FTSE kicks off week on positive as gamblers and hotels pull ahead
24 May 2021, 17:24
The index had added 0.5% by the end of trading on Monday.
London’s top index started the week on a positive if subdued note which will be welcomed by investors following a temperamental few days.
The FTSE 100 ended the day up by 33.54 points, pushing it to 7,051.59.
The 0.5% rise was driven in part by telecoms, hotel and gambling companies, as Vodafone, BT, Entain, Flutter Entertainment, Whitbread and Intercontinental Hotel Group pushed into the top 20 performers.
But the performance was tempered by the performance of London’s miners, with Fresnillo and Antofagasta leading the pack lower.
“Initially the index’s mining stocks had held up well, despite China’s commodity price warnings,” said Spreadex analyst Connor Campbell.
“Now, however, all bar Glencore are notably in the red.”
In Paris the Cac index rose by 0.3%. Across the pond, the S&P 500 was trading up 1.1% when markets closed in Europe, with its New York neighbour Dow Jones rising 0.6%.
Sterling was flat against the euro at 1.1587, but fell 0.1% against the dollar to 1.4148.
Cineworld’s shares rose 3.2% after the business said its first weekend following reopening was strong. The business is expecting a good recovery from the depths of the pandemic which forced it to close all screens for several months during the pandemic.
The weekend “went beyond our expectations as customers were eager to return to the movies and enjoy the full movie experience”, Cineworld said.
Software company Kainos said its profit has more than doubled in line with expectations as its healthcare division saw a strong year of sales. Shares fell 1.8%.
Hotel chain Ibis said it will open nine new sites, expanding its business by a third.
Shares in Ted Baker were unmoved by the company’s decision to delay its financial results by two weeks.
Shares in Hilton Food Group rose 0.3% after it told investors that trading was in line with expectations amid strong demand.
The biggest risers on the FTSE 100 were Compass Group, up 43p to 1,582.5p, Pershing Square, up 70p to 2,610p, Entain, up 35.5p to 1,614.5p, Flutter Entertainment, up 270p to 13,200p, and Intercontinental Hotel Group, up 98p to 4,922p.
The biggest fallers were Fresnillo, down 14.4p to 867.6p, Admiral Group, down 30p to 2,908p, Antofagasta, down 14p to 1,525p, BHP, down 14p to 2,102.5p, and Imperial Brands, down 6.5p to 1,659p.
