FTSE 100 ends higher as financial, medical stocks offset crude price hit
Britain’s FTSE 100 edged higher on Monday, buoyed by financials and medical equipment stocks as investors looked ahead to crucial US inflation data and UK GDP readings due this week for fresh insight into the economic outlook. The blue-chip FTSE 100 index rose nearly 1% to 10,656.28 points, while the midcap FTSE 250 climbed 0.47%. Oil prices jumped 2% to $106.76 a barrel, hovering near two-week…
The FTSE 100 index in Britain closed up for the day on Monday, driven by gains in financial and medical equipment companies as traders anticipated upcoming data from the United States and the UK on inflation and economic growth. The major FTSE 100 index rose nearly 1%, reaching 10,656.28 points, while the smaller FTSE 250 increased by 0.47%.
Oil prices climbed 2%, reaching $106.76 per barrel, nearing a two-week high, amid concerns over potential supply disruptions from attacks on Saudi Arabia and the possibility of increased production from Russia following a ceasefire in Ukraine. UK Finance Minister John Healey will meet with international counterparts during his first visit to the International Monetary Fund's annual meetings, where he will address the economic challenges ahead of his first annual budget on October 28.
The minister expressed his commitment to strengthening Britain's economy and supporting families and businesses. Shares in the Upper Crust chain fell 2.2% after Berenberg lowered its target price to £225, down from £245. In contrast, owner of the Burberry brand, SSP Group, experienced a 1.9% rise following an increase in its stake held by retailer Frasers, which rose from 6.32% to 7.42%.
Financial institutions led the index's upward movement, with HSBC Holdings, Standard Life, Lloyds Banking Group, Barclays, NatWest, and Standard Chartered experiencing gains between 1.7% and 2.3%. Market participants now await the release of US inflation data on Wednesday and the UK's August GDP figures, which are due on Thursday, to gain further insight into the economic situation.
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