London midday: Stocks tick higher as Prudential, Frasers rally

(Sharecast News) - London stocks had extended gains by midday on Monday, helped along by solid performances from Prudential and Frasers Group, as investors eyed the release of key US inflation and UK growth figures later in the week. The FTSE 100 was 0.4% higher at 8,269.49.

Joshua Mahony, chief market analyst at Scope Markets, said: "Looking ahead, this week will crescendo with Fridays US core PCE price index inflation report.

"Coming off the back of last week's bumper services PMI reading, there is a concern that the vibrancy of the US economy could ultimately produce a longer wait for those desperate for that first Federal Reserve rate cut. With crude oil prices on the rise once again today, keeping a lid on fuel costs will remain a key factor in avoiding a fresh resurgence in price pressures."

Investors were also looking to the release of first-quarter UK GDP figures on Friday.

In equity markets, Prudential was the standout gainer on the FTSE 100 after saying it would return $2bn to investors via a share buyback to be completed by mid-2026.

Richard Hunter, head of markets at Interactive Investor, said: "The share price hike provides some relief to what has been a torrid time for the insurer, where doubts over China's economic performance in particular have weighed heavily on the stock, forcing the shares lower by more than 35% over the last year."

Frasers Group gained after saying it entered a multi-year partnership with ecommerce group THG that includes the integration of the customer credit and loyalty proposition, Frasers Plus, into THG's Ingenuity platform and the acquisition of THG's luxury brand portfolio. THG also rallied.

Britvic fizzed higher again as Carlsberg confirmed that PepsiCo has agreed to waive the change of control clause in the bottling arrangements it has with Britvic, removing a potential hurdle in the Danish brewer's pursuit of the UK drinks company.

Britvic shares surged on Friday after it confirmed it had rejected a £3.1bn takeover proposal from Carlsberg.

Insulation and building products group SIG tumbled as it delivered a profit warning after a challenging first half, as ongoing softness in the building and construction sector across Europe resulted in subdued demand across the majority of its end-markets.

Market Movers

FTSE 100 (UKX) 8,269.49 0.39% FTSE 250 (MCX) 20,497.14 0.27% techMARK (TASX) 4,821.81 0.01%

FTSE 100 - Risers

Prudential (PRU) 751.00p 6.19% Frasers Group (FRAS) 896.00p 2.99% JD Sports Fashion (JD.) 129.65p 2.82% Associated British Foods (ABF) 2,525.00p 2.31% Burberry Group (BRBY) 1,006.00p 2.13% WPP (WPP) 762.80p 2.03% Convatec Group (CTEC) 241.00p 1.60% easyJet (EZJ) 456.00p 1.58% Vistry Group (VTY) 1,203.00p 1.52% BT Group (BT.A) 143.65p 1.45%

FTSE 100 - Fallers

Smurfit Kappa Group (CDI) (SKG) 3,560.00p -2.68% Flutter Entertainment (DI) (FLTR) 14,665.00p -2.66% Berkeley Group Holdings (The) (BKG) 4,680.00p -1.06% National Grid (NG.) 890.80p -0.89% Mondi (MNDI) 1,488.00p -0.70% LondonMetric Property (LMP) 193.80p -0.56% Smith & Nephew (SN.) 999.40p -0.56% Rio Tinto (RIO) 5,207.00p -0.52% Haleon (HLN) 332.30p -0.51% Scottish Mortgage Inv Trust (SMT) 884.40p -0.47%

FTSE 250 - Risers

Britvic (BVIC) 1,190.00p 8.78% CMC Markets (CMCX) 331.00p 4.25% Plus500 Ltd (DI) (PLUS) 2,320.00p 3.02% Watches of Switzerland Group (WOSG) 403.60p 2.91% Bank of Georgia Group (BGEO) 4,015.00p 2.82% IG Group Holdings (IGG) 825.00p 2.10% Morgan Advanced Materials (MGAM) 319.00p 1.92% Close Brothers Group (CBG) 446.40p 1.87% Serco Group (SRP) 175.20p 1.80% PZ Cussons (PZC) 102.60p 1.79%

FTSE 250 - Fallers

Alpha Group International (ALPH) 2,400.00p -3.23% PureTech Health (PRTC) 203.50p -2.63% Trustpilot Group (TRST) 224.00p -2.61% Fidelity China Special Situations (FCSS) 206.00p -2.60% Ninety One (N91) 170.70p -2.07% Renewi (RWI) 681.00p -2.01% Barr (A.G.) (BAG) 609.00p -1.93% Ocado Group (OCDO) 305.80p -1.80% Man Group (EMG) 242.60p -1.78% RHI Magnesita N.V. (DI) (RHIM) 3,330.00p -1.77%