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* Cineworld slides after posting annual loss
* Rio Tinto falls on class action lawsuit
* FTSE 100 down 0.6%, FTSE 250 off 0.6%
(Updates to close)
By Shivani Kumaresan and Amal S
March 25 (Reuters) - London's FTSE 100 ended lower on
Thursday on a slide in energy and mining stocks, while concerns
over renewed coronavirus lockdowns in Europe dented optimism for
a swift economic recovery.
The blue-chip FTSE 100 index ended 0.6% down, with
oil heavyweights BP Plc and Royal Dutch Shell Plc
falling 2.6% and 2.9% respectively, weighed by weaker
crude prices.
Miners including Rio Tinto , Anglo American ,
Glencore and BHP were among the biggest drags,
falling between 1.3% and 3.9%.
"Investors seem increasingly concerned that the reopening of
the global economy is going to experience more setbacks, meaning
it is no longer a given that we'll see soaring commodities
demand," said Russ Mould, director at investment platform AJ
Bell.
"The market was high on vaccine-inspired euphoria in late
2020, pricing in a lot of future earnings growth before it
happened. Now reality is sinking in that earnings forecasts
could turn out to be too optimistic."
The FTSE 100 and the mid-cap FTSE 250 indexes have
recovered more than 36% and 72%, respectively, from a
coronavirus-driven crash last year as investors bet on a
vaccine-led economic rebound. But a recent rise in coronavirus
cases has dampened sentiment. (Graphic: https://tmsnrt.rs/34pvUyi)
Meanwhile, Bank of England Chief Economist Andy Haldane said
he remained confident that Britain's economy was poised for a
quick bounce-back as the country races ahead with its
coronavirus vaccinations and restrictions are lifted.
The domestically focused mid-cap FTSE 250 fell 0.6%, weighed
down by consumer discretionary stocks.
Cineworld fell 7.6% to the bottom of the mid-cap
index, after saying it plans to ask shareholders to approve a
raise in its debt ceiling next month to allow it to borrow more
money to shore up its shattered finances, following a $3 billion
loss in 2020.
Rio Tinto fell 1.3% after the largest minority
shareholder in miner's Mongolian copper project Oyu Tolgoi has
filed a class action lawsuit in New York, claiming the company
concealed massive cost overruns and delays.
(Reporting by Shivani Kumaresan and Amal S in Bengaluru;
Editing by Subhranshu Sahu and Lisa Shumaker)
15 Apr 2024 11:56
LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions
(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.
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