FTSE 100 holds steady as rising oil prices support energy heavyweights
The FTSE 100 is holding near 10,695 as rising crude oil prices support BP and Shell. Defensive stocks are also in demand, while banks, property and mining shares remain under pressure.
Chief Market Analyst
The FTSE 100 is currently trading at around 10,695 points, holding close to the previous day’s level. Renewed increases in crude oil prices are cushioning larger losses in the benchmark, with gains in index heavyweights BP and Shell providing support. Defensive sectors are also in demand, pushing British American Tobacco and Tesco towards the top of the index.
However, concerns about rising bond yields and the broader situation in the Middle East are also leaving their mark on UK equities. Banks, financial stocks and property companies are being avoided, while declining precious and base metal prices are weighing on shares in Fresnillo and Endeavour Mining.
Investors will also be watching today’s UK retail sales figures for September. Consumer data have recently been volatile and heavily influenced by developments in energy prices, making the latest figures another important indicator of the resilience of UK consumer spending.
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