London midday: Stocks push higher despite tariff confusion

(Sharecast News) - London stocks had extended gains by midday on Monday as investors mulled the latest twists and turns in Trump's tariff saga.

The FTSE 100 was up 1.9% at 8,111.89.

Sentiment got a boost after Trump said late on Friday that smartphones and computers were exempt from new tariffs.

In a post on Truth Social on Sunday, however, Trump wrote: "There was no Tariff 'exception'. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff 'bucket.'"

He also said the administration was planning to launch an investigation into the semiconductor sector and the whole electronics supply chain.

Despite the conflicting messages, the tone in markets was upbeat.

Russ Mould, investment director at AJ Bell, said: "An announcement slipped out quietly late on Friday exempting smartphones and other electronic goods and components from reciprocal tariffs is making a big noise in the markets on Monday.

"Asian stocks made meaningful advances on the show of flexibility and European markets opened firmly higher too, even if subsequent comments from President Donald Trump have muddied the waters.

"Warnings that consumer electronics could become hugely more expensive given the reliance on imports not just from China but also from other Asian countries hit with, if not as heavy still highly substantial import levies, seem to have prompted action. Notably the exemptions are being retrospectively applied.

"But Trump's subsequent comments that no one was 'getting off the hook' have complicated matters with this category of goods apparently set to be placed in a different tariff 'bucket'. Adding another layer of complexity on to an already complex trade policy may not be that well received by investors, but in the short term there is still likely to be palpable relief, particularly for the likes of Apple and Nvidia.

"Gold continues to shine through the uncertainty, reaching new record highs as its longstanding safe haven credentials are highly prized by the market."

In equity markets, medical products group Convatec shot to the top of the FTSE 100 as it said the sales outlook for InnovaMatrix has improved after an announcement by the US government late last week.

The Centers for Medicare & Medicaid Services on Friday postponed so-called local coverage determinations (LCDs) for certain products used to treat diabetic foot ulcers and venous leg ulcers, meaning that Medicare patients with those conditions will continue to benefit from access to InnovaMatrix.

As a result, the company lifted guidance for InnovaMatrix sales this year from $50m to $75m.

Wood Group surged as it said that Dubai's Sidara has made a non-binding conditional takeover proposal valuing the company at 35p per share that it would be minded to recommend.

The proposal also includes a possible capital injection of $450m from Sidara and would require Wood to seek an extension of its existing committed debt facilities.

Ashmore slumped as the emerging markets asset manager reported a 5% drop in assets under management over the first quarter of 2025.

Market Movers

FTSE 100 (UKX) 8,111.89 1.85%

FTSE 250 (MCX) 18,849.54 1.81%

techMARK (TASX) 4,364.85 1.84%

FTSE 100 - Risers

Convatec Group (CTEC) 264.40p 6.79%

Smurfit Westrock (DI) (SWR) 3,157.00p 5.48%

BP (BP.) 347.10p 4.64%

JD Sports Fashion (JD.) 74.96p 3.94%

Barclays (BARC) 267.20p 3.59%

easyJet (EZJ) 469.00p 3.51%

Melrose Industries (MRO) 418.90p 3.43%

Sainsbury (J) (SBRY) 241.20p 3.43%

Prudential (PRU) 755.80p 3.28%

Pershing Square Holdings Ltd NPV (PSH) 3,434.00p 3.06%

FTSE 100 - Fallers

Rightmove (RMV) 718.40p -0.66%

RELX FINANCE BV 3.375% GTD NTS 20/03/33 (BW73) 99.72p 0.00%

Rentokil Initial (RTO) 335.00p 0.03%

British American Tobacco (BATS) 3,158.00p 0.10%

Unilever (ULVR) 4,684.00p 0.28%

3i Group (III) 3,858.00p 0.31%

Severn Trent (SVT) 2,597.00p 0.43%

Haleon (HLN) 376.60p 0.56%

United Utilities Group (UU.) 1,073.00p 0.56%

SEGRO (SGRO) 634.40p 0.57%

FTSE 250 - Risers

Future (FUTR) 710.00p 7.25%

Raspberry PI Holdings (RPI) 450.20p 6.89%

Allianz Technology Trust (ATT) 350.00p 5.90%

Kainos Group (KNOS) 668.00p 5.11%

Diversified Energy Company (DEC) 864.00p 5.11%

Pagegroup (PAGE) 252.60p 4.81%

Energean (ENOG) 817.50p 4.81%

Aston Martin Lagonda Global Holdings (AML) 64.70p 4.61%

Moonpig Group (MOON) 224.50p 4.42%

Fidelity China Special Situations (FCSS) 226.00p 4.39%

FTSE 250 - Fallers

Ashmore Group (ASHM) 124.00p -7.26%

W.A.G Payment Solutions (WPS) 62.60p -1.88%

Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 274.00p -0.90%

Patria Private Equity Trust (PPET) 530.00p -0.38%

ICG Enterprise Trust (ICGT) 1,154.00p -0.35%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 650.00p -0.31%

North Atlantic Smaller Companies Inv Trust (NAS) 3,400.00p -0.29%

Personal Assets Trust (PNL) 504.00p -0.20%

Primary Health Properties (PHP) 97.10p -0.15%

International Distribution Services (IDS) 365.60p -0.05%