FTSE closes up 0.3% as energy stocks surge on oil prices

EarningsCommodityMacro

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The London stock market closed higher on Wednesday, with the FTSE 100 index ending at 10,908.41 points, up 37.39 points or 0.34%, after hitting an intraday record high of 10,951.06 points. Gains were driven by energy stocks, which jumped 2.9% as oil prices rose nearly 7% amid renewed tensions in the Middle East. Investors also awaited interest rate decisions from the US Federal Reserve and the Bank of England, with markets expecting both to hold rates steady. Standard Chartered shares rose 2.8% after reporting better-than-expected first-half profit and raising its full-year revenue target. Glencore gained 2.8% after first-half copper production increased 15%. Rio Tinto advanced 1.6% after first-half underlying profit rose 43%. Greggs surged 18.5% to the top of the FTSE 250 after first-half profit grew 20%. Meanwhile, Aberdeen Group fell 4.5%, the biggest decliner in the FTSE 100, after reporting net outflows of 3 billion pounds in the first half.