Menu Menu Menu
Login Login Log in Search Search Search

FTSE slips from record high as banks, oil drag

FTSE slips from record high as banks, oil drag
Published by
Reuters

2m read

20 March 11.06am

Hargreaves Lansdown is not responsible for this article's content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest. Article originally published by Reuters.

Britain's top share index retreated from record levels on Monday, weighed down by falling energy stocks and banks.

The blue chip FTSE 100 index was down 0.2 percent at 7,410.95 points by 1025 GMT, slipping from 7,447.00 points reached in the previous session, leaving it set to break a three-day winning streak.

Energy stocks were the biggest drag on the large caps, with BP falling 1.1 percent and Royal Dutch Shell down 0.6 percent as oil prices came under pressure from rising U.S. drilling and ongoing high supplies from OPEC.

Overall, the energy sector took around 8.4 points off the FTSE 100. Mining stocks also contributed to losses, with Antofagasta, BHP Billiton and Anglo American down between 0.9 and 1.2 percent.

British banks were led lower by Royal Bank of Scotland, which fell 1.6 percent.

+0.65%

FTSE 100

7472.45 +48.32

“The financial stocks have all been on a pretty good push over recent sessions, so we are starting to see some short-term profit-taking come in," Dafydd Davies, partner at Charles Hanover Investments, said.

"We could start to see, as Brexit uncertainty builds, a bit more de-risking on the financials that are particularly exposed to the direct state of affairs in question.”

BP Plc
458.725p 0.53%
Royal Dutch Shell Plc B Shares
2,106.25p 0.48%
Antofagasta Holdings
763.75p -1.04%
BHP Billiton plc
1,153.25p 0.83%
Anglo American
978.00p 0.52%
Royal Bank of Scotland Group plc
251.1p 2.24%
Associated British Foods plc
2,977.00p 1.53%
Hansteen Holdings
124.7p 0.00%

Market closed | Prices delayed by at least 15 minutes
Switch to live prices |

Last week, British banking shares came under pressure on the prospect of a new Scottish independence referendum and as the trigger of Article 50 came into sight.

Associated British Foods was the top FTSE gainer, however, up 2 percent after Goldman Sachs upgraded the Primark-owner to "buy" from "neutral".

"We conclude that Primark's market positioning remains differentiated and, unlike peers, higher input costs are baked into FY17E GM%," analysts at Goldman said, adding that success with a potential Click & Collect model could offer upside.

British mid cap stocks fared slightly better, down just 0.1 percent. Shares in real estate investment trust (REIT) Hansteen Holdings rose 2.6 percent to their highest level since June 2007 after it agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion).

"The deal displays the group’s strategy at work, and has allowed it to crystallise the revaluation gains and recent currency movement following the depreciation of sterling against the euro," analysts at Patronus Partners said in a note.

(Reporting by Kit Rees; Editing by Andrew Heavens). Copyright (2017) Thomson Reuters. This article was written by Kit Rees from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Free Newsroom email alerts

The headlines that matter to investors direct to your inbox

Register for daily/weekly email alerts with news from The Financial Times, Forbes, Reuters, The Economist and more.

Loading...
  • 20 March 11.06am
  • 2m read

  • AAA

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Other stories

Latest tweet