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FTSE 100 falls as commodity and oil prices decline

02 August 2017 09:18

Weaker commodity and oil prices weighed on the performance of the FTSE 100 as they dragged on the mining and oil sectors.

BHP Billiton (BLT) and Randgold Resources (RRS) were down 0.6% and 0.7% to £13.54 and £69.90, respectively.

Miner Rio Tinto (RIO) disappointed the market after revealing that copper production was 21% lower compared to the first half of 2016, due to the impact of the strike at Escondida in the first quarter of 2017. The stock dropped 1.8% to £34.39.

Shares in oil giants BP (BP.) retreated 1.3%. The FTSE was 0.2% down at 7,411.

Brent crude oil slipped over 1% to $51.20 per barrel and gold cheapened 0.4% to $1,267 per ounce.

FTSE 100 RISERS AND FALLERS

BAE Systems (BA.) was flying 3.3% higher to 624.5p on an expected improvement in the defence budget outlook in several of its markets.

Smurfit Kappa (SKG) announced an improvement in earnings before interest, tax, depreciation and amortisation margins at 13.9%. The company said both Europe and the Americas delivered an improvement thanks to corrugated price recovery, but the stock was flat at £23.18.

Budget airline Ryanair (RYA) said traffic grew 11% to 12.6 million customers and load factor rose to 97% in July compared to July 2016, helping the stock accelerate 2.3% to €18.32.

FTSE 250 RISERS AND FALLERS

Remaining in the airline sector, Wizz Air (WIZZ) also posted strong growth. Over the same period, passenger growth was 23.7% to approximately 2.8 million while load factor increased 1.8% to 94.5%. Shares jumped 1.7% to £26.97.

Bookie William Hill (WMH) reported its online and retail divisions in the UK were growing at or above market growth rates in the 26 weeks to 27 June 2017, sparking a share price rally of 11.5% to 278.7p.

Challenges in the plumbing and heating market weighed on the performance of Travis Perkins (TPK). The builders' merchant said these challenges, including recent investments, dragged adjusted operating profit 2.1% lower to £190m. Shares in the firm ticked 2.4% up to £14.94.

The market was disappointed with Aggreko's (AGK) latest results after half year pre-tax profit fell to £63 million, prompting the stock to decline 0.7% to 867.5p.

Funeral services provider Dignity (DTY) was up 1.3% to £25.90 on a decent set of numbers.

Story provided by StockMarketWire.com

Related Company: BA.

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