Commodity stocks boost UK shares to five-week high

Date:

- Advertisement -

UK’s FTSE 100 hit its highest level in more than five weeks on Tuesday as commodity stocks rallied on the back of a weaker dollar ahead of a key U.S. Federal Reserve verdict, while BP was volatile despite the oil giant topping third-quarter estimates.

The blue-chip FTSE 100 (.FTSE) jumped 1.5% by 0817 GMT, while the domestically oriented FTSE 250 (.FTMC) rose 1.3%.

Shares of BP (BP.L) hit February 2020 highs and pared early gains to trade up 0.6%. The oil giant said it had more than doubled its quarterly profit to $8.15 billion year-on-year amid calls to increase taxes on the energy sector.

The UK’s energy sector (.FTNMX601010) climbed 1.6%, while mining sub-index (.FTNMX551020) rose 3.9%, tracking stronger commodity prices that were buoyed by a weaker U.S. dollar.

Ocado Group (OCDO.L) jumped 22% after the British online supermarket group said it has entered the South Korean market through a partnership deal with Lotte Shopping (023530.KS).

Market focus was on the U.S. and UK policy decisions slated for Wednesday and Thursday, respectively, where both central banks are expected to raise interest rates by 75 basis points each.

British house prices in October recorded their first monthly fall since July 2021, declining 0.9% after being flat in September, as the market was hit by turmoil during Prime Minister Liz Truss’s short-lived premiership.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

ADVERTISEMENT

Popular

More like this
Related

Dollar holds fast ahead of Fed decision, sterling falls on cool UK inflation

The dollar remained firm on Wednesday ahead of a...

Yellen says she trusts IMF, World Bank, Morocco to adjust annual meetings after disaster

U.S. Treasury Secretary Janet Yellen said on Tuesday that...

Oil falls more than $1 ahead of Fed rate decision

Oil prices fell by more than $1 on Wednesday...

TotalEnergies to invest $300 mln to form JV with Adani Green

French oil major TotalEnergies will invest $300 million to form...