FTSE 100 at one-week high as oil prices boost BP, Shell

A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. REUTERS/Toby Melville/File Photo

Nov 24 (Reuters) – UK’s FTSE 100 rose on Wednesday to its highest in a week, with gains led by energy majors after oil prices jumped, while Apple supplier IQE plunged following a downbeat earnings forecast.

The commodity-heavy FTSE 100 (.FTSE) climbed 0.5% — rising for a third consecutive day, while the domestically focussed mid-cap index (.FTMC) edged up 0.1%.

BP (BP.L) and Royal Dutch Shell rose more than 1% as investors remained sceptical about the effectiveness of a U.S.-led coordinated release of oil stocks from strategic reserves.

Miners (.FTNMX551020) added 1.2%, supported by higher copper prices.

Asset manager Brewin Dolphin (BRW.L) slid 5.7% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels. read more

Britvic (BVIC.L) advanced 2.7% after the soft drinks company reported a 9% rise in profit after tax despite warning of inflationary pressures.

IQE Plc (IQE.L), which makes semiconductor wafers for chips, slumped 19.6% after it forecast lower annual profit margin and revenue. read more

Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V

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