FTSE 100 edges lower; house prices jump and Rio Tinto plans lithium expansion – Market Report [Video]

The FTSE 100 dipped into the red despite another good read for the UK housing market.

London’s blue chip was down 10 points at 8,270 after opening 20 higher as financial companies Experian and Pershing Square made early gains.

House prices across the UK climbed at the fastest pace in almost two years last month, according to lender Halifax. A third successive month of increases saw prices jump by 4.7% to an average £293,399 or just £1,000 shy of the June 2022 record.

Oil giants Shell and BP also both edged higher. Shell issued a mixed trading update pointing to lower margins in refining but higher oil and gas production.

BP meanwhile has reportedly abandoned plans to cut its oil and gas output by 2030 in a further and almost final retreat from the ‘greening’ plans set out by former chief executive Bernard Looney.

Finally, Rio Tinto has confirmed a US$3.3 billion offer for Arcadian Lithium, a vertically integrated lithium producer formed from the merger of ASX-listed Allkem and NYSE-listed Livent Corp. Shares in UK-listed Rio were flat at the opening bell.

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