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Oil majors, Fresnillo drag FTSE lower

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By Reuters
Oil majors, Fresnillo drag FTSE lower
FILE PHOTO: Traders work at their desks whilst screens show market data at CMC Markets in London, Britain, December 13, 2018. REUTERS/Henry Nicholls   -   Copyright  HENRY NICHOLLS(Reuters)
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(Reuters) – Oil majors pulled London’s main index lower on Wednesday as stock market investors priced in an overnight slide in crude to one-week lows, while miner Fresnillo tumbled on a cut in its annual production forecast.

Shares of Shell <RDSa.L> and <BP.L> were by far the biggest drags on the blue-chip index in early deals, pulling the FTSE 100 <.FTSE> 0.1% lower by 0707 GMT. The mid-cap FTSE 250 <.FTMC> also dipped around 0.1%.

Precious metals miner Fresnillo <FRES.L> slid almost 5% to the bottom of the FTSE 100 after it cut its annual production targets, citing lower-than-expected ore grades and construction delays at a gold mine in Mexico.

(Reporting by Shashwat Awasthi in Bengaluru)

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