London shares open lower as energy stocks weigh
2022.08.05 10:42
FILE PHOTO: Traders from BGC, a global brokerage company in London’s Canary Wharf financial centre react as European stock markets open early June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum. REUTERS/Russell
(Reuters) – UK shares opened slightly lower on Friday, with energy stocks leading the declines, a day after the Bank of England raised interest rates by the most in 27 years.
The FTSE 100 index dipped 0.1%, while the midcaps index also shed 0.1%.
The FTSE 100 index ended flat on Thursday after the British central bank’s Monetary Policy Committee raised its Bank Rate by half percentage point to 1.75% – the highest level since late-2008.
Oil majors Shell (LON:RDSa) Plc and BP (NYSE:BP) Plc fell more than 1% each, weighing the most on the blue-chip UK index.
WPP (LON:WPP), the world’s largest advertising group, increased its annual net sales outlook, but shares of the company fell 5.3% in early trading.
Investors across the globe now await the release of U.S. jobs data, waiting to see whether the Federal Reserve’s aggressive pace of rate hikes is slowing growth in the world’s largest economy.
