Miners, energy shares drag FTSE 100 lower

Reuters

Miners, energy shares drag FTSE 100 lower

4:14 chiều giờ GMT, 23 Tháng 7 2024

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FTSE 100 down 0.4%, FTSE 250 off 0.2%

Copper miners hit over three-month low

Compass Group raises profit and revenue forecasts; shares gain

Updated at 1550 GMT

By Purvi Agarwal and Roshan Abraham

July 23 (Reuters) -Britain's FTSE 100 closed lower on Tuesday, pressured by commodity-linked stocks which tracked declines in prices of oil and copper, while positive earning updates from companies helped offset declines.

The blue-chip FTSE 100 index .FTSE was down 0.4%, after logging its best session in over a week on Monday. The mid-cap FTSE 250 .FTMC was down 0.2%.

Industrial metal miners .FTNMX551020 fell 1.9%, with heavyweights like Rio Tinto RIO.L and Glencore GLEN.L slipped over 1.5% and 2.2% each as concerns of weak Chinese demand weighed on prices of copper. MET/L

The sector hit its lowest level since early April.

Automobile and parts stocks .FTNMX401010 led the declines, falling 2.6%, with Dowlais Group DWL.L, TI Fluid Systems TIFS.L and Aston Martin AML.L falling between 0.9% and 3.9%, after German automaker Porsche AG P911_p.DE cut its sales and profitability outlook.

Energy shares .FTNMX601010 and precious metal miners .FTNMX551030 also slipped 1.6% and 0.4%, respectively.

In the U.S., focus will be on quarterly earnings of Wall Street giants like Alphabet GOOGL.O and Tesla TSLA.O, reporting after the closing bell later in the day.

Vice President Kamala Harris was set to campaign in the critical state of Wisconsin for the first time, after securing enough Democratic delegate support to clear a path to the nomination, ahead of Nov. 3 elections.

Among stocks, SThree Plc STEMS.L jumped 1.1% after announcing its half-yearly results.

Compass CPG.L gained 4.5% after the catering group raised its 2024 profit and revenue forecasts for the second time this year despite easing prices.

Rolls-Royce RR.L climbed 3.8% as it is developing a smaller version of its Ultrafan engine demonstrator aimed at exploring technology for the next generation of narrow-body jets, CEO Tufan Erginbilgic said on Tuesday.

Beazley BEZG.L rose 1.8% after the insurer said it had no plans to alter its guidance in the wake of Friday's global IT glitch.

Reporting by Purvi Agarwal and Roshan Abraham in Bengaluru; Editing by Sonia Cheema, William Maclean

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