FTSE 100 recovers 1% on energy, mining stock boost

By Shashank Nayar

© Reuters/Neil Hall FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London

(Reuters) -Heavyweight energy and mining stocks lifted London’s FTSE 100 on Tuesday, with Royal Dutch Shell providing the biggest boost to the blue-chip index after it announced plans to sell its Permian Basin assets.

The blue-chip FTSE 100 gained 1% in early trading after hitting a two-month low in the previous session on inflation concerns. Oil major BP and miners BHP Group, Anglo American and Rio Tinto were among the top boosts.

Royal Dutch Shell jumped 3.9% after it said it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, exiting the largest U.S. oilfield.

The FTSE 100 has gained 7.8% so far this year on support from dovish central bank policies and re-opening optimism. However, higher inflation pressures have raised scepticism among investors that central banks might hint later this week towards pulling back massive asset purchases sooner than expected.

“Investors are still progressing ahead with fingers crossed as the Fed and the BoE are unlikely to declare any tapering measures this time, as it would potentially unsettle the global equity environment before the third-quarter earnings season,” said Kunal Sawhney, chief executive at Kalkine.

The domestically focussed mid-cap index rose 0.9%, with travel stocks being among the top gainers.

In earnings-driven moves, Kingfisher fell 5.3% to the bottom of the FTSE 100 even as the British home improvement retailer reported a jump in first-half profit.

“So far, it (Kingfisher) has managed to limit inflationary pressures, though concerns remain whether it will be able to continue to do so if the supply chain crunch continues well into next year,” said Susannah Streeter, a senior analyst at Hargreaves Lansdown.

British transport company Stagecoach Group surged 16.7% after it said it was in talks with rival operator National Express about a possible all-share merger.

Semiconductor technology company Alphawave jumped 9.5% on raising its 2021 guidance after reporting a 140% rise in first-half revenue.

(Reporting by Shashank Nayar in Bengaluru; Editing by Saumyadeb Chakrabarty and Subhranshu Sahu)

Internet Explorer Channel Network
News Related

OTHER NEWS

Is it even possible to regulate Facebook effectively? Time and again, attempts have led to the same outcome

© Provided by InterAksyon The Australian government’s recent warning to Facebook over misinformation is just the latest salvo in the seemingly constant battle to hold the social media giant to ... Read more »

Black Panther 2: Everything you need to know about Wakanda Forever

Black Panther 2 is on the way next year, but we’ll have to wait slightly longer for it to continue the incredible legacy of the first movie. © Marvel Studios ... Read more »

WWE: When Brock Lesnar F5'd Vince McMahon on Monday Night Raw

© GiveMeSport p1fieh5cp81gip1rb31gmm1uvb7m3j.jpg Brock Lesnar has been there and done it all in WWE.  The Beast Incarnate has hoovered up championships on Monday Night Raw and SmackDown and is currently ... Read more »

Look up tonight! Orionid meteors are set to flash past the Hunter's Moon

As the Sun sets Wednesday night, turn your gaze to the east to see the rising of 2021’s Full Hunter’s Moon. Stay up a bit later, and you may catch ... Read more »

Deadly and 'very agitated' snake found in English shipping container

Staff at an English animal hospital were in for a shock when they responded to a call about an unusual creature — which turned out to be an aggressive and ... Read more »

Rep. Ritchie Torres says the Democrats will get Biden's infrastructure plan over the goal line: ‘It's too big to fail'

WASHINGTON — Failure is not an option for Democrats hoping to pass President Biden’s stalled domestic spending plans, freshman Rep. Ritchie Torres (D-N.Y.) said after a nearly two-hour meeting at ... Read more »

Russian fighters escort US bombers over Black Sea

© Getty Images Russian fighters escort US bombers over Black Sea Russian fighter jets have escorted two U.S. bombers over the Black Sea, according to a statement from Russia’s defense ... Read more »

As housing concerns mount, cities, states steer billions in COVID funds to address crisis

Austin, Texas, is wrestling with rising homelessness even as it’s become a hotbed for tech companies, corporate relocations and young transplants. City leaders set a lofty goal to rehouse each of Austin’s 3,000 homeless citizens ... Read more »

