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Share Price: 462.90
Bid: 463.15
Ask: 463.35
Change: 0.00 (0.00%)
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UK's FTSE 100 falls as energy stocks slip; Unilever weighs

Tue, 30th May 2023 17:05

Unilever CFO to retire, shares fall

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Rolls-Royce, BAE Systems down after India files graft case

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FTSE 100 hits lowest level since March 29

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FTSE 100 down 1.4%, FTSE 250 adds 0.1%

May 30 (Reuters) - UK's FTSE 100 hit a two-month low on Tuesday, with energy shares leading declines as oil prices slipped, while Unilever dropped after the consumer goods firm announced its chief financial officer would be stepping down.

Unilever slipped 3.0% after the Dove soap maker said its CFO Graeme Pitkethly would leave the company by the end of May 2024.

The internationally-focused FTSE 100 slipped 1.4%, weighed down by energy majors Shell and BP, which fell 3.0% and 2.2% respectively.

The broader oil and gas sector lost 2.7% as oil prices skidded on concerns about the U.S. debt ceiling pact cooling the market's risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.

"A deal may have been struck on the debt ceiling, but it's not fully calmed nervousness on financial markets," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

The bipartisan deal to raise the $31.4 trillion U.S. debt ceiling faces its first test in Congress on Tuesday.

A stronger pound also weighed on the exporter-heavy index.

Rolls-Royce dipped 3.1% after India filed a graft case on Monday against the engine maker and BAE Systems for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers.

BAE Systems was down 0.8%.

The mid-cap FTSE 250 gained 0.1%, as London-listed shares of RHI Magnesita NV jumped 23.6% after the refractory products supplier received an offer to buy 20% of its stock.

UK equities have recently come under pressure on worries over more rate hikes as inflation remains stubbornly elevated. Analysts are concerned that the economy could enter a period of stagflation which would not bode well for company earnings.

Official figures showed Britain's highest inflation in four decades failed to boost company profits last year, with the exception of oil and gas extractors. (Reporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and David Evans)

More News
20 Dec 2023 17:37

US Gulf of Mexico oil auction raises $382 million in high bids

Dec 20 (Reuters) - A Biden administration auction of Gulf of Mexico drilling rights raised more than $382 million on Wednesday, the highest total for a federal offshore oil and gas auction since 2015.

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20 Dec 2023 17:00

Sustainable Finance Newsletter - This time it's different for US SEC climate rules

Dec 20 (Reuters) -

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20 Dec 2023 15:36

Shipping container price surge to reverse due to overcapacity -logistics platform

MUMBAI, Dec 20 (Reuters) - Higher prices for containers used by merchant ships caused by attacks on Red Sea shipping are likely to fall back in three to nine months to levels seen in early December due to market overcapacity, the head of an online container logistics platform said on Wednesday.

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20 Dec 2023 15:05

London close: Stocks rise as UK inflation slows further

(Sharecast News) - London's stock markets saw a notable upswing on Wednesday, driven by encouraging data revealing a greater-than-anticipated slowdown in UK inflation for November.

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19 Dec 2023 20:11

Norwegian Johan Sverdrup crude prices soar on Red Sea shipping issues

LONDON, Dec 19 (Reuters) - Prices for Norway's Johan Sverdrup crude soared on Tuesday, a move traders said could be linked to mounting concerns around the security of crude flows into Europe following maritime attacks by Yemen's Houthis in the Red Sea.

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19 Dec 2023 19:10

US launches Red Sea force as ships reroute to avoid attacks

Crisis is spillover from Israel-Hamas war

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19 Dec 2023 17:14

Shippers mask positions, weigh options amid Red Sea attacks

Dec 19 (Reuters) - A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.

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19 Dec 2023 17:01

LONDON MARKET CLOSE: Stocks close higher ahead of UK inflation data

(Alliance News) - Stock prices in Europe closed higher on Tuesday, after data confirmed that the eurozone is inching closer towards its 2% inflation targets.

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19 Dec 2023 15:02

London close: Stocks manage gains amid holiday slowdown

(Sharecast News) - London's financial markets showed resilience on Tuesday, maintaining positive momentum despite the usual holiday slowdown.

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19 Dec 2023 13:18

UK warns of deteriorating security in Red Sea, Royal Navy ship joins taskforce

LONDON, Dec 19 (Reuters) - Britain warned that the security situation in the Red Sea was deteriorating and ballistic missile and drone attacks were an increased threat, as it agreed for a Royal Navy Destroyer to join a U.S.-led operation to safeguard commerce in the region.

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19 Dec 2023 11:49

LONDON MARKET MIDDAY: FTSE 100 flat; Eurozone inflation cools to 2.4%

(Alliance News) - Stock prices in London were mixed at midday Tuesday, despite news that the eurozone's inflation is edging closer to its 2% target.

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19 Dec 2023 08:47

LONDON MARKET OPEN: Stocks rise as investors pin hopes on US rate cuts

(Alliance News) - Stock prices in London opened higher on Tuesday, with sentiment still buoyed by expectations of rate cuts in the US.

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18 Dec 2023 18:18

Red Sea attacks force rerouting of vessels, disrupting supply chains

Houthis launched series of attacks, latest on Monday

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18 Dec 2023 17:40

Europe Gasoline/Naphtha-Margins slip as Red Sea attacks push oil higher

LONDON, Dec 18 (Reuters) - Northwest European gasoline refining slipped by about $1 to $8.6 a barrel as underlying crude prices rose 3% on mounting attacks on ships in the Red Sea.

Trades   Bids     Offers   Prev.    Sellers  Buyers
(vol.) Trades
Ebob $727.50
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob $728
Barges
E10
Platts(fo
b ARA)
Ebob $735.50 Varo, Trafigu
Barges (4KT) Glencor ra
Argus e
E5(fob
AR)
Ebob $727 Shell, Varo,
Barges 11KT Exxon Totsa
E10 Argus
(fob AR)
Jan. swap $741.25 $725.25
fob ARA
Premium
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes
(cif NWE)
Naphtha Jan
(cif NWE) +$14
<NAF-C-NW
E>

Ebob crack (per barrel) $8.6 Prev. $9.7
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar; Editing by Mark Porter)

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18 Dec 2023 16:55

LONDON MARKET CLOSE: FTSE 100 outperforms European peers

(Alliance News) - Stock prices in London closed higher on Monday, after investors shrugged off hawkish comments from US Federal Reserve officials amid festive cheer.

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