Commodity stocks boost UK shares to near seven-week high (updated)
01/11/2022 09:30
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FTSE 100 up 1.6%, FTSE 250 adds 1.6%
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Ocado surges on partnership deal with Lotte Shopping
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UK house prices fall after 'mini-budget' turmoil
(Adds comment, details; updates prices)
By Anisha Sircar
Nov 1 (Reuters) -
UK's FTSE 100 hit its highest level in nearly seven weeks on
Tuesday as commodity stocks rallied ahead of a key U.S. Federal
Reserve verdict, while BP turned choppy after hitting a 2-1/2
year high following its results.
The blue-chip FTSE 100 .FTSE jumped 1.6%, while the
domestically oriented FTSE 250 .FTMC rose 1.6%.
Shares of BP BP.L pared early gains to trade down 0.7%.
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
"This phenomenal quarter of earnings isn't going to ease
calls for windfall taxes at a time when governments are facing
fiscal black holes requiring difficult decisions on taxation and
spending," said Craig Erlam, senior market analyst at OANDA.
UK's energy .FTNMX601010 and mining shares .FTNMX551020
climbed 1.0% and 3.9%, respectively, tracking stronger commodity
prices. O/R MET/L
The FTSE 100 last month marked its first monthly rise in
three, recouping some of the sharp losses from earlier in
October after Prime Minister Rishi Sunak reversed almost all of
former PM Liz Truss's economic plans.
"October proved to be a much better month after the
disastrous performance over Q3, aided by hopes of a pivot from
central banks, stabilisation in Europe's energy situation and an
end to UK market turmoil, but we shouldn’t get ahead of
ourselves," strategists at Deutsche Bank wrote in a note.
Focus was on U.S. and UK policy decisions on Wednesday and
Thursday, respectively, with both central banks expected to
raise rates by 75 basis points.
British house prices in October recorded their first monthly
fall since July 2021, declining 0.9%, as the market was hit by
turmoil during Truss's short-lived premiership. urn:newsml:reuters.com:*:nAPN0QG4TW
Ocado Group OCDO.L jumped 32.7% after the online
supermarket group announced a partnership deal with Lotte
Shopping 023530.KS . urn:newsml:reuters.com:*:nL8N31X1OF
(Reporting by Anisha Sircar and Susan Mathew in Bengaluru;
Editing by Sherry Jacob-Phillips and Saumyadeb Chakrabarty)
((Anisha.Sircar@thomsonreuters.com;))
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