FTSE 100 was back below 6,700 on Monday morning as it shed 0.5%, lurking at levels last seen over a couple of weeks ago. There is a tense mood in UK markets and across the continent as policy makers clash over the vaccine roll-out.
“Following on from last Friday’s bumpy landing, the European markets couldn’t shake their anxieties at the start of Monday’s trading,” said Connor Campbell, financial analyst at Spreadex.
“Over the weekend European Commission chief Ursula von der Leyen issued a warning to AstraZeneca, and by extension the UK, stating that the EU has the power to ‘forbid’ exports of the vaccine.”
“And with a delay in 5 million Oxford/AstraZeneca doses from India already threatening the UK’s own vaccine timetable, there are fears that this EU export ban would further hinder the country’s restriction-easing plans.”
These anxieties, coupled with last week’s post-Fed bond sell-off, made themselves felt after the bell.
FTSE 100 Tope Movers
Kingfisher (5.05%), Natwest (2.57%) and JD Sports (1.35%) were the top movers on the FTSE 100 at early morning trading on Monday.
The biggest fallers on the FTSE 100 were IAG (-4.95%), Rolls-Royce (-2.84%) and Renishaw (-2.63%).
Kingfisher
Kingfisher, owner of B&Q and Screwfix, confirmed strong rises in sales and profit last year following a surge in DIY projects throughout lockdown. The company’s sales increased by 7.2% to £12.3bn for the year ending 31 January while post-tax profit came in at £592m, up from £8m the year before.
Adjusted profit after tax rose by 51% to £604m. Kingfisher confirmed its total dividend at 8.25p, well up on its payout from the year before of 3.33p per share.
Britain to Close Coal Power Station
Britain will have one power station still burning coal by the end of 2022 as EDF is set to reveal plans to close its West Burton A plant. It is anticipated the French energy company will confirm in the coming days that it will close down the Nottinghamshire station by September 2022 after operating for over 50 years. The plant’s 170 staff will soon be informed of the news as their jobs are now at risk while unions have been told.
