Tuesday, July 5

Energy, financials lift London’s FTSE 100


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London’s FTSE 100 rose on Monday, boosted by energy and financial stocks, after the blue-chip index posted its third straight weekly drop last week on sluggish economic growth worries.

The FTSE 100 index was up 0.4% by 0715 GMT. BP and Shell gained 0.3% and 1.4%, respectively, as crude prices rose amid tightening global supplies, while financials added 0.8%.

The domestically focused mid-cap FTSE 250 index ticked up 0.3%.

London’s FTSE 100 fell last week on escalating worries about a recession and bets of bigger rate hikes after a cautious rate hike by the Bank of England.

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Among individual stocks, Euromoney Institutional Investor jumped 26.9% after saying it received a possible cash offer, which could value the information services firm at around 1.60 billion pounds ($1.96 billion).

British low-cost carrier easyJet fell 3.4% after saying it was cutting more flights in the busy summer period to help manage operational problems, including staff shortages in ground handling and flight caps at London Gatwick and Amsterdam.

Associated British Foods gained 1.6% after saying its Primark fashion business, which has shunned the extra cost of home delivery, will trial a UK Click & Collect service on children’s products.

US markets will be shut on Monday for the Juneteenth holiday. (Reporting by Anisha Sircar in Bengaluru; editing by Uttaresh.V)



financialpost.com

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