London’s main stock index bounced off two-week closing lows on Thursday, as investor sentiment steadied ahead of an annual conference of world central bankers and energy stocks got a lift from rising crude prices.
The blue-chip FTSE 100 index had gained 0.6% by 0710 GMT and was set to snap three straight sessions of losses.
Oil majors Shell and BP rose more than 1% each, as crude prices were supported by the prospect of tighter supplies amid disruptions to Russian exports and the partial shutdown of a US refinery.
Also boosting the index, Ireland’s CRH climbed 3.9% after the building materials firm reported strong first-half results.
The domestically exposed FTSE 250 index gained 0.4% after sinking to a more than one-month low in the previous session.
Hays Plc rose 6.3% after the recruitment agency reported a 128% jump in annual profit due to a rise in demand for new staff as employers rush to fill up vacancies.
Harbour Energy rose 7% after the UK North Sea’s biggest oil and gas producer increased a share buyback programme by 50%.