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FTSE 100 Little Changed In Cautious Trade

U.K. shares were little changed on Tuesday as oil prices fell for a second day on oversupply concerns, offsetting investor optimism over Ferguson's £500m share buyback announcement.

The pound slipped after data showed that U.K. construction activity contracted for the first time in over a year.

The benchmark FTSE 100 was marginally higher at 7,440 in late opening deals after rising as much as 0.9 percent on Monday.

Mining giant Rio Tinto advanced 1.3 percent on saying it has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia.

Ferguson shares rallied 2.8 percent. The plumbing supplies group hiked dividend and announced a share buyback plan after reporting a rise in trading profit.

Bakery chain Greggs jumped 2 percent on reporting a 5 percent rise in like-for-like sales in the 13 weeks to the end of September.

Royal Dutch Shell rose half a percent on a Bloomberg report that the company and its partners Eneco Holdings NV and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects.

Coca Cola HBC lost 2.6 percent after announcing the death of its CEO, Dimitris Lois.

Shire Plc slid half a percent after it sued Allergan for allegedly scheming to block doctors from prescribing its new treatment for dry eye disease.

by RTT Staff Writer

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