London open: Stocks edge lower amid corporate deluge; banks rally

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Sharecast News | 20 Apr, 2023

Updated : 09:18

London stocks edged lower in early trade on Thursday as investors waded through a raft of corporate news.

At 0910 BST, the FTSE 100 was down 0.2% at 7,881.71.

Neil Wilson, chief market analyst at Markets.com, said: "A modest decline after such a strong run indicates bulls pausing for consolidation but next couple of weeks is key really as this is hinging on global risk appetite and the Fed.

"And earnings - the next two weeks are key with a deluge of megacap tech and Dow components coming down the pipe - the banks and Netflix/Tesla have only been the appetisers; the main course is served up over the next fortnight."

In equity markets, miners were on the back foot, with Antofagasta, Anglo American and Rio Tinto 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 lost ground 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.

On the upside, banks rallied as Wednesday’s hotter-than-expected UK inflation print raised rate hike expectations, with Barclays, NatWest, HSBC and Lloyds all up.

Real estate investment trust Segro gained after saying 2023 had got off to strong start, boosted by solid occupier demand and limited supply.

Consumer healthcare giant Haleon 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.

Iron ore pellet maker Ferrexpo advanced after it said Ukraine's Supreme Court had ruled in favour of the company in a dispute over a share deal.

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