Febrile FTSE 100 edges lower as commodity stocks weigh

London's blue chip index was on course for its third-straight weekly loss, with oil majors and miners dragging it lower on Friday as commodity prices slipped on sluggish growth worries. BP and Shell fell 1.6% and 1.3%, respectively, while industrial miners dipped 0.8%. But a weaker pound gave the export-heavy index some support.


Reuters | London | Updated: 17-06-2022 12:58 IST | Created: 17-06-2022 12:57 IST
Febrile FTSE 100 edges lower as commodity stocks weigh
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London's blue-chip index was on course for its third-straight weekly loss, with oil majors and miners dragging it lower on Friday as commodity prices slipped on sluggish growth worries. The FTSE 100 index was down 0.1% by 0717 GMT. BP and Shell fell 1.6% and 1.3%, respectively, while industrial miners dipped 0.8%.

But a weaker pound gave the export-heavy index some support. The domestically focused mid-cap FTSE 250 index advanced 0.5%, after closing at its lowest level since March 2022 on Thursday.

Both the indexes were set for a third straight week of falls as investors grew wary about an economic slowdown after monetary policy tightening by global central banks. Tesco fell 0.3% after Britain's biggest retailer said it was seeing early indications of changing customer behavior due to surging inflationary pressures that had made the market "incredibly challenging".

Shares of rival Sainsbury's edged 0.1% lower.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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