Trade across indices both overnight and throughout the day was muted as the FTSE 100 closed -0.01% down, as the index struggled with weak performance in commodities.
The usual suspects (Glencore, Anglo American, and BHP Billiton) weighed on the index as Gold continued to trade almost $60/oz lower on a month high of $1280/oz, while Brent oil also came under pressure, trading over a dollar lower intraday to $38.93. This marks a slide over the last 7 days of almost 6.5%, as industry data from the US department of Energy last week showed that oil inventories were at their highest for almost eighty years. Given the Easter break was not shared with our American cousins, market participants this side of the pond seem to be still digesting recent news flow.
Associated British Foods was one of the largest gainers, up 3.2% on the back of the proposed takeover of Illovo Sugar. AB Foods, owner of Primark, British Sugar, and agriculture and consumer goods businesses, currently holds a 51.4% interest in Illovo, a large South African sugar producer.
At the close European indices were mixed with the FTSE 100 -0.01%, with the CAC 40 +0.85%, and the DAX 30 +0.37%.
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