Business

FTSE 100 ends flat despite good gains for miners

Market trader (file picture) Image copyright Getty Images

Mining companies pulled the UK market higher initially after getting a boost from rising metal prices.

By the close of trade though the benchmark FTSE 100 share index was up just 2 points at 6,777.96.

A 2% rise in copper prices boosted mining shares, with Anglo American up 3% while Glencore rose 2.4%.

Shares in energy firms were also higher after oil prices hit a three-week high on hopes of an output cut by the Opec oil producers' group.

The price of Brent crude rose by 1.76% to $48.62 a barrel. In response, shares in oil giant BP rose 2% while Royal Dutch Shell was also up by about 1.4%.

In the FTSE 250, shares in outsourcing group Mitie were down nearly 10% after it issued a profit warning and reported a £100m half-year loss.

However, Mitie was not the worst performing share in the FTSE 250. Shares in Essentra, which supplies speciality plastic and packaging components, plunged nearly 20% after it issued a profit warning.

The firm now expects operating profits of between £137m and £142m for this year, down from a previous estimate of £155m and £165m.

On the currency markets, the pound rose 1.1% against the dollar to $1.2484, and rose almost 1% against the euro to €1.1768.