The FTSE 100 advanced 0.3% to a four-month high on Tuesday, outperforming major European and US indices as energy stocks rallied and the index’s relatively low exposure to technology cushioned it from sector-wide weakness. Shell climbed 3.8% after forecasting that its second-quarter gas trading performance would be “significantly” stronger than in the first quarter. BP gained 1.7% as oil prices rose on reports of new attacks on shipping in the Strait of Hormuz.
Consumer-facing blue-chips also supported the index: Diageo and AB Foods each added about 3.7%, Unilever advanced 3.2% and Relx rose nearly 3%. By contrast, mining shares came under pressure. Anglo American and Antofagasta both dropped more than 4%, Fresnillo slid 3.9% and Endeavour declined 2.9%.
On the macroeconomic side, domestic data offered a modest boost to housing-market sentiment. The Lloyds house price index, formerly branded under Halifax, showed a 0.2% month-on-month rise in prices for June—the first increase in four months—supported by easing mortgage rates.