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FTSE 100 at the close: Further BoE action weighs on index

FTSE 100 at the close: Further BoE action weighs on index

By Patrick Munnelly, Market Strategist, Tickmill

The FTSE is hugged the flatline into the close of Tuesday’s trading. The UK’s blue chip index continued to test pivotal support in the 7,250 region before ending the day up 8.73 points (0.12%) at 7,282.52.

Metals make the running

The export heavy index was weighed by a stronger Sterling today. This was somewhat countered by another strong showing from the miners as metal prices remained well supported. The precious metals miners index was up over 1.2% with Rio Tinto LON:RIO up 1.61% and Anglo American LON:AAL up 1.60% leading the charge in the group.

FTSE 100 biggest movers

Additional support for the sector came as the People’s Bank of China (PBoC) announced that it is extending policies related to support for the real estate actor until the end of 2024. Two real estate firms sit at the head of the index today. Land Securities LON:LAND is up 2.72% on the session after the commercial real estate firm maintained a positive outlook, citing strong operational momentum even in the face of ongoing economic uncertainty. And student accommodation provider Unite Group LON:UTG is up 2.98%.

On the negative side of the ledger shares of medical products firm Convatec LON:CTEC are down 1.55% on the session and leaves them at the bottom spot on the index today closely followed by Rentokil LON:RTO who slid 1.67%.

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