FTSE 100 goes flat as energy shares fall and blue chips rise

FTSE 100 goes flat as energy shares fall and blue chips rise

On Friday, the FTSE 100 struggled to find a direction as gains in consumer favorites and banking sectors offset losses in energy equities, while mid-caps were boosted by private equity company Bridgepoint Group.

Oil majors BP Plc and Shell Plc lost 1.5 percent and 1.1 percent, respectively, as oil prices dropped further ahead of a meeting of consuming economies to discuss a new release of essential oil stocks.

Unilever and other blue-chip stocks gained more than 1% each, giving the index the biggest boost. The stock of Bridgepoint Group increased by 3.8 percent after Citigroup upgraded it.

Because of the current COVID-19 epidemic in Shanghai, over 50% of U.S. multinational corporations in China have lowered their yearly revenue predictions.

In order to keep production lines running, certain Shanghai manufacturers, including the automotive industry, have turned to using a closed-loop system, in which personnel is confined to the premises.

For nearly a month, Shanghai has been dealing with its worst outbreak. The lockdown was performed in two phases, with the eastern section of the city being targeted first, followed by the western part.

East Money Information Co stated the possibility of holding its annual shareholder meeting at its Shanghai headquarters was very remote.

After a lackluster start on Friday, European markets recovered marginally as a rise in bank stocks helped to offset concerns about economic growth and inflation.

The action is in response to Russia’s growing economic isolation in the aftermath of its invasion of Ukraine. 

On Friday, the index increased by 0.3 percent. Even as Ukraine braced for more attacks in the south and east, negotiations to end the five-week war were due to resume.

On inflation fears, technology companies were one of the worst performers last quarter, falling 17 percent. They were also the first to fall on Friday, down 0.5 percent.

Volatility in France could be exacerbated by the upcoming presidential elections this month. Sodexo, a French catering and food services company, declined 7.9%.

Australia stocks decline at the market closing on Friday. S&P/ASX 200 dropped 0.08%.

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