UK equities mixed as investors assess tariff-related updates, company news
The blue-chip FTSE 100 (.FTSE), opens new tab was flat by 0910 GMT, while the domestically oriented midcap index (.FTMC), opens new tab rose 0.2% after ending the previous week in the red.
U.S. President Donald Trump said on Sunday that Washington was close to several trade agreements and would notify other countries of higher tariff rates set to go into place on August 1, a delay from the July 9 deadline.
Oil and gas (.FTNMX601010), opens new tab stocks weighed on the index, dropping 2.6%, with energy giant Shell (SHEL.L), opens new tab losing almost 3% after trimming its second-quarter outlook for integrated gas division and liquefied natural gas production ahead of full results.
Other oil companies also came under pressure with oil prices slipping after OPEC+ hiked output above expectations in August. BP (BP.L), opens new tab was down 1.9%. Diversified Energy , Harbour Energy (HBR.L), opens new tab and Ithaca Energy (ITH.L), opens new tab all fell over 1% on the midcap.
Among individual stocks, miner Ferrexpo (FXPO.L), opens new tab slid 1.7% as iron ore production fell after the discontinuation of Ukraine's value-added tax refunds reduced operations.
Electricals retailer Currys (CURY.L), opens new tab fell 6.2% and led midcap losses, after an RBC downgrade.
Online trading platform Plus500 (PLUSP.L), opens new tab was among the top gainers on the FTSE 250 after positive second-quarter results.
Weir Group (WEIR.L), opens new tab was the top gainer on the blue-chip after Citigroup raised its rating and price target.
On the data front, Halifax data showed that British house prices stagnated in June from the previous month following the increase in tax on property transactions from April.
In other news, British finance minister Rachel Reeves is set to announce a 28.6 million pound ($39 million) investment into a carbon capture project, which is expected to create jobs in central and northern England.
($1 = 0.7325 pounds)
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