London’s FTSE 100 flat as losses in miners overshadow Shell cheer

UK’s FTSE 100 was flat on Monday, as gains in oil major Royal Dutch Shell (LON:RDSa) on plans to ditch its dual share structure were offset by subdued miners hit by global moves to reduce coal use and a big drop in China’s steel production.

The blue-chip FTSE 100 was unchanged at 0817 GMT, with miners Anglo American (LON:AAL), Glencore (LON:GLEN) and BHP Group down between 0.7% and 1.2%, after U.N. climate talks ended Saturday with a deal that for the first time targeted fossil fuels as the key driver of global warming.

Data also showed crude steel output in China, the world’s top producer of the metal, fell for the fifth straight month in October amid curbs.

On the bright side, Shell gained 1.8% after the energy giant said it will scrap its dual share system in favour of a single class of shares to boost shareholder payouts and simplify its structure.

BT Group (LON:BT) gained 1.8% after Reuters reported citing sources that telecoms tycoon Patrick Drahi is looking to increase his stake in the British company, betting its fibre-optic rollout will boost value.

Cineworld jumped 5.6% after reporting an improvement in October box office revenue as COVID-19 restrictions eased.

London’s FTSE 100 flat as losses in miners overshadow Shell cheer