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European Market Updates

Resource Stocks Drag FTSE 100 Lower

By RTTNews Staff Writer   ✉   | Published:   | Follow Us On Google News   | Join Us
rttnewslogo20mar2024

U.K. stocks succumbed to selling pressure on Monday as weak manufacturing data pulled down resource stocks and trade worries persisted ahead of a July 6 deadline when the United States is due to impose the tariffs on Chinese exports.

Meanwhile, the U.K. manufacturing sector growth remained subdued in June, survey results from IHS Markit showed.

The IHS Markit/ Chartered Institute of Procurement & Supply factory Purchasing Managers' Index rose slightly to 54.4 from revised 54.3 in May. The score was almost four points below the 51-month high reached in November 2017.

The benchmark FTSE 100 was down 66 points or 0.87 percent at 7,570 in late opening deals after closing 0.3 percent higher on Friday.

Miners Anglo American and Antofagasta fell over 2 percent while oil major Tullow Oil tumbled as much as 3.4 percent.

Banks also declined, with Barclays and Lloyds Banking moving down over 1 percent each.

Software firm Micro Focus jumped 5 percent after announcing sale of its SUSE business segment to Blitz 18-679 GmbH.

Vedanta Resources surged over 26 percent after chairman Anil Agarwal's family trust agreed to buy the remaining minority stake in the company in a deal that values the mining conglomerate at 2.3 billion pounds.

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Market Analysis

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