Miners, financials pull FTSE 100 to two-month low; Prudential top drag

Miners, financials pull FTSE 100 to two-month low; Prudential top drag

– London’s FTSE 100 fell to a two-month low on Monday, dragged by heavyweight miners and financial stocks, while concerns about rising inflation also weighed on the index ahead of a rate decision by the Bank of England (BoE) this week.

The blue-chip FTSE 100 index dropped 0.9%. Miners Glencore and Rio Tinto and financial stocks Prudential and HSBC Holdings led the declines.

Britain’s Prudential Plc fell 4.6% to be the top loser on the FTSE 100 after saying on Saturday it plans to raise HK$22.5 billion ($2.9 billion) through a concurrent public offer and international share placing on the Hong Kong Stock Exchange.

The domestically-focussed mid-cap index fell 0.8%, with travel stocks being among the top drags.

Investors now await the BoE’s policy meeting this week for a timeline on its plan to ease its massive pandemic stimulus, against the backdrop of rising price pressures due to supply chain disruptions and higher energy prices.

Energy stocks were also among top losers, with shares of heavyweights Royal Dutch Shell and BP falling 1.2% and 0.7% respectively.

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