London stocks opened mixed on Monday, with the FTSE 100 edging up 0.1% to 9,651.66 as the UK market lagged a broader global rally driven by optimism over a potential US-China trade deal. The FTSE 250 dipped 0.1% to 22,507.46, while the AIM All-Share slipped 0.2% to 775.76.
Washington and Beijing have agreed on a framework for a trade agreement ahead of a meeting between US President Donald Trump and China’s President Xi Jinping on Thursday.
“I think we’re going to make a deal,” Trump said during a visit to Kuala Lumpur, as US Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng wrapped up two days of talks described as “very positive.”
GSK climbed 1.2% after acquiring exclusive rights from French biotech Syndivia for a preclinical antibody-drug conjugate targeting metastatic prostate cancer. The drug has shown tumour-shrinking efficacy in preclinical studies with limited side effects. Syndivia could receive up to £268 million in milestone and development payments under the agreement.
Centrica fell 1.5%, making it the FTSE 100’s worst performer, after Citigroup downgraded the stock to “neutral” from “buy,” with a 185p price target. HSBC dropped 0.7% after booking a £1.1 billion provision linked to a Luxembourg court ruling related to the Bernard Madoff fraud case. The bank warned the eventual financial impact could differ significantly due to ongoing appeals.
Engineering group Goodwin soared 29% to lead the FTSE 250 after forecasting that pretax profit will more than double to over £71 million in the 2026 financial year. The board declared a special one-off interim dividend of 532p per share, citing its “strong order book” of £365 million and the continued growth in profitability.
Greencore slid 2.0% after the UK Competition & Markets Authority said its proposed merger with Bakkavor could reduce competition in the supply of own-label chilled sauces. Bakkavor fell 0.9%. Both companies said they are engaging with the CMA to resolve the concerns ahead of the regulator’s Monday deadline.
On the AIM market, Conygar Investment jumped 18% after agreeing to sell its 203-acre Rhosgoch site in Anglesey to Stena Line’s subsidiary Rhosgoch Property for £18.5 million in cash. The developer said proceeds will repay £5.6 million in debt and fund operations at its Island Quarter project in Nottingham.
Bioventix slumped 16% after reporting a 3.6% fall in annual turnover to £13.1 million and a 4.8% drop in pretax profit to £10.1 million. The biotech firm cut its full-year dividend to 150p per share and warned of further revenue declines due to ongoing weakness in its Chinese markets.