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Pin to quick picksTaylor Wimpey Share News (TW.)

Share Price Information for Taylor Wimpey (TW.)

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Share Price: 148.75
Bid: 148.75
Ask: 148.85
Change: 1.60 (1.09%)
Spread: 0.10 (0.067%)
Open: 149.20
High: 150.00
Low: 147.75
Prev. Close: 147.15
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Weaker commodity-related stocks push FTSE to 2-week low

Mon, 22nd Aug 2016 15:48

(ADVISORY- Follow European and UK stock markets in real time onthe Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)

* Blue-chip FTSE 100 index closes 0.4 pct lower

* Mining and energy stocks down on weaker metals, oil prices

* Housebuilders feature among top gainers

By Kit Rees and Atul Prakash

LONDON, Aug 22 (Reuters) - Britain's top share index slippedto its lowest level in nearly two weeks on Monday, withcommodity-related stocks leading the market lower following adrop in metals and crude oil prices.

The commodity-heavy FTSE 100 ended 0.4 percentweaker at 6,828.54 points after hitting a low of 6,812.07, thelowest since Aug. 9. The index has fallen 2 percent in a week.

The UK mining index fell 2.7 percent aftercopper hit a five-week low as the dollar gained on hawkishcomments from a Fed official and inventories rose. Otherindustrial metals and gold also fell sharply.

Shares in Anglo American, Fresnillo,Randgold Resources, Antofagasta and Glencore declined between 2.5 percent and 5.9 percent.

The oil and gas index dropped 1.5 percent aftercrude oil prices fell nearly 3 percent as China ramped upexports of refined products, U.S. oil producers added rigs foran eighth consecutive week and prospects emerged for higherexports from Iraq and Nigeria.

"A more hawkish tone from a succession of Fed officialsalong with a sharp slide in oil prices has seen the FTSE 100feeling the worst of the declines due to weakness in the miningand oil and gas sectors," said Michael Hewson, analyst at CMCMarkets, referring to the FTSE's underperformance against a flatSTOXX Europe 600 index.

"(However) housebuilders have managed to attract somefurther buying interest. Some of the more bearish sentimentsurrounding the UK economy and the housing market appears to bedissipating as a host of economic forecasts dial back their morebearish outlooks for the UK economy."

Shares in housebuilders Taylor Wimpey, BarrattDevelopments and Berkeley Group gained between2.5 percent and 3.5 percent.

The shares had fallen heavily following the UK's vote toleave the European Union in June. They have since risen off 2016lows but are yet to break above their pre-Brexit levels.

"On the one hand you've got the possibility of an economicdownturn, but equally you've got really low mortgage rates, andyou also have a very large imbalance in the supply and demand ofhousing ... and that's going to help support property prices,"Laith Khalaf, senior analyst at Hargreaves Lansdown, said. (Editing by Robin Pomeroy)

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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