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FTSE 100 unchanged, FTSE 250 rises 0.2%
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Oil and gas stocks lead sectoral losses
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Shell drops after trimming second-quarter forecast
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Ferrexpo ( FEEXF ) slides after iron-ore production falls
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Curry falls on RBC rating downgrade
July 7 (Reuters) - London's main stock indexes were
mixed on Monday as investors focused on corporate updates and a
three-week delay in higher U.S. tariff rates, alongside progress
on trade agreements.
The blue-chip FTSE 100 was flat by 0910 GMT, while
the domestically oriented midcap index rose 0.2% after
ending the previous week in the red.
U.S. President Donald Trump said on Sunday that Washington
was close to several trade agreements and would notify other
countries of higher tariff rates set to go into place on August
1, a delay from the July 9 deadline.
Oil and gas stocks weighed on the index,
dropping 2.6%, with energy giant Shell losing almost 3%
after trimming its second-quarter outlook for integrated gas
division and liquefied natural gas production ahead of full
results.
Other oil companies also came under pressure with oil prices
slipping after OPEC+ hiked output above expectations in August.
BP was down 1.9%. Diversified Energy, Harbour
Energy ( PMOIF ) and Ithaca Energy all fell over 1% on the
midcap.
Among individual stocks, miner Ferrexpo ( FEEXF ) slid 1.7%
as iron ore production fell after the discontinuation of
Ukraine's value-added tax refunds reduced operations.
Electricals retailer Currys ( DSITF ) fell 6.2% and led
midcap losses, after an RBC downgrade.
Online trading platform Plus500 was among the top
gainers on the FTSE 250 after positive second-quarter results.
Weir Group ( WEIGF ) was the top gainer on the blue-chip
after Citigroup raised its rating and price target.
On the data front, Halifax data showed that British house
prices stagnated in June from the previous month following the
increase in tax on property transactions from April.
In other news, British finance minister Rachel Reeves is set
to announce a 28.6 million pound ($39 million) investment into a
carbon capture project, which is expected to create jobs in
central and northern England.
($1 = 0.7325 pounds)