U.K. Stocks Fall Third Day as Energy Producers Slide With Oilby
U.K. stocks erased earlier gains, falling for a third day, as energy producers tumbled amid sliding oil prices, and a surge in sterling hit export-focused companies.
BP Plc and Royal Dutch Shell Plc dropped at least 2.2 percent as crude retreated to the lowest in almost three weeks after U.S. government data showed supplies at the highest seasonal level in more than 20 years. GlaxoSmithKline Plc, which generates most of its revenue internationally, fell 2.4 percent.
The FTSE 100 Index slipped 0.5 percent at the close of trading, extending its loss since Monday to 1.4 percent -- the biggest three-day drop in almost two months. The FTSE 250 Index of mid-cap shares added 0.6 percent today, while Ireland’s ISEQ Index rose 0.2 percent.
The FTSE 100 had earlier climbed as much as 0.7 percent as miners jumped after better-than-expected manufacturing data from China spurred optimism about demand from the world’s biggest user of industrial metals.