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FTSE 100 falls over 1% as Bank of England holds rate at 3.75%
The FTSE 100 dropped more than 1% on Thursday as the Bank of England held its key interest rate at 3.75%. The benchmark index was down 108.98 points, or 1.04%, at 10,399.63, with energy and mining stocks leading the decline. The Monetary Policy Committee voted 7-2 to keep the bank rate unchanged, noting that inflation eased to 2.8% in May but is expected to rise later this year. Miners Fresnillo and Endeavour Mining lost 5.5% and 4% respectively, while BP and Shell fell around 1.6% and 1.7%. FirstGroup shares jumped 7% after the transport operator reported solid annual results and announced a new £100 million share buyback.
FGP.LSE · Capital · Positive FirstGroup reported solid annual results and announced a new £100M share buyback, sending shares up 7%.
BP.LSE · Monetary · Negative BoE holds rate at 3.75%, weighing on energy stocks; BP fell ~1.6%.
SHEL.LSE · Monetary · Negative BoE holds rate at 3.75%, weighing on energy stocks; Shell fell ~1.7%.
EDV.LSE · Monetary · Negative BoE rate hold contributed to broad market decline; Endeavour Mining lost 4%.
FRES.LSE · Monetary · Negative BoE rate hold contributed to broad market decline; Fresnillo lost 5.5%.