Mining and oil stocks send FTSE 100 tumbling as commodity prices tumble By Reuters

© Reuters. FILE PHOTO: British five pound banknotes are seen in this illustration taken November 14, 2017. REUTERS/Benoit Tessier/Illustration

(Reuters) – The United Kingdom fell in early trading on Tuesday, led by mining and oil stocks, as commodity prices fell on concerns over a resurgence of COVID-19 cases in China, while Imperial Brands (LON:) shares fell after a profit warning.

The commodity-heavy FTSE 100 fell 1.4% at 0819 GMT, while the mid-cap index fell 1.0%.

Britain’s oil and gas index fell 1.6% as crude prices fell to two-week lows, while industrial miners fell 3.1% as most oil prices metals fell. [O/R] [MET/L]

Imperial Brands fell 1.5% after saying its exit from Russia would have a slight impact on its full-year profit and the cigarette maker had entered into talks with a third party to transfer assets amid the Ukraine crisis.

Events Group Information Plc (LON:) rose 1.2% after posting a higher annual profit as more trade shows and conferences resumed after the pandemic pause and its digital business grew.

Data showed Britain’s unemployment rate fell more than expected to 3.9% in the three months to January as the country grappled with the Omicron wave of coronavirus.

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Felix J. Dixon