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FTSE 100 Gains As Oil Prices Climb
(RTTNews) - U.K. stocks rose on Wednesday as rising oil prices helped lift energy stocks.
Housebuilders also advanced, buoyed by reports the government is planning a cut to stamp duty.
The benchmark FTSE 100 was up 30 points, or 0.4 percent, at 7,222 after closing 0.6 percent lower the previous day.
BP Plc jumped 2.1 percent and Shell added 2.4 percent as oil prices jumped more than 3 percent on news of partial military mobilization ordered by Russian President Vladimir Putin.
Britain's biggest defense company BAE Systems surged 5.5 percent.
Barratt Developments rallied 2.6 percent, Persimmon gained 3.3 percent and Taylor Wimpey added 2.5 percent after reports that newly appointed Prime Minister Liz Truss will cut the rates of stamp duty for home purchases in the government's mini budget this week.
AstraZeneca was moving lower. The drug major said its Tezspire (tezepelumab) has been approved in the European Union for the treatment of severe asthma.
In economic releases, the U.K. budget deficit exceeded the official estimate in August, despite a notable increase in tax revenue, as high inflation raised the debt servicing costs, data published by the Office for National Statistics revealed.
Public sector net borrowing excluding public sector banks declined to GBP 11.8 billion from GBP 14.4 billion last year.
However, this was GBP 5.8 billion more than the GBP 6.0 billion forecast by the Office for Budget Responsibility and also GBP 6.5 billion more than in pre-coronavirus period. The level expected by economists was GBP 8.45 billion.
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