LONDON: UK stocks climbed on Monday, moving near a third successive rise, increasing beside the broader European market as shareholders look ahead to the possible start of a bond-buying agenda from the European Central Bank.
The FTSE 100 UKX, +0.11% rose 0.4% to 6,577.82, with only five components moving lower. Topping the benchmark were shares of supermarket chain Tesco PLC TSCO, +2.01% as they gained 3.1%. Morgan Stanley upgraded Tesco to overweight from equal weight.
But losing ground were miner Rio Tinto PLC RIO, -2.34% and oil producer BP PLC BP., -1.27% as those shares were off 0.7% and 0.2%, respectively.
BHP Billiton PLC BLT, -1.89% BHP, +3.11% BHP, +2.44% shares were off 0.4% following a Reuters report that the miner may have to cut $4 billion in planned spending on U.S. shale wells. The report said BHP may also write down shale assets as it grapples with falling prices for key metals, including iron ore and copper.
Rounding out the decliners early in the session, energy-engineering firm Weir Group PLC WEIR, -1.07% shed 0.2%, as did oil firm BG Group PLC BG., -0.67% which was raised to neutral from overweight by J.P. Morgan.
European stock markets slide at open 25 june 2018
London:Europe's main stock markets dropped 0.7 percent in opening deals on Monday, as investors worried over the festering global trade...
