FTSE 100 slips as energy stocks weigh; Cranswick rises on upbeat profit forecast

Boosting the FTSE 250 index, Cranswick shares rose 3.5% after the meat producer forecast annual profit at the upper end of current market estimates.

UK's FTSE 100 inched down on Tuesday as lower oil prices pressured energy stocks, while data showed Britain borrowed less than predicted by its budget forecasters ahead of a crucial budget update this week.

The large-cap FTSE 100 dipped 0.1% by 0809 GMT, while the mid-cap index gained 0.1%. Oil futures fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of an OPEC+ meeting this Sunday when the producer group may discuss deepening supply cuts.

Heavyweight energy stocks lost 0.6%, tracking oil prices. The sterling rose 0.2% against the dollar that added further pressure to the exporter-heavy benchmark index.

Britain borrowed less than expected by its budget forecasters in the first seven months of the financial year, data showed a day before finance minister Jeremy Hunt is expected to announce some tax cuts as part of his plan to speed up the sluggish economy. Boosting the FTSE 250 index, Cranswick shares rose 3.5% after the meat producer forecast annual profit at the upper end of current market estimates.

 

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