FTSE 100 stocks dodged a bullet on Monday as a Russian mutiny was wrapped up in 24 hours over the weekend, avoiding any major gyrations in equities.
The FTSE 100 was down 0.25% at the time of writing on Monday while the German DAX dipped 0.2%.
“The uprising in Russia could have sent shockwaves across equity and commodity markets but an apparent U-turn has meant only marginal volatility rather than a full-blown correction,” said Russ Mould, investment director at AJ Bell.
“Brent Crude had fallen by more than 4% over the past five days on fears about global economic weakness and how that would negatively impact demand. However, the oil price jumped 0.8% to $74.41 per barrel on Monday as markets contemplated a new period of uncertainty for supply.
“With more twists and turns to the Wagner mutiny than a theme park rollercoaster, markets aren’t ready to accept the drama is over, even though the rebel fighters have been stood down.”
FTSE 100 movers
Moves in individual FTSE 100 constituents were relatively moderate on Monday, with the top movers driven by broker ratings.
Lloyds was the FTSE 100’s top faller after being cut to underweight by analysts at JP Morgan. They gave Lloyds a 42p price target. Lloyds shares were down 1.8% to 41.5p at the time of writing.
JP Morgan also slashed their target on NatWest and Barclays to 260p and 180p, respectively.
Barclays raised their Whitbread price target to 4,200p from 4,075p, helping the leisure group’s shares 2% higher to 3,334p.