FTSE 100 slides into the red

• FTSE 100 closes down nearly 12 points
• 88 Energy Limited doubles in price to the mystification of its board
• Tiger Royalties soars as its subsidiary receives cash commitment

5pm: FTSE 100 closes down around 11 points

FTSE 100 closed lower, after a positive start to the new trading week, as there was little of news substance to chew over and US shares came off last week’s highs.

Britain’s premier share index finished down nearly 12 points at 6,749, with commodity stocks weighing.

FTSE 250 fared a bit better though, gaining over 15 points at 21,522.

“This morning, European stocks got off to a good start as the bullish mood that was doing the rounds last week spilled over to today,” said  David Madden, analyst at CMC Markets.

“The Biden administration approved the much-talked-about $1.9 trillion spending scheme late last week and that greatly influenced the overall mood in the markets.”

But the upbeat mood has waned somewhat amid growing safety concerns with respect to the -Oxford Covid-19 vaccine.

“There are worries the drug is connected to blood clots so some countries have stopped distributing it for now. It seems the recovery trade has hit a small bump in the road so that is contributing to the mildly bearish mood,” said the analyst.

On Wall Street, the  Dow Jones Industrial Average shed around four at 32,773. The broader-based S&P 500 slipped nearly three at 3,940.

The tech sector was up again though and the Nasdaq added over 24 points at 13,344.

Midweek, attention will turn to a US Federal Reserve meeting, where the Central bank’s monetary policy will once again be under scrutiny.

4pm: Languishing in the red

Heading into the last hour of trading, the FTSE 100 was languishing in the red, albeit not by much.

London’s index of leading shares was down 14 points (0.2%) at 6,747.

88 Energy Limited () was the day’s tp risers, almost doubling in price.

I’d love to tell you why but as the directors of the company have no idea why the shares are on the rise, what chance do I have?

Tiger Royalties and Investments PLC (), up 55% at 0.775p, was the second-best performer after an update on its 51%-owned subsidiary, , which has received a cash injection from Sandfire Resources.

3.10pm: Proactive North America headlines:

Lexaria Bioscience Corp () () updates on progress of its DehydraTECH CBD studies to treat high blood pressure

ImagineAR Inc () (OTCQB:IPNFF) (FRA:GMS1) says Oasis Digital Studios to offer AR-enhanced NFTs to the entertainment and lifestyle sectors through new partnership

Blackrock Gold Corp () to change its name to better reflect the silver dominant nature of its flagship Tonopah West project in Nevada

Inc’s () (OTCQB:TBPMF) (FRA:JAM1) THC-based prescription drug completes Health Canada’s New Drug Submission screening phase

Loop Insights Inc () () successfully deploys biggest venue bubble platform at the NCAA’s Big West Conference Championship in Las Vegas

District Metals Corp () (OTCMKTS:MKVNF) (FRA:DFPP) excited as it kicks off 5,000m drill program at Tomtebo property, Sweden

American Resources Corp () () (FRA:RX3) appoints long-time mining operator as president of American Carbon subsidiary

Benchmark Metals Inc () (OTCQB:CYRTF) (FRA:87CA) hails drill results from Cliff Creek North zone at Lawyers project, which shows deep mineralization

Technology Inc () (FRA:26N) () says interest from its merchant base following its entry into the Non-Fungible Tokens space has exceeded all initial expectations

(NEO:GRAM.U) () sees its FY2020 unaudited revenue surge 76% to US$188M as cannabis sales momentum builds

2.25pm: Gains all but fizzled out

London’s gains have all but disappeared, with the weakness of resource stocks largely responsible.

The FTSE 100 was up one point at 6,762, as inflation fears returned to haunt investors.

“NY Fed’s Empire State…