Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

FTSE 100 ends lower on commodity weakness; GlaxoSmithKline goes ex-dividend

Stock MarketsNov 18, 2021 17:55
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

By Bansari Mayur Kamdar

(Reuters) - Britain's FTSE 100 ended lower on Thursday as heavyweight mining and energy stocks tracked weak commodity prices, while online gambling software developer Playtech (LON:PTEC) jumped after receiving a third takeover bid in the past two months.

The blue-chip index fell 0.5%, with precious metal and base metal miners leading declines, down 2.6% and 1.5% respectively.

Energy companies Royal Dutch Shell (LON:RDSa) and BP (LON:BP) shed about 1.6% each and were among the top drags on the index after oil prices slid to six-week lows before reversing course, as China said it was moving to release reserves. [O/R]

The FTSE 100 extended losses for a third day and was set to end the week lower after gaining for three straight weeks, as a robust jobs report and data showing inflation at a 10-year high earlier this week heightened rate hike expectations.

"Mounting inflation has helped drag the index back as it raises the likelihood of a pre-Christmas rate rise, thereby boosting the pound," said AJ Bell investment director Russ Mould.

"When some 70% of its constituents' earnings are derived from overseas, strength in sterling isn't that helpful."

Bogged down by supply chain problems and inflationary pressures, the FTSE has struggled to perform as well as its European peers that have extended gains for their seventh day. (EU)

Investors are awaiting October retail sales data on Friday to gauge if higher prices hurt consumer spending.

Homebuilders rose 3.9% led by gains in Crest Nicholson (LON:CRST) after it said its FY21 profits would be marginally ahead of consensus.

Drugmaker GlaxoSmithKline declined 3% as it traded ex-dividend.

Royal Mail (LON:RMG) climbed 9.7% after the company said it would return 400 million pounds ($539.84 million) to shareholders and forecast higher annual earnings in its British business.

Lender Metro Bank slumped 19.6% after U.S. private equity firm Carlyle said talks about a possible takeover offer for the bank had ended.

The domestically focussed mid-cap index advanced 0.6%, with Playtech adding 3.9% after a takeover bid from JKO Play Ltd.

Graphic: Mining stocks have underperformed UK's FTSE 100 https://fingfx.thomsonreuters.com/gfx/mkt/gkvlgdklxpb/MiningandFTSE.png

FTSE 100 ends lower on commodity weakness; GlaxoSmithKline goes ex-dividend
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email