British stocks end lower as energy shares drag, China stimulus boost fades (updated)
25/09/2024 16:59
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FTSE 100 down 0.2%, FTSE 250 off 0.1%
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Mining shares rise as metal prices gain
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Rightmove slips after rejecting takeover bid
(Updated at 1550 GMT)
By Lisa Pauline Mattackal and Shubham Batra
Sept 25 (Reuters) - The UK's main stock indexes ended
Wednesday on a downbeat note, hurt by energy shares tracking
lower oil prices, while miners kept the losses in check as gold
soared to a record high on expectations of another big rate cut
by the U.S. central bank.
The blue-chip FTSE 100 .FTSE was down 0.2%, while the
midcap FTSE 250 .FTMC edged 0.1% lower. The benchmark index
got it biggest boost on Tuesday after China released a raft of
stimulus measures.
However, the optimism faded as market watchers questioned
whether the scope of proposed measures was sufficient to fix
deep-rooted issues in China and spark a sustained resurgence in
consumer and industrial demand.
Even China's central bank reducing its medium-term loan rate
on Wednesday did little to lift sentiment again.
"Monetary policy remains unlikely to move the needle on
Chinese growth... The Chinese economy needs fiscal stimulus and
monetary policy alone isn't sufficient to revive domestic
demand," analysts at BCA Research said in a note.
The biggest sector hurt by this sentiment was oil and gas
.FTNMX601010 , which slid 1.8%, but the pullback in UK equities
was driven by the beverage sector's .FTNMX451010 near 1.7%
drop.
The banking .FTNMX301010 and life insurance sectors
.FTNMX303010 lost about 1.2% and 1.5%, respectively.
However, industrial miners .FTNMX551020 and precious metal
miners .FTNMX551030 built on gains from the previous session,
rising 0.8% and 3%, respectively, as prices of copper and gold
continued to rise.
Among other movers, real estate portal Rightmove RMV.L
lost 1.6% after rejecting a sweetened $8.1 billion takeover
proposal from Australia's REA Group REA.AX , saying the
increased bid was still "unattractive".
Retailer DFS Furniture DFSD.L dipped earlier in the
session after posting a 65.7% slump in annual profit but the
shares reversed course and ended the session with a 6.6% jump.
(Reporting by Lisa Mattackal and Shubham Batra in Bengaluru;
Editing by Savio D'Souza and Gareth Jones)
((LisaPauline.Mattackal@thomsonreuters.com;))
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