FTSE 100 rises on boost from financials, oil stocks

After the tax cuts sparked a sell-off in UK markets last week, Finance Minister Kwasi Kwarteng reversed the plan and is now expected to publish his medium-term fiscal plan later. Energy stocks advanced 1.3%, supported by higher crude prices on prospects of supply cuts OPEC+.


Reuters | London | Updated: 04-10-2022 13:14 IST | Created: 04-10-2022 13:08 IST
FTSE 100 rises on boost from financials, oil stocks
Representative image Image Credit: Flickr
  • Country:
  • United Kingdom

UK shares rose on Tuesday, lifted by financials and commodity-linked stocks, as markets joined a global rally after a choppy start to the quarter in the previous session when the government reversed tax cuts proposed last month.

The export oriented FTSE 100 was up 1.4%, while the more domestically oriented FTSE 250 climbed 1.3% by 0721 GMT. Legal & General Group jumped 3.5% after saying it would continue to support pension fund clients buffeted by sudden interest rate hikes. It added that it had not experienced difficulty in meeting collateral calls and has not been a forced seller of gilts or bonds.

London stocks had fallen up to 1.5% on Monday, before ending higher. After the tax cuts sparked a sell-off in UK markets last week, Finance Minister Kwasi Kwarteng reversed the plan and is now expected to publish his medium-term fiscal plan later.

Energy stocks advanced 1.3%, supported by higher crude prices on prospects of supply cuts OPEC+. Miners were up 2.3%, as the U.S. dollar softened after weak economic data.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback