LONDON: London’s FTSE 100 ended lower on Wednesday as economic data showed inflation pressures hit record levels this month, while gains in travel and commodity-linked stocks were offset by a slide in consumer staples.
The preliminary reading of the HIS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI) pointed to one of the strongest monthly improvements in business activity since 1998.
The FTSE 100 index inched lower 0.2%, while the domestically focused mid-cap index shed 0.1%
Dollar-earning consumer staples stocks, including Unilever, Reckitt Benckiser Group, British American Tobacco and Diageo Plc fell between 0.4% and 1.2%, and were among the biggest drags.
Oil majors BP and Royal Dutch Shell jumped over 1.6%, while base metal miners and travel stocks gained 0.8% and 6.1% respectively.
Homebuilders dropped 1.4%, with Persimmon among the top losers in the index. The drop came after Persimmon and insurer Aviva agreed to measures suggested by Britain’s competition regulator as part of its long-running investigation into possible mis-selling of leasehold homes and high ground rents.
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