FTSE 100 hits record high on boost from oil stocks, upbeat earnings
London's FTSE 100 reached a record high of 9,579.07 points, up 0.6%, driven by a 5% rise in crude oil prices and strong earnings from companies like LSEG and Rentokil. Oil stocks Shell and BP each gained about 3%. The FTSE midcap index rose 0.1%, nearing a four-year high. Positive earnings reports and cooling inflation have bolstered UK equity markets, with the FTSE 100 on track for its best weekly performance since mid-April. However, InterContinental Hotels and St James’s Place saw declines amid slower growth forecasts.
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FTSE 100 up 0.6%, FTSE 250 up 0.1%
Oil stocks rise as crude jumps 5%
LSEG, Rentokil climb after earnings
Oct 23 (Reuters) - London’s FTSE 100 touched an intraday record high on Thursday, lifted by oil stocks and positive results from blue-chip firms such as LSEG and Rentokil.
The commodity-heavy FTSE 100 index (.FTSE) rose as much as 0.7% to a record high of 9,579.07 points. It was trading up 0.6% by 1200 GMT.
Oil majors Shell (SHEL.L) and BP (BP.L) gained about 3% each, as crude prices (LCOc1) (CLc1) jumped more than 5% after the U.S. imposed sanctions on major Russian suppliers Rosneft (ROSN.MM) and Lukoil (LKOH.MM) over the Ukraine war. (O/R)
In earnings, the London Stock Exchange Group (LSEG.L) jumped 6.7% after the exchange operator said it would sell 20% of its post-trade services business, announced a surprise 1 billion pound ($1.34 billion) buyback and reported better-than-expected third-quarter results.
Rentokil (RTO.L) jumped 11.8% after the pest control firm reported a better-than-expected rise in quarterly organic revenue.
A largely upbeat earnings season, jump in commodity stocks and signs of cooling inflation that supported bets of a Bank of England interest rate cut have supported UK equity markets this week. The FTSE 100 is on track for its best weekly performance since mid-April.
The FTSE midcap index of domestically oriented stocks (.FTMC) rose 0.1%, trading at a near four-year high.
An index of UK precious metal miners (.FTNMX551030) advanced 4.5%, tracking gold prices, as U.S. sanctions against Russia and possible new export controls on China stoked geopolitical concerns, buoying demand for safe-haven assets. (GOL/)
On the downside, Holiday Inn owner InterContinental Hotels (IHG.L) dipped 1.2%, despite a rise in a key revenue metric as growth slowed in US markets.
St James’s Place (SJP.L) shed 4% as the fund manager forecast weaker flows for the fourth quarter.
Renishaw (RSW.L) fell 6% to the bottom of the FTSE 250 index after the engineering firm posted weak quarterly sales.
