Micro Focus, Coca-Cola HBC among the big movers
London stocks held on to slight gains Thursday, as investors continued to look to global trade talks for inspiration, while balancing some grim economic news from Europe and a weak start for Wall Street after disappointing retail sales data.
Drug stocks led the gains after upbeat results from AstraZeneca PLC.
How are markets performing?
The FTSE 100 UKX, +0.77% was up 0.1% to 7,199.27, after closing up 0.8% on Wednesday,
The pound GBPUSD, -0.0078% was under pressure, dropping to $1.2788 from $1.2844 late in New York on Wednesday.
What’s driving the markets?
Global stocks found early support as trade talks in Beijing got under way in earnest on Thursday, with reports indicating that President Donald Trump may extend the tariff truce with Beijing by another 60 days if a trade deal appears near, Bloomberg News reported Wednesday night.
But Wall Street took a turn south after delayed data on December retail sales came in much weaker than expected, showing a 1.2% fall — the biggest drop in nine years.
In the U.K., Prime Minister Theresa May faces rejection in parliament Thursday evening over what the British government had hoped would be a simple re-endorsement of her plan to secure changes to her EU withdrawal deal.
Overshadowing a modest gain for the U.K. was grimmer news from continental Europe, where Germany almost entered its first recession in six years in the final quarter of 2018. But investors also got data showing Chinese exports unexpectedly rebounded
What shares were active?
AstraZeneca PLC AZN, +0.80% AZN, +0.15% shares jumped nearly 6% after the heavyweight pharmaceutical group guided for higher sales growth this year, even as it posted a profit drop. Rival GlaxoSmithKline PLC GSK, +0.91% GSK, +1.55% added 1.8%.
Micro Focus International PLC MCRO, -0.88% shot up 14%, with the best gains for the FTSE 100 after the software company posted higher earnings and extended share buybacks.
On the downside, Coca-Cola HBC CCH, +4.43% the bottler for the drinks giant KO, +0.24% tumbled 7% after posting results.