In a volatile day for global markets, the pound faced a decline while oil prices surged. London’s FTSE 100 saw an increase following a mixed day of trading worldwide. The index rose by 22.99 points, or 0.28%, to settle at 8,303.62, with banks and oil giants playing a significant role in the upturn.
Fresh data from Halifax revealed a rise in property values in the UK, inching close to a record high in September. This housing market recovery followed the Bank of England’s interest rate cut in August, with expectations of further reductions looming in November after Governor Andrew Bailey hinted at the possibility of more aggressive cuts.
The British pound fell by approximately 0.25% against the US dollar to its lowest value in over three weeks, while also dropping 0.4% against the euro. Across Europe, stock markets displayed a mixed performance, with Germany’s DAX down 0.09% and France’s CAC 40 up 0.46%.
On the other side of the Atlantic, the S&P 500 in the US recorded a decline of 0.35%, with the Dow Jones closing 0.5% lower as European markets wrapped up their session. Meanwhile, the price of Brent crude oil surged by 3.3% to around 80.60 US dollars per barrel on Monday.
Amidst this market activity, Shell’s shares climbed higher buoyed by rising oil prices and an upward revision in its liquefied natural gas production guidance. The company foresees its third-quarter integrated gas profits to replicate the second quarter’s performance, closing at 2.4% higher in trading.
In another sector, residential landlord Grainger reported a 6.3% growth in rents over the year till September, driven by rising customer wages, leading to full occupancy across its properties. Contrarily, its share price closed 2% lower at the end of the month.
The biggest gainers on the FTSE 100 included Natwest Group, Shell, ConvaTec, Standard Chartered, and Barclays. Meanwhile, the top losers on the index comprised of Endeavour Mining, Smith & Nephew, JD Sports, Vistry, and Melrose Industries in trading activities.