StockMarketWire.com - The oil cartel OPEC revealed oil output would increase significantly this year, putting pressure on BP (BP.) and Royal Dutch Shell (RDSB).
BP slid 1.9% to 464.7p and Shell dipped 1% to £22.30. As these companies are among the biggest on the FTSE 100 in terms of market cap, the index struggled to stay in positive territory.
The blue-chip index nudged 6.09 points lower to 7,132.
Brent crude oil declined 0.2% to $64.47 per barrel. Copper rose 0.6% to $3.14 per pound and gold retreated 0.2% to $1,323 per ounce.
OVERSEAS MARKETS
Instability in Washington following the firing of Rex Tillerson continued to weigh on investor sentiment, leaving the Dow Jones down 0.9% at 24,777 around 4:45pm UK time.
MID AND LARGE CAP RISERS AND FALLERS
Funeral services provider Dignity (DTY) surged 15.1% to 982p after flagging encouraging early signs from its strategy in January to boost its competitiveness. The full year results were in line with expectations in January when the firm delivered a profit warning.
Supermarket Morrisons (MRW) fell 4.8% to 215.3p as operating profit fell from £468m in 2017 to £458m, overshadowing better than expected results and a special dividend.
Insurance company Prudential (PRU) announced it plans to demerge its UK and Europe division M&G Prudential and sell some of its UK annuity portfolio. Investors approved of the strategy, marking the stock 5.4% higher to £19.25.
Hikma (HIK) received a 7.4% boost in the arm to 937.5p, driven by recovering sales growth and a rising dividend.
Balfour Beatty (BBY) more than doubled underlying operating profit to £196m thanks to the Build to Last programme. Shares in the infrastructure group strengthened 1.8% to 282p.
Holiday Inn owner InterContinental Hotels (IHG) agreed to acquire a 51% stake in Regent Hotels and Resorts for $39m, in a joint venture with Formosa. Its shares were broadly unmoved at £45.27.
On AIM, litigation finance provider Burford Capital (BUR) surged 31% to £14.28 after its annual results smashed expectations.
SMALL CAP RISERS AND FALLERS
Gambling firm Sportech (SPO) suffered a 51.8% crash to 37.5p after it terminated talks to sell the business and revealed a profit warning.
Car seller Marshall Motor (MMH) also delivered better than expected full year results. Investors overlooked concerns over the UK car market in 2018 as the shares accelerated 4.8% to 175p.
Story provided by StockMarketWire.com
Shares Magazine

Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events

Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.