London open: London stocks steady ahead of GDP release

(Sharecast News) - London stocks were steady in early trade on Friday ahead of the release of the latest UK GDP figures and amid a dearth of corporate news.
At 0830 GMT, the FTSE 100 was flat at 7,571.42, while the pound was up 0.1% against the dollar and the euro at 1.3025 and 1.1710, respectively, ahead of the release of third-quarter UK GDP.

Later in the day, investors will turn their attention to Westminster as MPs prepare to vote on whether to back Prime Minister Boris Johnson's Brexit deal.

Neil Wilson, chief market analyst at Markets.com, said "GBP crosses may be sensitive to some of the headlines but by-and-large there ought to be no surprises with the bill expected to pass easily".

"Today sees some pretty important US data in the shape of the Fed's preferred gauge of inflation, the core PCE numbers. If this ticks up a bit then it will only add to the sense the Fed is right to pause its rate-cutting cycle and could push up yields and the USD.

"Cable could also be susceptible to pressure if the core PCE emerges as firmer than expected. Core CPI was strong in November and suggests core PCE could beat the 1.5% expected."

Oanda analyst Craig Erlam reflected on the "strange" week gone by.

"The US President has been impeached, we've got a new UK government after it was confirmed around this time last week that the Conservatives have their biggest majority in decades and today, said government will likely pass the EU withdrawal bill.

"And yet, this has largely been a week to forget as long as the markets are concerned. I guess when you remove all of the political theatre and strip it down to what it all means, there's nothing there that really moves the needle and ultimately, that's all investors care about.

"Trump won't be impeached by members of his own Republican Party in the Senate, certainly not with a two thirds majority. The UK election result was priced in last week and with it, the passing of the bill. While this may be a forgetful week for the markets, it's easy to forget it's been far from a normal week, generally speaking."

Corporate news was thin on the ground as the Christmas lull began to set in.

Oil giant Shell was a little weaker after saying in a fourth-quarter update that post-tax impairment charges were expected to be between $1.7bn and $2.3bn, while cash capital expenditure for the year was set to be around the lower end of the $24bn to $29bn range.

Grainger lost ground after saying it had received planning permission to redevelop one of its housing estates in the London borough of Lambeth to supply 215 homes.

AstraZeneca ticked higher after selling the rights to Arimidex and Casodex in Europe, Africa and certain other countries for $181m.

Market Movers

FTSE 100 (UKX) 7,571.42 -0.03%
FTSE 250 (MCX) 21,676.74 0.05%
techMARK (TASX) 4,177.54 -0.02%

FTSE 100 - Risers

Mondi (MNDI) 1,760.00p 1.38%
United Utilities Group (UU.) 949.00p 0.94%
Ashtead Group (AHT) 2,430.00p 0.83%
Compass Group (CPG) 1,882.50p 0.72%
Hiscox Limited (DI) (HSX) 1,395.00p 0.72%
Croda International (CRDA) 4,900.00p 0.70%
Antofagasta (ANTO) 934.20p 0.67%
TUI AG Reg Shs (DI) (TUI) 954.40p 0.65%
Rio Tinto (RIO) 4,525.00p 0.63%
Reckitt Benckiser Group (RB.) 6,004.00p 0.59%

FTSE 100 - Fallers

NMC Health (NMC) 1,510.50p -1.69%
Standard Chartered (STAN) 728.00p -1.44%
Smith & Nephew (SN.) 1,814.50p -1.25%
Ferguson (FERG) 6,818.00p -0.90%
Royal Dutch Shell 'B' (RDSB) 2,256.50p -0.70%
Royal Dutch Shell 'A' (RDSA) 2,254.00p -0.66%
BT Group (BT.A) 203.30p -0.61%
Lloyds Banking Group (LLOY) 63.57p -0.55%
Persimmon (PSN) 2,651.00p -0.49%
Glencore (GLEN) 238.70p -0.40%

FTSE 250 - Risers

Euromoney Institutional Investor (ERM) 1,316.00p 2.97%
Bakkavor Group (BAKK) 146.80p 2.95%
Essentra (ESNT) 436.40p 2.20%
Hochschild Mining (HOC) 154.70p 1.78%
Beazley (BEZ) 544.50p 1.78%
PayPoint (PAY) 1,028.00p 1.58%
Finablr (FIN) 174.90p 1.39%
Card Factory (CARD) 169.70p 1.31%
Airtel Africa (AAF) 79.40p 1.21%
Synthomer (SYNT) 350.60p 0.98%

FTSE 250 - Fallers

Sirius Minerals (SXX) 3.30p -6.88%
Kainos Group (KNOS) 720.00p -2.70%
Morgan Advanced Materials (MGAM) 304.60p -2.56%
Petrofac Ltd. (PFC) 378.10p -1.38%
McCarthy & Stone (MCS) 146.00p -1.35%
Hilton Food Group (HFG) 1,032.00p -1.34%
Provident Financial (PFG) 452.50p -1.03%
Fidelity China Special Situations (FCSS) 226.00p -0.88%
Marston's (MARS) 126.50p -0.86%
Vesuvius (VSVS) 491.60p -0.77%