Published : 5 days ago, on 03/12/2024

(Reuters) – The UK’s benchmark FTSE 100 extended gains on Tuesday as a rise in oil prices lifted the heavyweight energy shares, while EasyJet jumped to a near eight-month high after multiple brokerages raised their target price on the budget airline.

The blue-chip FTSE 100 rose 0.7%, while the midcap FTSE 250 was up 0.5% to its highest level since Oct. 30 at 1000 GMT. The benchmark index notched a six-week high in the previous session.

The energy sector provided a major boost as it gained 1.7% after oil prices nudged higher ahead of the outcome of an OPEC+ meeting later this week. [O/R]

Miners Rio Tinto, Antofagasta and Glencore advanced between 1% to 2.1%, with copper prices rebounding following a sell-off in the last session. [MET/L]

Among individual movers, British budget airline EasyJet gained 4% to the top of the blue-chip index, as multiple brokerages including Morgan Stanley raised target price on the stock.

Marston’s jumped 7% after the pub group said its Christmas bookings were running ahead of last year, following a 64.5% jump in annual profit, driven by a rise in food and drink sales.

SSP Group rose 10.6% as the Upper Crust owner reported a 23% jump in annual profit, in line with market expectations, partly buoyed by robust performance in North America and UK markets.

Victrex PLC was the biggest gainer on the midcap index, soaring 14%, following its full-year earnings report.

Meanwhile, British retailers reported lacklustre sales in November, according to industry data on Tuesday, affected by the timing of the Black Friday sales, although it still pointed to weakening consumer confidence.

Remarks from Bank of England’s Philippe Lintern on the Global FX Code are also due on the day.

Investors were also monitoring the political turmoil in France as the government there teetered on the brink of collapse. [MKTS/GLOB]

(Reporting by Nikhil Sharma; Editing by Vijay Kishore)