UK stocks opened lower on Monday led by losses in financial stocks, while Ocado Group shares jumped after a patent dispute settlement.
The blue-chip FTSE 100 index fell 0.3% at the open, with banks losing 1.1% after gaining over 4% last week. Prudential slipped 1.7% after Citigroup cut its price target.
The midcap FTSE 250 index declined 0.2%. Travel stocks lost 0.7% after Ryanair struck a cautious tone on travel demand for the rest of the year.
Ocado shares surged 9.1% as the online grocer reached a deal to settle patent litigation claims with AutoStore. Vodafone shares rose 3.6% after the telecom company reported accelerating first-quarter revenue growth and appointed a new CFO.
In summary, UK stocks opened lower on Monday led by bank shares. however, Ocado shares jumped after settling a patent dispute while Vodafone gained after reporting revenue growth and a CFO appointment. Travel stocks declined amid continued uncertainty in the sector.
