Oil stocks weigh on the FTSE 100; Darktrace collapses
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FTSE 100 down 0.2%, FTSE 250 down 0.1%
November 3 (Reuters) – London’s FTSE 100 slipped on Wednesday as losses in heavy oil stocks outpaced the miners’ rebound, as traders held back amid uncertainty surrounding a possible UK rate hike.
The FTSE 100 index rich in commodities .FTSE fell 0.2% at 08:13 GMT, with gains in metals inventories .FTNMX551020 offset by the weakness of the Royal Dutch Shell oil majors RDSa.L and BP BP.L. MET / L
UK energy sub-index .FTNMX601010 fell 0.9%, following crude prices after industry data showed a sharp increase in crude oil and distillate inventories in the United States and as pressure mounted on OPEC to increase the offer. WHERE
Many investors expect the Bank of England to raise interest rates on Thursday for the first time since the start of the pandemic amid rising inflation expectations and supply chain issues. However, signs of slowing growth have raised doubts about potential increases.
Cyber security company Darktrace Plc DARK.L extended last week’s losses, down 7.1% after UK private equity firm Vitruvian Partners said it had sold around 11 million common shares of the company.
The mid-cap index focused on the domestic market .FTMC fell 0.1%, with Pets At Home Group PETSP.L down 2.8% after CEO Peter Pritchard agreed to step down.
(Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Shounak Dasgupta)
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