European indices started the week off in the red with FTSE 100 closing its account on Monday over 47 points down at 7,247 as traders struggled for direction as US and Canadian markets were closed.
"Equity markets started off the week on a lacklustre note, and the absence of important news flows encouraged dealers to exit the equity markets," noted David Madden at CMC Markets.
The more UK company focused FTSE 250 was also lower - shedding around 80 points at 19,653,
"Whenever a major player like the US is on holidays, the thin volumes can lead to exacerbated moves, which are unlikely to be a true reflection of the market," added Madden.
The pound was also hit, with sterling losing 0.14% against the Euro and down 0.18% against the US dollar.
The big Footsie laggard was consumer goods titan Reckitt Benckiser Group PLC (LON:RB.), which fell 7.51% to 6.075p as it posted flat revenue for the year but expects a return to growth in 2018 after a pick-up in the final quarter.
Miner Evraz (LON:EVR) was top winner, up 4.41% to 412p, on Footsie.
It was, as expected, a very quiet afternoon. Nonetheless, the FTSE 100 extended the morning's losses.
The blue-chip benchmark was down 22 points or 0.3% to change hands at 7,270.
At the same time, the FTSE 250 was basically flat trading at 19.731.
Corporate news was relatively thin on the ground, though there were still a few notable results.
Reckitt Benckiser Group PLC (LON:RB.), down 6.5% at 6,135p, reported flat revenue for the year as a cyber-attack in June disrupted operations but expects a return to growth in 2018 after a pick-up in the final quarter.
The consumer goods giant said net revenue for the year to the end of December 2017 was ?11.5bn, unchanged from the previous year on a like-for-like basis.
Supply challenges resulting from the cyber-attack, pricing pressures in developed markets and a weak performance in footcare brand Scholl, offset strong sales from new products and healthcare brands such as Mucinex and Durex.
Fidessa Group PLC (LON:FDSA) was a top FTSE 250 gainer on Monday, rising 7%, after the trading and investment information solutions provider delivered solid 2017 results.
For the year ended 31 December 2017, Fidessa said revenue grew by 6.6% to ?353.9mln, up from ?331.9mln in 2016, with the increase at constant currency 3%. The firm said its recurring revenue rose by 8% to ?312.3mln, up from ?287.8mln in 2016, representing 88% of total revenue, up from 87% the previous year.
Fidessa's full-year pre-tax profit increased by 2.3% to ?50.0mln, up from ?48.8mln in 2016, although it fell by 2.0% on a constant currency basis.
Merlin Entertainments PLC (LON:MERL) shares received a boost on Monday, gaining 4%, after a US activist investor became the third largest shareholder in the themepark operator.
ValueAct, which pushed for management changes at Rolls-Royce Holdings PLC (LON:RR.) and Microsoft Corp (NASDAQ:MSFT), has revealed a 5.4% stake in the owner of Legoland and Alton Towers.
Merlin downgraded its full year profit forecasts in October after terror attacks in the UK had an impact on the number of visitors to its attractions, which also include Madame Tussauds and the London Eye.
However, ValueAct is understood to be supportive of Merlin's strategy after the two companies met, a source told the Daily Telegraph.
Vitalik Buterin, founder of the Ethereum digital currency, was hardly drumming up speculative interest with his latest comments.
The fintech pioneer effectively warned off risk averse investors, as he said that traditional assets are still the safest bet. Cryptocurrency prices "could drop to near-zero at any time", Buterin said.
His comments came as he sought to clarify his views, after his identity was 'spoofed' by fake twitter accounts which were promoting what are described as 'questionable' cryptocurrency investment opportunities.
By Monday afternoon, meanwhile, the price of Bitcoin rose by US$548 or 5.28% to trade at US$10,945.
Ethereum was up 2.79% at US$950, and the Ripple XRP price was up 1.88% to US$1.15. Litecoin, which soared on Friday, was comparatively flat changing hands at US$223.
By midday, the FTSE 100 remained on the back foot. The blue-chip benchmark was down 8 points, or 0.12%, to trade at 7,285. Meanwhile, the FTSE 250 added 10 points or 0.05% trading at 19,744.
