Lunchtime market roundup: Stocks mixed as UK mortgage approvals grow

Stock prices in London were mostly higher on Monday midday amid news that UK mortgage approvals were up more than anticipated in February, as investors await flash German consumer price index inflation data, while the war in the Middle East continued.

Net mortgage approvals for house purchases increased to 62,600 in February from a revised 60,200 in January, surpassing FXStreet-cited consensus of a rise to 61,300, but remained below the previous six-month average of around 63,500.

M4, which measures all sterling in circulation, increased 0.6% on-month in February from a 0.1% decline in January, beating consensus for 0.1% growth. Annually, M4 increased 3.6% against January’s 3% rise.

Meanwhile, Israel and Iran exchanged more missile fire Monday amid concerns that the US might escalate the Middle East conflict by launching ground raids against the Islamic republic’s Gulf islands.

The FTSE 100 index was up 61.65 points, 0.6%, at 10,029.00. The FTSE 250 was down 148.20 points, 0.7%, at 20,816.55, and the AIM all-share was up 3.40 points, 0.5%, at 709.03.

The Cboe UK 100 was up 0.7% at 999.69, the Cboe UK 250 was down 0.8% at 18,022.06, and the Cboe small companies was up 0.1% at 16,859.15.

On the FTSE 100, Rightmove was down 0.1%. Housebuilder Persimmon lost 1.5%, and Barratt Redrow lost 0.8%.

Marks & Spencer gained 0.8%, after announcing on Sunday that its fashion products will be sold for the first time in the US after it agreed a deal with department store Nordstrom Inc.

Metlen Energy & Metals rose 3.2%. Other metals and energy-linked stocks continued to perform well, with Rio Tinto up 3.6%, SSE up 2.5%, Centrica up 2.5% and Glencore up 2.2%. Shell and BP both gained 1.4%.

Brent oil was quoted lower at $108.14 a barrel at midday in London on Monday from $111.63 late on Friday, but was higher than its $104.97 price near the New York market close.

Still, ‘Market nervousness around the situation in the Middle East continues to ratchet up as the Iran conflict enters a fifth week,’ AJ Bell head of financial analysis Danni Hewson noted. ‘Comments from President Trump about seizing Iranian oil and the country’s Kharg Island export hub, a build-up of US troops and the involvement of Tehran-backed Houthis in the war all create the impression of a conflict that is escalating rather than drawing to a close.

‘With shipping routes beyond the Strait of Hormuz now seen at some risk of disruption too, Brent crude oil prices...are on course for a record monthly gain.’

Aluminium prices climbed around six percent in early trading on Monday after Iran attacked two major plants in the Gulf that produce the widely used metal, raising concerns over supply disruptions.

Gains later reduced, though prices were still up 4.2% at $3,435 per tonne on the London Metal Exchange.

Gold was quoted higher at $4,532.35 an ounce against $4,517.90.

On AIM, Greatland Resources climbed 8.0%.

The Western Australia-focused miner has upgraded its mineral resources estimate for the Telfer gold-copper project, from 3.2 million ounces to 8.0 million ounces.

It also released its maiden resource estimate for the O’Callaghans tungsten resource, saying the deposit has been shown to be ‘one of the largest high-grade tungsten deposits globally and benefits from significant copper, zinc and lead mineralisation’.

In European equities on Monday, the CAC 40 in Paris and the DAX 40 in Frankfurt were down 0.1%.

Economic sentiment in the eurozone fell in March, broadly in line with expectations, data published by the European Commission showed on Monday.

The economic sentiment indicator for the euro area fell 1.6 points on-month to 96.6 points in March. This was marginally above FXStreet-cited market consensus for a reading of 96.5 points. In the EU as a whole, the indicator fell by 1.5 points to 96.7.

The pound was quoted lower at $1.3233 midday Monday, compared to $1.3288 on Friday. Against the euro, sterling fell to €1.1514 from €1.1554 a day prior. The euro stood lower at $1.1494, against $1.1521. Against the yen, the dollar was trading lower at JP¥159.58 compared to JP¥160.10.

Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.3%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.3%.

The yield on the US 10-year Treasury was quoted at 4.40%, narrowing from 4.42% around the London close on Friday. The yield on the US 30-year Treasury was quoted at 4.94%, narrowing from 4.95%.

Still to come on Monday’s economic calendar, Germany has flash consumer price index inflation data.

Also, the US has the Dallas Fed manufacturing index and comments from Federal Reserve Chair Jerome Powell.

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