London's top-flight shares got off to a positive start on Monday but the second tier was down as EU referendum fears continued to weigh.
The FTSE 100 Index, which is largely made up of international companies with limited exposure to the UK, rose 21.61 points to 6599.44. But the FTSE 250 Index fell 25.3 points to 16440.19.
The biggest risers were precious metal miners Fresnillo (LON:FRES) and Randgold Resources (LON:RRS), up nearly 8% and 4% respectively, as investors sought cover in gold.
British Airways and Iberia owner IAG (LON:IAG) was the biggest loser, flying 2.2% lower to 372.8p.
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The resurgence of the FTSE 100 is set to continue, albeit not at the pace seen last week.
According to spread betters the index of blue-chip shares is set to open 14 points to the good at 6,591.83 on what’s likely to be quieter trading session with US closed for business to celebrate Independence Day.
Down under, Australia’s the general election failed to produce a clear winner, though ASX seemed unperturbed by the outcome as it rose 0.2%. That said, the major banking stocks were hit.
In Asia the markets there continued to regain their poise after the initial turmoil caused by the Brexit vote.
One commentator said investors were taking stock of the situation before the UK uncouples from Europe – a process that may have further global ramifications.
Whatever the reason share indexes across the region clawed back early losses with Japan’s Nikkei 225 up 0.5%, the Shanghai Composite ahead 1.7% and Hong Kong’s Hang Seng adding 1.5%.
Back in Britain, the corporate will be dominated this week by the housebuilders with Persimmon and Bovis due to report.
Marks & Spencer’s update on Thursday will be closely followed with new chief executive Steve Rowe is facing pressure to turn around the performance of the business after predecessor Marc Bolland failed.
*Brent crude 2 cents a barrel higher at US$50.37.
*Gold US$10.20 higher at US$1,339 per ounce.
*Pound worth US$1.33 against the dollar.
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*Shareholders will today vote on a German takeover of the London Stock Exchange as opposition to the deal gathers pace – All papers.
*The Saudi Arabian economy slowed to its lowest growth in three years under the weight of its oil policy. The price of oil has tumbled in the past two years as Saudi Arabia and its Gulf allies have pumped at record levels to dispel higher-cost competition from the United States – Times.
*A US$20 billion project to develop the world’s biggest untapped deposit of iron ore has been shelved by Rio Tinto, in the latest twist in a long-running and contentious saga – Times.
*Billions of pounds of European funding for UK clean energy projects including offshore wind farms as well as universities and other big infrastructure schemes have been jeopardised by Britain’s vote to quit the EU – Times.
*Bank of America is close to calling off the sale of its £7bn credit card operations in the UK after the country’s vote to leave the EU curtailed bidders’ appetite for the business – FT.
*Tesla Motors has missed its quarterly vehicle delivery targets for the third quarter in a row, as the US electric carmaker continues to struggle with the production of its Model X crossover sport utility vehicle, introduced late last year – FT.
*Another 20 banks are in talks with the Bank of England about receiving a licence to launch in Britain, as the wave of new competition in the industry shows no signs of slowing down – Telegraph.