Energy shares boost FTSE 100; housebuilders weigh on midcaps

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by Reuters

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Energy shares boost FTSE 100; housebuilders weigh on midcaps

Aug 21 (Reuters) - The UK's FTSE 100 index opened higher on Monday, rebounding from six-week lows hit in the previous session, helped by a rise in energy stocks but mid-cap stocks fell as housebuilders dragged down on disappointing industry data and earnings.

The blue-chip FTSE 100 index (.FTSE) rose 0.2% by 0714 GMT. The midcap FTSE 250 (.FTMC) shed 0.2%, with the (.FTNMX402020) housing sector index slipping 2.9%.

Data from website Rightmove showed asking prices for homes in Britain fell sharply this month, as rising mortgage costs caused sellers to lower their expectations of what they can get for their properties.

It was the biggest monthly fall for August since 2018 and twice as steep as the usual summertime fall.

Crest Nicholson (CRST.L) tumbled 14.4% after the housebuilder lowered its annual profit expectations.

Oil and gas stocks (.FTNMX601010) added 1.0% on a bounce in oil prices, as global supply was tightening with lower exports from Saudi Arabia and Russia.

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