Skip to content

Dollar-harmed commodity stocks drag FTSE lower

Of the major indices the FTSE was the biggest loser, falling 40 points thanks to the red-tinged state of its commodity stocks.

Despite Brent Crude climbing back above $46.50 per barrel the oil stocks still weren’t happed with the greenback’s gains this week, causing BP and Shell to drop between 0.5% and 1%. With both copper and gold slipping half a percent the miners were an even bigger drag on the FTSE; Rio Tinto, Anglo American and Antofagasta all fell between 2.5% and 4.5%, while Fresnillo and RandGold Resources plunged 4.5% and 6.3% respectively.

The Eurozone indices found little joy in the euro continuing its record losing streak against the dollar (though the currency has managed to crawl back above $1.06), with both the DAX and the CAC dipping by 15 points.

Looking ahead to the US open and the Dow Jones seems mildly perturbed by the dollar’s rate hike-eyeing strength – even if the greenback hasn’t actually made much ground today – with the futures pointing to a 25 point drop after the bell. That would leave the Dow back under 18900, a mark that has become the index’s latest resistance level post-election.

Looking for great investing ideas? Sign up to our free newsletter.

This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

'How to' Guides

Our latest in-depth company reports

Detailed reviews of selected companies and investment trusts.

On the podcast

Sign up for great investing stock tips

Thanks to our Site Partners

Our partners are established, regulated businesses and we are grateful for their support.

FP Markets
CME Group
Back To Top