LONDON: London’s FTSE 100 was flat on Wednesday as a drop in mining stocks offset gains in oil producers, while Restaurant Group rose on its proposal to raise capital through a share sale.
The blue-chip FTSE 100 index was flat, with mining stocks, including Rio Tinto, Anglo American and BHP, being the biggest drags.
On the other hand, a rise of 0.8% in shares of BP and 0.5% in shares of Royal Dutch Shell provided the biggest boost to the index.
“Based on the week’s trading, concerns about rising yields have faded. However, once the house confirms Biden’s stimulus package, that could cause a bit of wobble in the markets,” said Connor Campbell, analyst at spreadbetter Spreadex.
“The ECB meeting tomorrow and what they say about combating rising yields will be of interest to markets as a whole.”
The FTSE 100 has recovered more than 36% from a coronavirus-driven crash last year, but concerns over a quicker-than-expected spike in inflation has undermined sentiment.
The domestically focused mid-cap FTSE 250 index rose 0.1%, led by financial stocks.
Frankie & Benny’s owner Restaurant Group rose 6.4%, after saying it was planning to raise 175 million pounds ($242.7 million) through a share sale.
Real estate agency Foxtons Group Plc gained 1.7%, after it said more tenants are filling buildings in London, attracted by a 12% drop in rental prices during the COVID-19 pandemic.