AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)
Follow us

LONDON: Britain’s FTSE 100 rose on Monday, supported by banks and commodity stocks in a choppy session, with data showing Britain’s industrial output slowed but tentative signs of price pressures coming off their peak.

The benchmark FTSE 100 index climbed 0.4%, reversing early losses, while the domestically focussed mid-cap index slipped 0.1%.

Banks, which benefit from higher interest rates, advanced 2.0% and were among the top performers on the blue-chip FTSE 100 ahead of their results and an expected US rate hike this week.

Miners rose 2.1%, tracking higher copper prices helped by a weakening dollar that made metals cheaper for buyers with other currencies.

Oil stocks BP and Shell rebounded from early losses and gained 0.9% and 1.4%, respectively, boosted by dollar weakness and concerns around supply.

Energy has been the top performing sector so far this year, up nearly 23% year-to-date, helping the FTSE 100 outperform US and European peers.

Volatile oil prices, however, have unsettled the index this month, with traders weighing the impact of likely interest rate hikes that could cut demand against tight supply due to the loss of Russian oil.

“The FTSE has been more resilient because of its number of big international companies, particularly the big oil and gas companies and the miners which have really made hay,” said AJ Bell analyst Danni Hewson.

“But going forward you really can’t guarantee that is going to be sustained.” Meanwhile, data showed British industrial output grew at the slowest pace in over a year in the three months to July, but there were tentative signs that some challenges around inflation and investment are easing.

Travel and leisure stocks dipped 1.5% after Ireland’s Ryanair said a return to pre-COVID levels of profitability this year was not certain even as it topped first-quarter estimates.

SThree rose 1.7% after posting a 58% surge in its half-year operating profit, supported by strong hiring demand and as people change jobs in a competitive market. Serica Energy advanced 5.0% after it rejected a revised merger proposal from energy investment firm Kistos , which valued the British oil and gas group at nearly 1.2 billion pounds ($1.4 billion). Kistos fell 1.4%.

Comments

Comments are closed.

Banks, commodities lift UK’s FTSE 100

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country

Fawad says PTI leadership has ratified Imran's decision to dissolve KP, Punjab assemblies

KATI patron-in-chief, industrialist S.M. Muneer passes away in Karachi

Pakistan's delegation leaves for Russia to hold discussions on oil, gas

Rupee largely stable, settles at 223.95 against US dollar

Oil falls to near year’s lows on China demand worries

Pakistan, Luxembourg agree to enhance multiple cooperation, creating start-ups linkages

Pak Army’s ‘political quarantine’ will augur well for Pakistan: Gen Bajwa

Hina Rabbani Khar to visit Afghanistan on Tuesday: FO