By Helen Reid
LONDON (Reuters) - Britain's top share index edged up on Tuesday thanks to a surge in oil majors as crude prices hit a four-year high, while retailer Next stole the spotlight after a strong update confounded expectations.
The FTSE 100 rose 0.2 percent by 0825 GMT, boosted by energy stocks and miners.
"It is still too early to measure whether Next is gaining share as a result of retrenchment by other mid-market apparel retailers, although we expect this to be a growing feature in the medium term," said UBS analysts.
Heavyweight oil majors Royal Dutch Shell
They rose as crude prices hit a four-year high amid looming U.S. sanctions against Iran and an apparent reluctance by OPEC and Russia to raise output to offset the expected hit to supply.
Overall investors were sanguine, saying strong earnings were supporting markets globally.
"At the end of the day what you need is earnings growth as the driver of market returns," said Mark Hargraves, head of global strategies at AXA Investment Managers.
"What you would really need in order to dislocate things would be earnings to come down by 20 or 25 percent, and for that you need the economy to hit a proper speedbump. There doesn't seem to be any reason to see that right now."
There were some sharp moves in the mid and small-cap space.
Shares in Thomas Cook
Real estate agent Savills
Among small-caps, CMC Markets
Morgan Stanley analysts said they expected a more than 20 percent downgrade to consensus 2019 profit.
"Beyond full-year 2019, the lower start point and regulatory uncertainty we expect will drive further downgrades and caution," they wrote.
Low & Bonar
And Hotel Chocolat
(Reporting by Helen Reid, Editing by Louise Heavens)