British stocks struggled for direction in Wednesday early trade as mining companies getting hit when metals prices dipped across the board.
The FTSE 100 index grew to 5,655.52 or 0.4%, but then fluctuated between losses and gains. On Tuesday, the London benchmark demonstrated its weakest closing level since November 2012, as investors had to dump their risk assets driven by worried over the ongoing slump on oil prices and a global economic slowdown.
On Wednesday, oil rebounded a little, but not enough to ensure confidence in global markets and relive recent anxiety.
Crude oil prices may try going up, but they’re still staying in the so-called distressed territory, under $30 a barrel, as a market analyst of Trustnet Direct, states.
In the FTSE, mining shares demonstrated one of the largest losses on Wednesday. Apart from that, stocks of Glencore PLC dropped 3.2%, Fresnillo PLC lacked 2.6%, while BHP Billiton PLC sagged 1.9%.
As for other fallers, stocks of computer-chip designer ARM Holdings PLC dipped 5%, notwithstanding a recent gains report from the Apple supplier.
In the morning, investors are turning their attention to the upcoming British industrial production data.