As the market moves into the afternoon the expected quietness will become more apparent. Wall Street is closed, due to the President's Day public holiday.
Monday's lacklustre trading also coincides with a phase of contemplation for investors, many of whom are looking for a discernible steer either higher or lower.
David Cheetham, analyst at online trading firm Xtb, reckons the outlook appears weak, with several technical indicators giving negative signals.
"There are two dual forces that stock traders in London will be keeping an eye on this week with any large moves in the Pound and any significant deterioration in global risk appetite keenly on the radar in what could be a pivotal week for equities," Cheetham said in a note.
"Friday's close marked the biggest weekly gain for US stocks in five years but the frenzied selling seen earlier this month remains fresh in the memory and the recovery seen since remains fragile."
A slowdown in UK house price growth, as indicated by the 'Rightmove Housing Index' data, has evidently impacted London's housebuilding sector - which are falling wholesale on Monday.
Barratt Developments PLC (LON:BDEV), down 3.8p or 0.69% at 547.4p, Taylor Wimpey PLC (LON:TW), down 1.3p or 0.69% at 186.45p and Bellway PLC (LON:BWY), down 21p or 0.68% at 3,046p, had led the morning's losses.
Followed by Redrow PLC (LON:RDW), down 22.5p or 0.43% at 584.5p, Bovis Homes Group PLC (LON:BVS), down 4.54p or 0.42% at 1,066p, and Persimmon PLC (LON:PSN), down 7p or 0.29% at 2,416p.
Data from Rightmove showed a 1.5% increase in UK house prices year-on-year for the month of February, but, on a month-to-month basis, the rate of price growth was just 0.8% which, as noted by analysts, is "well below" average for this time of the year.
"Record home-hunter activity fuels rises in most regions" - Catch up on the latest changes in today's brand new House Price Index >> https://t.co/vEJq8jQKob #houseprices #HPI pic.twitter.com/65RhYBkVS1
- Rightmove (@rightmove) February 19, 2018Shares in the report's author Rightmove PLC (LON:RMV) also dropped, losing 32p or 0.73% to trade at 4,358p.
Fiona Cincotta, analyst at City Index, in a note said: "We are seeing caution dominate the housing market in a big way - those sellers that can wait are doing just that, in the hope that as Brexit uncertainties clear the housing market will pick up.
"Overall, these figures are painting a picture of a rather anaemic housing market, which is struggling in the face of Brexit uncertainties. Housebuilders are by far the biggest drag on the FTSE this morning."
The FTSE 100 was still off the pace following the morning's early deals, with the blue-chip benchmark off 9 points or 0.13% changing hands at 7,285.
At the same time, the FTSE 250 was practically flat at 19,732p.
With lighter trading volumes anticipated due to the public holiday in the United States, trading triggers are likely to be somewhat few and far between, indeed CMC Markets analyst David Madden described traders are "uninspired".
Some attentions this morning were on foreign exchange, with the British pound weaker in the initial transactions.
"With no high impacting data due for release traders will look cautiously across to an appearance by Mark Carney this afternoon, especially given his hawkish tone at the BoE meeting last week," said Fiona Cincotta, analyst at City Index.
After Monday's opening trades marked into positive territory, London's FTSE 100 pulled back slightly and the equity benchmark is down.
Just after 8:10am, the blue chip index was down around 6 points changing hands at 7,287.
The FTSE 250 index, meanwhile, started higher - rising 34 points or 0.17% to 19,767.
In terms of corporate highlights, Reckitt Benckiser Group PLC (LON:RB). boasted of a "significant 2017" as it released financial results.
Nonetheless, the consumer products share pulled back 3.6%, losing 241p to change hands at 6,327p.
Elsewhere, oiler EnQuest PLC (LON:ENQ) gained 4.14% after raising sentiments with a strong new 2018 outlook focussing on production growth.
Financial software specialist Fidessa Group PLC (LON:FDSA) shares rose 190p or 7.3% to trade at 2,786 after it released financial results for 2017 showing revenue and profit growth.
As a result of a strong second half performance, BATM Advanced Communications Limited (LON:BVC) expects full-year revenue to be significantly ahead of market expectations.
