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Britain's FTSE 100 fall as commodity stocks drag

World

24-04-2023 | 03:37

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Britain's FTSE 100 fall as commodity stocks drag

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London's FTSE 100 fell on Monday in early trade as weak demand outlook for crude dragged energy stocks, while a fall in metal prices pressured industrial miners on the commodity-heavy index.

The FTSE 100 (.FTSE) fell 0.3 percent, while the mid-cap FTSE 250 (.FTMC) was down 0.1 percent, as of 0710 GMT.

Oil giants BP (BP.L) and Shell (SHEL.L) lost 1.5 percent and 1.3 percent, respectively, as crude prices fell over 1 percent on concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.

Base metal miners (.FTNMX551020) shed 1.2 percent after an uneven economic recovery in China weighed on demand for metals in the world's biggest metals consumer.

Shares of lender HSBC (HSBA.L) edged 0.5 percent lower after shareholder advisory group ISS said HSBC investors should vote against a resolution by its biggest shareholder Ping An.

Meanwhile, asking prices for property being put on sale in Britain over the past month rose less than normal for the time of year, data from property website Rightmove showed.

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