FTSE 100 Slides As Commodity Stocks Decline On Growth Worries
2024-08-05
2302
(fxcue news) - U.K. stocks traded lower on Thursday as commodity stocks slipped on fears over slowing growth in the U.S. and China.
The benchmark FTSE 100 was down 76 points, or 0.9 percent, at 8,090 after gaining 1.8 percent on Wednesday.
Miners Anglo American, Antofagasta and Glencore fell 1-2 percent as iron ore prices dropped below $100 per metric ton in Singapore amid rumors of steel output restrictions in China.
Energy giant BP Plc dropped 1.4 percent and Shell was marginally lower.
Beazley soared 14 percent after the insurer reported better-than-expected first-half results and upgraded its combined ratio forecast for 2024.
Gambling group Entain jumped 8 percent after raising its full-year earnings forecast.
Similarly, housing and social care provider Mears Group added 2.7 percent after raising its full-year guidance.
Recruiter PageGroup dropped 1 percent as it posted a slump in first-half profit on lower revenue amid "challenging" market conditions.
Hikma Pharma climbed more than 7 percent after posting strong half-year results and revising its FY24 guidance.
Housebuilder Persimmon added 3.1 percent. The company expects to build at the top end of its previous housebuilding target range in 2024.
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