16th Dec 2024 12:04
(Alliance News) - Stock prices in London were down at midday on Monday, while in corporate news Videndum shares fell after its trading update disappointed.
UK consumer confidence deteriorated in December, data published by S&P Global showed.
The UK S&P Global consumer sentiment index fell to 46.6 in December from 46.9 in November. The spending sentiment index contracted to 39.7 from 40.4. Perhaps more positively, the labour market sentiment index rose to a 5-month high of 54.4 in December from 53.9 in November.
"The high cost of living has led to a continued erosion of disposable income, as households are experiencing a more pronounced decline in available cash for spending and are increasingly relying on their savings to meet their expenses. Households have indicated a greater need for borrowing to sustain their standard of living, with December seeing a further and more significant accumulation of debt, which will only add to the financial pressures faced by households," said Maryam Baluch, economist at S&P Global Market Intelligence.
The FTSE 100 index was down 29.42 points, 0.3%, at 8,270.91. The FTSE 250 was down 91.73 points, 0.4%, at 20,797.42, and the AIM All-Share was down 1.69 points, 0.2%, at 731.67.
The Cboe UK 100 was down 0.4% at 829.95, the Cboe UK 250 was down 0.6% at 18,282.63, and the Cboe Small Companies was down 0.2% at 16,120.89.
GSK was down 0.8%, despite reporting a triple dose of good news with positive regulatory updates on two leading cancer drugs.
Dostarlimab plus chemotherapy has received a positive opinion from the Committee for Medicinal Products for Human Use for endometrial cancer, and US Food & Drug Administration Breakthrough Therapy Designation for rectal cancer. GSK'227, meanwhile, has received European Medicines Agency Priority Medicines Designation in relapsed extensive-stage small-cell lung cancer.
Entain was down 6.5%.
The Australian anti-money laundering and counter-terrorist financing regulator has opened a civil penalty proceedings case against its local subsidiary, relating to alleged contraventions of the Australian Anti-Money Laundering & Counter-Terrorism Financing Act 2006.
The Ladbrokes owner said that while the outcome of the proceedings is "uncertain", it may result in a penalty being levied which could be "potentially material".
Royal Mail owner International Distribution Services rose 0.8%.
Its takeover by a Czech billionaire has been given the green light by the UK government, allowing the postal service to pass into foreign ownership for the first time.
EP Group early Monday said it has entered legally binding undertakings with the UK Department for Business & Trade "safeguarding the important role that Royal Mail plays in the UK".
Computacenter lost 5.4%.
The Hatfield-based technology services provider said Christian Jehle has stepped down as chief financial officer and as an executive director with "immediate effect" but will remain a Computacenter employee until the end of the year.
Computacenter has started the process to appoint Jehle's successor, and in the meantime his responsibilities will be fulfilled by the broader finance team in conjunction with the existing executive management team.
Videndum lost 18%.
The London-based provider of hardware and software for broadcasters, film studios and other media content creators expects GBP280 million in full-year revenue.
It said the recovery in its markets has been "slower than expected" but that it is "seeing some signs of gradual improvement", and that lending banks remain supportive.
In European equities on Monday, the CAC 40 in Paris was down 0.8%, while the DAX 40 in Frankfurt was down 0.4%.
Business activity in the eurozone contracted at a slower pace this month as services swung back into expansion, but employment fell at the fastest pace in four years, survey results from S&P Global showed.
The flash eurozone composite output index improved to 49.5 points in December from 48.3 in November, indicating that the pace of overall business decline slowed in December. The flash services PMI business activity index climbed into growth territory of 51.4 points in December from 49.5 in November.
The manufacturing PMI output index worsened to 44.5 points in December from 45.1 in November, indicating an accelerated decline in manufacturing production in December. The manufacturing PMI remained unchanged at 45.2 points.
The pound was quoted higher at USD1.2648 at midday on Monday in London, compared to USD1.2620 at the equities close on Friday. The euro stood slightly lower at USD1.0489, against USD1.0494. Against the yen, the dollar was trading higher at JPY153.80 compared to JPY153.64.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.3%.
Brent oil was quoted lower at USD73.71 a barrel at midday in London on Monday from USD73.94 late Friday.
Gold was quoted higher at USD2,662.64 an ounce against USD2,660.10.
Still to come on Monday's economic calendar.
By Emma Curzon, Alliance News reporter
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