UK’s FTSE 100 rose on Monday, rebounding from last week’s battering on worries about high US interest rates, and getting a boost from upbeat earnings reports from Associated British Foods and Bunzl.
The blue-chip FTSE 100 gained 0.8% by 0819 GMT, while the more domestically-inclined FTSE 250 midcap index rose 0.3%.
Last week was the FTSE 100’s worst performance so far this year after hotter-than-expected US consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Bunzl gained 2.5% after the business supplies distributor raised its annual dividend and reported a higher full-year profit.
Primark owner Associated British Foods gained 2.0% after raising its financial guidance for the full year 2022-23 for the clothing retailer.
UK’s FTSE 100 rises on miners boost
Energy majors were also among the top gainers on the day, with Shell and BP up more than 1% each.
Jet engine major Rolls-Royce continued its recent strong run, rising 4.4% after Jefferies raised it price target on the stock.
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