London open: Stocks little changed at start of busy week

London stocks were little changed in early trade on Monday at the start of a week that includes the latest policy announcement from the European Central Bank and the kick-off of US earnings season.

At 0920 BST, the FTSE 100 was up just 0.1% at 7,915.86.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: "There’s an expectation that rates will be held at 4.5%, and even more important will be the commentary around the decision, as investors look for clues of cuts coming in summer.

"At the same time, we have CPI numbers in the US to look forward to, following a much hotter read on employment numbers last week than hoped for. Together with the starting gun for earnings season on Friday with financial bellwether JPMorgan Chase results, it’s all eyes forward this week."

Meanwhile, gold prices hit a new record high, shooting past $2,340 an ounce. Lund-Yates said investors are continuing to untangle the implications of a stronger US jobs market, and the potential for higher interest rates.

"The needle is likely to move this week, depending on the outcome of the Federal Reserve’s March minutes and CPI data. Some commentators believe that sub-$2,000 pricing for the shiny stuff could be a thing of the past, but as with all commodities, there will be ups and downs," she said.

"There’s an element of people chasing the high which is contributing to the climbs seen in recent days, rather than the rally being solely based on fundamental factors."

In equity markets, precious metals miner Fresnillo shone as gold prices rallied.

Miners more generally were firmer, with Rio Tinto, Anglo American and Glencore all up.

Rio was also in focus as it announced the appointment of Bold Baatar as its chief commercial officer to oversee its global commercial and business development, succeeding Alf Barrios.

Ladbrokes owner Entain advanced following a report that private equity firm Apollo is keeping a keen eye on the impending departure of the company’s chairman Barry Gibson, a man who blocked two previous takeover attempts.

According to The Times, the fate of "a whole range" of assets was uncertain following speculation that a number of other buyout firms were interested in Entain's brands, including CVC Capital.

Market Movers

FTSE 100 (UKX) 7,915.86 0.06%
FTSE 250 (MCX) 19,779.55 0.27%
techMARK (TASX) 4,446.69 -0.25%

FTSE 100 - Risers

Rio Tinto (RIO) 5,140.00p 3.33%
easyJet (EZJ) 577.00p 3.18%
Entain (ENT) 806.80p 2.91%
Fresnillo (FRES) 552.50p 1.94%
Anglo American (AAL) 2,127.50p 1.89%
Diploma (DPLM) 3,642.00p 1.56%
Phoenix Group Holdings (PHNX) 554.50p 1.28%
Beazley (BEZ) 665.50p 1.14%
Scottish Mortgage Inv Trust (SMT) 866.80p 1.07%
Intermediate Capital Group (ICP) 2,102.00p 1.06%

FTSE 100 - Fallers

Marks & Spencer Group (MKS) 257.10p -1.57%
Rightmove (RMV) 536.80p -1.47%
Ocado Group (OCDO) 375.00p -1.24%
JD Sports Fashion (JD.) 124.85p -1.11%
Hikma Pharmaceuticals (HIK) 1,843.00p -1.07%
Sage Group (SGE) 1,234.00p -1.04%
Sainsbury (J) (SBRY) 262.80p -0.98%
Severn Trent (SVT) 2,405.00p -0.95%
Smith & Nephew (SN.) 965.60p -0.94%
United Utilities Group (UU.) 1,015.00p -0.83%

FTSE 250 - Risers

Me Group International (MEGP) 175.00p 4.29%
Wizz Air Holdings (WIZZ) 2,286.00p 3.53%
TUI AG Reg Shs (DI) (TUI) 672.50p 3.07%
Abrdn (ABDN) 142.30p 2.48%
OSB Group (OSB) 366.80p 2.40%
Ferrexpo (FXPO) 45.05p 2.27%
Bakkavor Group (BAKK) 114.00p 2.24%
PPHE Hotel Group Ltd (PPH) 1,375.00p 2.23%
Future (FUTR) 711.00p 2.01%
Caledonia Investments (CLDN) 3,325.00p 1.99%

FTSE 250 - Fallers

Abrdn Private Equity Opportunities Trust (APEO) 530.00p -1.67%
Hill and Smith (HILS) 1,906.00p -1.24%
Foresight Group Holdings Limited NPV (FSG) 445.00p -1.11%
Clarkson (CKN) 4,020.00p -1.11%
Breedon Group (BREE) 384.00p -1.03%
Baillie Gifford Japan Trust (BGFD) 731.00p -0.95%
Fidelity Special Values (FSV) 284.50p -0.87%
Spire Healthcare Group (SPI) 232.00p -0.85%
Lancashire Holdings Limited (LRE) 589.00p -0.84%
Pennon Group (PNN) 648.00p -0.84%