Posted By Uma Rajagopal
Posted on December 4, 2024
(Reuters) – Britain’s FTSE 100 gained for a fifth straight session on Tuesday as higher oil prices lifted energy shares, while SSP surged after the Upper Crust owner raised hopes of an improvement at its continental European business.
The blue-chip FTSE 100 rose 0.56%, hovering near a six-week high touched in the previous session. The midcap FTSE 250 climbed 0.60% to its highest since Oct. 30.
Shares of oil giants Shell and BP rose about 1.6% and 1.8% respectively as crude prices nudged higher ahead of a meeting later this week of the OPEC+ producer group. [O/R]
Global stocks also edged higher as investors weighed a surprise move by South Korean President Yoon Suk Yeol to declare martial law, and awaited U.S. economic data for clues on the path of interest rates.
Meanwhile, British retailers reported lacklustre sales in November, according to industry data that, while affected by the timing of Black Friday sales, still pointed to weakening consumer confidence.
The Bank of England is widely seen holding interest rates later in December due to concerns about resurgent inflation, according to a Reuters poll of economists.
Boosting the midcap index, SSP Group rose 9.6% as the company, which runs cafes, bars and restaurants in train stations and airports in nearly 40 countries, said it planned to double the operating profit margin at its continental European business.
British budget airline easyJet gained 3.3% as multiple brokerages raised their target price on the stock.
Marston’s jumped 8% after the pub group said its Christmas bookings were running ahead of last year, following a 64.5% jump in annual profit.
British American Tobacco and Imperial Brands fell 1.8% and 1% respectively, after a report said the Indian government planned to hike goods and services tax on cigarettes, tobacco and aerated beverages.
(Reporting by Nikhil Sharma and Sruthi Shankar. Editing by Vijay Kishore and Mark Potter)
