London open: Stocks rise on Trump 'flexibility' hopes
By Michele Maatouk
Date: Monday 24 Mar 2025
(Sharecast News) - London stocks rose in early trade on Monday as traders welcomed hints from Donald Trump that he would show "flexibility" when it comes to reciprocal tariffs.
At 0835 GMT, the FTSE 100 was up 0.5% at 8,693.88.
Richard Hunter, head of markets at Interactive Investor, said: "US markets ended a tentatively positive week on the front foot, although the gains were not enough to reverse the damage which has been done so far this year.
"The latest Presidential pronouncement suggested that there could be some flexibility on tariffs ahead of what he has dubbed 'Liberation Day' on 2 April, while also confirming that talks would continue with China this week. This had the effect of erasing earlier losses on the main indices, but investors remain dubious given the constantly changing narrative.
"The UK has a packed economic agenda this week, including the Spring Statement on Wednesday which is unlikely to bring much cheer to investors, consumers or businesses. The announcement comes at a time of flatlining growth domestically, inflation not yet fully under control and with the effects of the Budget measures taking effect next month, which has already been bemoaned by a broad spectrum of companies including, but not limited to, the retailers.
"In addition, releases are also due on inflation, retail sales and GDP, each of which have the potential further to derail any hopes of an economic recovery."
On Monday's macroeconomic calendar, the S&P Global manufacturing and services PMIs for March are due at 0930 GMT.
In equity markets, heavily-weighted miners were the standout gainers, with Anglo American, Antofagasta, Glencore and Rio Tinto the top performers on the FTSE 100. The sector got an added lifted after JPMorgan upgraded its stance on EMEA mining and metals to 'overweight' from 'underweight'.
Wood Group rallied as it said the deadline by which Dubai's Sidara must either announce a formal intention to make an offer for the company or walk away has been extended. Under UK takeover rules, Sidara had until 24 March, but this has now been pushed back to 17 April.
Wood Group confirmed on 24 February that it had received a non-binding, conditional proposal from Sidara about a potential cash offer.
Fintech group Plus500 gained after saying it has bought Indian financial services company Mehta Equities for $20m.
Mehta provides broking services including futures, options and cash equities trading products.
Market Movers
FTSE 100 (UKX) 8,693.88 0.54%
FTSE 250 (MCX) 20,014.77 0.52%
techMARK (TASX) 4,715.52 0.17%
FTSE 100 - Risers
Anglo American (AAL) 2,346.50p 4.06%
Antofagasta (ANTO) 1,874.00p 3.11%
Glencore (GLEN) 307.75p 2.86%
Rio Tinto (RIO) 4,879.50p 2.58%
Pershing Square Holdings Ltd NPV (PSH) 3,850.00p 2.45%
Standard Chartered (STAN) 1,185.50p 2.33%
Flutter Entertainment (DI) (FLTR) 18,800.00p 2.31%
Scottish Mortgage Inv Trust (SMT) 987.80p 2.30%
Fresnillo (FRES) 938.50p 2.29%
Intertek Group (ITRK) 5,005.00p 2.27%
FTSE 100 - Fallers
Vodafone Group (VOD) 73.30p -2.71%
Coca-Cola Europacific Partners (DI) (CCEP) 6,600.00p -1.49%
BP (BP.) 445.35p -1.03%
Hikma Pharmaceuticals (HIK) 2,006.00p -0.69%
Sainsbury (J) (SBRY) 236.20p -0.59%
Marks & Spencer Group (MKS) 332.00p -0.57%
Persimmon (PSN) 1,182.50p -0.55%
GSK (GSK) 1,503.00p -0.40%
AstraZeneca (AZN) 11,568.00p -0.34%
Haleon (HLN) 391.70p -0.33%
FTSE 250 - Risers
Pollen Street Group Limited (POLN) 732.00p 4.27%
Dr. Martens (DOCS) 54.90p 3.29%
XPS Pensions Group (XPS) 382.00p 3.24%
Syncona Limited NPV (SYNC) 91.50p 2.92%
Hochschild Mining (HOC) 264.00p 2.72%
Raspberry PI Holdings (RPI) 523.50p 2.35%
Allianz Technology Trust (ATT) 383.00p 2.27%
Close Brothers Group (CBG) 290.00p 2.18%
Foresight Solar Fund Limited (FSFL) 81.60p 2.00%
International Public Partnerships Ltd. (INPP) 112.80p 1.99%
FTSE 250 - Fallers
Discoverie Group (DSCV) 567.00p -4.55%
AO World (AO.) 92.50p -4.34%
Harbour Energy (HBR) 196.80p -3.81%
THG (THG) 35.50p -3.22%
JTC (JTC) 910.00p -2.67%
Oxford Nanopore Technologies (ONT) 108.70p -2.51%
Bakkavor Group (BAKK) 167.50p -2.33%
Supermarket Income Reit (SUPR) 75.00p -2.09%
Energean (ENOG) 859.00p -1.55%
Bloomsbury Publishing (BMY) 590.00p -1.34%
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