FTSE 100 watch: Fall in oil keeps Footsie in the red

Centrica shares outperform after trading update

FTSE 100 watch: Fall in oil keeps Footsie in the red

The FTSE 100 index has started the week on the back foot, giving up some of the previous week’s gains, pressured by a fall in oil prices. Shares in British Gas owner Centrica (LON:CNA) meanwhile have been in demand after the company updated investors on its recent performance ahead of its annual general meeting.

FTSE 100 inches lower

As of 12:19 BST, Britain’s blue-chip index had given up 18.50 points to stand 0.24 percent lower at 7,706.05. The Footsie has been subdued today, with oil retreating from last week’s highs in the wake of US President Donald Trump’s announcement that he was planning to withdraw the country from the Iran nuclear deal.

“The FTSE 100 had another excellent week, pushing back to its highest level since the second half of January,” Chris Beauchamp, market analyst at IG, commented in a note, adding that from the current level, the all-time high at 7,796.6 points was the next target, while a pullback towards previous resistance at 7,589 points might find support.

Individual blue-chip movers

Centrica is currently outperforming the broader UK market after reaffirming its full-year targets, despite cautioning that full year production from its Spirit Energy business was now expected to be in the lower half of its targeted range. Centrica’s shares are currently changing hands 0.14 percent higher at 147.36p, having surged more than one percent earlier in the session.

Royal Mail Group (LON:RMG), which is reporting results later in the week, has been one of the session’s biggest fallers in percentage terms so far, having given up 2.06 percent to stand at 618.00p.

The FTSE 100 index was 0.21 percent down at 7,707.95 points as of 12:47 BST on Monday, 14 May 2018.

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