Saturday, May 21

FTSE 100 rebounds from one-month low as energy, mining stocks gain


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London’s FTSE 100 rose on Tuesday after hitting a one-month low in the previous session, with commodity-linked energy and mining stocks leading the recovery, while Unilever dropped on plans to slash thousands of management positions.

The blue-chip FTSE 100 index gained 0.4%, with oil stocks BP and Royal Dutch Shell and miners Anglo American and BHP Group the top boosts.

Concerns of a military conflict in Ukraine, coupled with risks in the Middle East, have raised concerns about possible oil supply disruptions, pushing crude futures higher.

The domestically focussed mid-cap index rose 0.5%, with travel and leisure stocks leading the gains.

Pub operator Marston’s gained 1.2% even after its like-for-like sales for the 16 weeks ended Jan. 12 came in 3.9% lower than pre-pandemic levels.

Unilever dropped 1.2%, making it the top drag on the FTSE 100, after a source familiar with the matter said late on Monday that the Consumer products maker planned to slash thousands of management positions across its operations. (Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu)



financialpost.com