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FTSE 100 Subdued As SSE Issues Profit Warning

U.K. stocks were little changed in cautious trade on Wednesday even as markets elsewhere in Europe rebounded sharply ahead of meetings from the European Central Bank and Bank of England on Thursday.

A profit warning by energy utility SSE and the pound's recent gains on hopes for a Brexit deal weighed on markets.

The benchmark FTSE 100 was down 15 points or 0.20 percent at 7,259 in late opening deals after closing 0.1 percent lower the previous day.

Energy provider SSE lost almost 8 percent after a warning that its profits for the first six months of the year would be half compared with last year.

BP Plc rose half a percent and Tullow Oil rallied 2 percent as oil extended overnight gains on falling U.S. crude inventories.

Mining stocks also traded higher, with Antofagasta, BHP Billiton and Anglo American rising between 0.3 percent and 0.7 percent. Commodities trader Glencore jumped 1.8 percent.

Sports Direct International climbed 3.5 percent. The retailer said it expects to achieve between a 5 percent and 15 percent improvement in underlying EBITDA for the current financial year, excluding the acquisition of House of Fraser.

by RTTNews Staff Writer

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