(Reuters) – London’s blue-chip shares rose for a fifth straight session on Tuesday, with banks and oil stocks in the lead, as investors awaited the release of inflation data and budget update on Wednesday.
The FTSE 100 index rose 0.2%, hitting a three-week high after having given back all of its year-to-date losses in the previous session.
Banks added 1.5% as bets of aggressive interest rates hikes by major central banks grew after U.S. Federal Reserve Chairman Jerome Powell’s hawkish comments on Monday.
UK’s oil & gas index inched up 0.2% as oil prices extended rise as some European Union members discussed a potential oil embargo on Russia. [O/R]
Investors are awaiting consumer prices data on Wednesday, expected to hit a three-decade high in March, and finance minister Rishi Sunak’s budget update to parliament.
Home improvement retailer Kingfisher slid 1.5% even as it reported record annual revenue and profit driven by the COVID-19 pandemic.
The domestically focussed midcap index was pulled higher by a 6.1% jump in IT services and consulting firm Softcat Plc after its half-year earnings.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)
