Bullish investors pushed the FTSE 100 higher in early dealings before important US inflation data this afternoon, supported by energy stocks and retailers.
London’s leading share index was up 49 points, or 0.6 per cent, to 7,983, while the more domestically focused FTSE 250 improved 164 points, or 0.8 per cent, to 19,928.
Shell, one of London’s two major quoted oil companies, extended its gains by a further 34p, or 1.2 per cent, to a high of £28.62½ as investors tracked crude prices higher amid renewed uncertainty about the security of supplies from the Middle East. BP’s shares rose 5p, or 0.9 per cent, to 521½p.
Ocado, up 4p, or 1.5 per cent, to 386½p, and other food retailers such as Sainsbury’s, up 4p, or 1.5 per cent, to 269p, were supported by upbeat results from Tesco, Britain’s biggest supermarket, which reported higher profits and revealed plans to buy back £1 billion of shares. Shares in Tesco moved up by 10p, or 3.5 per cent, to 297½p by mid-morning, making it the biggest riser on the FTSE 100.
Investors moved into Berkeley Group after HSBC argued that the housebuilder is unusually well positioned for when planning and market conditions improve, given its expertise in large-scale urban brownfield regeneration. Its shares were up 72p, or 1.6 per cent, to £46.68 on the approach to midday.
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WPP advanced 19p, or 2.5 per cent, to 770p after the advertising giant announced it has partnered with Google to create an AI-powered marketing operating system.
Rolls-Royce lingered at the other end of the FTSE 100, losing another 4p, or 0.9 per cent, to 408½p as sentiment towards aerospace and defence stocks remained sour after yesterday’s sell-off.
