(Reuters) -London’s main indexes were little changed on Tuesday, with investors focusing on the latest tariff updates and a mixed bag of corporate news.
Both the blue-chip FTSE 100 and the domestically focussed mid-cap index were flat by 1000 GMT U.S. President Donald Trump told 14 nations on Monday, including Japan and South Korea, that they face 25% tariffs from the new deadline of August 1, but also hinted at opportunities for further negotiations.
Britain and Vietnam remain the only nations to have struck a deal and avoid the new levies, which are separate from existing tariffs on autos, steel and aluminium.
Sectoral gains were led by precious metal mining stocks, which rose 2.3% as gold prices remained steady, with Hochschild adding 4.1%, while Fresnillo and Endeavour Mining gained 2.5% and 1.6%, respectively.
Industrial metals also rose with copper prices edging higher. Glencore was up 2.9%, while Anglo American and Antofagasta were marginally up.
On the flipside, personal goods index fell 1.5%, weighed down by luxury brand Burberry dropping over 2%.
Among individual stocks, Victrex was the bottom performer on the midcap index. The polymer manufacturer’s shares fell 8.7% after it appointed a new CEO and gave a tepid second-half profit outlook.
Meanwhile, mining giant Rio Tinto’s yet-to-be-named CEO should be open to merger and acquisition deals along with sharpening productivity and cost cuts, sources told Reuters. The news gave mining shares a marginal boost.
Fast fashion retailer Shein has filed for an IPO in Hong Kong to accelerate its listing process and pressure Britain’s regulators to approve its London debut, the Financial Times reported on Tuesday.
The UK stock market has lost out on major IPOs in recent months as companies have changed their plans amid investor pushback on market valuations.
UK GDP data is expected later this week.
(Reporting by Twesha Dikshit; Editing by Vijay Kishore)
