The FTSE 100 opened 34.07 points lower at 10,797.02 following Friday's nonfarm payrolls report as the Middle East conflict keeps sentiment subdued. Brent crude futures rose 0.80% to USD 97.05 per barrel. US West Texas Intermediate (WTI) advanced 0.56% to USD 91.99 per barrel.
The sterling fell to USD 1.3514 early Monday, from USD 1.3522 at the previous close on Friday. Against the euro, sterling was largely unchanged at EUR 1.1634, down from EUR 1.1636.
On the upside, BP climbed 1.58% to 548.20p. Games Workshop Group advanced 1.36% to 18,700p, while Admiral Group gained 1.26% to 3,864p. Polar Capital Technology Trust rose 1.15% to 659.50p, Melrose Industries added 1.11% to 509.40p, and Diploma increased 0.91% to 7,185p.
On the downside, Fresnillo fell 3.02% to 3,051p. Unilever declined 1.53% to 4,690p, while Endeavour Mining dropped 1.46% to 4,654p. British American Tobacco also lost 1.46% to 4,065p, Coca-Cola Europacific Partners slipped 0.89% to 7,800p, and London Stock Exchange Group edged 0.73% lower to 8,766p.
House prices fell in August, marking the first year-on-year decrease in nearly three years. The average UK house price edged down 0.2% in August, to GBP 298,468, according to Lloyd’s house price index. This marks a 0.4% year-on-year fall.
The Middle East conflict weighed on the UK’s housing market in recent months, as higher inflation and borrowing costs affected housing affordability and weighed on buyers and housebuilders.
Semiconductor supplier IQE has seen revenue grow by more than 40% in the last six months, as data centre expansions drive up demand for chips.
The firm grew its turnover to GBP 64.6 million, while its pre-tax loss eased by a third to GBP 12.6 million.
The group is set to upgrade to London’s main market next year. This reflects the board’s ambition to broaden support for the business and position IQE for the future,” chief executive Jutta Meier said.
Standard Life swung to a loss in the first half of the year with an overall loss of GBP 179 million for the first six months of the year, driven by GBP 473 million in paper losses on financial protection contracts bought to safeguard the business against market falls.
Despite the headline drop, the group recorded a 25% increase in adjusted profit to GBP 563 million.
This came as operating cash generation jumped 6% to GBP 745 million. The firm said it put it on track for mid-single-digit annual growth.
Also Read: Stock Market Update: Nifty 50 Opened 14.5 points Lower, Sensex Fell 69.38 Points
In the US on Friday, Dow was down 271.86 points, or 0.51%, closing at 53,414.25. The S&P 500 slid 0.38% to end at 7,718.60, while the Nasdaq Composite dropped 0.29% to 26,506.99.
In Asia on Monday, Tokyo's Nikkei 225 gained 2.12% to 66,399.84, while China’s Shanghai Composite rose 0.07%. Hong Kong’s Hang Seng declined 0.85%, and South Korea’s Kospi advanced 4.16%. In India, both the Nifty 50 and the Sensex fell by 0.58% and 0.69%, respectively.
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