London stocks subdued as non-life insurers offset resource sector slide

Reuters

London stocks subdued as non-life insurers offset resource sector slide

جولائی 8، 2024 کو شام 3:59 GMT بجے

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FTSE 100 down 0.1%, FTSE 250 flat

Resources shares lead declines

Britvic surges after agreeing to Carlsberg's sweetened bid

Updated at 1550 GMT

By Purvi Agarwal and Roshan Abraham

July 8 (Reuters) - London stocks began the week on a muted note, with resource shares edging lower and investors awaiting fresh economic data, while gains in non-life insurers helped cushion the market from steeper losses.

The blue-chip FTSE 100 .FTSE was down 0.1% at8,193.49, while the mid-cap FTSE 250 .FTMC was flat at 20,798.32. The pound GBP=D3 gained 0.1% against the dollar.

On Friday, the midcap index soared to a two-year high as investors celebrated the Labour Party's victory, optimistic that Prime Minister Keir Starmer's plans will invigorate the economy.

Hiscox HSX.L soared13.4%, lifting the non-life insurers .FTNMX303020 sector to the top performer, after Insurance Insiderreported the Lloyd's of London insurer has attracted takeover interest and could be set for a sale.

Precious metals .FTNMX551030 lost 1.9% while industrial metal miners .FTNMX551020 slipped 1%, tracking lower bullion and copper prices.GOL/ [MET/L]

Energyshares .FTNMX601010 fell 1.2%, due to adip in oil prices as the prospect of a Gaza ceasefire deal eased geopolitical tensions, while investors assessed potential disruption to U.S. energy supplies from Tropical Storm Beryl. O/R

On the radar this week are crucial consumer prices index figures in the U.S. and Britain's grossdomestic product numbers (GDP), which could shed some more light on the future trajectories of interest rate cuts in the both the economies.

With the UK election now over, investor focus will return to data to gauge the Bank of England's decision at its next meeting in August.

In corporate news, Britvic BVIC.L surged 4.5% after the soft drinks maker said it has agreed to be taken over by Carlsberg CARLb.CO for a sweetened bid of 3.3 billion pounds ($4.2 billion).

Ocado OCDO.L gained5.4% after the online supermarket boosted its partnership with Japan's Aeon 8267.T with plans to build a third robotic warehouse.

($1 = 0.7787 pounds)

Reporting by Purvi Agarwal, Roshan Abraham and Pranav Kashyap in Bengaluru; Editing by Janane Venkatraman and Keith Weir

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