Shell drops; flags Q4 writedown on Singapore assets
Plus500, CMC Markets up on results beat
Energy shares biggest drag
FTSE 100 down 0.2, FTSE 250 adds 0.3

Jan 8 Reuters The UK39;s FTSE 100 on Monday extended losses from last week as energy shares tracked oil prices lower, while investors looked ahead to the start of the earnings reporting period and a slew of economic datasets this week.

The bluechip FTSE 100 fell 0.2 after it started the year on a grim note last week.

Heavyweight oil and gas shares led losses among sectors, dropping 1.5 to a threeweek low after oil prices fell more than 1 on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output.

UK stocks finished the first week of 2024 lower, with FTSE 100 falling by the most since November and the FTSE 250 by the most since early October, as markets scaled back on early rate cut bets.

Goldman Sachs expects the FTSE 100 to rise to 7,900 over the next 12 months, representing a roughly 3 upside for UK stocks from current levels.

Shell slipped 1.9 to the bottom of FTSE 100 as it flagged impairment charges of about 2.5 billion to 4.5 billion for the fourth quarter, mainly related to the Singapore refining and chemicals hub the oil major is looking to sell.

Investors are focusing on the fact that Shell warned that profits from trading oil products and chemicals would be lower resulting in a loss in that division, Victoria Scholar, head of investment, interactive investor, said.

CMC Markets…