Britain’s FTSE 100 ended the day 0.35% higher at 7,541.8 after commodities stocks rallied, though financials fell on fears the Bank of England’s policy tightening could spark a prolonged recession in Britain .
Michael Hewson, chief market analyst at CMC Markets UK, said: “The FTSE 100 has been helped by a resilient oil and gas sector, with a rebound in oil prices that has supported the broader index, led by BP and Shell. But a large number of companies that went ex-dividend – trading without the value of their next dividend payment – dragged the index down.”
On Wednesday, the UK’s Office for National Statistics announced inflation had reached 10.1%, the highest since February 1982.
UK energy companies called on the government to do more to help households and businesses amid soaring energy prices entering the winter.
Shares in Plus500 (NL:PLUS) rose 5.5% thanks to an interim earnings report showing the online trading platform’s revenue increased by 48%.
Shares in insurer Aviva (GB:AV) declined after a strong increase, led by better-than-expected financial results on August 10, driving profits up 14% in the first half of 2022.
Business headlines in the UK today:
- UK consumer confidence bottoms as household mood darkens (FT)
- Truss will provide small businesses with the urgent support they need (Time)
- Students ‘sleepwalking’ financial ruin in (Telegraph)