By Pranav Kashyap
(Reuters) – Britain’s benchmark index was largely flat on Monday as gains in commodity-linked stocks were offset by losses in utilities, while investors await insights from Bank of England (BoE) officials this week.
The blue-chip FTSE 100 held its ground at 8,355.90 points by 1010 GMT, while the domestically-focussed FTSE 250 index fell 0.3%.
The oil and gas sector rose 1.3%, with heavyweights BP and Shell gaining 1.9% and 1.1%, respectively.
Precious metal miners advanced 1.8% after gold prices hit a record-high amid uncertainties surrounding the U.S. election. [GOL/]
Industrial metal miners rose 0.3% after prices of most nonferrous metals rose, buoyed by lending rate cuts in China and expectations of further stimulus. [MET/L]
The utilities sector, however, fell 0.6%.
Meanwhile, investors awaited speeches from key Bank of England officials this week, following surprising consumer price index figures for September last week that revealed Britain’s inflation had dipped below the BoE’s 2% target.
On Tuesday, all eyes will be on speeches by BoE Governor Andrew Bailey, Deputy Governor Sarah Breeden, and Monetary Policy Committee member Megan Greene, as investors seek hints on the trajectory of interest rate cuts.
Adding to the anticipation, Britain’s flash PMI figures for October are set to be released on Wednesday, offering further insights into the country’s inflation landscape, while UK’s consumer confidence data is due on Friday.
Among individual stocks, Intertek Group lost 2.1%RBC downgraded the British product testing firm to “sector perform” from “outperform”.
Investor caution was also influenced by uncertainties across the pond, stemming from the U.S. presidential election. [MKTS/GLOB].
(Reporting by Pranav Kashyap in Bengaluru)
