London open: Stocks edge lower amid earnings deluge

London stocks were a little weaker in early trade on Thursday as investors waded through an avalanche of earnings news, with all eyes firmly on the Ukraine crisis as both sides are due to meet later in the day for more talks.

At 0900 GMT, the FTSE 100 was down 0.4% at 7,403.70, while Brent crude neared $120 a barrel.

Victoria Scholar, head of investment at Interactive Investor, said: "Brent crude briefly touched $119.30 per barrel this morning, hitting the highest level since March 2012 while WTI is also sharply higher, trading above $115. The US has targeted Russia’s oil refining sector with sanctions, with the possibility that Russia’s oil and gas exports will be next on the list.

"With OPEC+ refusing to respond to the sharp spike in oil prices by sticking to its 400,000 barrels per day increase in output in March and with the market unfazed by the IEA’s global crude reserve release, the geopolitical tensions look set to push oil prices higher with Brent crude on track to breach $120 or even $125 as the next major resistance hurdles."

In equity markets, Anglo-Russian precious metals miner Polymetal was the worst performer on the FTSE 100.

ITV also slumped after the broadcaster said that annual profit surged as revenue rebounded from the Covid-19 crisis, but investors were concerned about its spending plans.

GKN owner Melrose fell as it shelved a planned payout to shareholders because of concerns caused by Russia's invasion of Ukraine.

Admiral was down after it reported a rise in 2021 profits, driven by its motor insurance business and the release of reserves set aside for claims during the Covid pandemic, but reported a loss at its international insurance business.

Rentokil lost ground even as it posted a jump in full-year profits and revenue following a particularly strong performance from its pest control business.

Airlines were under the cosh again, with Wizz and easyJet both trading lower.

On the upside, miners rallied as metals prices rose, with Glencore, Anglo, Antofagasta and Rio Tinto all higher.

LSE was the standout gainer on the FTSE 100, however, after it reported a jump in an annual revenues, boosted by its $27bn acquisition of Refinitiv.

Sports betting and gaming group Entain also rose as it hailed a strong full-year performance, with a rise in core profits.

Cybersecurity firm Darktrace surged as it raised annual guidance after a strong jump in customer numbers in the first half of its fiscal year.

Industrial thread maker Coats Group advanced after it said annual operating profit and revenue rose as demand recovered and struck an upbeat note on the outlook.

Market Movers

FTSE 100 (UKX) 7,403.70 -0.35%
FTSE 250 (MCX) 20,722.81 -0.26%
techMARK (TASX) 4,337.08 -1.22%

FTSE 100 - Risers

London Stock Exchange Group (LSEG) 6,964.00p 9.32%
Glencore (GLEN) 477.15p 5.42%
Anglo American (AAL) 4,070.50p 3.60%
Antofagasta (ANTO) 1,630.50p 3.43%
Entain (ENT) 1,607.00p 3.01%
Rio Tinto (RIO) 6,270.00p 2.32%
BP (BP.) 381.90p 2.00%
JD Sports Fashion (JD.) 148.30p 1.51%
Persimmon (PSN) 2,395.00p 1.05%
Taylor Wimpey (TW.) 145.85p 1.04%

FTSE 100 - Fallers

Polymetal International (POLY) 212.00p -30.92%
ITV (ITV) 94.80p -14.32%
Admiral Group (ADM) 2,752.00p -6.96%
Melrose Industries (MRO) 133.80p -5.61%
Rentokil Initial (RTO) 501.40p -4.17%
Hikma Pharmaceuticals (HIK) 1,928.00p -3.74%
Pearson (PSON) 622.00p -3.60%
Coca-Cola HBC AG (CDI) (CCH) 1,612.50p -3.47%
International Consolidated Airlines Group SA (CDI) (IAG) 137.32p -3.15%
Airtel Africa (AAF) 143.10p -3.11%

FTSE 250 - Risers

Coats Group (COA) 68.10p 15.62%
Darktrace (DARK) 524.50p 14.02%
Petropavlovsk (POG) 2.11p 5.60%
Spire Healthcare Group (SPI) 238.50p 5.07%
Tyman (TYMN) 366.00p 3.68%
TBC Bank Group (TBCG) 1,160.00p 3.57%
Harbour Energy (HBR) 426.40p 3.50%
Currys (CURY) 91.35p 3.10%
Big Yellow Group (BYG) 1,408.00p 2.85%
Synthomer (SYNT) 281.80p 2.85%

FTSE 250 - Fallers

Wizz Air Holdings (WIZZ) 2,951.00p -6.73%
Pagegroup (PAGE) 533.00p -4.22%
Baltic Classifieds Group (BCG) 129.00p -4.09%
easyJet (EZJ) 534.60p -3.08%
Ashmore Group (ASHM) 240.40p -3.06%
Reach (RCH) 172.60p -3.03%
Rotork (ROR) 315.00p -2.72%
Capita (CPI) 25.55p -2.59%
Safestore Holdings (SAFE) 1,224.00p -2.55%
Cineworld Group (CINE) 34.52p -2.54%