FTSE 100 Moderately Lower; Miners, Banks Fall
(RTTNews) - The UK market's equity benchmark FTSE 100 slipped on Monday as rising oil prices amid growing tensions between the U.S.-Iran triggered inflation and rate concerns, prompting investors to exit counters.
Middle East tensions rose following Iran rejecting participation in a second round of peace talks with the U.S., citing Washington's excessive demands, constant shift in stance, contradictions and continuing naval blockade.
After U.S. seized an Iranian vessel near the Strait of Hormuz, Tehran launched drone attacks on U.S. military ships, raising concerns about oil supplies. Brent crude futures climbed more than 5% and WIT crude futures surged over 6%, triggering inflation concerns.
The FTSE 100 was down 78.35 points or 0.73% at 10,589.28 a few minutes past noon.
Antofagasta slid 4.55%. Fresnillo lost 2.7%, Endeavour Mining drifted down by 2.5% and Anglo American Plc declined 2.2%, while Rio Tinto lost 1.7%. Glencore edged down marginally.
Airlines stocks IAG and EasyJet dropped by about 3.4% and 2%, respectively, as oil prices rose sharply.
Metlen Energy & Metals, Barratt Redrow, Persimmon, Rolls-Royce Holdings, Melrose Industries, Natwest Group, Howden Joinery Group, Kingfisher, Weir Group, Entain, Barclays, Informa and Lloyds Banking Group lost 2%-4%.
Among the gainers, energy stocks BP and Shell climbed 3.1% and 2.3%, respectively, riding on sharply higher crude oil prices.
Centrica gained 2.7%, while Tesco, Admiral Group, British American Tobacco, SSE and Imperial Brands moved up 1%-2%. Shares of engineering firm Renishaw soared 7% after lifting its full-year revenue and profit forecasts.
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