The FTSE 100 Index Opens 0.51% Lower

The FTSE 100 traded 0.5% lower on Thursday after two sessions of gains, weighed down by weakness in oil companies and miners. Shell and BP fell more than 1% as oil prices extended their declines, while weaker base metal prices dragged on mining stocks, with Rio Tinto down 1.6%, Glencore falling 1.6% and Anglo American declining 2%. Tesco shares dropped more than 2% after weaker-than-expected sales growth in the first quarter, with the retailer blaming part of the slowdown on adverse weather. UK comparable sales rose 1.8% in the three months to the end of May, below forecasts of 2.7%. Several stocks also traded ex-dividend, including Persimmon, Land Securities and 3i Group. Focus now turns to the Bank of England’s rate decision after stronger-than-expected jobs data. The BoE is expected to hold rates steady as inflation pressures ease and energy prices fall. The Federal Reserve also kept rates unchanged, though nine of 19 policymakers now expect at least one rate hike this year.

The FTSE 100 Index is losing 54 points. Losses were led by London Stock Exchange (-3.66%), Fresnillo (-2.99%) and Entain (-2.75%). Offsetting the fall, top gainers were Melrose (3.02%), Informa (2.31%) and International Airlines Group (0.95%).

The FTSE 100 Index rose 10 points or 0.10 percent on Wednesday to close at 10504 points. Leading the gains are Endeavour (4.48%), Barclays (3.40%) and Persimmon (3.25%). Top losers were Entain (-4.45%), Marks & Spencer (-3.28%) and Halma (-3.13%).