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FTSE 100 and FTSE 250 both flat
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Precious metal miners fall on weaker gold prices
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HSBC ( HSBC ) to take $1.1 billion hit in Q3
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Goodwin hits record-high on upbeat FY profit outlook,
dividend
By Avinash P
Oct 27 (Reuters) - London-listed stocks ended flat on
Monday as investors paused after a recent rally, while HSBC ( HSBC )
slipped after the lending giant said its quarterly results will
be hit after losing part of a court appeal in Luxembourg.
HSBC ( HSBC ) had fallen as much 2.4% during the session after
it said it will report a $1.1 billion provision in its
third-quarter results, due on Tuesday, after losing part of an
appeal tied to Bernard Madoff's Ponzi scheme. The lender's
shares ended down 0.3%.
More broadly, both the internationally-focused FTSE 100
and the domestically-focused FTSE ended flat.
The FTSE 100 touched record levels last week, while the FTSE
250 hit levels last seen nearly four years ago as signs of
moderating price pressures boosted expectations of imminent
interest rate cuts by the Bank of England.
"The (FTSE 100) has had a good run and after the sort of
sudden outbreak of popular enthusiasm about the UK with the CPI
figures last week, hopes are that maybe we have turned a
corner," said Chris Beauchamp, chief market analyst at IG Group.
"There's obviously optimism about the UK, I wouldn't say it's
rampant, but it's still people seeing a lot of value in the
index."
Global sentiment was also upbeat on expectations of the U.S.
sealing a trade deal with China, which sent safe-haven asset
gold below $4,000 per ounce. This weighed on UK-listed precious
metal miners which lost 5.8%.
In a bright spot, Goodwin surged 33.3% to a record
high after the mechanical engineering company forecast annual
profit above expectations and declared an unexpected one-off
interim dividend.
Convenience food manufacturer Greencore ( GNCGF ) dropped 1.6%
after Britain's competition regulator said that the proposed 1.2
billion pound ($1.61 billion) merger with peer Bakkavor ( BKKVF )
might harm competition in the supply of own-label chilled
sauces.
Meanwhile, trade body Make UK said British manufacturers are
investing the least in new equipment relative to their sales
since 2017 and urged the government to streamline tax incentives
in next month's annual budget.