FTSE 100 rises while global markets drop on Israel offensive in Lebanon
1 October 2024, 17:34
The FTSE was lifted by strong days of trading for BAE Systems, BP and Shell.
The FTSE 100 rose on Tuesday, despite other global stock markets falling on the news that Israel has begun a ground offensive in southern Lebanon.
London’s blue-chip index rose 39.7 points, or 0.48%, to end the day at 8276.65.
The FTSE was lifted by strong days of trading for defence giant BAE Systems, BP and Shell, with the energy groups helped by a rise in oil prices amid the Israeli operation.
It comes after the Israeli military warned people on Tuesday to evacuate nearly two dozen Lebanese border communities, announcing what it said were limited ground operations against Hezbollah.
At the end of the day in Europe, Frankfurt’s Dax index had fallen 0.65%, while the Cac 40 in Paris closed down 0.80%.
In New York, a little while after markets had closed in Europe, the S&P 500 was trading down 0.86%, while the Dow Jones was 0.27% lower.
On currency markets the pound was trading 0.71% lower against the dollar at 1.328 and had dropped 0.09% against the euro at 1.2001.
In company news, Greggs revealed its sales jumped by more than a 10th in recent weeks as the bakery chain continued its UK expansion and launched a pumpkin spice-inspired autumn menu.
It said total sales increased 10.6% over the 13 weeks to September 28 compared with the same period a year ago.
But shares fell 5.83% on news of softer trading over the summer, which was partly impacted by the riots across the UK.
Brent crude oil futures were up 3.556% to 74.250 US dollars as markets were closing in London.
The biggest risers on the FTSE 100 were: BAE Systems, up 36p to 1273.5p; BP, up 9.3p to 401p; WPP, up 17.2p to 780.4p; Shell, up 53p to 2478p; and Rightmove, up 12.4p to 629.8p.
The biggest fallers were: IAG, down 10.2p to 195.2p; easyJet, down 18.4p to 501.6p; Intermediate Capital, down 78p to 2150p; JD Sports, down 4.55p to 149.5p; and 3i Group, down 79p to 3226p.
