Share Prices & Company Research

Market News

07 Apr 2021 | 11:36

Europe midday: Shares slip off highs as investors take pause

(Sharecast News) - European stocks slid from record highs and into negative territory as investors paused to evaluate continental survey data.

The pan-European STOXX 600 index was down 0.1% at 1106 GMT after closing at an all-time high of 435.26 points on Tuesday. Britain's FTSE 100 outperformed, rising 0.78% driven by a weaker pound, benefiting the exporter-dominated index.

Investors were cheered by the roll-out of Moderna's Covid-19 vaccine in the UK, where almost half the population has been vaccinated, although fears of blood clots in children from the AstraZeneca jab and reports of a slowdown in supply had tempered the mood.

Business activity in the eurozone returned to growth in March as manufacturing output surged and services improved, a survey showed. The final IHS Markit Eurozone composite purchasing managers' index rose to 53.2, outstripping an earlier estimate of 52.5 and recovering from a score of 48.8 in February.

Shares in Flutter Entertainment fell on the back of a share placing and reports Fox Corp has filed a suit against the company related to its option to buy an 18.6% stake in US sports betting group FanDuel.

Fox wants to buy the stake at an $11.2bn valuation, which is the value that was set when it bought a 37.2% stake from Fastball in December, but Flutter wants fair market value.

Oil giant Shell rose despite reporting that the extreme weather in Texas last February was expected to hit first-quarter adjusted earnings by up to $200m.

Deliveroo shares opened 3.5% higher on the first day of unconditional trading, as retail investors were allowed to take part for the first time. However, this is still around a quarter lower than the initial offer price of 390p each. Reports overnight said underwriters Goldman Sachs ended up picking up around £75m worth of stock after last week's disappointing debut.

French power group EDF topped the gainers, up 10.1% after reports the government expects to spend around €10bn to buy out minority shareholders as part of a proposed restructuring of the company.

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.