Computacenter PLC

London stocks closed lower on Monday as new Prime Minister Andy Burnham began a Cabinet reshuffle and gilt yields rose. The FTSE 100 fell 0.7% to 10,524.76, the FTSE 250 dipped 0.3% to 23,540.71, and the AIM all-share edged down 0.2% to 757.89. David Lammy, Rachel Reeves, and Steve Reed were among the first senior ministers dismissed, with Lammy announcing his departure on social media and Reeves calling her tenure as Chancellor a privilege. Burnham promised a 10-year plan and immediate cost-of-living measures, while the UK 10-year gilt yield widened to 5.04%. Computacenter led FTSE 100 gainers, up 5.6% after a Berenberg upgrade, while Ryanair fell 4.6% on a profit decline and cautious outlook.

The London stock market closed lower on Monday, with the FTSE 100 index falling 75.61 points, or 0.71%, to end at 10,524.76 points, marking its biggest daily drop in about two weeks. Ongoing tensions between the United States and Iran continued to undermine global investment confidence, leading to a muted market response to Andy Burnham becoming the seventh prime minister of the United Kingdom in 10 years. Housebuilders slid 3.5%, the most among the main FTSE 350 sectors, while long-dated UK government bond yields rose, with the 30-year yield hitting a two-month high. Utilities fell 1.4%, and pharmaceuticals and biotechnology dropped 1.6%, with AstraZeneca down 1.7%. Banks lost 0.7%, and industrial metals miners declined 1.1%. Airline stocks came under selling pressure after Ryanair reported a one-third drop in quarterly profit, with Wizz Air tumbling 2.9%, while IAG and easyJet both fell 1.4%. Computacenter surged 5.6% after Berenberg upgraded its rating from hold to buy.