Refi rates on Oct. 20, 2021: Rate eases

© Getty © Provided by CNET Getty In general, refinance rates for mortgages were varied with one notable rate tapering off. The average rate nationwide for a 15-year fixed-rate refinance ... Read more »

Cop26: Vladimir Putin says he will not attend in person in setback for British event

Vladimir Putin is set to attend the event remotely instead of in person – Vladimir Smirnov /TASS President Vladimir Putin will not be attending the Cop26 climate conference in person, ... Read more »

Javid to face questions as Government under pressure over rising Covid cases

Health Secretary Sajid Javid will lead a Downing Street press conference as the Government faces pressure from health chiefs to impose coronavirus restrictions. Mr Javid’s appearance comes amid mounting concern ... Read more »

Spies and lies: regulators round on Credit Suisse

1 / 2Spies and lies: regulators round on Credit SuisseFILE PHOTO: Traditional fishing boat sails as Mozambique’s tuna fleet sits in dock beneath Maputo’s skyline By John O'Donnell and John ... Read more »

So will die Stadt mit dem Volk das Leitbild entwickeln

Thun soll für Kinder, Jugendliche und Familien noch attraktiver werden. Ab Donnerstag können nun alle Interessierten ihre Ideen und Wünsche einbringen. © Foto: Steve Wenger Was ist bei Kindern und ... Read more »

Tech View: Nifty50 slips below 5-day SMA, hints at further weakness

NEW DELHI: Nifty50 on Wednesday closed below its 5-day moving average (DMA) and in the process formed a bearish candle on the daily chart, for the second straight session. The ... Read more »

World leaders heading to Glasgow for Cop26 – but some key figures set to miss it

Scores of world leaders will gather in Glasgow for the crucial Cop26 climate summit – but the heads of some major polluting nations are set to skip the event. Prime ... Read more »

Which Bollywood celeb has spent how many days in jail?

From hit-and-run to drugs case — Bollywood has often been in the spotlight for wrong reasons. The arrest of Shah Rukh Khan’s son, Aryan Khan, is the latest in several ... Read more »

Malaika Arora got her luxe game on with Burberry's co ord set & Giuseppe Zanotti's clutch; Yay or Nay?

No matter what season is upon us, Malaika Arora is exceptionally ready to embrace it and leave the world flabbergasted with fashion as her partner for life. Whether she’s wrapping ... Read more »

Russia's Navalny wins EU rights prize

© Reuters/Maxim Shemetov FILE PHOTO: Russian opposition leader Alexei Navalny is seen on a screen via a video link during a hearing in Petushki BRUSSELS (Reuters) – Jailed Kremlin critic ... Read more »

BRIEF-Singapore Arbitration Panel Says Future Retail Is "Proper Party" To Dispute With Amazon

Oct 20 (Reuters) – * SINGAPORE ARBITRATION PANEL SAYS FUTURE RETAIL IS BOUND BY AGREEMENTS WHICH ARE AT CENTRE OF DISPUTE WITH AMAZON-ORDER * SINGAPORE ARBITRATION PANEL SAYS FUTURE RETAIL ... Read more »

Get screened and stay healthy

PANTAI Hospital Ampang (PHA) has set up a booth at its lobby to offer free general health screenings to the public as well as raise awareness on the importance of ... Read more »

Meghana Raj opens up about processing grief after Chiranjeevi Sarja's demise

© Provided by Pinkvilla One of the most loved and talented Kannada actors, Chiranjeevi Sarja suffered a massive heart attack on June 7 last year. Months after the unfortunate incident, ... Read more »

Sukumar keen to rope in Vijay Deverakonda and not Allu Arjun for Arya 3?

© Provided by Pinkvilla Leading Telugu director Sukumar, who is currently working on Allu Arjun and Rashmika Mandanna’s forthcoming film ‘Pushpa,’ is slated to replace Allu Arjun with Vijay Deverakonda ... Read more »

Bigg Boss 15: Anusha Dandekar talks about wild card entry: I don't need to be in the house to prove anything

© Provided by Pinkvilla There have been speculations about the actress and former girlfriend of Karan Kundrra, Anusha Dandekar entering Bigg Boss 15. The buzz became high when Karan gained ... Read more »

Safety warning to holidaymakers – ex-hotel staff reveal what you should NEVER do as it risks your room being broken into

A FORMER hotel worker has revealed why you should never carry around the key card holder you are given after checking in. He warned that it means your room is ... Read more »

