The FTSE 100 was down 0.22% after the dull economic data from China pulled down the mining stocks. The index lost 17 points and ended at 7,929.8 on Monday.
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Analysts feel it was a rather calm start to the week as they digest China’s growth target of 5% in 2023. The lower growth could also mean less upside to inflation numbers driven by the higher commodity demand from China.
The market braces up for the UK economic data to be announced on Friday this week. The economists are expecting the GDP to grow by just 0.1% in January as compared to the previous month. The U.S. will also publish its key jobs report on Friday.
The FTSE 250 was up 0.69% at 20,064.11 at close on Monday.
Gainers and Losers
Aston Martin Lagonda Global Holdings PLC (GB:AML) gained 15% on Monday, continuing its last week’s rally. The rise was well supported by the company’s performance at the Bahrain Grand Prix.
The shares of the luxury car manufacturer are up almost 80% so far in 2023. Last week, the company announced its annual results with a strong order book value.
Shipping services provider Clarkson PLC’s (GB:CKN) stock jumped 4.5% and ended the day at a gain of 2.26%. The stock touched its highest point in the last six months after its revenue increased by 35% and profits by 45% in the 2022 results.
On the losing side, mining giant Glencore PLC (GB:GLEN) was down by 3.6% on the overall decline in mining stocks.
Manufacturing company Genuit Group (GB:GEN) lost 4.5% yesterday, making it the top faller on the FTSE 250 index.
Upcoming Earnings
Insurance company Admiral Group PLC (GB:ADM) will announce its Q4 and full-year earnings for 2022 tomorrow, March 8. Ahead of its results, Citigroup downgraded its rating on the stock from Buy to Neutral and reduced its profit estimates by 4% in 2022. Overall, ADM stock has a Hold rating on TipRanks.
Admiral’s competitor, Direct Line Insurance Group PLC (GB:DLG), will release its 2022 annual results next week, on March 13. Citigroup is not bullish about Direct Line either and has reiterated its Sell rating on the stock.
DLG stock has a Hold rating on TipRanks at an average target price of 172.55p, which is 2% lower than the current price.
