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London open: Stocks gain as investors mull Rightmove data; inflation eyed
London stocks edged higher early trade on Monday as investors mulled the latest UK house price figures and looked ahead to key inflation data later in the week.
At 0845 BST, the FTSE 100 was 0.3% firmer at 8,443.38.
Data released earlier by Rightmove showed that average house prices hit a new record of £375,131 in May, boosted by pent-up demand and momentum from the Spring selling season.
House prices pushed up 0.8% on the month following a 1.1% increase in April.
On the year, prices were up 0.6% in May following a 1.7% jump the month before.
Rightmove said pent-up demand from would-be buyers who paused their plans last year was a key driver behind increased home-mover activity despite mortgage rates remaining elevated for longer than expected.
Tim Bannister, Rightmove’s director of Property Science, said: “Some predicted that property prices would suffer sharp falls and take a while to recover following the Bank of England increasing the Base Rate up to 5.25%, where it has remained since August 2023. However, the momentum of the Spring selling season has exerted enough upwards price pressure to reach a new record asking price.
“The top-of-the-ladder sector is still leading the way, while from a regional perspective the North East, with the cheapest average prices in Great Britain, has seen the strongest price growth. However, it’s important to remember that prices overall are still only 0.6% ahead of this time last year. The market remains price-sensitive, and with prices reaching new records in the majority of regions and mortgage rates remaining elevated, affordability for many home-buyers is still stretched.”
In equity markets, precious metals miners Fresnillo and Hochschild shone as gold prices hit fresh record highs after Iran’s president was killed in a helicopter crash.
Kainos surged as it posted a rise in full-year profit and revenue and maintained a positive outlook.
Hilton Foods gained as it said trading in the year to date had been in line with expectations, with volumes and sales ahead of last year despite a challenging economic environment and lower raw materials prices in some of its markets.
AstraZeneca was little changed as it announced plans to build a $1.5bn manufacturing facility for antibody drug conjugates (ADCs) in Singapore, to enhance the global supply of its cancer treatments.
Ryanair flew a little lower after the budget airline reported higher annual profits but warned that summer airfares would be softer than anticipated.
Profit after tax climbed 34%to €1.9bn in the 12 months to March 30 as demand rose 9% to 184 million passengers. Revenue jumped 25% to €13.4bn.
The company also said it would start a €700m share buyback as it had “surplus cash”.
Elsewhere, Keywords Studios surged more than 60% after saying it was “minded to accept” a £2.2bn takeover proposal from Swedish private equity firm EQT Partners if it makes a firm offer.
Following press speculation over the weekend, Keywords confirmed it was in “advanced discussions” with a fund which is part of the EQT Group about a possible cash offer of 2,550p per share. This represents a 73% premium to the closing share price on Friday.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Fresnillo Plc | +3.25% | +20.00 | 635.00 |
| 2 |  |
Centrica Plc | +2.18% | +3.15 | 147.70 |
| 3 |  |
Ashtead Group Plc | +2.01% | +116.00 | 5,880.00 |
| 4 |  |
Kingfisher Plc | +1.92% | +5.00 | 265.60 |
| 5 |  |
Smurfit Kappa Group Plc | +1.85% | +70.00 | 3,848.00 |
| 6 |  |
Rolls-royce Holdings Plc | +1.63% | +6.80 | 424.90 |
| 7 |  |
Glencore Plc | +1.43% | +7.10 | 504.10 |
| 8 |  |
Marks And Spencer Group Plc | +1.16% | +3.20 | 279.90 |
| 9 |  |
Lloyds Banking Group Plc | +1.01% | +0.56 | 56.08 |
| 10 |  |
Coca-cola Hbc Ag | +1.01% | +28.00 | 2,812.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Sage Group Plc | -1.67% | -18.50 | 1,087.50 |
| 2 |  |
Easyjet Plc | -1.20% | -5.90 | 484.90 |
| 3 |  |
Prudential Plc | -0.95% | -7.80 | 811.40 |
| 4 |  |
Scottish Mortgage Investment Trust Plc | -0.95% | -8.40 | 879.00 |
| 5 |  |
Burberry Group Plc | -0.86% | -9.50 | 1,090.50 |
| 6 |  |
British Land Company Plc | -0.84% | -3.40 | 399.80 |
| 7 |  |
Land Securities Group Plc | -0.82% | -5.50 | 666.50 |
| 8 |  |
Tui Ag | -0.81% | -4.50 | 554.00 |
| 9 |  |
Whitbread Plc | -0.76% | -24.00 | 3,121.00 |
| 10 |  |
Experian Plc | -0.54% | -20.00 | 3,671.00 |
Monday newspaper round-up: Border checks, house prices, apprenticeships
Post-Brexit border checks will cost UK businesses £470m a year, the government’s public spending watchdog has said. Plans to bring in border checks on goods coming from the EU faced “significant issues” including critical shortages of inspectors before their introduction last month, the National Audit Office said in a report. – Guardian
The average British house price reached a record high of £375,131 in May, according to Rightmove. The average prices of properties coming to market rose 0.8%, or £2,807, month on month. Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website’s report said. – Guardian
Showing face in the House of Lords to claim a £300 daily attendance fee was once so widespread that a peer was brazen enough to leave a taxi engine running outside the Houses of Parliament while he signed in. Minutes later, he was back in the car and on the road home. Similar tactics are now taking place in corporate Britain. As more and more bosses force staff back to their desks, employees are finding ways to bend the rules. – Telegraph
The government is opening a branch of its new AI Safety Institute in Silicon Valley this summer, in an attempt to be closer to the companies developing the technology. The plan builds on an existing partnership with the institute’s American equivalent signed this year and will be in addition to the London headquarters where 32 people are based, the technology department said. – The Times
The number of new apprenticeships has fallen by up to two fifths since the introduction of the government’s “broken” levy system, new research shows. There has been a 41 per cent decline in the number of apprenticeship starts for those under the age of 19 since the scheme came into force, according to analysis by the Chartered Institute of Personnel and Development (CIPD). For those aged between 19 and 24, participation has fallen by 36 per cent. – The Times
