Commodity stocks boost UK shares to five-week high

Lotte Shopping

01/11/2022 08:33

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      FTSE 100 up 1.5%, FTSE 250 adds 1.3%
    

  
       Nov 1 (Reuters) - UK's FTSE 100 hit its highest level in
more than five weeks on Tuesday as commodity stocks rallied on
the back of a weaker dollar ahead of a key U.S. Federal Reserve
verdict, while BP was volatile despite the oil giant topping
third-quarter estimates.
    The blue-chip FTSE 100  .FTSE  jumped 1.5% by 0817 GMT,
while the domestically oriented FTSE 250  .FTMC  rose 1.3%.
    Shares of BP  BP.L  hit February 2020 highs and pared early
gains to trade up 0.6%. The oil giant said it had more than
doubled its quarterly profit to $8.15 billion year-on-year amid
calls to increase taxes on the energy sector.  urn:newsml:reuters.com:*:nL1N31X0E8
    The UK's energy sector  .FTNMX601010  climbed 1.6%, while
mining sub-index  .FTNMX551020  rose 3.9%, tracking stronger
commodity prices that were buoyed by a weaker U.S. dollar.  O/R 
 MET/L 
    Ocado Group  OCDO.L  jumped 22% after the British online
supermarket group said it has entered the South Korean market
through a partnership deal with Lotte Shopping  023530.KS .
 urn:newsml:reuters.com:*:nL8N31X1OF
    Market focus was on the U.S. and UK policy decisions slated
for Wednesday and Thursday, respectively, where both central
banks are expected to raise interest rates by 75 basis points
each.   
    British house prices in October recorded their first monthly
fall since July 2021, declining 0.9% after being flat in
September, as the market was hit by turmoil during Prime
Minister Liz Truss's short-lived premiership.  urn:newsml:reuters.com:*:nAPN0QG4TW
 (Reporting by Anisha Sircar in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Anisha.Sircar@thomsonreuters.com;))
 
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