UK Stocks Trade Sideways; Energy Sector Under Pressure
London’s stock markets saw mixed trading on July 7, with the FTSE 100 flat and the FTSE 250 mid-cap index edging up 0.2%, as focus remained on the U.S. delaying tariff implementation to August 1 and progress in trade talks.
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Sector moves were notable:
- Energy stocks slumped 2.6%: Shell (SHEL.L) dropped nearly 3% after cutting Q2 LNG production forecasts; BP (BP.L) fell 1.9%. OPEC+ output increases weighed on oil prices, with mid-caps like Harbour Energy (HBR.L) down over 1%.
- Mining weakened: Ferrexpo (FXPO.L) lost 1.7% as Ukraine’s cancellation of VAT refunds forced iron ore production cuts.
- Retail lagged: Currys (CURY.L) plunged 6.2% following a Royal Bank of Canada downgrade.
Gainers included trading platform Plus500 (PLUSP.L), which topped mid-cap risers on strong Q2 results, and engineering group Weir (WEIR.L), leading blue-chip gains after a Citigroup upgrade.
Policy-wise, Chancellor Rachel Reeves announced £28.6 million in funding for carbon capture projects, aiming to create jobs in central and northern England.
Linked data: Halifax’s house price index showed zero monthly growth in June, reflecting lingering impacts of April’s property tax hikes.
