28th Oct 2013 10:55
LONDON (Alliance News) - The UK equity markets lack any real direction Monday, as the data calendar brings more excitement later in the week and many London traders are kept home by storms.
By mid-morning the FTSE 100 is marginally lower at 6,714.22, the FTSE 250 is down 0.4% at 15,430.30, and the AIM All-Share is up 0.1% at 804.32.
The worst storm to hit Britain in 26 years has dominated Monday morning and left London's main stock indices as crippled as its transport network. With wind gusts of up to 99mph recorded in the UK, Network Rail reporting more than 100 trees down across train lines. Two people have been reported dead, and 220,000 homes reportedly have been left without power.
Individual stocks are still moving, however, with Aggreko leading blue-chip gains. Shares in the temporary power generation company are up 3.5% after management said trading is slightly ahead of last year and in-line with expectations.
At the other end of the blue chip index, Intercontinental Hotels Group is down 2% after it said growth in revenue per available room had slowed in the third quarter across its hotel chains in the US and the Americas. Management blamed the slowdown in growth, to 3.5% in the third quarter from 4.5% in the first half, on the "early timing of certain holidays".
Avanti Capital is by far the biggest London mover, up 93% after announcing that one of its portfolio companies, Eclectic Bar Group PLC, intends to float on AIM. The investment management company that invests in bars and restaurants is due a GBP7.3 million loan from Eclectic and hopes "the IPO crystallises a return for our loyal shareholders," Richard Kleiner, director of Avanti Capital, said in a statement.
The average asking price for a house in the UK rose 0.5% in October compared to the previous month, property tracking website Hometrack said. That follows the 0.5% increase in September and marks the ninth consecutive month of increase overall.
On a yearly basis, house prices climbed 3.1%, accelerating from the 2.4% gain in the previous month. UK house builders are generally performing well following the latest positive UK housing data. The FTSE 350 household goods sector is up 0.2%.
The pound is a little higher against the dollar in the morning session, currently at USD1.6205, while the euro is little changed against the greenback, at USD1.3810.
With no more UK data in the calendar Monday, it may fall to the US markets to provide market drivers, which following the UK's weekend clock change will open at 1330 London time. At 1400 GMT US pending home sales data is due and at 1430 GMT the Dallas Fed manufacturing index is expected.
By Jon Darby; [email protected]; @jondarby100
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