Bulletin
Investor Alert

New York Markets Open in:

London Markets Archives | Email alerts

June 4, 2021, 9:47 a.m. EDT

London stocks pinned down by Pershing Square Holdings, banks and travel companies

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FTSE 100 Index (UKX)
  • X
    STOXX Europe 600 Index (SXXP)
  • X
    DAX (DAX)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer

London stocks were set to end the week with a small gain, with losses for banks and energy names and investment fund Pershing Square Holdings Ltd., while travel-related names continued to suffer on new rules for traveling to Portugal.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.73% was flat at 7,059.08, with the index poised for a weekly gain of 0.5%. While the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.36% and the DAX /zigman2/quotes/210597999/delayed DX:DAX +0.20% have managed record highs this week, the FTSE 100 has failed to return to last month’s highs above 7,100. The index slipped after slightly disappointing U.S. jobs data that suggest widespread labor shortages.

Elsewhere, the U.K. announced a new £21 billion ($29.6 billion) trade deal with Norway, Iceland and Liechtenstein. The deal will slash Norwegian tariffs on cheese, wine and spirits, pork, poultry and other goods.

There were hardly any gainers on the FTSE 100, with losses centered on banks. Shares of HSBC /zigman2/quotes/208272822/composite HSBC -0.86% /zigman2/quotes/203901799/delayed UK:HSBA +0.32% , Lloyds Banking Group /zigman2/quotes/202285510/delayed UK:LLOY +0.80% and Barclays /zigman2/quotes/206581728/composite BCS +2.32% /zigman2/quotes/208409333/delayed UK:BARC +1.89% were all down by 1%.

While oil prices /zigman2/quotes/209723049/delayed CL00 +0.66% were modestly higher, energy companies were under pressure, with shares of BP /zigman2/quotes/202286639/delayed UK:BP +1.63% /zigman2/quotes/207305210/composite BP +0.62% and Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA +3.51% /zigman2/quotes/205095589/composite RDS.A +0.59% off around 1% each.

Shares of investment holding company Pershing Square Holdings /zigman2/quotes/205672702/delayed UK:PSH -0.79% fell over 2%, leading the FTSE 100 decliners. On Friday,  shares of Pershing Square Tontine Holdings /zigman2/quotes/219769662/composite PSTH +0.20% , the special-purpose acquisition corporation, or SPAC, created by billionaire investor Bill Ackman, fell 9% after French media group Vivendi /zigman2/quotes/202179234/delayed FR:VIV +1.32% confirmed it is in talks to sell Pershing a 10% stake in Universal Music Group. 

Pershing Square Tontine is sponsored by Pershing Square TH Sponsor LLC, which is wholly owned by investment funds — Pershing Square Holdings, Pershing Square LP and Pershing Square International Ltd. — all managed by Ackman’s hedge fund Pershing Square Capital Management. If the SPAC deal is approved, it would be the biggest on record.

Elsewhere, travel shares were down again after the U.K. government removed Portugal from its quarantine-free travel list , just weeks after reopening it to British tourists. The government cited concerns over rising cases and mutations of the virus.

Shares of British Airways operator International Consolidated Airlines Group /zigman2/quotes/210132433/delayed ES:IAG -0.94% fell nearly 1% on the FTSE 100, with cut-rate airlines Wizz Air dropping more than 3% and Ryanair /zigman2/quotes/202851567/delayed UK:RYA -0.88% /zigman2/quotes/204098489/composite RYAAY +1.86% down 0.6%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,067.61
+50.98 +0.73%
Volume: 149,864
July 29, 2021 10:07a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
463.35
+1.65 +0.36%
Volume: 0.00
July 29, 2021 11:07a
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,601.58
+31.22 +0.20%
Volume: 11,246
July 29, 2021 11:07a
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 27.71
-0.24 -0.86%
Volume: 2.43M
July 28, 2021 4:00p
P/E Ratio
18.62
Dividend Yield
2.69%
Market Cap
$114.36 billion
Rev. per Employee
$330,477
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
397.85 p
+1.25 +0.32%
Volume: 4.24M
July 29, 2021 10:06a
P/E Ratio
18.14
Dividend Yield
2.72%
Market Cap
£82.38 billion
Rev. per Employee
£257,711
loading...
/zigman2/quotes/202285510/delayed
UK : U.K.: London
47.16 p
+0.38 +0.80%
Volume: 46.67M
July 29, 2021 10:07a
P/E Ratio
38.97
Dividend Yield
1.21%
Market Cap
£33.00 billion
Rev. per Employee
£554,080
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 9.71
+0.22 +2.32%
Volume: 7.46M
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.56%
Market Cap
$39.93 billion
Rev. per Employee
$426,514
loading...
/zigman2/quotes/208409333/delayed
UK : U.K.: London
176.02 p
+3.26 +1.89%
Volume: 5.21M
July 29, 2021 10:07a
P/E Ratio
N/A
Dividend Yield
0.57%
Market Cap
£28.76 billion
Rev. per Employee
£332,602
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 72.87
+0.48 +0.66%
Volume: 51,763
July 29, 2021 5:12a
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
296.55 p
+4.75 +1.63%
Volume: 5.76M
July 29, 2021 10:07a
P/E Ratio
N/A
Dividend Yield
5.10%
Market Cap
£58.74 billion
Rev. per Employee
£2.21M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 24.40
+0.15 +0.62%
Volume: 7.77M
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
5.08%
Market Cap
$81.54 billion
Rev. per Employee
$2.86M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,455.00
+49.40 +3.51%
Volume: 2.43M
July 29, 2021 10:06a
P/E Ratio
N/A
Dividend Yield
0.03%
Market Cap
£108.22 billion
Rev. per Employee
£1.52M
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 39.51
+0.23 +0.59%
Volume: 4.33M
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.87%
Market Cap
$150.24 billion
Rev. per Employee
$1.97M
loading...
/zigman2/quotes/205672702/delayed
UK : U.K.: London
2,525.00 p
-20.00 -0.79%
Volume: 61,934
July 29, 2021 10:05a
loading...
/zigman2/quotes/219769662/composite
US : U.S.: NYSE
$ 20.29
+0.04 +0.20%
Volume: 2.11M
July 28, 2021 4:00p
P/E Ratio
74.00
Dividend Yield
N/A
Market Cap
$4.05 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
28.43
+0.37 +1.32%
Volume: 753,430
July 29, 2021 11:06a
P/E Ratio
22.60
Dividend Yield
2.11%
Market Cap
€29.67 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210132433/delayed
ES : Spain: Madrid
2.12
-0.02 -0.94%
Volume: 5.07M
July 29, 2021 11:06a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€10.21 billion
Rev. per Employee
€135,824
loading...
/zigman2/quotes/202851567/delayed
UK : U.K.: London
16.83
-0.15 -0.88%
Volume: 13,137
July 29, 2021 10:03a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€18.87 billion
Rev. per Employee
€108,937
loading...
/zigman2/quotes/204098489/composite
US : U.S.: Nasdaq
$ 110.96
+2.03 +1.86%
Volume: 330,800
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$22.31 billion
Rev. per Employee
$126,941
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.