Markets: FTSE 100 slips back as commodity stocks drag

The FTSE 100 slipped back again yesterday, falling 0.2% to close at 6,810 as commodity stocks dragged the index down.

By
published
in Features
  • FTSE 100 down 0.2% to 6,810
  • Gold down 2.1% to $1,257.38/oz
  • £/$ - 1.5067

Precious metals miner Fresnillo was the day's biggest faller with a 5.2% fall, while Randgold Resources lost 3%. Royal Dutch Shell lost 4.9% after profits rose less than investors were expecting. BG Group and BP, meanwhile, each fell 1.9%.

In European markets, the Paris CAC 40 rose 21 points to 4,631, and the German Xetra Dax added 27 points to 10,710737

In the US, the Dow Jones Industrial Average rose 1.3% to 17,416, the S&P 500 added 1% to 2,021, and the Nasdaq Composite was 1% higher at 4,683.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Overnight in Japan, the Nikkei 225 gained 0.4% to 17,674, and the broader Topix index rose 0.1% to 1,415. And in China, the Shanghai Composite fell 1.1% to 3,210, and the CSI 300 was 1.4% lower at 3,434.

Brent spot was trading at $49.13 early today, and in New York, crude oil was at $44.66. Spot gold was trading at $1,262 an ounce, silver was at $16.92 and platinum was at $1,224.

In the forex markets this morning, sterling was trading against the US dollar at 1.5075 and against the euro at 1.3290. The dollar was trading at 0.8816 against the euro and 117.74 against the Japanese yen.

And today, Qatar Airways became the biggest shareholder in International Consolidated Airlines after it took a 9.99% stake worth £1.15bn. Akbar Al Baker, chief executive of Qatar Airways, said: "IAG represents an excellent opportunity to further develop our westwards strategy."

David Stevenson, former MoneyWeek writer and director of The Fleet Street Letter, believessilver could be about to start a record climb. Click here(capital at risk)to read about the three irresistible forces David believes could push the price of silver through the roof.

MoneyWeek
Latest