London’s stock indexes were mixed on Monday as investors focused on a three-week delay in higher U.S. tariff rates and progress on trade agreements.Toby Melville/Reuters
London’s main stock indexes were mixed on Monday as investors focused on corporate updates and a three-week delay in higher U.S. tariff rates, alongside progress on trade agreements.
The blue-chip FTSE 100 was flat by 0910 GMT, while the domestically oriented midcap index rose 0.2 per cent after ending the previous week in the red.
U.S. President Donald Trump said on Sunday that Washington was close to several trade agreements and would notify other countries of higher tariff rates set to go into place on August 1, a delay from the July 9 deadline.
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Oil and gas stocks weighed on the index, dropping 2.6 per cent, with energy giant Shell SHEL-N losing almost 3 per cent after trimming its second-quarter outlook for integrated gas division and liquefied natural gas production ahead of full results.
Other oil companies also came under pressure with oil prices slipping after OPEC+ hiked output above expectations in August. BP was down 1.9 per cent. Diversified Energy DEC-N, Harbour Energy HBRIY and Ithaca Energy IACAF all fell over 1 per cent on the midcap.
Among individual stocks, miner Ferrexpo slid 1.7 per cent as iron ore production fell after the discontinuation of Ukraine’s value-added tax refunds reduced operations.
Electricals retailer Currys fell 6.2 per cent and led midcap losses, after an RBC downgrade.
Online trading platform Plus500 was among the top gainers on the FTSE 250 after positive second-quarter results.
Weir Group was the top gainer on the blue-chip after Citigroup raised its rating and price target.
On the data front, Halifax data showed that British house prices stagnated in June from the previous month following the increase in tax on property transactions from April.
In other news, British finance minister Rachel Reeves is set to announce a 28.6 million pound (US$39-million) investment into a carbon capture project, which is expected to create jobs in central and northern England.