FTSE 100 Down Sharply Despite Coming Off Early Lows
(RTTNews) - The UK stock market's benchmark FTSE 100 is hovering near a two-month low Monday morning, with several counters seeing heavy selling amid an escalation in Middle East concerns and a sharp surge in crude oil prices.
Shares from mining, realty and financials sectors are among the major losers. Energy stocks are up, riding on higher oil prices.
Brent crude futures were up $103.25 a barrel (up 11.5%) a little while ago, after surging to a nearly four-year high above $119.50 a barrel earlier.
Tensions in the Gulf escalated following reports of explosions at Al Udeid Air Base, the largest United States military installation in the Middle East.
Bahrain's state oil company has declared force majeure on its shipments after Iranian strikes in the region set the largest oil facility on fire.
The FTSE 100, which tumbled to 10,077.95, was down 140.37 points or 1.36% 10,144.38 a little while ago.
Miners Anglo American Plc and Antofagasta are down 6.5% and 5.2%, respectively. Rio Tinto and Endeavour Mining are also down sharply.
British Land is declining by about 5.3%. Segro, Tritax Big Box REIT, Land Securities, Persimmon, Spirax Group, Howden Joinery Group and Melrose Industries are down 4%-5.4%.
Standard Life, LondonMetric Property, Weir Group, Marks & Spencer, Barclays, Whitbread, Barratt Redrow, Rolls-Royce Holdings, Croda International, IAG, Lloyds Banking Group, Natwest Goup, Easyjet, Standard Chartered, Intercontinental Hotels Group, Diploma, AstraZeneca, Airtel Africa and M&G are down 2%-4%.
Admiral Group, Shell, Babcock International and BP are gaining 1%-1.7%. BAE Systems, Pearson, Compass Group and Experian are up with moderate gains.
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