UK stock market turns lower, Polymetal slumps 50%

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UK stock market turns lower, Polymetal slumps 50%

 UK stock market turns lower, Polymetal slumps 50%

UK Market News: The UK stock market has made a sombre start of the new week as investor sentiments turned negative amid the Russia-Ukraine conflict worsening with more sanctions being imposed on Russia. FTSE 100-listed stocks like Polymetal International Plc (-48.9%), Evraz Plc (-27.2%), Mondi Plc (-11.6%) were amongst the top companies to fall today and drag the benchmark lower, as they have business operations in two countries engaged in war.

Mondi Plc (LON: MNDI): The packaging and paper firm was down by over 10%, with a day’s low of GBX 1,589. The stock price was down as the company has operations linked to Russia and Ukraine. Around 12% of the Group’s total revenue comes from Russian operations, which might be impacted due to sanctions by western countries.

Associated British Foods Plc (LON: ABF): The diversified food company which owns Primark retail chains was down by over 3.5%, with a day’s low of GBX 1,885 despite the company announcing a positive business update for 24 weeks to 5 March 2022. The company anticipates its sales and adjusted operating profits to be ahead of pre-pandemic levels.

Oxford Instruments Plc (LON: OXIG): The high technology products suppliers’ share was up by over 31%, with a day’s high of GBX 2,770 after the company announced that it had received a takeover proposal from Spectris plc.

US Markets: The US market is expected to open lower as indicated by the futures indices. S&P 500 future was down by 51 points or 1.18% at 4,328, while the Dow Jones 30 future was down by 1.18% or 402 points at 33,593. The technology-heavy index Nasdaq Composite future was down by 0.96% at 14,046 (At the time of writing – 8:50 AM ET).

US Market News:

The banking service provider, First Horizon (FHN), was up by over 32% in the premarket trading session after the company agreed to USD 13.4 billion all-cash acquisition deal by Toronto-Dominion (TD).

The data and market measurement firm, Nielsen (NLSN), was up by over 7% after the company announced upbeat quarterly results. Following positive results, the company announced a USD 1 billion share repurchase program.

European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 28 February 2022)

1 Year FTSE 100 Chart

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), BP Plc (BP.), Rolls-Royce Holdings Plc

Top 3 Sectors traded in green*: Utilities (1.84%), Industrials (1.41%), Healthcare (0.35%)

Top 3 Sectors traded in red*: Financials (-3.70%), Energy (-3.50%), Basic Materials (-1.36%)

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

Stock Performance On LSE

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $97.69/barrel and $95.08/barrel, respectively.

Gold Price*: Gold price quoted at US$ 1,914 per ounce, up by 1.39% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.3399; EUR to USD: 1.1213.

Bond Yields*: US 10-Year Treasury yield: 1.885%; UK 10-Year Government Bond yield: 1.4455%.

*At the time of writing

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