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UK's FTSE 100 falls as energy stocks slip; Unilever weighs



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Unilever CFO to retire, shares fall

Rolls-Royce, BAE Systems down after India files graft case

FTSE 100 hits lowest level since March 29

FTSE 100 down 1.4%, FTSE 250 adds 0.1%

Updates prices to market close, adds analyst comments in paragraph 5

By Johann M Cherian and Shashwat Chauhan

May 30 (Reuters) -UK's FTSE 100 hit a two-month low on Tuesday, with energy shares leading declines as oil prices slipped, while Unilever dropped after the consumer goods firm announced its chief financial officer would be stepping down.

Unilever ULVR.L slipped 3.0% after the Dove soap maker said its CFO Graeme Pitkethly would leave the company by the end of May 2024.

The internationally-focused FTSE 100 .FTSE slipped 1.4%, weighed down by energy majors Shell SHEL.L and BP BP.L, which fell 3.0% and 2.2% respectively.

The broader oil and gas sector .FTNMX601010 lost 2.7% as oil prices skidded on concerns about the U.S. debt ceiling pact cooling the market's risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend. O/R

"A deal may have been struck on the debt ceiling, but it's not fully calmed nervousness on financial markets," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

The bipartisan deal to raise the $31.4 trillion U.S. debt ceiling faces its first test in Congress on Tuesday.

A stronger pound GBP=D3 also weighed on the exporter-heavy index. GBP/

Rolls-Royce RR.L dipped 3.1% after India filed a graft case on Monday against the engine maker and BAE Systems BAES.L for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers.

BAE Systems was down 0.8%.

The mid-cap FTSE 250 .FTMC gained 0.1%, as London-listed shares of RHI Magnesita NV RHIM.L jumped 23.6% after the refractory products supplier received an offer to buy 20% of its stock.

UK equities have recently come under pressure on worries over more rate hikes as inflation remains stubbornly elevated. Analysts are concerned that the economy could enter a period of stagflation which would not bode well for company earnings.

Official figures showed Britain's highest inflation in four decades failed to boost company profits last year, with the exception of oil and gas extractors.



Reporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and David Evans

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