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The FTSE 100 passed the 8,000 point mark for the first time in more than a year before giving up its gains.
It rose to 8015 in early trading yesterday before falling back to close down 0.22 percent, or 17.53 points, at 7935.09.
Mining and oil shares rose, led by gold producer Fresnillo which rose 7.6 per cent, or 35.6p, to 505.5p, Shell added 3.5 per cent, or 92p, to 2717p and BP gained 2.6 per cent, or 12.9p, to 508.6p. .
It came as gold prices hit a record high of $2,277 an ounce, while oil rose above $89 a barrel for the first time since October.
Last month, analysts at Goldman Sachs said the Footsie will hit 8,200 in the next 12 months as central banks cut interest rates.
Early gains: The FTSE 100 rose to 8015 in early trading yesterday before falling back to close down 0.22%, or 17.53 points, at 7935.09
The FTSE 250 was also sliding – down 0.86 percent, or 170.84 points, to 19,713.89 – as global stock markets took a turn for the worse.
The mood was affected by lingering doubts about when central banks will start cutting interest rates, and by how much.
As investors fear the Federal Reserve will make fewer interest rate cuts than expected, 10-year US bond yields rose to their highest level since November.
Bitcoin also fell more than 7 percent to below $65,000.
“The sentiment pendulum may be shifting to the hawkish direction, but there is still a lot of room for things to change in the coming weeks,” said Vail Hartman, U.S. rates strategist at investment bank BMO in New York.
The bidding war for telecom company Spirent has escalated.
Last week the mid-cap company said it would recommend a 201.5p per share deal – worth £1.2 billion – from California-based Keysight Technologies, just weeks after it agreed to be sold by another US company Viavi to be acquired for £1 billion.
Stock Watch – Border developments
Shares in Frontier Developments soared after it sold the publishing rights to a rollercoaster simulation game it has owned since 2018 for £5.6 million.
The deal with Atari, the entertainment production company listed on the Euronext Paris stock exchange, includes an upfront payment of £3.2 million.
As a result, Frontier’s cash has risen to £23.4 million from £19.9 million in December.
Shares rose 12.1 per cent, or 17p, to 158p, but remain well below their 2021 peak of 3430p.
But Viavi argues that a deal between Keysight and Spirent would ultimately limit customer choice. Shares in Spirent fell 1.3 percent, or 2.5p, to 197.5p.
Virgin Money rose 1.1 per cent, or 2.3p, to 216.2p after the bank withdrew plans to buy back £150m of shares from investors as a takeover by Nationwide looms.
Rodrigo Maza officially took over as boss of Naked Wines on the first day of the company’s new financial year.
Maza has been the alcohol retailer’s British director since September last year. Shares rose 1.6 percent, or 0.9p, to 57.1p.
The antibody drug that AstraZeneca is developing together with Japan’s Daiichi Sankyo has been approved by US regulators for use to treat patients with a specific type of breast cancer.
The pharmaceutical giant also said another drug has been approved by US regulators as an additional treatment for patients with a rare blood disorder called PNH.
However, shares fell 0.7 percent, or 74p, to 10604p.
Redx Pharma had little reason to cheer when it proposed leaving London’s Alternative Investment Market (AIM).
The pharmaceutical company says it is struggling to access capital and believes it would perform better as a private company.
At least 75 percent of those voting at Redx’s April 19 general meeting must back plans to retire the shares. Shares fell 64.9 percent, or 12 cents, to 6.5 cents.