UK equities experienced a rebound, with Next leading the surge to a historic peak following an upward revision of its annual profit forecast.
The premier FTSE 100 index rose by 0.4%, bouncing back after two consecutive days of declines. Meanwhile, the midcap FTSE 250 index saw a modest increase of 0.3%.
Energy stocks witnessed a notable rise, soaring up to 1.6% to reach their highest level in over six weeks. This uptick came as oil prices continued to rise, fueled by ongoing concerns about supply disruptions in the Middle East.
Next stood out as the foremost performer in the FTSE 100, soaring up to 5.6% to reach an unprecedented high. This surge followed the retailer’s announcement of its fifth profit forecast upgrade in eight months for the fiscal year ending in January 2024.
BP shares also saw significant gains, climbing up to 2% following the oil and gas giant’s decision to end its agreement with Equinor regarding the supply of power to New York state from the planned Empire Wind 2 offshore wind farm.
Conversely, JD Sports Fashion experienced a sharp decline, plummeting 19.5% to its lowest in two months. The sportswear retailer’s stock suffered after it revised its full-year profit forecast downwards, attributing the decision to increased costs, a slowdown in consumer spending, and reduced demand due to milder weather conditions.
