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ADVFN Morning London Market Report: Tuesday 8 March 2022

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London open: Stocks up in choppy trade as Russia threatens to cut off Europe’s gas supplies


London stocks were higher in choppy trade on Tuesday, shaking off opening losses even as surging oil and gas prices stoked inflation fears.

At 0900 GMT, the FTSE 100 was up 0.2% at 6,970.35, with oil and gas prices sharply higher after Russia threatened to halt gas supplies to the West through the Nord Stream 1 pipeline.

Investors were also mulling a report suggesting that the EU is considering a joint bond sale to fund energy and defence.

Neil Wilson, chief market analyst at, described the moves in commodity markets as “crazy”.

“It’s not just oil and gas markets going parabolic; yesterday saw multiple sigma moves in nickel prices as it jumped over 70% in a single day,” he said.

“Prices are higher again today at $81k from about $25k a week ago. The LME has suspended trading for at least the remainder of the day. Wheat is higher again, too. European natural gas prices are mooning. This commodity squeeze will lead to margin calls and liquidations, we just don’t know many are hedged the wrong way.

“But what if talks yield results and Putin calls his troops back to end sanctions? A tail risk, for sure, but what if? There would be some considerable volatility as markets repriced. So far, the talks are not getting very far; the shelling continues. As long as Russia keeps up the attack it’s stagflationary.”

In equity markets, Russian steelmaker Evraz, Anglo-Russian precious metals miner Polymetal and gold miner Petropavlovsk – which has operations in Russia – were all sharply higher as investors stepped in to pick up a bargain after recent heavy losses.

M&G rallied after it announced a £500m share buyback as the investment manager posted reduced annual operating profit resulting partly from changes to the expected death rate.

Fresnillo shone as the precious metals miner reported a jump in full-year profit and revenues, thanks in part to higher silver prices.

Equipment rental firm Ashtead gained as it posted a rise in third-quarter profit and revenue and said full-year results were set to be “slightly ahead” of its previous expectations.

Flexible workspace provider IWG surged after announcing, alongside its full-year results, the merger of its digital assets with The Instant Group with a view to listing the business in the next two years.

Elsewhere, medical products company ConvaTec and Direct Line both advanced after well-received annual results, while broadcaster ITV was boosted by an upgrade to ‘outperform’ at Bernstein.

On the downside, high street bakery Greggs tumbled after saying it swung to a full-year profit beyond pre-pandemic levels as its stores reopened from lockdowns, but warned of significant cost headwinds in 2022 from inflation and higher commodity prices.

Domino’s Pizza lost ground even as it unveiled a £46m share buyback and posted higher annual profit driven by a surge in post-lockdown sales.

Travis Perkins was also under the cosh after a downgrade to ‘hold’ at Jefferies.


Top 10 FTSE 100 Risers

# Name Change Pct Change Cur Price
1 Evraz Plc +24.99% +19.24 96.24
2 Tui Ag +8.16% +14.80 196.15
3 Itv Plc +5.36% +3.94 77.38
4 International Consolidated Airlines Group S.a. +4.13% +4.80 121.04
5 Rolls-royce Holdings Plc +4.05% +3.57 91.78
6 Legal & General Group Plc +3.89% +9.30 248.20
7 Fresnillo Plc +3.87% +28.60 768.00
8 Aviva Plc +3.50% +13.10 387.60
9 Phoenix Group Holdings Plc +3.20% +18.60 600.40
10 Centrica Plc +3.18% +2.30 74.68


Top 10 FTSE 100 Fallers

# Name Change Pct Change Cur Price
1 Ocado Group Plc -4.02% -47.50 1,133.00
2 Bhp Group Limited -3.34% -92.00 2,664.50
3 Antofagasta Plc -3.30% -51.00 1,494.50
4 Hargreaves Lansdown Plc -3.23% -32.20 965.80
5 Pearson Plc -2.59% -16.00 601.40
6 Rightmove Plc -2.45% -16.00 636.00
7 Intertek Group Plc -2.20% -109.00 4,852.00
8 Vodafone Group Plc -2.18% -2.64 118.28
9 Scottish Mortgage Investment Trust Plc -2.03% -17.40 838.60
10 Relx Plc -1.99% -44.00 2,169.00


Europe open: Stocks rebound despite Russia threat to gas supplies

European stocks rebounded sharply at the open on Tuesday, as investors shrugged off threats from Russia that it would cut gas supplies to the continent.

The pan-regional Stoxx 600 index surged 1.46% in early deals after days of losses in the wake of Russia’s illegal invasion of Ukraine. France’s CAC was up 24% and Spain’s Ibex gained more than 3%.

European bourses, including the German DAX and Italy’s FTSE MIB, on Monday confirmed they were in a bear market — marking 20% or more declines from their record closing highs due to prospects of a ban on Russian oil imports.

Tensions increased overnight with Russia Deputy Prime Minister Alexander Novak said Moscow could cut gas supplies via the existing Nord Stream 1 pipeline to Germany.

Fears of a severe supply crunch sent crude prices soaring to $127 a barrel and fuelled concerns about inflation stifling economic growth.

