Bulletin
Investor Alert

New York Markets Close in:

London Markets Archives | Email alerts

Nov. 29, 2021, 11:23 a.m. EST

Resource stocks drive gains for FTSE 100 after biggest drop since the early days of the pandemic

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FTSE 100 Index (UKX)
  • X
    British Pound (GBPUSD)
  • X
    Copper Continuous Contract (HG00)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer

London stocks rose on Monday after suffering the worst one-day drop since the early days of the pandemic, due to the revelation of the omicron variant of COVID that some worry could end up more contagious than delta.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -2.63% was poised to finish the day with a gain of around 1%, leaving the main index at 7,119.56. Friday saw the FTSE drop 3.6%, the biggest one-day point decline since March 27, 2020.  The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.6050% fell 0.2% to $1.3299.

The bulk of London’s Friday losses came from a selloff in resource stocks as investors worried that the omicron variant could weigh on the global recovery if contagion levels rise and more restrictions are needed. All arriving U.K. visitors will need to isolate until they can show a negative PCR test against COVID, and a mask mandate for shops and public transport have been reinstated.

The U.K., as well as other countries have barred visitors from South Africa, which announced the emergence of the variant on Friday, as well as other African nations.

Copper /zigman2/quotes/210054311/delayed HG00 -2.03% and platinum /zigman2/quotes/210261555/delayed PL00 -1.21% prices, along with crude oil /zigman2/quotes/209723049/delayed CL00 -1.97% were rising, after sharp losses on Friday. Those gains pushed heavily weighted shares of Royal Dutch Shell /zigman2/quotes/205095589/composite RDS.A -3.48% /zigman2/quotes/206428183/delayed UK:RDSA -3.33% and BP /zigman2/quotes/202286639/delayed UK:BP -4.75% /zigman2/quotes/207305210/composite BP -4.54% stock rose 3% each. Shares of miners Rio Tinto /zigman2/quotes/202627887/composite RIO -3.46% /zigman2/quotes/208934945/delayed UK:RIO -3.54% and Glencore /zigman2/quotes/201400686/delayed UK:GLEN -5.32% rose nearly 2% each.

The day’s biggest gainer was BT /zigman2/quotes/209006687/delayed UK:BT.A -1.40% , up 6% on speculation that India’s Reliance Group was considering a bid — though that was subsequently denied, said Michael Hewson, chief market analyst at CMC Markets, in a note to clients. He added that there have also been reports that private equity had been looking to acquire BT’s digital network business Openreach.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,297.15
-196.98 -2.63%
Volume: 1.01M
Jan. 24, 2022 4:56p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3471
-0.0082 -0.6050%
Volume: 0.0000
Jan. 24, 2022 2:23p
loading...
/zigman2/quotes/210054311/delayed
US : U.S.: Nymex
$ 4.43
-0.09 -2.03%
Volume: 73,732
Jan. 24, 2022 2:13p
loading...
/zigman2/quotes/210261555/delayed
US : U.S.: Nymex
$ 1,022.60
-12.50 -1.21%
Volume: 15,792
Jan. 24, 2022 2:13p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 83.46
-1.68 -1.97%
Volume: 442,469
Jan. 24, 2022 2:13p
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 46.96
-1.69 -3.48%
Volume: 4.66M
Jan. 24, 2022 2:23p
P/E Ratio
40.13
Dividend Yield
2.69%
Market Cap
$187.21 billion
Rev. per Employee
$2.58M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,747.20
-60.20 -3.33%
Volume: 6.16M
Jan. 24, 2022 4:35p
P/E Ratio
43.18
Dividend Yield
0.04%
Market Cap
£138.12 billion
Rev. per Employee
£1.88M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
364.10 p
-18.15 -4.75%
Volume: 58.71M
Jan. 24, 2022 4:35p
P/E Ratio
15.54
Dividend Yield
3.15%
Market Cap
£74.96 billion
Rev. per Employee
£1.75M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 29.32
-1.40 -4.54%
Volume: 14.59M
Jan. 24, 2022 2:23p
P/E Ratio
15.22
Dividend Yield
4.30%
Market Cap
$101.61 billion
Rev. per Employee
$2.39M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 71.79
-2.57 -3.46%
Volume: 5.03M
Jan. 24, 2022 2:23p
P/E Ratio
6.31
Dividend Yield
9.48%
Market Cap
$121.29 billion
Rev. per Employee
$1.22M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,264.00 p
-193.00 -3.54%
Volume: 3.77M
Jan. 24, 2022 4:35p
P/E Ratio
6.21
Dividend Yield
11.89%
Market Cap
£89.48 billion
Rev. per Employee
£909,114
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
388.25 p
-21.80 -5.32%
Volume: 64.85M
Jan. 24, 2022 4:35p
P/E Ratio
35.52
Dividend Yield
2.28%
Market Cap
£53.68 billion
Rev. per Employee
£843,117
loading...
/zigman2/quotes/209006687/delayed
UK : U.K.: London
186.10 p
-2.65 -1.40%
Volume: 29.24M
Jan. 24, 2022 4:35p
P/E Ratio
18.03
Dividend Yield
4.14%
Market Cap
£18.71 billion
Rev. per Employee
£211,464
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.