Britain’s FTSE 100 was flat in early trade on Wednesday, as gains in mining stocks offset losses in British American Tobacco (BAT) after the cigarette maker said it would take a $31.5 billion impairment charge.
By 0807 GMT, the blue-chip FTSE 100 was flat, while the more domestically-focussed FTSE 250 midcap index added 0.2%.
Industrial metal miners led the gains, climbing 1.8% as prices of most base metals and iron ore rose.
Precious metal miners also jumped 1.2% tracking higher gold prices.
UK’s FTSE 100 slips for second straight session as financials drag
However, British American Tobacco tanked 6.3% after the maker of Lucky Strike cigarettes said it would take an impairment charge of around 25 billion pounds ($31.50 billion) as it reassessed the value of some of its US cigarette brands. Ocado Group gained 2.9% after J.P. Morgan upgraded the online supermarket’s stock to “neutral” from “underweight.”
Meanwhile, investors are watching for the November S&P Global/CIPS construction Purchasing Managers’ Index (PMI) data, due later in the day.
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