• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Britain’s FTSE 100 rises as oil price jump boosts energy shares

by October 7, 2024
written by October 7, 2024

By Shubham Batra and Khushi Singh

(Reuters) -Britain’s benchmark FTSE 100 index rose on Monday, boosted by gains in energy shares and a softer labour market report, though losses in precious metal miners kept gains in check.

The blue-chip FTSE 100 rose 0.3%, while the mid-cap FTSE 250 edged 0.2% lower.

Oil and gas shares led sectoral gains, with a 2% advance as oil prices extended a rally driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region. [O/R]

Shell (LON:SHEL) was up 2.3% despite reporting a nearly 30% drop in its refining profit margins in the third quarter as global demand sagged, while oil product trading earnings also weakened.

Precious metal miners tumbled 3.7%, logging their worst day in more than a month as bets firmed for a smaller U.S. rate cut in November after strong jobs data. [GOL/]

Britain’s jobs market showed more signs of cooling in September as pay growth increased at the slowest pace in almost four years, likely reassuring the Bank of England as it considers whether to cut borrowing costs again.

Additionally, British house prices rose in September at the fastest annual pace since November 2022, as expectations of further reductions in borrowing costs added to momentum in the property sector.

In other news, BP (NYSE:BP) abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence. The index heavyweight closed the session with a 1.3% rise.

Endeavour Mining was the top loser on FTSE 100, falling 5.6%, on fears that West African country Burkina Faso may withdraw its mining permit.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Trump’s tax, spending plans would add twice as much debt as Harris’, budget group says
next post
US Supreme Court rejects ex-pharma CEO Martin Shkreli’s appeal

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • BOJ produces estimates on how future rate hikes affect earnings
    • Goldman Sachs’ Saudi Arabia CEO set to resign, Bloomberg News reports

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy