29th Apr 2025 11:52
(Alliance News) - Stock prices in London were mostly higher at midday on Tuesday, with concerns voiced following Spain and Portugal's major power cut that a similar outage could hit UK infrastructure.
Asked whether the power cut there had triggered a fear that British infrastructure could be affected in the same way, Home Secretary Yvette Cooper told Sky News that the UK has a "continued approach" to "resilience" and "security issues".
Also, UK grocery sales picked up over the Easter as consumers remained undeterred by inflationary pressures, numbers from Kantar showed.
Total grocery sales edged up 4.0% to GBP35.31 billion in the twelve weeks to April 20. Take-home sales benefited from a later Easter this year as they picked up by 6.5% over the period, serving to boost retailers' performance across the board.
The FTSE 100 index was up 16.48 points, 0.2%, at 8,433.82. The FTSE 250 was up 148.30 points, 0.8%, at 19,881.61, and the AIM All-Share was up 6.31 points, 0.9%, at 682.06.
The Cboe UK 100 was up 0.2% at 840.35, the Cboe UK 250 was up 0.8% at 17,406.40, and the Cboe Small Companies was down 0.3% at 15,213.52.
"A significant amount of corporate news flow gave investors food for thought," commented AJ Bell's Russ Mould. "News flow has generally been good for the first quarter of 2025 – the big unknown is what happens next as the second quarter got off to a terrible start thanks to Donald Trump's sweeping tariffs."
Entain was the second-highest FTSE 100 stock, up 3.3%.
The Isle of Man-based betting operator, which also confirmed Interim Chief Executive Officer Stella David as permanent CEO, said total group net gaming revenue was up 9% with "strong online performances" from both Entain and BetMGM.
Looking ahead, Entain said it is "encouraged" by trading in 2025.
AstraZeneca lost 2.9%.
The pharmaceutical firm said growth has continued into 2025, with revenue up 7.2% and pretax profit up 21% in the first quarter, and CEO Pascal Soriot said it "an unprecedented catalyst-rich period for our company".
"On paper, this is exactly what a business like AstraZeneca wants to achieve," Mould said. "Unfortunately, there are still many unknowns that hang over the company like a dark cloud.
"First is China, where there are lingering issues around allegations of illegal drug importation and unlawful collection of personal information...Second is the prospect of tariffs in the US.
"While it already has manufacturing facilities in the country and plans are in motion to expand its footprint in that part of the world, there is still the prospect of tariffs being applicable to active ingredients being imported into America."
However, Astra also revealed a mixed set of drug outcomes, including the discontinuation of the phase 3 trial of Truqap in combination with docetaxel and androgen-deprivation therapy in patients with metastatic castration-resistant prostate cancer.
Travis Perkins continued to lead the FTSE 250, up 7.9%.
The builders' merchant said total revenue was down 2.4% on-year in the first quarter, with like-for-like revenue down 2.1%. However for Toolstation, the company's tools and building materials store chain, Travis Perkins reported a 2.8% increase in revenue and 3.7% growth in LFL revenue.
In smaller caps, Manolete Partners rose 20%.
The insolvency litigation financing firm estimates total revenue of GBP30.8 million for the year ended March 31, up from GBP26.3 million for the previous year. It also expects pretax profit of GBP1.6 million, up 60% on-year.
"The past year has seen Manolete achieve record KPIs across all key metrics of the business and outperform market forecasts," Chief Executive Officer Steven Cooklin said. "Given the strong tailwinds presented by the challenging UK and global business environments, we expect to build upon those achievements in the forthcoming year."
In European equities on Tuesday, the CAC 40 in Paris was marginally lower, while the DAX 40 in Frankfurt was up 0.8%.
Germany's business associations are placing high expectations on Katherina Reiche of the conservative Christian Democratic Union, CDU, who is set to become the country's next economy minister.
"The Economy Ministry must take a key role in the new coalition," Peter Adrian, president of the German Chamber of Commerce & Industry, DIHK, told dpa. "Germany is entering its third year of economic stagnation - we urgently need to regain momentum."
He added that companies are expecting "rapid and tangible action" from the new government, including reduced bureaucracy, tax relief and faster permitting processes.
The pound was quoted slightly lower at USD1.3384 at midday on Tuesday in London, compared to USD1.3389 at the equities close on Monday. The euro stood lower at USD1.1376, against USD1.1384. Against the yen, the dollar was trading essentially flat at JPY142.74 compared to JPY142.73.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.5%, while the S&P 500 index and the Nasdaq Composite were called up 0.2%.
In Asia on Tuesday, Japanese markets were closed for Showa Day. In China, the Shanghai Composite ended down 0.1%, while the Hang Seng index in Hong Kong ended up 0.2%. The S&P/ASX 200 in Sydney closed up 0.9%.
China said it was open to improving ties with Canada, after Prime Minister Mark Carney won the country's election.
"China is willing to develop China-Canada relations on the basis of mutual respect, equality, and mutual benefit," foreign ministry spokesman Guo Jiakun said.
Also, China blamed US tariffs for Beijing's decision to stop accepting new aircraft from Virginia-based aviation firm Boeing, saying the levies had "disrupted the international air transport market".
"The US' wielding of tariffs has severely impacted the stability of the global industrial chain and supply chain," China's commerce ministry said in a statement.
Brent oil was quoted lower at USD63.76 a barrel at midday in London on Tuesday from USD65.52 late Monday.
Gold was quoted lower at USD3,310.30 an ounce against USD3,326.61.
Still to come on Tuesday's economic calendar are multiple US releases including trade balance, house prices and consumer confidence.
By Emma Curzon, Alliance News reporter
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