UK-listed stocks opened lower on Tuesday, weighed down by energy and mining companies as prices of most commodities fell due to a stronger dollar, while Boohoo’s shares slumped after the fashion retailer flagged a decline in annual revenue.
Industrial metal miners slipped 0.4%, while precious metal miners shed 1.1%, tracking prices of metals, including copper and gold.
The heavyweight energy sector fell 0.1% as oil prices retreated about 0.5%.
The dollar reached fresh 11-month highs against major peers after the U.S. government avoided a partial shutdown while the manufacturing data fuelled expectations the Federal Reserve will keep rates higher for longer.
Boohoo dropped 10% as the online fashion retailer said its revenue fell 17% in the six months to August and warned of a similar decline for the full year due to a slower-than-expected recovery in sales volumes.
The internationally focused FTSE 100 lost 0.1% by 0702 GMT, while the more domestically focussed FTSE 250 was down by 0.5%.
Latest data showed that prices in British store chains rose at the slowest pace in a year in September, suggesting that the UK’s inflation rate will continue to ease.
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