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FTSE 100 sinks into the red despite gains for energy stocks

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The FTSE 100 closed 32.5 points lower, or 0.43%, to 7,593.22.

The UK’s top stock index languished on Wednesday as meagre gains for energy and mining stocks failed to offset heavier afternoon losses.

But the path for interest rates over the rest of the year and into 2024 remains front and centre of investors’ minds, analysts said. In company news, shares in Pendragon – which is at the centre of a three-way takeover tussle – leapt higher after the car dealership group posted higher half-year profits.

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