London stocks edge higher, Shell caps gains

UK's blue-chip shares rose on Thursday, led by banks and consumer stocks, although they lagged major European peers as a profit warning from Shell hit oil stocks. The export-oriented FTSE 100 was up 0.2%, while the more domestically oriented FTSE 250 was off 0.6% by 0722 GMT.

UK's blue-chip shares rose on Thursday, led by banks and consumer stocks, although they lagged major European peers as a profit warning from Shell hit oil stocks.

The export-oriented FTSE 100 was up 0.2%, while the more domestically oriented FTSE 250 was off 0.6% by 0722 GMT. The broader pan-European STOXX 600 index was up 0.7%.

Oil major Shell fell 3.3% after it warned on third-quarter profit, citing a sharp drop in refining margins and "significantly" weaker earnings from natural gas trading. Banks rose 0.9%, while consumer stocks such as British American Tobacco and Unilever climbed 1.1% and 0.5%, respectively.

Britain's construction activity is expected to show a contraction at 0830 GMT, as the housing sector struggles amidst hawkish Bank of England's policies. Fitch, meanwhile, lowered the outlook for its credit rating for British government debt to "negative" from "stable", days after a similar move from rival Standard & Poor's following the government's Sept. 23 fiscal statement.

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