U.K. Stocks Turning In Mixed Performance
(RTTNews) - U.K. stocks turned in a mixed performance Monday morning with investors largely making cautious moves despite easing geopolitical tensions and a sharp drop in oil prices.
Oil prices fell amid hopes about reopening of the Strait of Hormuz following U.S. President Donald Trump cancelling fresh military strikes and saying there is a 'good chance' of progress in talks aimed at ending months of fighting.
Brent crude futures tumbled to $81.55 a barrel before recovering to $83.60, but still remained sharply lower, losing nearly 5% from previous close.
The FTSE 100 was down 2.70 points or 0.02% at 10,865.35 a few minutes before noon. The index moved in a tight range between 10,842.75 and 10,889.50.
AstraZeneca dropped 5.2% amid reports the company had held discussions with US drugmaker Bristol Myers Squibb about a possible merger.
IG Group Holdings fell 5.6%. British American Tobacco, Imperial Brands, Airtel Africa, Glencore, Centrica, Coca-Cola HBC, BP, Rio Tinto and Sainsbury (J) lost 1%-2.5%.
Persimmon climbed nearly 3.5%. Howden Joiner Group, Smith & Nephew, Kingfisher, St. James's Place and Burberry Group moved up 3%-3.2%.
ICG, Barratt Redrow, Rolls-Royce Holdings, Natwest Group, Melrose Industries, The Sage Group, JD Sports Fashion, Convatec Group, Pershing Square Holdings, Whitbread and 3i Group gained 2%-3%.
Clarkson, a provider of shipping services, jumped nearly 7% after reporting record first-half profits.
In economic news, the S&P Global UK Manufacturing PMI eased to 51.9 in July, a four-month low, from 52.5 in June and below the preliminary estimate of 52.8. Despite the decline, the index remained above the 50 mark for a ninth consecutive month, signaling continued expansion in the sector.
Japan Producer Price Data Due On Friday
U.S. Dollar Advances Amid Oil-Linked Inflation Concerns, PPI Data Release
TSX Drops To 5-week Low, Set To End Weak For 6th Straight Day
Swiss Market Ends On Weak Note After Choppy Ride
Oil Surge, ECB Rate Hike Weigh On European Market Sentiment
U.S. Wholesale Inventories Jump 1.3% In July, In Line With Estimates
ECB Raises Deposit Rate To 2.50% Amid Inflation Fears
