FTSE 100 flat as mining stocks weigh; Smiths Group top gainer

Shares of Smiths Group jumped 4.1% after the UK-based company signed a binding agreement to sell its medical devices unit, Smiths Medical, and declared a dividend of 26 pence following robust annual earnings. The blue-chip FTSE 100 index was flat with gains in Royal Dutch Shell and BP being outweighed by weakness in miners Rio Tinto and Anglo American.

London's FTSE 100 was subdued on Tuesday as losses in mining heavyweights outweighed strength in energy shares, while Smiths Group topped the blue-chip index after the technology company delivered positive full-year results. Shares of Smiths Group jumped 4.1% after the UK-based company signed a binding agreement to sell its medical devices unit, Smiths Medical, and declared a dividend of 26 pence following robust annual earnings.

The blue-chip FTSE 100 index was flat with gains in Royal Dutch Shell and BP being outweighed by weakness in miners Rio Tinto and Anglo American. The domestically focussed mid-cap index dropped 0.5%, with travel and leisure stocks among the top losers.

In company news, Goldman Sachs' Petershill Partners unit traded at 350 pence per share in its debut. Bookrunners had set a price band of 320 pence-380 pence per share. Shares of Ferguson Plc gained 1.7% after the plumbing parts distributor reported a higher annual profit.