LONDON MARKETS: FTSE 100 Weighed By Losses For Miners, Oil Producers

By Carla Mozee, MarketWatchFeaturesDow Jones Newswires

GKN reportedly considering splitting up in two

U.K. stocks sagged Monday, with mining shares losing ground as a new trading week got under way, but gains for industrials companies helped cushion the loss.

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The FTSE 100 index fell 0.1% to 7,514.98, led by commodity and financial shares. The index on Friday closed up less than 1 point ( That marked a 0.2% loss last week, breaking a four-week run of gains.

Mining shares moved lower alongside a pullback in metals prices, including gold , copper and palladium . Shares of copper producer Antofagasta PLC (ANTO.LN) fell 0.8%, Anglo American PLC (AAL.LN) gave up 0.4% and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) dropped 0.8%.

Dollar-denominated metals prices were lower as the U.S. dollar rose against most major rivals, largely against the euro and the Japanese yen . Euro traders were looking ahead to the European Central Bank's policy decision due Thursday, while yen traders sold the Japanese currency after this weekend's general election that delivered a convincing majority to Prime Minister Shinzo Abe's party ( Abe's win raises the prospect for continued loose monetary policy.

Oil prices resisted strength in the dollar, but shares of oil major BP PLC (BP.LN) (BP.LN) dropped 0.6% and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) was down 0.3%.

The pound traded at $1.3193, up from $1.3188 late Friday in New York.

Corporates: GKN PLC (GKN.LN) gained 3% following a Sunday Times report the company is considering a split of its aerospace and automotive businesses (

Spire Healthcare Group PLC shares (SPI.LN) rallied 11% on the mid-cap FTSE 250 after Spire rejected a preliminary takeover approach from major shareholder Mediclinic International PLC ( The offered valued Spire at about GBP1.20 billion ($1.59 billion). Mediclinic shares fell 0.8% on the FTSE 100.

Also off the FTSE 100, Pendragon PLC shares (PDG.LN) plunged 17% after the auto dealer issued a profit warning, citing a decline in demand for new cars and a price correction for used cars. Pendragon also said Chairman Mel Egglenton has stepped down with immediate effect for personal reasons.

"It's the latest sign of retail-woe in the U.K., especially among companies dealing with big ticket items, as the household spending squeeze continues," said Spreadex financial analyst Connor Campbell in a note.

CRH PLC shares picked up 1.5% after the building materials supplier won support of its planned takeover of Ash Grove Cement Co. (ASHG)

(END) Dow Jones Newswires

October 23, 2017 04:21 ET (08:21 GMT)