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British stocks showed initial gains on Monday but ended the day down by 0.3%, as the FTSE 100 index appeared set to end its ten-day winning streak. Early gains were driven by strong performances from major healthcare and consumer companies. Healthcare stocks notably excelled, with Hikma Pharmaceuticals, GSK, and Oxford Nano each rising over 1%. The consumer sector also experienced increases of more than 1% across both indexes. Deliveroo, a meal delivery service, saw its shares soar by 17%, dominating the midcap index after confirming a takeover proposal from U.S. competitor DoorDash on April 5. On the economic front, a report released by Ipsos MORI on Monday revealed that Britons' confidence in the economy for the coming year has plummeted to its lowest recorded level. Last Friday, British Finance Minister Rachel Reeves met with U.S. Treasury Secretary Scott Bessent to discuss a potential trade agreement, emphasising the importance of strengthening business ties with the European Union, which she described as "arguably even more important." The British government, which oversees a relatively trade-orientated economy compared to other G20 nations, aims to avoid reciprocal U.S. tariffs by negotiating a new economic deal with Washington. Markets are expecting a 96% probability that the Bank of England will reduce interest rates by 25 basis points at its monetary policy meeting scheduled for May 8.

Single Stock Stories & Broker Updates:

• Shares of Entain rose 5.3% to 619.4p, making it the top gainer on the FTSE 100, which is up 0.12%. Its joint venture with MGM Resorts, BetMGM, reported Q1 core profit of $22 million, up from a $132 million loss last year. BetMGM expects FY 2025 to be EBITDA positive, with net revenue forecasted at $2.4 billion to $2.5 billion. Q1 revenue increased 34% to $657 million. However, the stock is down 14.4% YTD.

• Shares of Deliveroo rose 17.7% to 173p, making it the top gainer on the FTSE 250, which is up 0.7%. The rise follows a suspension of a £100 million buyback after a £2.7 billion takeover proposal from DoorDash. Deliveroo is likely to recommend the 180pence-per-share offer, pending agreement on other terms. ROO is up about 4% this year.

• Shares of ITV initially rose but fell by 3.92% to 77.75p, becoming one of the top losers on London's mid-cap index. French company Banijay is reportedly in early talks for a potential takeover or merger with ITV. The stock has gained 9.71% this year up to today's close.

• Shares of Marks and Spencer fell 3.1% to 374 pence as online orders remain suspended in the UK and Ireland following a cyber attack. The retailer is working to restore online and app shopping, which accounts for a third of clothing and homeware sales. Year-to-date, MKS is down 0.26%.

• Plus500 shares fall 3.9% to 2928p, making it the top loser in the FTSE mid-cap index (up 0.5%). Q1 core profit down 9% to £93.8 million, revenue down 5%, and new customers drop 16% to 26,897. However, the company expects full-year results to beat market expectations. Stock is up 15.2% YTD.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 7600

• Primary support 7500
• Below 7400 opens 6850
• Primary objective 8500
• Daily VWAP Bullish
• Weekly VWAP Bearish

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