FTSE 100 at one-week high as oil prices boost BP, Shell

UK's FTSE 100 rose on Wednesday to its highest in a week, with gains led by energy majors after oil prices jumped, while Apple supplier IQE plunged following a downbeat earnings forecast. Miners added 1.2%, supported by higher copper prices. Asset manager Brewin Dolphin slid 5.7% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels.

UK's FTSE 100 rose on Wednesday to its highest in a week, with gains led by energy majors after oil prices jumped, while Apple supplier IQE plunged following a downbeat earnings forecast. The commodity-heavy FTSE 100 climbed 0.5% — rising for a third consecutive day, while the domestically focussed mid-cap index edged up 0.1%.

BP and Royal Dutch Shell rose more than 1% as investors remained sceptical about the effectiveness of a U.S.-led coordinated release of oil stocks from strategic reserves. Miners added 1.2%, supported by higher copper prices.

Asset manager Brewin Dolphin slid 5.7% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels. Britvic advanced 2.7% after the soft drinks company reported a 9% rise in profit after tax despite warning of inflationary pressures.

IQE Plc, which makes semiconductor wafers for chips, slumped 19.6% after it forecast lower annual profit margin and revenue.

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