UK’s FTSE 100 opened flat on Tuesday, as the losses in homebuilders after a brokerage cut its price target on several stocks from the sector were offset by the gains in energy stocks on higher crude prices.
Persimmon (PSN.L) slipped 1.8% after JP Morgan downgraded the homebuilder’s rating to “neutral” from “overweight”.
The broader homebuilders index (.FTNMX402020) lost 1.4% after JP Morgan lowered its price target on several homebuilders’ stocks including Taylor Wimpey (TW.L), Crest Nicholson Holdings (CRST.L) and Vistry Group (VTYV.L).
Heavyweight energy stocks (.FTNMX601010) rose 0.3% tracking higher crude prices.
Industrial metal miners (.FTNMX551020) slipped 0.5% tracking early losses in most base metal prices.