BRUSSELS (dpa-AFX) - The U.K. stock market's benchmark FTSE 100 drifted lower on Thursday, weighed down by a sell-off at the Associated British Foods counter to a significant extent. Worries about inflation and monetary tightening by central banks due to elevated oil prices hurt as well.
Brent crude futures climbed to $102.72 before easing a bit to $102.25, still remaining more than 1% up from previous close.
The benchmark FTSE 100 was down 32.70 points or 0.31% at 10,637.36 about a quarter past noon.
Associated British Foods tanked nearly 11% despite the company raising its adjusted earnings guidance. The stock fell due largely to the negative outlook from the Sugar division.
The company confirmed that Primark will launch home delivery across Great Britain from a new automated fulfilment site in Sheffield.
Miners Antofagasta and Anglo American Plc lost 4.7% and 4.2%, respectively. Glencore, Rio Tinto and Endeavour Mining shed 2.4%-2.6%, while Fresnillo declined 1.1%.
M&G lost 2.8%. Computacenter, Airtel Africa, Melrose Industries, Halma, Croda International, IMI, 3i Group, HSBC Holdings, Marks & Spencer, Centrica and Polar Capital Technology Trust fell 1%-2%.
Electricals retailer Currys dropped about 1.3%. The company backed its annul view after reporting a 7% rise in like-for-like sales for the 17 weeks to August 29.
Compass Group climbed more than 2%. Whitbread, Hiscox, IAG, ICG, Entain, BP, JD Sports Fashion, Imperial Brands, St. James's Place, Smith & Nephew, Metlen Energy & Metals and Howden Joiner Group gained 0.7%-1.3%.
In economic news, the RICS UK Residential Market Survey showed that the house price balance improved to -28% in August from an upwardly revised -29% in July, reaching a five-month high as the housing market showed signs of stabilizing.
Property prices are still expected to fall over the next three months but stabilize over a 12-month horizon, the survey said. RICS warned that higher interest rates or heavier property taxation after October's budget could weigh on prices.
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