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Oil prices, China jitters weigh on Britain's blue-chips
November 27, 2017 / 10:08 AM / 18 days ago

Oil prices, China jitters weigh on Britain's blue-chips

LONDON (Reuters) - British shares closed slightly lower on Monday, weighed down by energy and mining stocks as oil prices fell on prospects of higher U.S. output and metals traded lower on weakening demand from China.

A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo

Britain’s blue-chip FTSE 100 index closed down 0.3 percent at 7,386.92, slightly stronger than other major European indices as the euro weakened marginally and sterling edged up.

Miner Antofagasta fell 3.6 percent, with rivals Anglo American and Fresnillo down 2.2 and 1.9 percent respectively.

Software company Micro Focus, which completed an acquisition of much-larger Hewlett Packard Enterprise’s software assets earlier this year, led the decliners with a fall of 3.7 percent after a downgrade to “hold” from Deutsche Bank.

The bank cited the potential for “further execution risk, lack of clarity around further future M&A and a lack of meaningful organic growth potential”.

Healthcare was the top performing sector. GlaxoSmithKline rose 1.8 percent after UBS raised its rating on the stock to “buy” thanks to its “high yield and ample discount”.

Online grocer Ocado stood out among FTSE mid-caps with a jump of 7.3 percent after Credit Suisse said a 20 percent fall in the stock over the past four weeks was overdone. It was also helped by a Swedish press report that it was about to reach an agreement with ICA Gruppen for a so-called dark store.

Just Eat is poised to join the FTSE 100 when quarterly reshuffle results come out on Wednesday, thanks to rapid growth in the food delivery app whose market cap has ballooned to overtake Marks & Spencer and Sainsbury‘s.

Reporting by Julien Ponthus and Georgina Prodhan; Editing by Catherine Evans

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