UK’s FTSE 100 was subdued at the open on Monday as losses in financial stocks partially offset strong performances in energy stocks that tracked oil prices higher following a political instability over the weekend in major crude producer Russia.
By 0711 GMT, the blue-chip FTSE 100 held its ground at 7443.45 points, while the more domestically-focussed FTSE 250 midcap index edged 0.2% higher.
Heavyweight energy stocks advanced 0.4%, tracking stronger oil prices after a revolt by Russian mercenaries raised concerns about the potential impact on oil supply.
Lloyds fell 1.1% after JP Morgan downgraded the bank’s rating to “underweight” from “neutral”. The broader banking index was down 0.5%.
Financials lift UK’s FTSE 100; U.S. debt ceiling negotiations eyed
Shares of Aston Martin jumped 11.6% after the luxury carmaker said it would enter into a strategic supply agreement with US EV firm Lucid Group to make electric vehicles.
Cineworld Group dropped 34.4% after the cinema chain operator said it will file for administration as part of a proposed restructuring plan.