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Oil majors, stimulus bets support FTSE 100

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By Reuters
Oil majors, stimulus bets support FTSE 100
FILE PHOTO: Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)

(Reuters) – London’s FTSE 100 inched up on Monday as shares of oil majors rose, tracking gains in crude prices on hopes that Saudi Arabia will continue to support output cuts under its new energy minister, while weak data from China and Japan lifted stimulus bets.

The main index <.FTSE> edged 0.2% higher by 0711 GMT, while a 10% jump in Intu Properties after a report of takeover interest aided a 0.3% rise in the mid-cap index <.FTMC>.

Gains on both the bourses come ahead of a slew of British economic data, including gross domestic product data, scheduled later this morning.

Oil majors BP <BP.L> and Shell <RDSa.L> climbed about 1.3%, as crude prices rose.

Lender Lloyds <LLOY.L> weighed on the blue-chip index, with a 1.5% fall after saying it was suspending its remaining 2019 buyback program, while Associated British Foods <ABF.L> gave up 2% on poor outlook for its Primark fashion chain.

(Reporting by Indranil Sarkar in Bengaluru; editing by Arun Koyyur)