London’s stock market made solid gains to begin the week, with the FTSE 100 index rising 0.39% to 8,294 by early afternoon. Market sentiment has been buoyed by the appointment of Scott Bessent as the new US Treasury Secretary by President-elect Donald Trump, a decision that has been positively received by investors, with the FTSE hitting 8,303.44 before pulling back slightly below 8,300.
Following a long period of anticipation, Bessent, who is well-known for his billionaire status and fund management prowess, is taking on the pivotal role. Market watchers regard Bessent as a stabilizing force given his conventional approach, which contrasts with Trump’s previously aggressive stance on trade and tariffs.
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In UK corporate news, THG shares have pushed out as one of the leaders of the day, up 5.24%, as Ocado also make the list of notable gainers, up 4.97%.
Pest control specialist Rentokil Initial announced a major change within its ranks by appointing Paul Edgecliffe-Johnson as the new CFO, taking over from the retiring Stuart Ingall-Tombs at the end of this year.
Mining giant Anglo American is making strategic shifts. It confirmed the sale of its Australian steelmaking coal assets to Peabody Energy. The $3.77 billion cash deal is seen as a significant move to refocus the company’s business approach.
In the media sector, broadcaster ITV’s stock price saw a sharp uptick. The company’s shares surged on the heels of rumors that potential buyers might be interested in acquiring parts of, or perhaps the entirety of, the network. This comes following a period in which ITV’s share price had been notably weak.
The banking sector faced its share of drama as Barclays found itself at the receiving end of a £40 million penalty from the Financial Conduct Authority. The fine relates to allegations of undisclosed payments to Qatar during the 2008 financial crisis, payments made with the intention of avoiding a UK government bailout.
DIY retailer Kingfisher reported a slump in its share price after the company lowered its profit forecast for the full year, citing mixed results in its third quarter. Despite this downturn, Weir Group received a vote of confidence with an upgrade to ‘buy’ status from Deutsche Bank.
Market fluctuations saw Kingfisher as one of the FTSE 100’s biggest losers, with shares dropping 13.45%. It was followed by silver miner Fresnillo and hospitality group Whitbread, which fell by 2.68% and 1.62% respectively.
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