FTSE 100 movers: Weaker oil, gas prices hit majors

(Sharecast News) - FTSE 100: 7,496.17, -0.01% at 1415 GMT. London stocks edged lower as investors continued to fret about surging Covid cases in China and Beijing's decision to lift travel bans.

"Most FTSE 100 stocks are in the red with only a handful of names including Homeserve and United Utilities in the green as risk-off sentiment grips global markets as we head towards the end of the year," said Interactive Investor head of Investment Victoria Scholar.

US officials overnight joined other countries in demanding negative Covid tests from all travellers arriving from mainland China. Britain, which failed to move quickly enough more than two years ago to impose restrictions, once again said it had no plans to require negative tests.

Beijing has announced a dismantling of its strict zero-Covid policy which had led to protests across the country over its impact on the economy. On Monday, the country said it would bring an end to mandatory quarantine on arrival, leading to a spike in travel plans by citizens.

Japan, Taiwan, Italy, Malaysia and South Korea have all announced to deal with an expected influx of travellers from China.

With the New Year holiday approaching there was understandably a dearth of major corporate news.

Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging Covid-19 cases in China. The news hit majors Shell and BP while a fall in European and UK gas prices saw shares in British Gas owner Centrica fall.

The month-ahead European gas future contract fell as low as €76.78 per megawatt hour, its lowest level in 10 months, according to market data, driven by unusually warmer temperatures this winter and consumers cutting back usage amid soaring energy bills.

FTSE 100 - Risers

Scottish Mortgage Inv Trust (SMT) 702.60p 1.83% Airtel Africa (AAF) 112.30p 1.17% Next (NXT) 5,712.00p 0.95% Beazley (BEZ) 683.50p 0.81% Entain (ENT) 1,319.50p 0.80% Prudential (PRU) 1,131.50p 0.71% Melrose Industries (MRO) 133.60p 0.68% Schroders (SDR) 441.20p 0.64% Rio Tinto (RIO) 5,851.00p 0.57% Pershing Square Holdings Ltd NPV (PSH) 2,895.00p 0.52%

FTSE 100 - Fallers

Antofagasta (ANTO) 1,565.00p -1.36% International Consolidated Airlines Group SA (CDI) (IAG) 124.66p -1.24% Whitbread (WTB) 2,591.00p -1.18% Frasers Group (FRAS) 712.50p -1.18% Rolls-Royce Holdings (RR.) 91.87p -0.83% BT Group (BT.A) 114.25p -0.82% Relx plc (REL) 2,301.00p -0.82% Imperial Brands (IMB) 2,079.00p -0.81% Sainsbury (J) (SBRY) 216.80p -0.78% British American Tobacco (BATS) 3,307.50p -0.75%