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Oil majors, Ocado weigh on FTSE 100; TUI shines

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Oil majors, Ocado weigh on FTSE 100; TUI shines
FILE PHOTO: People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)
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(Reuters) – The FTSE 100 was largely flat on Monday, as oil majors dipped following United States’ demand to OPEC for higher production, while online supermarket Ocado slipped after disclosing the cause of the fire at its Andover site earlier this year.

The FTSE was 0.17 percent lower by 0740 GMT, while the midcaps were 0.4 percent higher, gaining on the strength in the local currency.

Exporter stocks including the world’s largest spirits company Diageo, Unilever and Reckitt Benckiser lost ground initially as the pound strengthened.

The pound’s rise came after EU’s chief negotiator said on Sunday that the outcome of Brexit talks between British Prime Minister Theresa May’s government and the opposition Labour Party could be known in this week.

Meanwhile, travel groups TUI and Thomas Cook rose over 2 percent after the latter said British holidaymakers are favouring destinations outside the European Union.

Shell and BP slipped as crude prices fell after U.S. President Donald Trump asked producer club OPEC to raise output to soften the impact of U.S. sanctions against Iran.

Ocado shares fell as much as 5.4 percent, to the bottom of the FTSE 100, after disclosing that an electrical fault was the cause of the fire at its flagship distribution centre this year. The dip in internationally focussed stocks and oil companies offset modest gains in Barclays, Lloyds and Prudential in early deals.

(Reporting by Muvija M in Bengaluru; Editing by Keith Weir)

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