Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Miners drag London stocks lower; Unite Group slips

by Uma
0 comment
2023 08 07T072601Z 1 LYNXMPEJ76070 RTROPTP 4 BRITAIN STOCKS

Miners drag London stocks lower; Unite Group slips

By Shreyashi Sanyal

(Reuters) -The UK’s exporter-heavy FTSE 100 index dipped on Monday, weighed down by heavyweight miners, while shares of Unite Group fell to the bottom of the index after a rating downgrade.

The FTSE 100 index edged 0.2% lower in the first hour of trading, lagging its European counterpart the STOXX 600 index which rose. The FTSE 100 logged a weekly loss on Friday, snapping a three-week winning streak.

Last week investors assessed a widely expected quarter percentage point rate hike from the Bank of England, data pointing to slowing business activity across Europe and a surprise U.S. credit rating cut.

The industrial metals and mining sector fell 1.0% on the day, tracking a decline in copper prices. [MET/L]

Mortgage lender Halifax said British house prices fell in July for a fourth month and the slide looks set to extend into 2024, but the market showed some signs of resilience despite a rise in borrowing costs.

LSL Property Services tumbled 13.5% after an annual profit warning due to subdued activity in the British mortgage market.

“We’re still very much in this period where markets have convinced themselves that there will be no landing,” said Russ Mould, investment director at AJ Bell.

“They’ve also convinced themselves that inflation is going to ease and continue to ease, and there is evidence to the contrary out there on both counts.”

Shares of students accommodation provider Unite Group slipped 0.9% to the bottom of the FTSE 100 after RBC Capital Markets cut its rating to ‘sector perform’ from ‘outperform’.

Bank stocks added 0.5% and were among the gainers on the day, with Natwest Group leading the advance on the FTSE 100.

The midcap FTSE 250 and the FTSE small cap indexes were both flat.

Investors now await second-quarter UK GDP data due later in the week, along with inflation reading from the U.S. and China.

(Reporting by Shreyashi Sanyal and Siddarth S in Bengaluru; editing by Eileen Soreng)