FTSE under pressure due to losses in energy shares

FXStreet (Mumbai) – The London’s Ftse index is being restricted to a narrow range with negative bias due to losses in the energy shares after reports of Iran deal pushed crude prices lower.

Drop in oil prices pushes energy shares lower

Crude prices at both the sides of the Atlantic fell more than 1.5% after a top diplomat said a nuclear accord has been signed between Iran, the U.S. and five other world powers. Consequently, the Oil and Gas index fell 0.4%. The Mining Index also declined 0.55%.

Among the index stocks, Weir group fell 1.42%, Royal Dutch Shell fell 0.4%. Oil producer BG group also declined 0.3%. Also trading lower were shares of broadcaster ITV PLC ITV, -1.16% down 1.3% following a ratings downgrade by Deutsche Bank to sell.

Meanwhile, gainers include names like SKY PLC, Meggitt, J Sainsbury, IAG and Unilever.

The London’s Ftse index is being restricted to a narrow range with negative bias due to losses in the energy shares after reports of Iran deal pushed crude prices lower.

(Market News Provided by FXstreet)