NEW YORK, Feb 7 — UK’s FTSE 100 rose today as bumper results from oil giant BP and a rally in energy stocks helped buck the gloom in global markets as investors worried about the prospect for higher interest rates.
The blue-chip FTSE 100 rose 0.3 per cent by 0815 GMT, while the broader European index was flat. Investors digested mixed earnings reports and data that signalled resilience in the US economy, which could offer more room for the Federal Reserve to keep hiking interest rates.
BP rose 3.8 per cent after it reported a record profit of US$28 billion (RM120.5 billion) in 2022 and increased its dividend by 10 per cent in a sign of confidence in the market’s continued strength.
The wider oil & gas index jumped 2.1 per cent as crude prices rallied nearly 2 per cent on optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey.
The midcap FTSE 250 index fell 0.3 per cent, with Morgan Advanced Materials Plc slumping 8.1 per cent after the industrial firm said a cyber security incident reported in January could cost the company about 8 million to 12 million pounds. — Reuters