FTSE 100 rises on boost from financials, oil stocks
Reuters
Published Oct 04, 2022 08:39
Updated Oct 04, 2022 08:50
(Reuters) - UK shares rose on Tuesday, lifted by financials and commodity-linked stocks, as markets joined a global rally after a choppy start to the quarter in the previous session when the government reversed tax cuts proposed last month.
The export oriented FTSE 100 was up 1.4%, while the more domestically oriented FTSE 250 climbed 1.3% by 0721 GMT.
Legal & General Group (LON:LGEN) jumped 3.5% after saying it would continue to support pension fund clients buffeted by sudden interest rate hikes. It added that it had not experienced difficulty in meeting collateral calls and has not been a forced seller of gilts or bonds.
London stocks had fallen up to 1.5% on Monday, before ending higher. (L)
After the tax cuts sparked a sell-off in UK markets last week, Finance Minister Kwasi Kwarteng reversed the plan and is now expected to publish his medium-term fiscal plan later.
Energy stocks advanced 1.3%, supported by higher crude prices on prospects of supply cuts OPEC+. [O/R]
Miners were up 2.3%, as the U.S. dollar softened after weak economic data. [MET/L]
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.