(Alliance News) – Stock prices in London closed mixed on Tuesday, with gold slightly retreating and investors’ eyes on the US Federal Reserve’s upcoming rate call.
“Gold prices remain elevated, even if they have eased a bit below their recent record highs, as investors await the Federal Reserve’s latest meeting and earnings reports from most of the big tech contingent,” AJ Bell’s Dan Coatsworth commented.
The FTSE 100 index closed up 58.95 points, 0.6%, at 10,207.80. The FTSE 250 ended up 52.36 points, 0.2%, at 23,404.02, and the AIM all-share closed down 4.52 points, 0.6%, at 823.97.
The Cboe UK 100 was up 0.5% at 1,021.07, the Cboe UK 250 was down 0.1% at 20,589.81, and the Cboe Small Companies was marginally lower at 18,276.47.
Gold was quoted at USD5,093.94 an ounce, slightly lower against USD5,095.11.
Precious metals mining stocks lagged as a result. On the FTSE 100, Fresnillo lost 5.9% and Endeavour Mining fell 4.4%. FTSE 250 constituent Hochschild Mining fell 4.5% and Pan African Resources was close behind, down 3.6%.
The London Stock Exchange Group was down 1.1% on the FTSE 100, after unveiling plans on Monday to make it easier for international companies to join the FTSE 100 index by reducing the amount of shares that need to be publicly traded.
FTSE Russell, which is owned by LSEG, published a consultation into proposals to reduce the free-float requirement – the amount of shares required to be publicly traded – to 10% from 25% for non-UK incorporated companies that are listed in London.
If implemented, the move would give international companies the same free-float requirement as British businesses to be included in the blue-chip FTSE 100, the mid-cap FTSE 250, and other FTSE indices.
In smaller caps, Eco Buildings rose 11%.
The London-based designer, manufacturer and builder of modular housing said it had completed groundworks at its luxury 18-unit apartment development in Albania’s capital, Tirana. Eco Buildings said it expected to generate EUR2.2 million in revenue per apartment block, with an anticipated gross margin of 40%.
Nuformix lost 16%.
The London-based developer of treatments for fibrosis and oncology reported a narrowed pretax loss in the year to September 30 to GBP660,569 from GBP3.6 million, while booking no revenue either year.
Nuformix said its main priority was to focus on the company’s NXP002 programme and specifically to find a business development partner.
In European equities on Tuesday, the CAC 40 in Paris closed up 0.3%, while the DAX 40 in Frankfurt ended down 0.1%.
The pound was quoted at USD1.3765 at the time of the London equities close on Tuesday, higher compared to USD1.3704 on Monday. The euro stood at USD1.1969, higher against USD1.1884. Against the yen, the dollar was trading lower at JPY153.05 compared to JPY153.99.
Stocks in New York were mixed. The Dow Jones Industrial Average was down 0.6%, the S&P 500 index up 0.5%, and the Nasdaq Composite up 1.0%.
The yield on the US 10-year Treasury was unchanged at 4.22%. The yield on the US 30-year Treasury was quoted at 4.82%, widening slightly from 4.81%.
Tesla releases its first-quarter results on Wednesday, with full-year results from several firms, including IBM, Meta Platforms and Amphenol. Microsoft releases half-year results.
As for the geopolitical climate, Coatsworth noted: “The potential threat of 100% tariffs on Canada if it strikes a trade deal with China also lingers in the air, after the possibility of import taxes on European goods was floated in the spat over Greenland.
“It appears a period of relative stability over US trade policy is threatening to come to an end which could have consequences for global markets.”
Brent oil was quoted higher at USD65.92 a barrel at the time of the London equities close on Tuesday from USD65.43 late Monday.
The biggest risers on the FTSE 100 were HSBC, up 35.00p at 1,277.20p, NatWest, up 17.20p at 667.60p, Spirax, up 175.00p at 7,390.00p, BT, up 4.30p at 187.10p, and St James’s Place, up 34.09p at 1,493.59p.
The biggest fallers on the FTSE 100 were Fresnillo, down 260.50p at 4,140.00p, Relx, down 147.00p at 2,720.00p, Sage, down 53.40p at 989.60p, Experian, down 147.00p at 2,785.00p, and Endeavour Mining, down 198.00p at 4,344.00p.
On Wednesday’s economic calendar, as well as its rate call the US has durable goods orders, crude oil stocks and wholesale inventories.
On Wednesday’s UK corporate calendar, there are trading updates from PayPoint, Pets At Home, and Computacenter, among others. Hargreaves Services releases half-year earnings. The Bank of Canada also announces its interest rate decision.
By Emma Curzon, Alliance News reporter
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