Oil masters and Wall Street drop pull FTSE lower

London’s top market had another weak session, as the FTSE 100 was dragged down by the oil masters and caution on Wall Street.

P and Shell helped invest the FTSE in the red as their value declined due to the crude oil prices falling to six-week lows.

London was once again the weakest player of the day amid growing worries about inflation, but saw its European rivals finally join it in the red.

The FTSE 100 closed 35.24 points, or 0.48%, lower at 7,255.96 on Thursday.

Michael Hewson, chief market analyst at CMC Markets, said: “European stocks were overall more resilient this week, with the Dax and Cac 40 once again setting new record highs today, however we retreated into the end, after US markets retreated after initial opening. in positive territory. “

The German Dax decreased by 0.18% and the French Cac decreased by 0.21%

Mr Hewson added: “The FTSE 100 struggles continued today, this time feeling the effects of GlaxoSmithKline ex-dividend, while weakness in BP and Royal Dutch Shell, due to the slipping of oil prices overnight, served as another significant strain overall. I’m sorry. ”

Speculation that the U.S., Japan and China could join forces to try to cover prices meant Brent crude fell to $ 80.30 a barrel at the end, from 81.58.

The pound was 0.14% higher against the weakening US dollar at 1.347, and flat against the euro at 1.191, after a strong recent period against the eurozone currency.

Homebuilders were among the strongest performers of the day as they were boosted by a stronger-than-expected display by Crest Nicholson.

The firm FTSE 250 climbed higher after saying it will surpass revenue leadership, with its shares rising by 17.2p to 351.2p, and took on competitors including Persimmon and Barratt on a similar upward trajectory.

Elsewhere in company news, Royal Mail hit the top of the FTSE 100 after it revealed it would distribute £ 400 million to shareholders after a buffer period for the company during the Covid-19 crisis as internet deliveries soared.

Shares in the supply giant jumped 42.7p to 480.7p at the end of trading as revenue jumped from £ 5.7bn to £ 6.1bn and pre-tax profits rose from £ 17mn to £ 315m in the six months to on September 26th.

Metro Bank fell sharply in value after private equity giant Carlyle concluded negotiations with the business on a possible takeover.

The controversial bank, which has more than two million customer accounts, said it continues to “strongly believe in the group’s independent strategy and future prospects”.

Investors were less confident and saw shares fall 25.9p to 106.4p.

Naked Wines also saw stocks slip after it said availability problems caused by supply chain pressures weighed on new customer growth. It closed 62p lower at 613p.

The biggest lifters on the FTSE 100 were Royal Mail, up 42.7p at 480.7p, Persimmon, up 129p at 2,819p, Berkeley, up 166p at 4,462p, and Taylor Wimpey, up 5.75p at 158.65p.

The biggest falls were Darktrace, down 25.5p at 524.5p, Fresnillo, down 35p at 951.8p, GlaxoSmithKline, down 47p at 1,512p, and Polymetal, down 45.5p at 1,471p.

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