FTSE Today: Middle East tensions dampen investor sentiment
Mideast tensions dent UK markets as commodity rout batters resources, offsets gains.
Escalating geopolitical risks in Middle East weighed on UK markets on Monday.
The FTSE 100 index fell 0.4% to 7,965.53, as commodity prices declined, dragging down resource stocks. The FTSE 250 slipped 0.1% to 19,698.89, while the AIM All-Share shed 0.7% to 750.28. Fresnillo and BP were among the top FTSE 100 laggards, shedding 3.9% and 2.2%, respectively.
In the mid-cap space, Mitie Group surged 6.6% after forecasting an 11% revenue jump to £4.50 billion for FY2023 and unveiling a £50 million share buyback. IT provider Kainos climbed 5.3%, saying FY2024 revenue narrowly missed estimates while profit met expectations.
Recruiter PageGroup plummeted 9.1% as harsh market conditions persisted into Q1 2024, with gross profit down 13%. Among small-caps, Petrofac tumbled 12% amid debt restructuring woes. Molecular Energies plunged 34% after shareholders approved delisting and re-registering as a private firm.
Daily Risers and Fallers
Mitie 6.6%, Kainos Group 5.3%, Inchcape 4.1%, Zotefoams 3.7%, Ferrexpo 3.7%.
Petrofac -11.7%, PageGroup -9.1%, Endeavour Mining -7.1%, Cab Payments -5.8%, Enquest -5.8%.
Daily Recap
- Tesla to axe 15,000 jobs in global workforce reduction
- USD/JPY: Yen under pressure as intervention looms
- Mitie boasts record profit, launches new share buyback
- Audioboom targets profitability after wider loss
- Standard Chartered invests in ethical fintech Algbra
- Sirius Real Estate expects strong results, acquisition spree to continue
- Gold hovers near record highs as safe-haven demand rises
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