The UK’s FTSE 100 was muted on Tuesday as weak performance in oil major BP sparked a sell-off in energy shares, offset by gains in the aerospace and defence sector after a rating upgrade on Rolls Royce.
The commodity-focused FTSE 100 was flat at 08:10 a.m. GMT, while the mid-cap FTSE 250 edged 0.3% higher.
BP shares plunged 4.6% after the oil major missed third-quarter earnings estimate, hurt by a large drop in energy prices from a year earlier. The broader oil and gas index fell 2.2%.
The aerospace and defence index gained over 1%, while Rolls Royce advanced nearly 4% to the top of FTSE 100 after Barclays raised the stock to overweight from equal-weight.
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Meanwhile, industry data showed prices in British store chains rose at the slowest pace in more than a year in October.
As part of cost-saving measures, British online trading platform IG Group said it would lay off 10% of its workforce, taking the company’s shares higher by 2.4%.
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