FTSE 100 Index Rises 95 Points to 10,751 Amid Elevated Oil Prices, Brent at USD 105

FTSE 100 opened 95.24 points higher at 10,751.52 amid elevated oil prices, shaking off pressure on tech stocks in the US and Asia ahead of US banking earnings season. Brent crude futures fell 1.47% to USD 105 per barrel. US West Texas Intermediate (WTI) declined 1.73% to USD 92.12 per barrel. 

The sterling rose to USD 1.3221 on Tuesday from USD 1.3211 at the time of the London equities close on Monday. It edged down marginally against the euro to EUR 1.1827 from EUR 1.1829.

Gainers & Losers

On the upside, Melrose Industries rose 3.09% to 463.70p, while NatWest Group advanced 2.88% to 672.40p. Croda International gained 2.58% to 3,505.00p, and Whitbread climbed 2.47% to 2,572.00p. JD Sports Fashion increased 2.36% to 87.72p, while Barratt Redrow added 2.33% to 298.20p.

On the downside, Rio Tinto fell 1.47% to 7,039.00p, while Antofagasta declined 0.84% to 3,768.00p. IMI slipped 1.03% to 3,078.00p, and Anglo American dropped 0.69% to 4,155.00p. Halma edged down 0.68% to 3,516.00p, while Scottish Mortgage Investment Trust lost 1.01% to 1,625.00p.

Whitebread Takes a Hit from Turnaround Plan

Whitbread took a GBP 178 million hit from its turnaround plan, which saw the hotel group sell off all of its restaurants and shed nearly 4,000 staff.

The hospitality giant reported a GBP 109 million pre-tax profit in the six months to the end of August, 62% lower than last year, which it blamed on GBP 178 million in “impairment charges associated with the group’s strategic review”. 

Land Securities Increased Stake in Bluewater

Land Securities has paid GBP 95 million for another 10% stake in Bluewater, one of the UK’s biggest retail destinations. The company now owns 74% of the Kent shopping centre, and says it is ‘a key beneficiary of the ongoing focus of leading brands on fewer, bigger, better stores in the best locations.’ In the five months to the end of August, retail sales at Bluewater grew by 7.4%, and footfall jumped by 3%.

Bellway Warns Slowing of Housing Market

Bellway has warned that the government’s revival of the Help to Buy scheme could further slow the housing market in the near term by encouraging housebuyers to delay decisions. 

The housebuilder said Labour’s new equity loan scheme, Your First Home, is a ‘welcome development’ but cautioned that it will not immediately solve the UK’s housing market slowdown. 

Jason Honeyman, chief executive of Bellway, told shareholders on Tuesday: “While the Government’s proposed Your First Home scheme has the potential to provide meaningful support for first-time buyer demand, the period ahead of its launch may influence the timing of purchasing decisions among some prospective customers.”

Also Read: Nifty 50 Opens Flat at 22,364, Sensex Rises 10.45 Points Amid Uncertain Global Markets

Global Market View

In US, futures tied to the S&P 500 were mixed early Tuesday. S&P 500 futures inched down about 0.2%, while NASDAQ-100 futures lost 0.7%. Dow Jones Industrial Average futures rose 122 points, or 0.2%

In Asia, Tokyo's Nikkei 225 fell 1.82% to 67,777.52, while China’s Shanghai Composite gained 0.1%. Hong Kong’s Hang Seng rose 0.18%, and South Korea’s Kospi dipped 5.46%. In India, both the Nifty 50 and the Sensex advanced by 0.83% and 0.77%, respectively.