FTSE 100 struggles for direction as financials counter gains in energy, mining stocks

FILE PHOTO: Construction work near the River Thames on the Greenwich Peninsula is seen next to the O2 and Canary Wharf financial district in London, Britain February 12, 2018. Picture taken through glass from the Emirates Air Line cable car. REUTERS/Russell Boyce

(Reuters) – London’s FTSE 100 struggled for direction on Friday as heavyweight financials negated gains in mining and energy stocks, while investors awaited the U.S. Federal Reserve’s Jackson Hole symposium for signs on early bond tapering.

The FTSE 100 was flat at 7,125.19 with HSBC Holdings, Prudential and Lloyd’s being among the top drags.

The domestically focussed mid-cap index rose 0.1% to hover near record highs.

Energy shares, industrial miners and travel stocks have been top performers this week. Travel stocks were on course to end their best week since March on higher demand amid easing lockdowns.

Among stocks, British subprime lender Amigo jumped 4.4% after it posted a steep rise in first-quarter profit, although it reiterated there was “material uncertainty” about its ability to continue as a going concern.

Food delivery company Just Eat Takeaway dropped 2.3% to be the top FTSE 100 loser after the New York City Council approved legislation to permanently cap commissions delivery apps can charge restaurants.

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