The FTSE 100 Index Opens 0.05% Higher

The FTSE 100 traded around the flatline on Wednesday as gains in commodity-related stocks were offset by weakness in banking shares. Lenders came under pressure as investors slightly reduced expectations for a Bank of England rate hike later this year. UK inflation accelerated to 2.9% year-on-year in July from 2.6% in June, in line with market expectations, although traders viewed the increase as largely anticipated due to higher energy costs. The data prompted a modest reduction in rate-hike bets. Smith & Nephew was among the biggest individual fallers, declining as much as 3.7% after CFO John Rogers announced his resignation to take up a position in the US. Meanwhile, energy and mining stocks provided support. BP gained around 1%, while Shell rose 0.6%. Anglo American and Rio Tinto added approximately 0.7% each, and Glencore advanced 0.5%.

The FTSE 100 Index is up by 5 points or 0.05 percent on Wednesday. Top gainers are Melrose (1.19%), Rio Tinto (1.08%) and BT (0.99%). Biggest losses came from Smith & Nephew (-3.60%), Entain (-1.25%) and Land Securities (-1.02%).

The FTSE 100 Index gained 15 points or 0.14 percent on Tuesday to close at 10736 points. Gains were led by Relx (3.18%), BP (3.00%) and Burberry (2.81%). Biggest losers were Weir (-3.22%), Halma (-3.13%) and Fresnillo (-2.87%).