The FTSE 100 Index Closes 0.09% Lower

The FTSE 100 Index dropped 10 points or 0.09 percent on Tuesday to close at 10812 points. Losses were led by Computacenter (-5.09%), Smith & Nephew (-4.56%) and GlaxoSmithKline (-2.48%). Offsetting the fall, top gainers were Antofagasta (4.69%), Glencore (4.05%) and Weir (3.52%).

The FTSE 100 was little changed on Tuesday, with declines across pharma, consumer and banking stocks offset by gains in commodity-related shares. AstraZeneca fell 1.3%, while GSK dropped 2.5%. BAT declined 0.7% and Rolls-Royce slipped 0.5%, while Lloyds Banking led losses among the banks, falling 1.2%. Computacenter closed 5% lower after initially rallying on strong results. In contrast, energy and mining stocks advanced as commodity prices strengthened. Shell gained 0.7% and BP rose 0.8%, while Rio Tinto added 1.5%, and Glencore surged 4% as copper prices extended their gains to another record high. Higher oil prices added to concerns that inflationary pressures could keep interest rates elevated, with Brent crude approaching $100 a barrel before paring some gains. Meanwhile, UK retail sales increased 0.7% in August, according to the British Retail Consortium, significantly below the 1.6% 12-month average and the 3.1% growth recorded in August last year.

The FTSE 100 traded slightly lower as global stocks weakened and Brent crude approached $100 a barrel, reinforcing expectations that central banks may need to keep raising interest rates to contain inflation. Banks were among the worst performers, with Lloyds Banking Group, HSBC Holdings and Barclays falling between 1.3% and 1.7%, while NatWest and Standard Chartered also declined. Pharma stocks AstraZeneca and GSK slipped around 0.5%-0.7%, and Rolls-Royce was down 0.9%. In contrast, Computacenter jumped 4% after strong results, benefiting from the boom in data-centre spending. Rising oil prices supported energy stocks, with BP up 1.5% and Shell gaining 1%. Miners also advanced as copper prices reached another record high, lifting Antofagasta 1.7% and Glencore 1.3%. Meanwhile, UK retail sales grew 0.7% in August, according to the British Retail Consortium, below the 1.6% 12-month average and 3.1% growth recorded in August last year.