London's FTSE 100 closed 0.36% in the green on Monday as Prime Minister Keir Starmer vowed to reinforce ties with Europe as part of efforts to create a "stronger, fairer Britain."
"The last government was defined by breaking our relationship with Europe. This Labour government will be defined by rebuilding our relationship with Europe by putting Britain at the heart of Europe so that we are stronger on the economy, stronger on trade, stronger on defence, you name it," Starmer said in his so-called reset speech.
Amid calls for him to quit, Starmer's speech in Central London also included a proposal to nationalize British Steel, pending a public interest test and royal assent of the new bill, which will be formally presented to parliament this week.
"Strong domestic steel production is vital for our economy, and this legislation would allow us to ensure stability for British Steel's workers, suppliers and customers and avoid damaging disruption to crucial supply chains, while we consider options for the [Scunthorpe] site's future," said Business Secretary Peter Kyle.
In corporate news, food services company Compass Group (CPG.L) climbed 2.34% after profit attributable to equity shareholders for the six months ended March 31 increased year over year to $1.07 billion from $919 million on revenue growth.
"A solid H1 performance ~1% ahead of consensus for underlying EBITA and EPS. Net new business wins of +3.8% for H1 a touch below the typical 4-5% range (with Q2 implied rate muddied by Q1 rounding), but promise of H2 acceleration should be taken reassuringly. Guidance for FY underlying EBITA growth ticked up by at least 1 pp which appears to be driven by organic operating leverage," RBC Capital Markets said in its quick take note.
International Consolidated Airlines Group (IAG.L) was one of the top stocks, rising 6.42%, amid plans to repurchase its outstanding 825 million euros of 1.125% senior unsecured convertible bonds due 2028.