FTSE 100 Modestly Higher As Energy Stocks Tumble
2024-09-21
2405
(fxcue news) - U.K. stocks eked out modest gains on Thursday as falling oil prices weighed on the energy sector, offsetting optimism over new stimulus measures from China.
Meanwhile, ahead of the Autumn Budget in October, the latest British Retail Consortium (BRC) Consumer Sentiment Monitor has revealed that consumer confidence has fallen in September due to concerns about both the economy and personal finances.
The benchmark FTSE 100 was up 31 points, or 0.4 percent, at 8,299 after declining 0.2 percent on Wednesday.
The British pound rose against the dollar in the wake of comments from Bank of England (BoE) Governor Andrew Bailey that interest rates will fall gradually.
Miners Anglo American, Antofagasta and Glencore jumped 4-5 percent after China's politburo pledged strong policy support to meet this year's economic growth target of roughly 5 percent.
Energy stocks traded weak, with BP plc falling 4.1 percent and Shell losing 3.5 percent as oil extended losses for a second day running following reports that Saudi Arabia was committed to increasing output in December.
Specialist media platform Future plc fell 2.7 percent after reiterating its FY guidance.
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