20th Apr 2026 12:03
(Alliance News) - Stock prices in London were lower at midday on Monday, as uncertainty in the Middle East weighed, but a higher oil price boosted energy stocks.
The FTSE 100 index was down 71.44 points, 0.7%, at 10,596.19. The FTSE 250 was down 251.20 points, 1.1%, at 22,954.72, and the AIM all-share was down 1.72 points, 0.2%, at 808.39.
The Cboe UK 100 was down 0.6% at 1,056.35, the Cboe UK 250 was 0.9% lower at 20,070.06, and the Cboe small companies was down 0.6% at 18,069.80.
In European equities on Monday, the CAC 40 in Paris was 1.1% lower, while the DAX 40 in Frankfurt was down 1.4%.
Sterling was at USD1.3513 at midday on Monday, down from USD1.3556 at the London equities close on Friday. Against the euro, sterling was slightly higher at EUR1.1486 from EUR1.1481.
The euro was lower at USD1.1767 from USD1.1805. Against the yen, the dollar was higher at JPY158.95 versus JPY158.08.
"It appears last week's market enthusiasm over the Strait of Hormuz reopening may have been premature," said AJ Bell analyst Russ Mould. "Events over the weekend have left the ceasefire between Tehran and Washington looking as fragile as ever."
US President Donald Trump said he was sending negotiators to Pakistan for talks on ending the war, but repeated threats to attack Iran's energy infrastructure if it did not make a deal.
Iran said it has no plan to attend a new round of negotiations with the US. Both sides have traded accusations of ceasefire violations, including the US seizure of an Iranian cargo ship that Trump said was trying to evade a US blockade of the country's ports.
Brent oil was trading higher at USD94.87 a barrel at midday on Monday from USD89.15 on Friday.
Iran said the US blockade and attack breached the two-week truce set to end overnight on Tuesday and threatened to retaliate, while Trump said Tehran has breached the ceasefire in the crucial Strait of Hormuz, which it has all but shut.
AJ Bell analyst Russ Mould added: "The FTSE 100 was spared losses of the scale seen elsewhere thanks to the higher oil price lifting shares in BP and Shell, and the UK market's roster of more defensive names from the utility and tobacco sectors."
BP and Shell were up 3.3% and 2.4% each, while British American Tobacco climbed 1.6%.
Airline stocks were down, with IAG 3.0% lower, while Wizz Air fell 5.4% and easyJet lost 2.7%.
Scope Markets analyst Joshua Mahony said: "Given the fact that it could take a month for supplies to reach Europe after a reopening of the Strait, every day lost is a step closer to widespread flight cancellations."
Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.6%, the S&P 500 index 0.5% lower, and the Nasdaq Composite down 0.5%.
The yield on the US 10-year Treasury was quoted at 4.27% on Monday, widened from 4.24% on Friday. The yield on the US 30-year Treasury was quoted at 4.90%, stretched from 4.88%.
Back in London, Computacenter was up 2.0% on the FTSE 250 index after Peel Hunt raised its rating on the stock to 'buy' from 'hold'. The broker upped the price target to 3,800 pence from 3,160p.
Kainos shares were up 0.6% after it said it sees revenue ahead of consensus after a strong second-half.
The London-based Workday partner and provider of IT services to public sector, commercial, and healthcare customers said it expects to deliver revenue for the financial year ended March 31 ahead of consensus figures.
The company noted sell-side estimates of between GBP392.1 million to GBP411.1 million, with a midpoint of GBP406.5 million. In financial 2025, Kainos reported revenue of GBP367.2 million.
M&C Saatchi was down 0.7% after it blamed the US government shutdown, tariffs and the tough economic backdrop for a sharp fall in annual profit.
The London-based advertising and communications agency said pretax profit fell 75% to GBP4.6 million in 2025 from GBP18.1 million in 2024.
Net revenue fell 9.2% to GBP210.0 million from GBP231.4 million a year ago, or by 7.3% like-for-like, primarily due to the US government shutdown, US "tariff fallout" as well as a "tough macroeconomic environment."
Operating profit margin fell to 4.8% from 9.7% in 2024, or to 12.2% from 15.3% LFL.
Evoke shares were up 3.4% after it said it is in discussions with casino operator Bally's Intralot SA regarding a possible all-share takeover offer worth more than GBP200 million.
The possible offer would be valued at 50 pence per share, Evoke said. The possible offer is at a 32% premium to Evoke's closing price of 37.90p on Friday. A 50p offer would value the company at about GBP214 million.
Evoke said it expects the proposal from Bally's to comprise an all-share combination with a partial cash alternative. It noted there is no certainty an offer will be made, or what its terms will be.
AJ Bell analyst Dan Coatsworth said: "Shareholders aren't in a strong position to demand more money. Bally's doesn't need to be generous with an offer as the ball is in its court for negotiations. Evoke is in such a weak position, and there are question marks about its long-term future if it cannot find a buyer for some or all its assets."
Gold was lower at USD4,795.50 an ounce at midday on Monday from USD4,869.13 late Friday.
Still to come on Monday's global economic calendar are Canadian CPI figures.
By Michael Hennessey, Alliance News reporter
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