By By Shubham Batra and Khushi Singh
(Reuters) -Britain’s benchmark FTSE 100 index rose on Monday, boosted by gains in energy shares and a softer labour market report, though losses in precious metal miners kept gains in check.
The blue-chip FTSE 100 rose 0.3%, while the mid-cap FTSE 250 edged 0.2% lower.
Oil and gas shares led sectoral gains, with a 2% advance as oil prices extended a rally driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region. [O/R]
Shell (LON:SHEL) was up 2.3% despite reporting a nearly 30% drop in its refining profit margins in the third quarter as global demand sagged, while oil product trading earnings also weakened.
Precious metal miners tumbled 3.7%, logging their worst day in more than a month as bets firmed for a smaller U.S. rate cut in November after strong jobs data. [GOL/]
Britain’s jobs market showed more signs of cooling in September as pay growth increased at the slowest pace in almost four years, likely reassuring the Bank of England as it considers whether to cut borrowing costs again.
Additionally, British house prices rose in September at the fastest annual pace since November 2022, as expectations of further reductions in borrowing costs added to momentum in the property sector.
In other news, BP (NYSE:BP) abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence. The index heavyweight closed the session with a 1.3% rise.
Endeavour Mining was the top loser on FTSE 100, falling 5.6%, on fears that West African country Burkina Faso may withdraw its mining permit.