Europa Oil & Gas PLC (LON:EOG) has told investors that the UK Environment Agency has indicated in a draft decision advertisement that it is inclined to award a bespoke environmental permit for drilling and testing the Holmwood exploration well. There will now be a four-week public consultation process, taking place between February 15 to March 15.
Digital communications group Next Fifteen Communications Group PLC (LON:NFC) said it traded in line with expectations in 2017.
Haydale Graphene Industries PLC's (LON:HAYD) Taiwan-based inks arm has agreed a deal to supply Japanese firm Graphene Platform (GPC). GPC will brand the inks as "GP Graphene Ink" and initially target Japan's electronic printed inks market before spreading further across Asia.
Directa Plus PLC (LON:DCTA) has been awarded a patent in Italy for a graphene-based solution that enhances the performance of tyres. "Specifically, the patent covers Directa Plus' elastomeric composition comprising graphene and tyre components," said the AIM-listed company.
Frontier IP Group PLC (LON:FIPP), the intellectual property commercialisation specialist, said that its portfolio company Molendotech Limited has completed a first fundraising.The AIM-listed company said Molendotech had received a commitment totalling ?0.5mln which will be invested in three tranches, with Frontier IP to hold approximately 14% of the issued share capital of Molendotech following the investment of the third tranche.
A survey conducted by Macquarie University has indicated that exploration upside for Shefa Yamim (LON:SEFA) in Israel is significant. Shefa Yamim is exploring for precious stones at Mount Carmel and the Kishon River.
Stem cell services provider WideCells Group PLC (LON:WDC) has launched the first stage of Wideacademy, the firm's 100%-owned education and training division.
Polar Acquisitions Limited, a company that accounted for just under 38% of the net asset value of Baker Steel Resources Trust (LON:BSRT) in January, has announced the sale of its interest in the Prognoz silver mine in Russia for US$72mln. The deal is expected to provide uplift of around 25% to the valuation of Polar Acquisitions on Baker Steel's balance sheet at the next NAV. The buyer is Russian major Polymetal (LON:POLY).
Cash shell Kin Group PLC (LON:KIN) has advised trading in its shares will likely be suspended at the beginning of next month.
Chaarat Gold Holdings Limited (LON:CGH) has announced the appointment of BMO Capital Markets Limited as joint corporate broker to the company with immediate effect, It said BMO will work together with the company's existing broker Numis Securities.
OPG Power Ventures PLC (LON:OPG) advised that, effective immediately, Cenkos Securities is the nominated adviser and sole broker to the company.
The FTSE 100 is expected to make a positive start to the new week thanks, in part, to upbeat equity trading sentiments from Asia, although with US markets closed today, for the President's Day public holiday, overall activity is likely to be fairly thin.
CFD and spreadbetting firm IG Markets foresees a positive open for the FTSE 100 with the index called up by about 9 points, at 7,302 to 7,306.
"Nonetheless, investors aren't expecting too many fireworks rather they're taking the obvious buying opportunities presented in the wake of the recent blue-chip sell off," said David Madden, analyst at CMC Markets.
"Stock markets around the world rebounded last week as investors took advantage of the relatively low prices of equities. Whenever there is a severe sell-off in the stock markets, traders spend a lot of time wondering is there another leg lower coming, or is it safe to get back in the water. The move higher last week saw some indices reach their highest levels in over a week."
He concluded: "Market confidence often attracts even more market confidence, and that is what we are seeing at the moment."
In Asia today, Japan's Nikkei advanced more than 400 points, marking a near 2% rally to take the benchmark to 22,149.
Hong Kong's Hang Seng meanwhile rose by 600 points or 1.97% to trade at 31,115 and the Shanghai Composite added 0.45% to trade at 3,199.
Finals: Reckitt Benckiser PLC (LON:RB.), Spectris PLC (LON:SXS), McColl's Retail Group PLC (LON:MCLS), Fidessa Group PLC (LON:FDSA)
Interims: MJ Gleeson PLC (LON:GLE), Petra Diamonds Limited (LON:PDL)
Economic data: Rightmove UK house prices