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FTSE 100 at the close: FTSE flatlining as commodities retreat


By Patrick Munnelly, Market Analyst, Tickmill

The FTSE 100 finishes the day up a fraction of a point at 7,899.49 from 7,898.77.

London’s blue-chip index was trading between red and green on the session weighed by a pullback in commodities that is driven by further concerns regarding global growth and the potential of further rate hikes from the Fed coupled with a repricing of rate hike expectations from the Bank of England.

Miners heading south

Once again the recent gainers in the industrial mining sector are giving back gains with Antofagasta [LON:ANTO] leading the way south sitting second bottom on the index nursing losses of 2.5%+ after DS Smith [LON:SMDS] (-2.64%).  Anglo American [LON:AAL] is in hot pursuit with losses of 1.7%+ as industrial metals are also under pressure.

Energy heavyweights BP [LON:BP.] (1.55%) and Shell [LON:SHEL] (-0.33%) were also in the red as crude oil prices retreated further to trade sub $78 per barrel.

Segro & Haleon top the table

On the positive side of the ledger Segro [LON:SGRO] sits at the top of the table for the day, as the warehouse specialist stated that it is witnessing robust occupancy numbers as demand increases from a diverse customer base fuelled by limited market supply, investors snapped up the shares driving a 3.5%+ gain on the session.

Consumer health player Haleon [LON:HLN] also saw a healthy 2.9% return on the day, the business reported better than expected first quarter results with revenue growth of 9.9% with fiscal year 2023 revenue now set to come towards the upper end of guidance.

UK rates to rise again?

A potential BoE interest rate rise was once again in focus as higher than expected UK consumer prices data did little to allay inflation concerns, all of which is leading to an investor buying strike in the face of stubbornly elevated inflation fears.

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

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