FTSE Today: London market dips as Ukraine tensions weigh on investors

Stock markets in London retreated on Monday as simmering geopolitical tensions over the Russia-Ukraine conflict dampened investor sentiment, causing the FTSE 100 and FTSE 250 indices to close in negative territory.

The FTSE 100 index shed 0.2%, to end the session at 7,917.57, paring some of last week's gains. Kingfisher emerged as the top performer on the blue-chip index, with its shares rising 2.6% after the home improvement retailer reported its annual results.

For the year ended December 31, Kingfisher reported a 22% decline in statutory pretax profit to £475 million, down from £611 million in the previous year. On an adjusted basis, pretax profit fell 25% to £568 million from £758 million a year earlier. The company expects its adjusted pretax profit to dip further in the current financial year, forecasting a range of £490 million to £550 million.

The FTSE 250 index closed 0.6%, lower at 19,613.53. Ferrexpo bucked the trend, rising 7.8% after the iron ore pellet producer reported that its Ferrexpo Poltava Mining operation in Ukraine has not faced any disruption amid legal proceedings. Additionally, the company said its production volumes for February were the highest since Russia's invasion of Ukraine in 2022.

Elsewhere, Direct Line shares plummeted 12% after Belgian insurer Ageas withdrew its bid interest for the motor and home financial services group. Ageas had previously made two proposals to acquire Direct Line, but both were rejected.

In the small-cap space, Tullow Oil surged 11% after Bank of America 'double-upgraded' the stock to 'buy' from 'underperform', citing expectations of improved cash flow as past infrastructure investments pay off.

The FTSE AIM All-Share index closed 0.3%, lower at 737.26. Orosur Mining emerged as a standout performer, soaring 50% after announcing the signing of a letter of intent to resume full ownership of the Anza project. CEO Brad George expressed excitement at the prospect, citing buoyant gold prices and heightened market interest in precious metals.

Daily Risers and Fallers

Daily Recap

• Pershing Square's big bets on Alphabet, music fuel stellar 2023
• GBP/USD: Pound steadies after plunge on BoE rate cut bets
• Water utility Pennon weathers storms, eyes merger clearance
• Kingfisher braces for profit slump, eyes cost cuts and expansion
• Mobico shares plunge as profit forecast cut amid German rail woes
• Gemfields cuts dividend as profits dive on emerald auction withdrawal
• Gail's bakery chain plots £200M+ sale
• USD/JPY: Yen hovers near 32-year low despite intervention warnings
• Gold caught between dollar strength and rate cut expectations

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