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* Travel and leisure stocks among the best performers
* SThree up on strong results, Flutter top gainer on FTSE
100
* FTSE 100 down 0.2%, FTSE 250 adds 0.1%
(Updates to close)
By Shivani Kumaresan and Amal S
March 15 (Reuters) - London's FTSE 100 fell on Monday as
weakness in commodities-linked stocks offset initial gains,
while travel and leisure stocks jumped to near pre-pandemic
levels on optimism over an economic recovery this year.
The blue-chip FTSE 100 index reversed course and
ended 0.2% lower as mining majors Rio Tinto, BHP Group
fell tracking lower iron ore prices in the face of
steel production curbs in China.
Oil majors BP and Royal Dutch Shell, fell
tracking weaker oil prices.
"China is looking to clamp down on emissions and it looks a
little bit more serious this time, and these new regulations are
going hit the bottom-line of steel makers like Rio Tinto," said
Michael Baker, analyst at ETX Capital.
"Market is still optimistic, since January things are
pushing to the upside very gradually. It is heading in the right
direction but it's just been a little bit choppy trading
conditions at the moment."
Travel and leisure stocks, jumped 2.2% to near
13-month highs, with Flutter Entertainment, the
world's largest online betting group topping the FTSE 100 after
saying it was considering listing a small shareholding of its
U.S. FanDuel business.
The domestically-focused FTSE 250 index ended flat.
The FTSE 100 has rebounded more than 37% from a
coronavirus-driven crash last year, but has struggled to reach
pre-pandemic highs as new lockdown measures weighed.
Still, with Britain slowly relaxing curbs, and with
vaccinations expected to pick up pace, investors have turned
optimistic over the economy.
Bank of England Governor Andrew Bailey said that a recent
rise in interest rates in financial markets was consistent with
an improvement in the economic outlook, while a survey showed
British businesses are more likely to expect a rebound in
activity this year than their counterparts abroad.
SThree rose 4.0%, after saying its first-quarter
performance had returned to pre-pandemic levels and exceeded its
expectations.
(Reporting by Shivani Kumaresan and Amal S in Bengaluru;
Editing by Subhranshu Sahu and Marguerita Choy)
