London open: Stocks nudge up in quiet trade as Omicron worries ease

London stocks nudged higher at the open on Thursday as worries about the Omicron variant eased, but trade was likely to be listless and volumes thin into the Christmas break.

At 0825 GMT, the FTSE 100 was up just 0.1% at 7,351.02 on the last full trading day before Christmas.

According to a new study by Imperial College, people with a PCR-confirmed case of Omicron are 40-45% less likely to end up in hospital. The UK Health Security Agency (UKHSA) is due to report its findings on Omicron later in the day.

Danske Bank said: "Markets are heading into Christmas in a positive spirit after studies give encouraging signals that omicron might be less dangerous than the delta variant. A more infectious but a less dangerous variant has the potential to eventually bring the pandemic to an end as herd immunity could be reached more broadly without overwhelming hospital systems.

"From an economy's viewpoint, a scenario like this would imply less need for severe restrictions and more normal economic activity leading to an eventual easing in supply-side bottlenecks as well as a normalisation in consumption patterns."

In equity markets, bookmaker Flutter Entertainment was the top gainer on the FTSE 100 after it announced the acquisition of Italian online gaming operator Sisal from CVC Capital Partners Fund VI for €1.91bn in cash.

Flutter said that the deal was likely to complete during the second quarter of 2022 and was also expected to be accretive to adjusted earnings in the first 12 months post-completion.

Elsewhere, British Airways and Iberia parent IAG was also trading up, along with engine maker Rolls-Royce, Premier Inn owner Whitbread and GKN owner Melrose.

Market Movers

FTSE 100 (UKX) 7,351.02 0.13%
FTSE 250 (MCX) 23,200.14 0.52%
techMARK (TASX) 4,549.39 0.38%

FTSE 100 - Risers

Flutter Entertainment (CDI) (FLTR) 11,535.00p 2.03%
International Consolidated Airlines Group SA (CDI) (IAG) 143.46p 1.76%
Rolls-Royce Holdings (RR.) 120.24p 1.61%
Fresnillo (FRES) 890.00p 1.39%
Whitbread (WTB) 2,990.00p 1.36%
CRH (CDI) (CRH) 3,870.00p 1.18%
M&G (MNG) 196.90p 1.03%
Barclays (BARC) 187.68p 0.99%
Melrose Industries (MRO) 156.05p 0.94%
Antofagasta (ANTO) 1,334.00p 0.91%

FTSE 100 - Fallers

Evraz (EVR) 598.20p -2.76%
British American Tobacco (BATS) 2,742.50p -2.05%
Dechra Pharmaceuticals (DPH) 5,110.00p -1.54%
Entain (ENT) 1,645.50p -1.26%
London Stock Exchange Group (LSEG) 6,852.00p -1.04%
Croda International (CRDA) 9,844.00p -0.99%
Auto Trader Group (AUTO) 717.60p -0.75%
Ocado Group (OCDO) 1,625.50p -0.73%
National Grid (NG.) 1,080.00p -0.52%
Rightmove (RMV) 780.40p -0.46%

FTSE 250 - Risers

Baltic Classifieds Group (BCG) 239.00p 4.82%
Network International Holdings (NETW) 290.50p 2.87%
Fidelity Emerging Markets Limited Ptg NPV (FEML) 815.00p 2.52%
easyJet (EZJ) 550.00p 2.46%
Wizz Air Holdings (WIZZ) 4,331.00p 2.36%
Balfour Beatty (BBY) 261.20p 2.19%
Wetherspoon (J.D.) (JDW) 912.50p 2.01%
4Imprint Group (FOUR) 2,860.00p 1.96%
Genuit Group (GEN) 598.00p 1.87%
Mitchells & Butlers (MAB) 242.80p 1.76%

FTSE 250 - Fallers

Edinburgh Worldwide Inv Trust (EWI) 299.00p -1.32%
IntegraFin Holding (IHP) 516.00p -1.24%
Tyman (TYMN) 403.50p -0.86%
Crest Nicholson Holdings (CRST) 359.80p -0.66%
Capricorn Energy (CNE) 189.70p -0.58%
Future (FUTR) 3,680.00p -0.43%
Diversified Energy Company (DEC) 102.60p -0.39%
Watches of Switzerland Group (WOSG) 1,406.00p -0.28%
Darktrace (DARK) 424.40p -0.28%
Softcat (SCT) 1,780.00p -0.28%