Share Prices & Company Research

Market News

29 Jan 2021 | 08:19

London open: Stocks drop on vaccine rollout woes; Reddit frenzy in focus

(Sharecast News) - London stocks fell in early trade on Friday as worries about the Covid-19 vaccine rollout and Reddit-fuelled market chaos knocked sentiment. At 0855 GMT, the FTSE 100 was down 1% at 6,464.42.

Spreadex analyst Connor Campbell said: "The Reddit revolution has done a number on the European and US markets, scaring investors away from the message board-led volatility.

"Of course, it's not the GameStop saga alone. The vaccine rollout process in Europe has hit a confidence-undermining road bump this week, with the public spat between the UK, EU and AstraZeneca, while an end to lockdown in the UK appears nowhere in sight.

"It is telling how risk-off investors are feeling this Friday that news the Novavax covid-19 vaccine is nearly 90% effective - including against the UK variant - failed to induce the same dose of optimism as previous announcements of its kind."

On the corporate front, specialist lender Paragon Banking Group edged lower after it reported a fall in first-quarter lending volumes as Covid-19 lockdowns stalled house sales, but said it expected a pickup as buyers rushed to complete purchases ahead of the end of the stamp duty holiday in March.

Evraz was also a touch weaker after it said steel production rose 7.4% in the fourth quarter as its Russian plant increased activity after repairs and volumes improved in North America.

Trainline was hit by a downgrade to 'underweight' at Barclays.

On the upside, Just Eat Takeaway, which has benefited from Covid restrictions and lockdowns, was the standout gainer on the FTSE 100.

Avon Rubber gained after saying it was confident about meeting expectations for annual results as the company reported strong demand from military customers and for respiratory products during the pandemic.

Market Movers

FTSE 100 (UKX) 6,464.42 -0.95% FTSE 250 (MCX) 20,203.22 -0.81% techMARK (TASX) 4,066.16 -0.76%

FTSE 100 - Risers

Just Eat Takeaway.Com N.V. (CDI) (JET) 8,148.00p 1.22% SSE (SSE) 1,499.50p 0.47% International Consolidated Airlines Group SA (CDI) (IAG) 146.00p 0.27% Land Securities Group (LAND) 631.60p 0.25% Vodafone Group (VOD) 126.70p 0.09% InterContinental Hotels Group (IHG) 4,617.00p 0.04% Pearson (PSON) 800.20p 0.03% London Stock Exchange Group (LSE) 8,620.00p 0.00% Evraz (EVR) 501.60p -0.12% Diageo (DGE) 2,938.50p -0.15%

FTSE 100 - Fallers

JD Sports Fashion (JD.) 760.00p -2.41% HSBC Holdings (HSBA) 386.70p -2.19% Intertek Group (ITRK) 5,542.00p -1.98% Imperial Brands (IMB) 1,489.50p -1.94% Avast (AVST) 472.80p -1.91% Polymetal International (POLY) 1,574.00p -1.90% BHP Group (BHP) 2,025.00p -1.82% Berkeley Group Holdings (The) (BKG) 4,221.00p -1.81% Rightmove (RMV) 603.20p -1.73% Aveva Group (AVV) 3,643.00p -1.70%

FTSE 250 - Risers

Avon Rubber (AVON) 3,200.00p 3.23% Rank Group (RNK) 125.80p 2.28% Hochschild Mining (HOC) 213.00p 1.82% Petrofac Ltd. (PFC) 123.80p 1.68% IWG (IWG) 323.40p 1.51% Genus (GNS) 4,806.00p 1.44% BlackRock Smaller Companies Trust (BRSC) 1,680.00p 1.33% Just Eat Takeaway.Com N.V. (CDI) (JET) 8,148.00p 1.22% Plus500 Ltd (DI) (PLUS) 1,339.00p 1.06% PureTech Health (PRTC) 375.00p 0.94%

FTSE 250 - Fallers

Trainline (TRN) 399.80p -5.08% Henderson Smaller Companies Inv Trust (HSL) 985.00p -4.18% BMO Commercial Property Trust Limited (BCPT) 76.80p -3.76% Apax Global Alpha Limited (APAX) 192.00p -3.71% Law Debenture Corp. (LWDB) 630.00p -3.23% Sirius Real Estate Ltd. (SRE) 90.00p -3.12% Ferrexpo (FXPO) 284.60p -3.00% Schroder Oriental Income Fund Ltd. (SOI) 263.00p -2.77% Mitchells & Butlers (MAB) 284.00p -2.74% Virgin Money UK (VMUK) 129.50p -2.67%
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.