Market Analysis
London stocks saw a recovery on Wednesday, driven by energy firms benefiting from higher oil prices, while Deliveroo surged amid reports of potential acquisition interest from Doordash.
The FTSE 100 index rose by 0.3%, and the FTSE 250 gained 0.2% as of 0709 GMT, rebounding from previous declines as investors remained cautious ahead of economic indicators and the upcoming UK elections.
Major energy players like BP and Shell saw gains alongside oil price increases driven by geopolitical tensions and expectations of reduced inventories during peak demand periods.
Mining stocks, particularly those in precious and industrial metals, also rose about 1%.
Looking ahead, market focus turns to upcoming UK GDP data and US personal consumption expenditure (PCE) figures due on Friday, influencing expectations around interest rate movements in both countries. The UK's forthcoming parliamentary elections on July 4 are adding to market caution amid expectations of political uncertainty.
In company news, Deliveroo climbed 2.9% following reports from Reuters indicating interest from US meal delivery giant Doordash in a potential takeover. Aston Martin shares rose 2% after unveiling a new limited edition sports car, the Valiant, with deliveries expected to begin in the fourth quarter. AO World also gained 2.6% after exceeding profit forecasts, driven by efficiency improvements in its online consumer electronics retail operations.
Paraphrasing text from "MSN" all rights reserved by the original author.