Late market roundup: European blue chip indices end up; war continues

European blue chip stock indices in London, Paris and Frankfurt ended higher on Monday amid a moderate increase in the oil price which remained above the $100 mark, as the war in Iran continued.

NATO and other Western allies pushed back Monday on US President Donald Trump’s demand that military alliance members help reopen the Strait of Hormuz, the critical conduit for crude oil that Iran has effectively closed.

UK Prime Minister Keir Starmer said London was working with allies to craft a ‘viable’ plan to reopen the strategic waterway but ruled out a NATO mission, while Berlin insisted it was ‘not NATO’s war’. Spain, Japan and Australia were among other nations to distance themselves from any military involvement in the Strait of Hormuz in the wake of Trump’s call.

Further, Ukraine’s Volodymyr Zelensky will visit the UK on Tuesday as Starmer warned the oil price rises caused by the Middle East crisis could result in a ‘windfall’ for Russia’s economy.

Meanwhile, Iran said it was ready to take the Middle East war ‘as far as necessary’ as it launched strikes across the region on Monday.

The FTSE 100 index closed up 56.54 points, 0.6%, at 10,317.69. The FTSE 250 ended down 48.63 points, 0.2%, at 22,022.47, and the AIM all-share closed down 5.12 points, 0.7%, at 754.26.

The Cboe UK 100 was up 0.6% at 1,025.20, the Cboe UK 250 was down 0.4% at 19,240.41, and the Cboe small companies was down 0.5% at 17,513.39.

Gold miners and defence stocks were among the large-cap winners as geopolitical tensions mounted. Endeavour Mining gained 3.1%, Melrose rose 1.4%, Rolls-Royce 1.2% and Fresnillo 0.7%

However, gold was quoted lower at $4,983.55 an ounce against $5,043.40.

Oil major Shell was up 1.4%, while BP gained 1.5%.

Brent oil was higher at $102.83 a barrel around the time of the London equities close on Monday from $101.57 late Friday, although it was quoted at $106.09 a barrel near the London open.

International Energy Agency chief Fatih Birol has said that more strategic oil stocks could be released if necessary, to limit the fallout of from the near complete blockage of supplies through the Strait of Hormuz.

Still, he added that further releases of stocks could only constitute a ‘buffer’ against the current choking off of supplies, and are ‘not a lasting solution’.

‘The single most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz,’ Birol said.

As for airlines, easyJet was among the worst FTSE 100 performers with a 1.8% fall, while on the FTSE 250 Wizz Air lost 2.9%.

On AIM, meanwhile, Botswana Minerals gained 23%.

The copper and diamond explorer, previously known as Botswana Diamonds, said its pretax loss narrowed to £215,000 for the six months to the end of December, and that it had consolidated its position as a ‘technology-enabled explorer in Botswana’.

It added that ‘in response to prolonged weakness in the natural diamond market and the structural rise of lab-grown diamonds, we have prioritised capital allocation towards copper and other critical minerals where demand fundamentals are robust.’

CPPGroup, meanwhile, fell 29%.

The digital financial services provider reported that OneAssist Consumer Solutions Private does not expect to pay any deferred consideration, which is contingent on agreed performance conditions, for its purchase of CPP India last year.

CPPGroup said that if the deferred consideration is not paid, it will require additional funding within the next 12 months.

In European equities on Monday, the CAC 40 in Paris closed up 0.3%, while the DAX 40 in Frankfurt ended up 0.5%.

The pound was quoted higher at $1.3293 at the time of the London equities close on Monday, compared to $1.3233 on Friday. The euro stood at $1.1480, higher against $1.1437. Against the yen, the dollar was trading lower at JP¥159.34 compared to JP¥159.58.

Stocks in New York were higher. The Dow Jones Industrial Average was up 0.7%, the S&P 500 index up 0.8%, and the Nasdaq Composite up 1.0%.

The yield on the US 10-year Treasury was quoted at 4.24%, narrowing from 4.29%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.91%.

The biggest risers on the FTSE 100 were Endeavour Mining, up 134.00p at 4,526.00p, Haleon, up 10.90p at 385.70p, Segro, up 20.60p at 743.20p, Reckitt Benckiser, up 137.33p at 5,493.33p, and Airtel Africa, up 8.40p at 359.00p.

The biggest fallers on the FTSE 100 were Rightmove, down 14.23p at 449.77p, International Consolidated Airlines, down 10.50p at 343.20p, Spirax, down 185.00p at 6,630.00p, Entain, down 14.40p at 533.20p, and Intertek, down 84.00p at 3,650.00p.

On Tuesday’s economic calendar, look out for Australia’s rate decision, economic sentiment data from Germany and the eurozone, and the US’ pending home sales and Redbook index data.

On Tuesday’s UK corporate calendar, there are full-year results from a large number of companies including Zotefoams, Essentra, Prudential and STV.

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