Source: Sharecast
The FTSE 100 was up just 0.1% at 7,160.70, while oil prices eased back.
Victoria Scholar, head of investment at Interactive Investor, said: "European markets kicked off the week on a positive note with the DAX in Germany outperforming, rebounding from last week’s volatility as video-link talks set to restart today between Russia and Ukraine with hopes of a ceasefire supporting markets. While Ukraine continues to be the main driver for markets, investors also turn to central bank action this week with rate decisions due from the Fed, the Bank of England and the Bank of Japan from Wednesday onwards.
"The FTSE 100 is staging more mutest gains this morning, having enjoyed its best weekly performance in three months last week driven by financial, mining and energy stocks. Strong GDP figures for January support the case for another rate hike from the Bank of England on Thursday. Meanwhile, over the weekend, Chancellor Rishi Sunak called on British businesses to unwind their investment ties to Russia."
In equity markets, miners were a drag as base metals prices fell, with Anglo American, Glencore, Rio Tinto and Antofagasta all weaker.
Rio was also in focus after the Anglo-Australian miner made a $2.7bn bid to buy the 49% of Canada’s Turquoise Hill it doesn’t own as it looks to settle its relationship with the Mongolian government over the massive Oyu Tolgoi copper project. Rio is offering 34 Canadian dollars in cash a share, a 32% premium to Turquoise Hill's last closing share price on the Toronto Stock Exchange.
British American Tobacco was also down after cutting its full-year guidance late on Friday as it announced its exit from Russia.
On the upside, however, housebuilders gained, with Persimmon surging to the top of the FTSE 100 index following a Sunday Telegraph report suggesting that the cost for cladding remediation work could be much less than the £4bn initially estimated. According to the Telegraph, a review commissioned by the House Builders Federation has put the potential cost at lower than £1bn.
Bodycote gained after the thermal processing services provider hailed "good progress" in 2021, with both revenues and profits higher.
Phoenix Group was also up as the life insurer boosted its dividend after annual cash generation exceeded expectations.
Market Movers
FTSE 100 (UKX) 7,160.70 0.07%
FTSE 250 (MCX) 20,370.56 0.81%
techMARK (TASX) 4,237.98 0.77%
FTSE 100 - Risers
Persimmon (PSN) 2,307.00p 6.22%
Melrose Industries (MRO) 127.55p 4.55%
Mondi (MNDI) 1,466.00p 4.16%
Admiral Group (ADM) 2,672.00p 4.05%
Smith (DS) (SMDS) 319.20p 3.97%
Ferguson (FERG) 11,440.00p 3.76%
Barclays (BARC) 167.00p 3.66%
Associated British Foods (ABF) 1,760.50p 3.62%
Taylor Wimpey (TW.) 139.15p 3.53%
Smurfit Kappa Group (CDI) (SKG) 3,253.00p 3.53%
FTSE 100 - Fallers
Anglo American (AAL) 3,719.00p -4.64%
Glencore (GLEN) 489.45p -4.27%
Rio Tinto (RIO) 5,351.00p -3.83%
Ocado Group (OCDO) 1,165.00p -2.92%
BP (BP.) 354.25p -1.71%
Antofagasta (ANTO) 1,551.00p -1.59%
Scottish Mortgage Inv Trust (SMT) 882.60p -1.50%
British American Tobacco (BATS) 3,023.00p -1.47%
Auto Trader Group (AUTO) 634.60p -1.43%
Shell (SHEL) 1,937.40p -1.33%
FTSE 250 - Risers
Petropavlovsk (POG) 3.50p 27.27%
Baltic Classifieds Group (BCG) 130.00p 5.69%
Synthomer (SYNT) 288.80p 4.71%
Chemring Group (CHG) 336.50p 4.67%
Jupiter Fund Management (JUP) 198.40p 4.64%
Balfour Beatty (BBY) 259.60p 4.59%
Network International Holdings (NETW) 211.10p 4.40%
Reach (RCH) 186.80p 4.36%
Coats Group (COA) 71.70p 4.06%
easyJet (EZJ) 503.60p 3.99%
FTSE 250 - Fallers
National Express Group (NEX) 237.60p -5.26%
Fidelity China Special Situations (FCSS) 234.50p -4.48%
Domino's Pizza Group (DOM) 353.40p -3.18%
Bellevue Healthcare Trust (Red) (BBH) 172.80p -3.03%
Volution Group (FAN) 414.50p -2.81%
TBC Bank Group (TBCG) 999.00p -2.44%
Drax Group (DRX) 688.00p -2.34%
Chrysalis Investments Limited NPV (CHRY) 167.00p -2.34%
HGCapital Trust (HGT) 405.00p -2.17%
Centamin (DI) (CEY) 101.25p -2.03%
