UK stock market sell-off extends to the new week

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UK Market: The UK stock market extended the fall on Monday, tracking the global weakness of equities. The blue-chip FTSE100 index has lost around 1.4%. The housebuilding and mining stocks have been the major contributor to the fall. There has been cautiousness in the stock markets across the globe ahead of the two-day meeting of the US Federal Reserve. The US central bank had recently announced its intention to hike interest rates to reduce inflationary pressure. The investor community is awaiting the outcome of the meeting and for further direction from it.

GYG Plc (LON: GYG): The luxury superyacht service providers’ shares were up by over 14%, with a day’s high of GBX 48.50 after the company received payment of around €2 million for its previous work done at Nobiskrug shipyard. The company has three active contracts with the shipyard, and work on two remaining projects will start soon.

Cineworld Group Plc (LON: CINE): Shares of the cinema chain operator were down by over 9%, with a day’s low of GBX 37.79 amid a sell-off in the market. The company reported business recovery following the opening of theatres globally.

Advance Energy Plc (LON: ADV): Shares of the oil & gas company was down by 58%, with a day low of GBX 0.20 after the company announced that its Buffalo-10 well project would be shut, and rigs will be demobilised as the project site doesn’t have a substantial oil reserve as per drilling report.

US Markets: The US market is likely to join the global sell-off as indicated by the futures indices, which trade mix before the US market opening. S&P 500 future was down by 56 points or 1.20% at 4,337, while the Dow Jones 30 future was down by 0.74% or 263 points at 33,902. The technology-heavy index Nasdaq Composite future was up by 0.77% at 14,537 (At the time of writing – 8:50 AM ET).

US Market News:

The health technology company Philips (PHG) shares were down by over 4% in premarket trading after the company announced its quarterly result. The global supply chain constraints have adversely impacted the company’s profit margins.

Shares of the cryptocurrency exchange, Coinbase (COIN), was down by over 7.8% following price correction in cryptos over the weekend. Bitcoin, which has the highest market cap amongst all cryptocurrencies, witnessed a significant fall to trade at its lowest level since July 2021.

Shares of the retail company Kohl’s (KSS) was up by over 27% after the company received a USD 64 per share takeover bid from Acacia Research. The share’s last close was at USD 46.84 on Friday. 

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 24 January 2022)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Vodafone Group Plc (VOD), Lloyds Banking Group plc (LLOY), BP Plc (BP.)

Top 3 Sectors traded in green*: Consumer Non-Cyclicals (2.07%), Technology (1.03%)

Top 3 Sectors traded in red*: Basic Materials (-4.40%), Consumer Cyclicals (-3.59%), Energy (-3.15%), 

London Stock Exchange: Stocks Performance (at the time of writing)

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $85.82/barrel and $83.72/barrel, respectively.

Gold Price*: Gold price quoted at US$ 1,836 per ounce, up by 0.22% against the prior day closing.

Currency Rates*: GBP to USD: 1.3474; EUR to USD: 1.1296.

Bond Yields*: US 10-Year Treasury yield: 1.728%; UK 10-Year Government Bond yield: 1.1330%.

*At the time of writing


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