© Reuters. A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo
(Reuters) – 100 was flat in early trade on Wednesday, as gains in mining stocks offset losses in British American Tobacco (LON:) (BAT) after the cigarette maker said it would take a $31.5 billion impairment charge.
By 0807 GMT, the blue-chip FTSE 100 was flat, while the more domestically-focussed midcap index added 0.2%.
Industrial metal miners led the gains, climbing 1.8% as prices of most base metals and iron ore rose. [IRONORE/] [MET/L]
Precious metal miners also jumped 1.2% tracking higher gold prices. [GOL/]
However, British American Tobacco tanked 6.3% after the maker of Lucky Strike cigarettes said it would take an impairment charge of around 25 billion pounds ($31.50 billion) as it reassessed the value of some of its U.S. cigarette brands.
Ocado (LON:) Group gained 2.9% after J.P. Morgan upgraded the online supermarket’s stock to “neutral” from “underweight.”
Meanwhile, investors are watching for the November S&P Global/CIPS construction Purchasing Managers’ Index (PMI) data, due later in the day.
