The FTSE 100 edged higher on Tuesday, ending a six-session losing streak as gains for heavyweight oil companies helped London outperform weaker European markets.
The blue-chip index closed 7.74 points, or 0.1%, higher at 10,728.04. The FTSE 250 fell 0.6% to 24,561.43, while the AIM All-Share declined 0.8% to 794.25.
Energy stocks provided much of the support as Brent crude climbed above $91 a barrel, with hopes fading for an imminent resolution to tensions surrounding the Strait of Hormuz. BP gained 2.7%, Shell rose 1.8%, while Harbour Energy added 1.5%.
Long-term bond yields also remained a concern for investors. The US 30-year Treasury yield touched its highest level in 19 years, while UK 30-year gilt yields climbed amid persistent concerns over inflation, interest rates and government borrowing.
UK labour-market figures showed unemployment holding at 4.9%, while regular earnings excluding bonuses increased 3.5% year-on-year. Vacancies fell to 707,000, their lowest level outside the pandemic period since 2014, providing further evidence of a cooling jobs market.
Among individual stocks, Kainos surged 21% after upgrading its revenue and earnings expectations. Frasers Group gained 2.1% after increasing its interest in Hugo Boss to just under 48%.
Attention now turns to Wednesday’s UK inflation figures, which could provide fresh clues about the Bank of England’s interest-rate outlook.
