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UK stocks open 0.1% lower as oil companies weigh

Monday, 16th April 2018
UK stocks fell slightly on Monday as concerns eased of more Western intervention in Syria, lowering oil prices.

At 0803 GMT, the benchmark FTSE 100 index had fallen 6.85 points to 7.257,98.

BP and Shell fell 1.3% and 0.5%, respectively.

WPP shed 1.3% after the advertising giant confirmed that chief executive Martin Sorrell had stood down following an investigation by the company into alleged misconduct.

Chemicals group Johnson Matthey gained 0.9% after it announced it had appointeded current Covestro CEO Patrick Thomas as chairman to succeed Tim Stevenson.

Biopharmaceutical group PureTech Health said annual operating losses deepened on the back of higher R&D spending. Its shares gained 0.6%.

India-focused miner Vedanta Resources fell 3.0% after it announced it had appointed current Anglo Gold Ashanti chief Srinivasan Venkatakrishnan as its new chief executive.

Wealth manager Man Group said it had launched a $100m share buyback in line with capital management plans it announced last week. The shares added 0.1%.

Supermarket Income REIT said it had invested £210.5m in four supermarket assets in the first quarter, while declaring a quarterly dividend that put it on track to meets its annual payout guidance. Its shares fell 0.3%.

Avacta Group, which provides tools to the life sciences sector, said first-half losses widened on higher costs. Its shares fell 0.2%. Property investor and fund manager First Property gained 3.1% as its annual funds under management jumped by a third.

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