Scepticism over Kremlin’s pledges weigh on London indexes

A push back from western nations on the validity of Russia pledging to roll back its assault on Ukraine drove a mixed day for London’s top indexes today.

The capital’s premier FTSE 100 index climbed 0.55 per cent to 7,578.75 points, while the domestically-focused mid-cap FTSE 250 index, dropped 1.02 per cent to 21,272.47 points. 

Western nations batted away Moscow promising to curb its attack on Kyiv, with UK defence secretary Ben Wallace asking whether President Vladimir Putin thought they were “born yesterday?”.

Scepticism over the Kremlin’s intentions spread into markets during early exchanges.

Financials led the day’s losses, with high street bank and Britain’s biggest mortgage lender Lloyds dropping 3.776 per cent.

Fellow lender Barclays continued its descent, falling over three per cent, driven by investors ditching shares in the wake of an over £400m clerical error which saw it supply more financial products than allowed.

It also emerged this week a top shareholder has dumped their stake in Barclays, weighing on sentiment towards the bank.

Industrials offset losses on the FTSE 100.

Miners Anglo American and Glencore laced the top of the biggest risers’ table.

BP and Shell each rose more than three per cent. The oil giants represent an enormous share of the FTSE 100, meaning movements in their share price exert a strong influence over the direction of the index.

The pound gained ground on the greenback, strengthening 0.52 per cent to buy $1.3152.