FTSE Reverse Early Losses To Close Green

UK stocks began the week with a sense of caution, as investors prepared for important economic data from the US and UK. Meanwhile, the FTSE 100 managed to remain in the green +0.23% due to an increase in industrial metal miners. The industrial metal mining sector saw a 0.8% increase as Shanghai copper prices reached a record high due to supply cuts and positive demand outlook. Investors are eagerly awaiting the release of U.S. consumer price inflation data on Wednesday and Britain's GDP figures on Friday. The European Central Bank is widely anticipated to maintain interest rates during its upcoming monetary policy meeting later this week.

London-listed mining companies are experiencing an increase in their stock prices, driven by the surge in the prices of metals such as copper and gold. Shanghai copper prices have reached a new high due to supply cuts and positive demand outlook, while gold prices continue to rise. Rio Tinto is among the top gainers on the FTSE 100, with a 2.8% increase, and other major companies like Fresnillo and Anglo American are also up by nearly 2%. In the midcap index, Ferrexpo and Hochschild have seen jumps of 3.4% and 1.6% respectively. This trend is a response to the strength in copper, gold, and silver, which has been developing for some time.

Entain's stock price increases by as much as 6% due to speculation about potential buyers. This comes after the announcement last week that Chair Barry Gibson will be stepping down after 4 years. The Sunday Times reports that private equity firms, including Apollo, are showing interest in acquiring the betting and gaming group. Entain has chosen not to provide any comments on the matter. Additionally, a report from the Financial Times in March stated that Entain has enlisted advisors to manage the potential sale of some of its international brands.

On the negative side of the ledger Ocado (-2.5%+) is facing the possibility of another shareholder rebellion at its upcoming annual general meeting due to a proposed new pay structure that could result in CEO Tim Steiner receiving a bonus of up to £15m. Two influential advisory groups have recommended that shareholders vote against the company's new remuneration policy and performance share plan on April 29, expressing concerns that the changes could lead to "excessive pay" and rewards that are "significantly higher than market standards," as reported by The Financial Times. Ocado aims to establish an incentive scheme that could potentially award Steiner up to 1,800% of his £824,570 base salary – approximately £14.8m – if the company's share price reaches £29.69 in three years' time and if other performance targets are achieved. Currently, the group's shares are trading at less than £3.80.

FTSE Bias: Bullish Above Bearish below 7900

  • Below 7890 opens 7850
  • Primary support 7775
  • Primary objective 8059
  • 5 Day VWAP bullish
  • 20 Day VWAP bullish

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