FTSE 100 rises as Shell lifts energy stocks to a strong quarter

what happened

According to Reuters, London's FTSE 100 rose 0.3% to 10,782.19 points by 10:04 GMT, while the FTSE 250 also gained 0.3%. Energy stocks drove the advance, with the sector up nearly 2.8% even though oil prices dipped.

Shell shares climbed 3.2%, the top gainer on the blue-chip index, after the company reported its highest quarterly profit since 2022 and enlarged its share buyback. Haleon plunged 15.6%, on track for its steepest one-day drop since its 2022 listing, after cutting its organic revenue growth forecast. Lloyds fell 4.3% following muted third-quarter results.

Investors were also waiting for US inflation data that could help clarify the Federal Reserve's next steps.

why it matters

Strength in energy names partly offset weakness in pharma and banks. The Fed's decision to hold rates on Wednesday keeps the focus on Thursday's personal consumption expenditure figures, which could shift rate expectations.

market impact

UK energy stocks: Shell's strong results support the sector; pharma under pressure after Haleon's guidance cut

• ▲Shell shares pressure up — record quarterly profit and a bigger buyback program
• ▼Haleon shares pressure down — cut to organic revenue growth forecast

instruments