fallers

Shire Plc (SHP) 4,461.50p -1.34%
Mediclinic International (MDC) 775.50p -0.96%
Antofagasta (ANTO) 780.00p -0.89%
Royal Mail (RMG) 436.30p -0.82%
Anglo American (AAL) 1,037.00p -0.77%
BHP Billiton (BLT) 1,170.00p -0.72%
Johnson Matthey (JMAT) 3,018.00p -0.69%
Glencore (GLEN) 280.75p -0.69%
Old Mutual (OML) 196.40p -0.66%
Direct Line Insurance Group (DLG) 340.80p -0.64%

FTSE 250 - Risers

RPC Group (RPC) 880.00p 3.53%
Sophos Group (SOPH) 443.80p 2.31%
CYBG (CYBG) 267.70p 2.21%
IP Group (IPO) 138.30p 2.14%
Workspace Group (WKP) 858.00p 2.08%
AO World (AO.) 132.00p 1.93%
Weir Group (WEIR) 1,861.00p 1.81%
Howden Joinery Group (HWDN) 448.50p 1.70%
Travis Perkins (TPK) 1,591.00p 1.60%
Just Group (JUST) 134.30p 1.59%

FTSE 250 - Fallers

Hochschild Mining (HOC) 303.50p -3.34%
Tate & Lyle (TATE) 740.50p -1.79%
Kaz Minerals (KAZ) 478.00p -1.71%
Sanne Group (SNN) 650.00p -1.07%
JD Sports Fashion (JD.) 437.40p -1.00%
Intermediate Capital Group (ICP) 860.00p -0.92%
Indivior (INDV) 331.30p -0.78%
Ocado Group (OCDO) 306.30p -0.68%
Virgin Money Holdings (UK) (VM.) 279.30p -0.64%
Softcat (SCT) 410.90p -0.63%