Written by Shubham Batra and Khushi Singh
(Reuters) – The British index rose on Monday, supported by gains in energy stocks and a weak labor market report, although losses at precious metals miners capped gains.
The FTSE 100 blue-chip index rose 0.3%, while the mid-cap index fell 0.2%.
Oil and gas stocks led sector gains, advancing 2% as oil prices continued to rise driven by fears of a broader conflict in the Middle East and potential disruption to exports from the key oil-producing region. (or)
Shell shares rose 2.3% despite announcing that refining profit margins fell by about 30% in the third quarter as global demand declined, while oil products trading profits also weakened.
Shares of precious metals miners fell 3.7%, marking their worst day in more than a month, as bets increased on a smaller US interest rate cut in November after strong jobs data. (Ghoul/)
Britain’s jobs market showed further signs of slowing in September with wage growth increasing at its slowest pace in nearly four years, likely reassuring the Bank of England as it considers whether to cut borrowing costs again.
In addition, British house prices rose in September at the fastest annual pace since November 2022, as expectations of further cuts in borrowing costs increased momentum in the property sector.
In other news, BP (NYSE:) abandoned the goal of cutting oil and gas production by 2030 as CEO Murray Auchincloss scales back the company’s energy transition strategy to regain investor confidence. The heavy-weight index ended the session with an increase of 1.3%.
Endeavor Mining Company shares were the biggest losers on the FTSE 100 Index, falling by 5.6%, amid fears that Burkina Faso, the West African country, will withdraw its mining permit.