UK’s top share index rose on Tuesday, bucking the gloom in regional markets, as an upbeat sales forecast from Unilever and gains in commodity-linked stocks overshadowed worries about an energy crisis in Europe.
The blue-chip FTSE 100 gained 0.3% by 0717 GMT, with oil major Shell and miner Glencore among the top boosts as commodity prices gained on the back of a softening dollar.
Unilever Plc climbed 2.2% to over 7-month highs after the consumer giant raised its full-year sales guidance as it hiked prices to counter soaring costs.
European stocks markets were broadly lower after Russia said it will cut gas supplies to Europe from Wednesday, while investors awaited a highly anticipated US interest rate decision later this week.
Banks, commodities lift UK’s FTSE 100
Overnight, top US retailer Walmart Inc slashed its profit forecast as surging prices for food and fuel prompted customers to cut back on discretionary purchases.
The midcap FTSE 250 index slipped 0.5%, with Travis Perkins, Britain’s biggest seller of building materials, tumbling 7.3%.
Power generator Drax Group fell 2.5% despite reporting a rise in half-year profit.
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