The FTSE 100 opened 27 points lower at 10,382.67 amid mixed global cues and elevated oil prices. Meanwhile, Brent crude futures rose 3.37% to $94.12 a barrel. US West Texas Intermediate (WTI) advanced 3.70% to $90.59 a barrel.
Sterling stood at $1.3463 early Monday, lower than $.3479 at the London equities close on Friday.
Entain led the gainers, rising 3.48% to £552.40, while Halma advanced 2.14% to £4,782 and The Sage Group gained 1.64% to £856.20.
Also, Sainsbury climbed 1.55% to £300.90, while Tesco added 1.37% to £436.10 and JD Sports Fashion moved higher by 1.16% to £85.24.
On the downside, Endeavour Mining declined 3.18% to £4,448, while Fresnillo slipped 3.07% to £3,185 and Lion Finance Group fell 0.90% to £11,010.
Among other laggards, Spirax Group dropped 0.86% to £6,905, while Games Workshop Group eased 0.76% to £19,710 and AstraZeneca edged lower by 0.74% to £13,700.
Drax has agreed to acquire Bluefield Solar Income Fund in a cash deal valuing the renewable infrastructure investor at around £548 million.
Directors of the Bluefield investment trust have unanimously backed the deal. Under the terms of the offer, Bluefield shareholders will receive £92.574 in cash for each share and will also retain a second interim dividend of £2.25 per share due to be paid this month, giving a total valuation of around £561 million.
After the Bluefield board put the company up for sale last November, chair Michael Gibbons said directors are "pleased with the conclusion of this process and believe the acquisition at a 31% premium... represents a highly attractive outcome".
UK’s biggest microchip maker has unveiled a fresh $75 million (£55 million) contract with a German carmaker.
London-listed Ensilica, which is already understood to be a major supplier of chips to Jaguar Land Rover, said the seven-year deal would generate $4 million of revenue in its first year.
Ensilica did not name the carmaker but said the deal “opens up a connection to a Tier 1 German automotive supply chain,” meaning the contract likely involves one of the biggest carmakers such as BMW, VW, Mercedes or Porsche.
Also Read: Stock Market Today: Sensex Near 74,822, Nifty50 Holds 23,538 as FMCG Drags & IT Lifts
House prices fell again in May as the mortgage rate hikes and surging energy bills caused by the Iran war continued to take their toll on the UK’s fragile property market.
The UK’s average house price fell by 0.6% to £278,024 in May, compared to 0.4% growth in April, according to Nationwide’s house price index.
Annual house price growth slowed from 3% in April to 1.7% in May, as last month’s average house price failed to surpass April’s record.
While mortgage rates jumped sharply at the start of the Iran war in February, experts at Nationwide say the housing market’s recent deterioration comes as consumer confidence takes a turn.
Germany's DAX is pointing slightly higher; Asian markets are mostly in the green, including gains for the Nikkei and Hang Seng of 1.1% and 0.9% in Tokyo and Hong Kong, and US futures are also positive, with gains of 0.6% for the tech-powered Nasdaq and 0.1% for the blue-chip Dow Jones.
In India, Sensex and Nifty 50 both declined 0.31% and 0.30%, respectively.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.