FTSE 100 falls as oil prices move higher

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FTSE 100 falls as oil prices move higher

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 FTSE 100 falls as oil prices move higher
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UK Market: The UK stock market was trading in the negative territory on Thursday, with the blue-chip FTSE100 index losing over 0.8 per cent. Meanwhile, brent crude futures remained close to $93 as traders assessed the contentious move of OPEC to reduce the daily production of oil by two million barrels from the coming month. This is the biggest such production cut since the peak of the pandemic. The US government has condemned the move as it has led price forecasts to about $100 per barrel by the end of the year.

Imperial Brands plc (LON: IMB): The shares of the UK-based tobacco business, Imperial Brands plc, were up by 3.14%, with a day’s high of GBX 1,956.50. This happened as the company revealed its plans for a £1 billion share buyback programme.

RS Group plc (LON: RS1): The shares of the distributor of industrial and electronics products, RS Group plc, were up by 1.49%, with a day’s high of GBX 1,021.00. This happened as the company reported that its annual revenues and profits would exceed expectations.

Shell plc (LON: SHEL): The shares of the oil and gas giant, Shell plc, were down by 4.27%, with a day’s low of GBX 2,277.00 after the company gave a warning about the lower third-quarter refining margins.

US Markets: The US market is likely to get a sluggish start, as indicated by the futures indices. S&P 500 future was down by 16 points or 0.42% at 3,778.75, while the Dow Jones 30 future was down by 0.35% or 106 points at 30,208.00. Meanwhile, the technology-heavy index Nasdaq Composite future was also down by 0.35% or 41.25 points, at 11,582.50. (At the time of writing – 8:30 AM ET).

The shares of the food producer, Conagra (CAG), were up by 2% in the premarket trading session after the company announced higher-than-expected quarterly sales and profits.

The shares of the fitness equipment maker, Peloton (PTON), were down by over 4% in the premarket trading session. This happened after the company announced that it was cutting another 500 jobs after earlier rounds of staff reductions.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 6 October) 

   

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group plc (VOD), Rentokil Initial plc (RTO)

Top 3 sectors traded in green*:  Real Estate (0.92%), Industrials (0.28%), Consumer Cyclicals (0.20%)

Top 3 sectors traded in red*: Energy (-3.68%), Basic Materials (-1.50%), Utilities (-0.96%) 

London Stock Exchange: Stocks Performance (at the time of writing):

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $93.43/barrel and $87.84/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,725.25 per ounce, up by 0.23% against the prior day's closing.

Currency Rates*: GBP to USD: 1.1281; EUR to USD: 0.9880

Bond Yields*: US 10-Year Treasury yield: 3.757%; UK 10-Year Government Bond yield: 4.1925%

*At the time of writing

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