London’s FTSE 100 rises on energy and financial stocks

London’s FTSE 100 rose on Monday, boosted by gains in energy and financials stocks after the blue chip index posted its third consecutive weekly decline on worries over sluggish economic growth.

Both the index and the domestically focused FTSE 250 index rose 0.3% each. BP and Shell gained 0.8% and 1.3% respectively as crude prices rose amid tight global supplies. London’s main stock index fell last week on growing worries about a recession and bets on bigger interest rate hikes after a cautious Bank of England hike.

“This is a respite from last week’s poor performance – positive economic news is hard to come by and any rebound is an expression of relief that things have not materially worsened,” he said. said Stuart Cole, chief macroeconomist, Equity Capital. The focus now is on UK Consumer Price Index data due on Wednesday and PMI, as well as retail sales figures due later this week.

“It would take a brave person to suggest that the outlook is improving this morning, as the CPI is expected to continue to rise…, while retail sales figures will likely show consumers are tightening their belts and reining in consumption. as the cost of living crisis goes deeper,” Cole said. Miners tumbled 1.8% after copper prices plummeted, fearing a potential recession could hurt demand of metals.

Building insulation specialist Kingspan plunged 12.9%, after saying it saw the mood deteriorate in most end markets, with order intake down significantly in May and June. Euromoney Institutional Investor jumped 24.3% after saying it received a possible cash offer that could value the information services company at around 1.60 billion pounds ($1.96 billion).

British low-cost airline EasyJet fell 2.5% as it cut more flights during the busy summer period to help manage operational issues. US markets will be closed on Monday for the June 16 holiday.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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