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The domestically focused midcap FTSE 250 index fell 0.5%, weighed by weakness in consumer discretionary shares.Īssociated British Foods slid 5.0% after it warned on margins at its food businesses and said its clothing chain Primark is set to raise prices due to severe inflationary pressures. “What you probably can say is it’s indeed a buy on dip but it is done without any sense of certainty … and especially European equities are quite cheap.”ĭefensive names AstraZeneca, Unilever, British American Tobacco and Diageo gained between 0.8% and 1%, providing the biggest boost to the FTSE 100 index. “The market is trying to find its footing and trying to price what’s happening in China,” said Sebastien Galy, a senior macro strategist at Nordea Asset Management. However, gains were capped overall on global growth fears stoked by China’s strict COVID-19 curbs and an expected streak of aggressive policy tightening by central banks. Oil majors Shell and BP rose 2.4% and 2.9% respectively, while Glencore led advances among miners with its 3.4% rise after Barclays raised the stock’s price target. The blue-chip index closed 0.1% higher, a day after hitting its lowest closing level since March 18.
London’s FTSE 100 inched higher on Tuesday after a three-day sell off, as resource and defensive stocks rose, while HSBC Holdings and Associated British Foods slid following earnings updates.