Strong performances from Hargreaves Lansdown and Ocado helped tip the FTSE 100 into the green on Tuesday, despite concerns around inflation.
London’s flagship FTSE 100 closed marginally higher, having started the session mostly flat. The FTSE 250 meanwhile fell 0.1 per cent.
Markets have been worried again by the rise in oil prices, which climbed to $95 — the highest level since November 2022. Oil prices have surged after Saudi Arabia and Russia extended output cuts to the end of this year.
With inflation data out in the UK Wednesday morning ahead of interest rate decisions for the Fed and Bank of England, markets are keeping an eye out for signs that rising oil prices might derail the fight against inflation.
Although oil’s price bump is causing a headache for central bankers, it lifted Shell and BP on the FTSE 100.
Shell was up 0.9 per cent while BP climbed 1.3 per cent.
Hargreaves Lansdown hit the top of the FTSE 100, rising over five per cent, after topping City predictions. Pretax profits soared 50 per cent as savers sought to cash in on higher interest rates.
The firm’s Active Savings cash platform attracted record new business of £3.2bn in the year.
Investors were also impressed by a trading statement from Ocado, which reported a seven per cent rise in revenue. It also showed that the number of returning customers grew 6.6 per cent year-on-year.
Ocado shares were up 1.4 per cent.
B&Q owner Kingfisher, meanwhile, slumped to the bottom of the index after lowering profit guidance for the year. In the first half of the year, operating profits dropped more than 30 per cent to £367m.
Its shares were down over 12 per cent.