Monday, October 25

FTSE 100 rises on oil boost, mid-caps set for fifth straight weekly fall


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London’s FTSE 100 rose on Friday, led by heavyweight oil stocks, while engineering firm Weir group slumped after saying it was hit by an attempted ransomware attack in the third quarter.

The commodity-heavy FTSE 100 gained 0.3% by 0704 GMT, with BP and Royal Dutch Shell climbing 1.4% and 1.6%, respectively, while miners added 0.5%, to be among the top boosts to the index.

The domestically focussed mid-cap index rose 0.2%, with travel stocks leading gains with a jump of 1%. Britain was set to scrap tough COVID-19 quarantine requirements for 47 destinations.

However, UK mid-caps were set for a fifth straight weekly loss and their worst losing streak in a week since December 2018, as inflation worries weighed.

Weir Group fell 6.2% after saying it was the target of an attempted ransomware attack in the second half of September, which impacted its third-quarter profit.

Czech trucking services firm Eurowag dropped 10% after it priced its initial public offering on the London Stock Exchange below its previously stated price range. (Reporting by Bansari Mayur Kamdar; editing by Uttaresh.V)



financialpost.com

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