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Name | Symbol | Market | Type |
---|---|---|---|
FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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41.34 | 0.51% | 8,213.49 | 8,248.73 | 8,172.15 | 8,172.15 | 0 | 16:35:30 |
By Carla Mozee, MarketWatch
London index on track for monthly gain
Stocks in the U.K. darted between small gains and losses Wednesday, with commodity shares remaining under pressure, but the benchmark FTSE 100 was still on track to finish higher for the month.
The FTSE 100 was up 1 point at 6,821.97. But the London benchmark is still poised for a 1.4% gain for the month of August.
"Cheaper oil and a stronger U.S. dollar continue weighing on the U.K.'s stock market," Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note. "The high volatility is a sign of stress. Mining stocks and energy companies remain the most sensitive sectors", she said, noting West Texas Intermediate oil prices are headed toward $45 a barrel.
In the oil group, BP PLC (BP.LN) (BP.LN) fell 0.3% and Royal Dutch Shell (RDSB.LN) (RDSB.LN) dropped 0.7%. WTI oil and Brent crude were trading near three-week lows (http://www.marketwatch.com/story/us-oil-prices-slide-to-near-three-week-low-ahead-of-stockpile-data-2016-08-31) ahead of weekly U.S. crude supply data due later Wednesday.
The dollar has strengthened in recent sessions, making commodities priced in the greenback more expensive to purchase for holders of other currencies. Mining stocks were in the red in London, following losses overnight in Australia as metals prices dropped.
Precious metal producer Fresnillo PLC (FRES.LN) fell 2.2%, Randgold Resources PLC (RRS.LN) gave up 2.1%, and iron ore miner BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) shed 1.8%.
But housing shares were mostly higher after the Nationwide Building Society said U.K. house-price growth picked up slightly in August (http://www.marketwatch.com/story/uk-home-prices-pick-up-despite-brexit-2016-08-31), in contrast with earlier signs that the housing market may be cooling after the country's Brexit vote in June.
Berkeley Group Holdings PLC (BKG.LN) was up 2.5%, Barratt Developments PLC (BDEV.LN) tacked on 0.7%, and Taylor Wimpey PLC's stock (TW.LN) rose 0.8%. Persimmon PLC (PSN.LN) edged up 0.1%.
The pound did push higher following the house-price data, trading at $1.3147, compared with $1.3081 late Tuesday.
(END) Dow Jones Newswires
August 31, 2016 05:08 ET (09:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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