FTSE 100 dips amid struggling commodity shares
On Thursday, British stocks went down, with the benchmark FTSE 100 bouncing back from a more than two-week high.
The FTSE 100 sagged to 5,992.47, a 0.6% dip. The decrease was powered by losses among gas and oil stocks, to say nothing of mining shares. Then, at the bottom of the index, such miners as Glencore PLC and Anglo American PLC dipped 4.1% and 4.5% respectively.
On Wednesday, commodity stocks reported steep gains and it helped to raise the FTSE 100 by approximately 2.9% for the first time since February 1.
Soon market participants will know for sure when the index is capable enough to start retracing the 530pt/9.7% surge, from which investors derived benefits for the last five trading sessions. A breakout would suggest that the uptrend has potential, but we the vast majority of traders put a lot of value on major resistance at 6,150.
Oil key Royal Dutch Shell PLC stocks dropped 0.4% because they didn’t have dividend rights. Its competitor, BP PLC also sagged, showing a 0.5% dip, though crude prices advanced.
Furthermore, other trading losers include drug makers AstraZeneca PLC and GlaxoSmithKline and cruise operator Carnival. Glaxo dipped 0.3%, AstroZeneca acquired 1.4%, and Carnival gained 0.2%.