The FTSE-100 benchmark of the London Stock Exchange faltered in trade on the last day of the month as oil stocks tracked crude prices lower. Crude oil futures slumped following reports of the U.S. planning to dip into strategic oil reserves and of the International Energy Agency planning to coordinate a similar exercise by other countries.
Crude Oil WTI Futures for May settlement is trading more than 6 percent lower at $101, whereas Brent Oil Futures for June settlement is trading more than 5 percent lower at $105.16. BP is down 2 percent whereas Shell is down 0.33 percent.
Meanwhile, data released earlier in the day showed fourth quarter current account deficit narrowing sharply to 7.3 billion pounds from 28.9 billion pounds in the previous period and market forecasts of 17.6 billion pounds.
GDP growth in the fourth quarter clocked 1.3 percent, versus 0.9 percent gain in the previous quarter. YoY growth in GDP recorded a 6.60 percent jump.
House prices jumped by 12.6 percent year-on-year in February, compared to a 11.2 percent increase in January and versus expectations of a 10.7 percent rise. On a monthly basis, prices climbed 1.7 percent.
FTSE 100 oscillated between 7,553 and 7,595, versus the previous close of 7,579.
The benchmark index of the London Stock Exchange is currently trading at 7.560.57, down 0.24 percent on an overnight basis.
In the 100-scrip index, 52 scrips have declined over Wednesday’s levels.
Intermediate Capital Group added 2.82 percent. Pearson, rallied 2.62 percent after Apollo Global Management gave up its unwelcome bid.
Vodafone group dropped more than 3 percent. Next lost a little less than 3 percent after peer H&M reported earnings miss in first quarter and revenue drop in March.
Lloyds Banking group is the most active scrip with a turnover of 67 million. The scrip has lost around half a percent.
The GBPUSD pair dropped by 0.07 percent to 1.3122 amidst the Dollar Index strengthening to 98.15 from the previous close of 97.79.
Yields on U.K.’s ten-year bonds eased to 1.6265 percent from Wednesday’s close of 1.6660, in sync with the global decline in yields.
Business News
FTSE-100 Falls Tracking Slump In Oil Prices
2022-03-31 12:18:24
