(CTN News) – Investors in the UK were eagerly awaiting global economic data on Monday, resulting in the FTSE 100 remaining unchanged.
However, Vodafone’s shares stood out as they topped the index following a proposal from telecom firm Iliad to establish a joint venture in Italy.
The blue-chip FTSE 100 maintained its position at 7,570.91 points, while the FTSE 250 mid-cap index experienced a 0.5% decline.
This slight dip in the mid-cap index could be attributed to the cautiousness of investors awaiting the release of important economic data later in the week.
Precious metal miners faced significant declines, dropping by 1.2%. This decline could be due to a combination of factors, including a decrease in demand for precious metals and a downgrade from Morgan Stanley for Fresnillo, one of the major players in the industry.
Fresnillo experienced a 5% decrease in its share price after the downgrade, indicating a negative sentiment towards the company.
Looking ahead, this week is expected to bring important data releases that could impact the market. Inflation readings from the UK, eurozone, and the US are anticipated, as well as GDP estimates from both Britain and the United States.
These data releases will provide investors with valuable insights into the state of the global economy and could potentially influence market movements.
In terms of individual stocks, Vodafone saw a notable increase of 4.3% after Iliad announced its proposal to merge their Italian businesses.
This joint venture has received unanimous support from Iliad’s board of directors, indicating a positive outlook for the partnership. This news has sparked investor interest in Vodafone, leading to a significant increase in its share price.
Another stock that experienced a gain was Entain, a sports betting firm. It saw a 3.5% increase in its share price after Jefferies upgraded its rating from “hold” to “buy”.
This upgrade suggests that Jefferies has a positive outlook on the company’s performance and potential for growth, leading to increased investor confidence.
Overall, while the FTSE 100 remained unchanged, there were notable movements in individual stocks such as Vodafone and Entain.
Investors will continue to closely monitor economic data releases throughout the week, as they could provide further insights into market trends and potentially impact stock prices.