Jehangir Ali Khan SPOTTED without mum Kareena Kapoor Khan in the city; Looks adorably cute: PHOTOS

Kareena Kapoor Khan is a star and we all know that. She is a diva and makes heads turn whenever she steps out of the house. Well, this time it ... Read more »

Wednesday Wisdom: Anushka Sharma shares a thoughtful quote about ‘note to self' which is need of the hour

Anushka Sharma is one of the actresses who are perfectly synonymous with beauty and brains and she has proved it time and again. The actress is not just known for ... Read more »

Yuvika Chaudhary breaks her silence on arrest over casteist slur, says 'paid a price for being a public figure'

© Provided by Zee News New Delhi: Bollywood actor Yuvika Chaudhary who recently got arrested for allegedly using a casteist slur on the social media platform, was later granted interim ... Read more »

Two Tshwane universities make great strides in latest international rankings report

© Provided by Pretoria News Pretoria – In spite of having to contend with an overhaul of traditional teaching and learning within the higher education sector as a result of ... Read more »

After unsolicited OTP text messages, MOH says MySejahtera's API ‘misused' but no data breach

© Provided by Malay Mail Housewife Kamisah Sies uses the MySejahtera app in Kuala Lumpur September 23, 2021. ― Picture by Miera Zulyana KUALA LUMPUR, Oct 20 — The Ministry ... Read more »

Putin keeps Russian workers home for a week as Covid deaths surge

© Alexander Zemlianichenko Jr, AP Russian President Vladimir Putin on Wednesday backed the Cabinet’s proposal to declare a non-working week and keep Russian workers away from their offices as coronavirus ... Read more »

Shah Rukh Khan, Kajol's Dilwale Dulhania Le Jayenge turns 26. Actress shares special post

Shah Rukh Khan and Kajol’s Dilwale Dulhania Le Jayenge released in 1995. Dilwale Dulhania Le Jayenge, starring Shah Rukh Khan and Kajol in the lead roles, was released on October ... Read more »

Government rolls back on plan to set up statutory office for Just Transition Commissioner

Environment Minister Eamon Ryan. THE GOVERNMENT HAS rolled back on a commitment to set up a statutory office for the role of a Just Transition Commissioner to help workers and ... Read more »

Ugo Monye 'doing OK' ahead of Strictly Come Dancing return

© Bang Showbiz Ugo Monye Strictly Come Dancing’s Ugo Monye is “doing OK” following his back injury. The former rugby union player did not compete on the show last week ... Read more »

Gemma Collins drops dress size and wants to workout with Adele

© Bang Showbiz Gemma Collins Gemma Collins has dropped a dress size following a health kick. The ex-‘TOWIE’ star, 40, gushed about how she felt following her weight loss after ... Read more »

Defending champion Bucks open with easy win over Nets

© Provided by BusinessWorld GIANNIS Antetokounmpo collected 32 points, 14 rebounds and seven assists on Tuesday night as the Milwaukee Bucks opened defense of their second National Basketball Association (NBA) ... Read more »

Halloween warning over dangers of cannabis jelly sweets

File photo THE FOOD SAFETY Authority of Ireland (FSAI) has urged the public to be vigilant to the dangers of jelly sweets containing cannabis in the run up to Halloween. ... Read more »

Putin keeps Russian workers home for a week as deaths soar

MOSCOW (AP) — Russian President Vladimir Putin on Wednesday backed the Cabinet’s proposal to declare a non-working week and keep Russian workers away from their offices as coronavirus deaths surged ... Read more »

Rebel News asks court to quash fines for violating election law on third-party ads

OTTAWA — Rebel News Network is asking a court to quash $3,000 worth of fines levied against the right-wing media outlet by the commissioner of elections. © Provided by The ... Read more »

Morocco announces ban on UK flights due to high Covid infection rates

© Provided by Daily Mail MailOnline logo Morocco has today announced a ban on all direct flights to and from the UK due to the coronavirus pandemic as fears grow ... Read more »

Evening Standard Comment: To avoid Covid Plan B, we need to accelerate booster jabs

It may no longer cover the front pages every day and the ministerial press conferences are off the tea-time schedules, but Covid-19 remains a substantial public health threat. © Christian ... Read more »