UK’s FTSE 100 opened flat on Tuesday, as the losses in homebuilders after a brokerage cut its price target on several stocks from the sector were offset by the gains in energy stocks on higher crude prices.
By 0719 GMT, both the blue-chip FTSE 100 and FTSE 250 midcap index were flat at 7526.85 and 18516.25, respectively.
Persimmon slipped 1.8% after JP Morgan downgraded the homebuilder’s rating to “neutral” from “overweight”.
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The broader homebuilders index lost 1.4% after JP Morgan lowered its price target on several homebuilders’ stocks including Taylor Wimpey, Crest Nicholson Holdings and Vistry Group.
Heavyweight energy stocks rose 0.3% tracking higher crude prices.
Industrial metal miners slipped 0.5% tracking early losses in most base metal prices.
Sainsbury’s slipped 1.6% after Britain’s second-largest supermarket group reported quarterly results.
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