UK baker and fast food chain Greggs fell 8.5% after the company warned that cost headwinds would crimp profits growth this year.

M&G shares surged more than 15% after the company announced a £500m share buyback and posted reduced annual operating profit resulting partly from changes to the expected death rate.

Shares in flexible workspace provider IWG rose 12% as it announced the merger of its digital assets with The Instant Group with a view to listing the business in the next two years.


US close: Stocks record heavy losses as Russia-Ukraine conflict weighs on sentiment

Wall Street stocks were firmly in the red at the close on Monday after oil prices surged to a multi-year high amid the ongoing Russia-Ukraine war, heightening fears the conflict will slow the US economy and raise inflation.

At the close, the Dow Jones Industrial Average was down 2.37% at 32,817.38, while the S&P 500 was 2.95% softer at 4,201.09 and the Nasdaq Composite saw out the session 3.62% weaker at 12,830.96.

The Dow closed 797.42 points lower on Monday, extending losses recorded in the previous session as stocks came under renewed selling pressure at the end of the week after traders opted to take some risk off the table.

Oil prices shot up to their highest level in over a decade prior to the open but West Texas Intermediate crude futures trading just 0.5% higher at $116.26 per barrel in early trading, pulling back from $130 per barrel earlier in the morning, while Brent crude was up 1.89% to $120.34 per barrel after earlier reaching $139.13 per barrel — the highest level seen since July 2008.

US Secretary of State Antony Blinken stated the US and allies were mulling over putting a ban on all Russian oil and natural gas imports in response to Moscow’s attack on Ukraine, while House Speaker Nancy Pelosi said the chamber was “exploring strong legislation” to ban the import of Russian oil as part of an effort to “further isolate Russia from the global economy”.

Over the weekend, planned evacuations from the cities of Mariupol and Volnovakha on Saturday were scrapped after Russia violated a humanitarian ceasefire agreement, with fighting carrying on in or around both cities, while Mariupol City Council also said on Sunday that Moscow had again violated a second temporary cease-fire that would’ve enabled civilians to flee the area.

Civilians attempting to flee the town of Irpin, outside of Kyiv, were also killed, including a family of four with two young children, as they were “bombarded” with shells, leading UK prime minister Boris Johnson to brand the invasion as having sunk further into “a sordid campaign of war crimes and unthinkable violence against civilians”.

In the corporate space, energy stocks like Baker HughesConocoPhillips and Exxon Mobil all traded higher, while bank stocks like Citigroup and US Bancorp struggled.

On the macro front, consumer credit increased $6.84bn in January, according to the Federal Reserve, the least since January 2021, easing from an upwardly revised $23.38 bn gain in the previous month, and well below market expectations of a $23.8bn rise.

The yield on the benchmark 10-year Treasury note was also higher at 1.780%.


Tuesday newspaper round-up: Household incomes, Liberty Steel, Rolls-Royce

UK household incomes are on course to collapse by the most since the mid-1970s after Russia’s invasion of Ukraine sent energy prices soaring to new highs, a thinktank has said. The Resolution Foundation said the dramatic increase in global oil and gas prices was forecast to push UK inflation above 8% this spring, causing average incomes across Britain to fall by 4% in the coming financial year – a hit worth £1,000 per household, the biggest annual decline since 1975. – Guardian

The UK tax authority has withdrawn petitions to close down four Liberty Steel companies, giving breathing space to the GFG Alliance metals empire presided over by Sanjeev Gupta. Gupta’s group of metals companies, including steel, aluminium and energy plants, has been struggling for finance for a year since the collapse of its main lender, Greensill Capital. The companies are said to employ as many as 35,000 people around the world. – Guardian

Rolls-Royce’s hopes of building mini nuclear power stations have taken a significant step forward after Kwasi Kwarteng, the Business Secretary, asked government regulators to assess its designs. Rolls-Royce has raised about £500m to develop the Small Modular Reactors (SMR) reactors, which could help reduce Britain’s reliance on electricity generated from fossil fuels.- Guardian

Investors with combined assets of more than $3 trillion have heaped further pressure on Amazon to increase transparency over where and how much tax it pays around the world. Shareholders in the company filed a proposal last year requesting that it disclose global tax practices and risks to investors by reporting in line with a new global tax standard and publishing country-by-country information on its finances. – The Times

A provider of electric vehicle charging points has promised to take steps to improve competition in the market after a regulatory investigation found it arranged exclusive, long-term contracts with motorway service operators. The Competition Markets Authority (CMA), which began an investigation into Gridserve last July, secured legally binding commitments from Gridserve agreeing not to enforce exclusive rights it had agreed with Extra, MOTO or Roadchef, after November 2026. – The Times


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  1. Jasmine says:

    Hi, it’s a nice post. Do you know?A jump in the price of gas amid the Ukraine conflict has added to worries that annual UK household energy bills could reach £3,000.
    Hi, it’s a nice post. Do you know?A jump in the price of gas amid the Ukraine conflict has added to worries that annual UK household energy bills could reach £3,00

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