FTSE 100 little changed as commodity shares offset pharma and bank declines

  • FTSE 100 ended little changed as commodity gains offset declines in pharma, consumer and banking stocks.
  • Glencore surged 4% as copper prices extended gains to another record high.
  • UK retail sales increased 0.7% in August, according to the British Retail Consortium.

The FTSE 100 was little changed on Tuesday as losses in pharmaceutical, consumer and banking stocks offset gains in energy and mining shares. AstraZeneca fell 1.3%, GSK dropped 2.5%, BAT declined 0.7%, Rolls-Royce slipped 0.5% and Lloyds Banking lost 1.2%. Computacenter closed 5% lower after initially rallying on strong results. Shell rose 0.7%, BP gained 0.8%, Rio Tinto added 1.5% and Glencore surged 4% as copper prices reached another record high. Brent crude approached $100 a barrel before giving back some gains, raising concerns that inflationary pressures could keep interest rates elevated. UK retail sales rose 0.7% in August, below the 1.6% 12-month average and the 3.1% increase recorded in August last year, according to the British Retail Consortium.

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