UK market inches higher as mining stocks rebound

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UK market inches higher as mining stocks rebound

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 UK market inches higher as mining stocks rebound
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UK Market: The UK stock market was trading in the green on Monday, with the top index FTSE 100 gaining over 1%. The rise was led by mining and energy stocks. On the other hand, the midcap-focused FTSE 250 rose by 0.80%. Meanwhile, Haleon, the consumer healthcare spin-off of British multinational GSK Plc, was listed on the FTSE 100, becoming the largest listing on the London Stock exchange in a decade. The stock debuted at GBX 330, putting the business' market value at £30.4 billion.

Deliveroo Plc (LON: ROO): Shares of the online food delivery firm plunged soon after opening but bounced back to gain over 5%. The company released an update for the second quarter, cutting its annual forecasts for UK markets amid the high cost of living. Its quarter-on-quarter sales growth in the UK slumped from 12% to 4%.

Direct Line Insurance Group Plc (LON: DLG): Shares of the private motor insurance provider plunged more than 13% during the day after it issued a profit warning, touching a five-year low. The company also suspended the second tranche of its £100 million share buyback programme it had earlier announced.

Euromoney Institutional Investor Plc (LON: ERM): Shares of the leading European business and finance information group rallied over 9% after the company accepted the takeover bid from private equity groups Astorg and Epiris worth £1.7 billion. The shares hit their 52-week high following the announcement.

US Markets: The US market is likely to mirror its European counterparts and get a decent start, as indicated by the futures indices. S&P 500 future was up by 72.78 points or 1.92% at 3,863.16, while the Dow Jones 30 future was up by 2.15% or 658.09 points at 31,288.26. The technology-heavy index Nasdaq Composite future was up by 1.79% or 201.24 points, at 11,452.42. (At the time of writing – 9:09 AM ET).

US Market News:

Shares of multinational investment bank and financial services provider Goldman Sachs (GS) rose 2.6% in the premarket trading session after it posted profit and revenue for the second quarter that exceeded analysts' estimates. The company's earnings per share climbed to US$7.73, significantly higher than the consensus estimate of US$6.58.

The stock of another financial provider Synchrony Financial (SYF) gained 3.5% in the premarket following its higher-than-expected profit and revenue for the second quarter.

European Indices Performance (at the time of writing)

FTSE 100 Index One Year Performance (as on 18 July 2022)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Glencore Plc (GLEN), Barclays Plc (BARC).

Top 3 Sectors traded in green*: Energy (2.62%), Basic Materials (2.13%), Financials (1.31%).

Top 3 Sectors traded in red*: Real Estate (-0.17%).

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 US$104.86/barrel and US$98.14/barrel, respectively.

Gold Price*: Gold price was hovering at US$ 1,713.75 per ounce, up by 0.60% against the prior day closing.

Currency Rates*: GBP to USD: 1.1981; EUR to USD: 1,713.75.

Bond Yields*: US 10-Year Treasury yield: 2.984%; UK 10-Year Government Bond yield: 2.1405%.

*At the time of writing


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