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Miners, Energy Drag UK Stocks Lower; Restaurant Group Jumps

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March 10 Reuters A decline in mining stocks led British shares lower on Wednesday, while energy stocks tracked a decline in oil prices on expectations of a rise in U.S. inventories.

The bluechip FTSE 100 index fell 0.4, with mining stocks, including Rio Tinto, Anglo American and BHP being the biggest drags.

oil producers BP and Royal Dutch Shell were also among the laggards.

Englands COVID19 test and trace system has not yet proven its worth as there is little evidence of its overall effectiveness, the British parliaments Public Accounts Committee said, decrying the unimaginable costs of the programme.

The domestically focused midcap FTSE 250 index fell 0.5, dragged by consumer discretionary stocks.

Restaurant Group rose 13, as it said it was planning to raise 175 million pounds 242.7 million through a share sale after the Frankie Bennys owner posted a bigger loss due to a hit to its business from Britains latest round of lockdowns.

Insurer Legal General fell 0.5, after a 3 dip in 2020 operating profit, hit by a slowdown in housebuilding and demand for life insurance products due to the pandemic.

Reporting by Shivani Kumaresan in Bengaluru; Editing by Rashmi Aich

 

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