FTSE 100 Modestly Lower In Cautious Trade

BRUSSELS (dpa-AFX) - UK stock market showed weakness Wednesday morning, weighed down by losses in mining and energy sectors. Uncertainty surrounding U.S.-Iran peace efforts, and weak commodity prices rendered the mood cautious.The FTSE 100 was down 42.51 points or 0.4% at 10,454.61 a little while a…

The FTSE 100 was down 42.51 points or 0.4% at 10,454.61 a little while ago.

Associated British Foods declined 2.5%. The Primark owner said it expects full-year adjusted operating profit and earnings per share to remain below last year's levels amid deepening losses in its sugar business.

Relx shed 4.3%. Compass Group, Entain and Diageo lost 3.6%, 3.4% and 3.1%, respectively. Experian dropped by about 3%.

Lion Finance, Pershing Square Holdings, JD Sports Fashion, British American Tobacco, Croda International, Games Workshop, Burberry Group, Airtel Africa, Barratt Redrow, Investec, Imperial Brands and Fresnillo lost 1.6%-2.5%.

Shell, Kingfisher, Rio Tinto, IAG, LSEG and and BT Group also drifted notably lower.

Babcock International climbed 5.3%. Sainsbury (J) advanced 3%. BAE Systems, Aberdeen Group, Rolls-Royce Holdings, Melrose Industries, IG Group Holdings, Scottish Mortgage, Marks & Spencer, Prudential, Tesco, Haleon and Standard Chartered gained 1%-2.3%.

Data from S&P Global showed the S&P Global UK Manufacturing PMI posted 52.5 in June, down from May's four-year high of 53.9 and the earlier flash estimate of 53.1.

Data from Nationwide Housing Society showed UK house prices remained flat in June as uncertainty caused by the war in the Middle East and the subsequent rise in fuel prices and market interest rates weighed on the property market.

House prices posted a flat growth in June following a fall of 0.6% in May. Prices were forecast to rise 0.1%.

On a yearly basis, house price growth accelerated to 2.2% in June from 1.7% in May. However, the rate fell short of the forecast of 2.4% increase.