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London open: Stocks gain as investors mull retail sales figures
London stocks rose in early trade on Tuesday, taking their cue from strong gains in Asia, as investors mulled the latest UK retail sales data.
At 0905 GMT, the FTSE 100 was up 0.6% at 8,360.69.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “December is here, and while the famed ‘Santa rally’ doesn’t typically kick in until Christmas week, this remains the most likely month for market gains.”
Industry data released earlier showed that UK retail sales fell in the run-up to Black Friday.
According to the BRC-KPMG retail sales monitor, total retail sales fell by 3.3% year-on-year last month, versus 2.6% growth in November 2023.
Helen Dickinson, chief executive of the British Retail Consortium, pointed out that the November figures did not include Black Friday this year.
“While it was undoubtedly a bad start to the festive season, the poor spending figures were primarily down to the movement of Black Friday into the December figures this year,” she said.
“Even so, low consumer confidence and rising energy bills have clearly dented non-food spending. Spending on fashion was particularly weak as households delayed purchases of new winter clothing, while health spending was boosted by the season’s arrival of coughs and colds.
“Retailers will be hoping that seasonal spending is delayed not diminished and that customers get spending in the remaining weeks running up to Christmas. If not, retailers will be feeling the squeeze from both sides as reduced revenues are met with huge additional costs next year.”
In equity markets, easyJet flew higher after Morgan Stanley, Barclays and Peel Hunt lifted their price targets on the stock.
Discoverie Group surged as it said it hailed a “resilient” first-half performance and said it was on track to meet full-year expectations.
Victrex also gained despite reporting a slide in annual profits, after the polymer specialist said 2025 had got off to a “solid” start.
Upper Crust and Ritazza owner SSP rallied as it reported a jump in full-year profit and revenue as good performances in North America, UK and APAC & EEME helped to offset a disappointing performance in Continental Europe.
Electricals retailer Currys was knocked lower by a downgrade to ‘hold’ at Deutsche Bank.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Centrica Plc | +2.89% | +3.65 | 129.85 |
| 2 |  |
Antofagasta Plc | +2.13% | +36.50 | 1,751.50 |
| 3 |  |
Rolls-royce | +2.06% | +11.80 | 584.80 |
| 4 |  |
Glencore Plc | +2.06% | +7.75 | 384.80 |
| 5 |  |
Barclays | +2.02% | +5.30 | 268.15 |
| 6 |  |
Bp Plc | +1.71% | +6.50 | 387.10 |
| 7 |  |
Standard Chartered Plc | +1.55% | +15.20 | 993.00 |
| 8 |  |
Natwest | +1.55% | +6.30 | 412.90 |
| 9 |  |
Aib Group Plc | +1.50% | +6.50 | 439.50 |
| 10 |  |
Shell Plc | +1.41% | +35.50 | 2,549.50 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Ck Infrastructure Holdings Limited | -1.75% | -9.70 | 545.00 |
| 2 |  |
British American Tobacco Plc | -1.57% | -47.00 | 2,953.00 |
| 3 |  |
Imperial Brands Plc | -1.01% | -26.00 | 2,551.00 |
| 4 |  |
Bunzl Plc | -0.61% | -22.00 | 3,576.00 |
| 5 |  |
Sse Plc | -0.56% | -10.00 | 1,765.50 |
| 6 |  |
Vodafone Group Plc | -0.51% | -0.36 | 70.54 |
| 7 |  |
Segro Plc | -0.44% | -3.40 | 771.20 |
| 8 |  |
National Grid Plc | -0.38% | -3.80 | 992.60 |
| 9 |  |
Unilever Plc | -0.38% | -18.00 | 4,724.00 |
| 10 |  |
London Stock Exchange Group Plc | -0.35% | -40.00 | 11,250.00 |
US close: Stocks mixed as December trading gets underway
Major indices delivered a mixed performance on Monday following last week’s Thanksgiving break.
At the close, the Dow Jones Industrial Average was down 0.29% at 44,782.00, while the S&P 500 advanced 0.24% to 6,047.15 and the Nasdaq Composite saw out the session 0.97% firmer at 19,403.95.
The Dow closed 128.65 points weaker on Monday, taking a bite out of gains recorded in the previous session.
Monday’s primary focus was the Institute for Supply Management‘s manufacturing purchasing managers index, which increased to 48.4 in November, up from 46.5 in October and ahead of forecasts of 47.5. New orders increased for the first month in seven in November, while price pressures eased and production, employment and inventories contracted less than in previous months.
“Demand remains weak, as companies prepare plans for 2025 with the benefit of the election cycle ending. Production execution eased in November, consistent with demand sluggishness and weak backlogs. Suppliers continue to have capacity, with lead times improving but some product shortages reappearing”, said Timothy Fiore of the ISM.
Elsewhere on the macro front, S&P Global’s manufacturing was upwardly revised to 49.7 in November from a preliminary reading of 48.8 and October’s print of 48.5. The rate of decline in new orders slowed sharply, while increased confidence around the future encouraged US firms to take on additional staff.
On another note, US construction spending rose by 0.4% month-on-month in October, according to the Census Bureau, rising to a seasonally adjusted annual rate of $2.17trn, following a 0.1% increase in September and ahead of expectations of 0.2% advance. On an annualised basis, construction spending was up 5%.
In the corporate space, Intel shares traded slightly lower after chief executive Pat Gelsinger stood down from the role, while Stellantis shares were 6.29% in the red following the immediate exit of CEO Carlos Tavares.
Tuesday newspaper round-up: Jaguar, Thames Water, Elon Musk
The US has announced new export restrictions targeting China’s ability to make advanced semiconductors, drawing swift condemnation from Beijing. Washington is expanding efforts to curb exports of state-of-the-art chips to China that can be used in advanced weapons systems and in artificial intelligence. – Guardian
Labour will miss its manifesto target of building 1.5m homes in England before the end of this parliament without more radical reform to the planning system, the thinktank the Centre for Cities has warned. Keir Starmer put tackling housing affordability at the heart of his pitch to voters, promising to “get Britain building again”. – Guardian
Jaguar wants “to be bold and disruptive” with its new electric car and redesign, the luxury vehicle maker’s managing director told Sky News. The British car maker sparked widespread controversy last month when it unveiled its rebrand ahead of becoming a fully electric brand. – Sky News
The Conservative Party treasurer has emerged as the leading candidate to rescue the stricken Thames Water in return for a major shareholding. Graham Edwards is part of a consortium also including Castle Water, the leading beneficiary of liberalisation of the sector, and the billionaire Pears family. – The Times
Elon Musk has lost an attempt to receive a $56 billion compensation package, despite the backing of Tesla shareholders. A Delaware judge declined on Monday to reinstate the record-breaking pay deal, which was rescinded in a January ruling. Musk, the Tesla chief executive who has become an adviser to Donald Trump, the president-elect, had spent months asking shareholders to support his receipt of the biggest pay package in American corporate history. – The Times
