2024-01-29 08:26:14
The UK’s blue-chip index neared its highest level in two weeks on Monday as energy stocks rose on escalating tensions in the Middle East, although caution persisted ahead of the policy results from major central banks and this week’s earnings.
The FTSE 100 rose 0.1% at 0812 GMT, holding near its highest level since January 12, as shares of oil majors and Shell rose almost 2%.
Crude prices soared after a drone attack on US forces in Jordan, adding to concerns over supply disruption in the Middle East as Houthi rebels stepped up attacks on ships in the sea Red.
Britain’s domestically oriented FTSE 250 index fell 0.4%.
Both indexes posted their first weekly gain of the year on Friday, helped by upbeat earnings reports as well as hopes of more stimulus from China’s economy.
Investors await policy decisions from the US Federal Reserve and the Bank of England later in the week, where policymakers are widely seen as holding interest rates in place, although traders will closely monitor any comments on the potential for rate reduction.
Ryanair slipped 3.1% after the airline operator cut its profit forecast for the year ending in March, after some online travel agents stopped selling its flights in December, putting it forced to reduce fares to fill seats.
Other airlines, including British Airways owner IAG, Wizz Air and EasyJet, fell in early deals.
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