The FTSE 100 has climbed higher in today’s session, finding support in BP (LON:BP) and Royal Dutch Shell (LON:RDSA) which continued to be buoyed by higher oil prices in the wake of the attacks on Saudi Arabia. In individual blue-chip movers, Ocado (LON:OCDO) is outperforming the broader London market on the back of its third-quarter results.
FTSE 100 steady
As of 12:42 BST, the Footsie had given up 12.42 points to stand 0.17 percent lower at 7,333.83. Market sentiment has improved this Tuesday, while Royal Dutch Shell (LON:RDSA) and BP (LON:BP) continue to lend support to the index, benefitting from the recent surge in oil. Shell’s share price is 1.35 percent higher at 2,362.50p, while shares in BP are changing hands 1.03 percent higher at 530.00p.
Investor attention meanwhile is turning to the US Federal Reserve, with the central back kicking off a two-day policy meeting later today.
“Markets fully expect a rate cut tomorrow, with the prospect of higher oil prices pointing towards further economic weakness given the drain on consumer spending and business margins,” Joshua Mahony, senior market analyst at IG, commented, as quoted by Proactive Investors.
Grocers in focus
In individual FTSE 100 movers, Ocado is outperforming the market as it reported that its joint venture with Marks & Spencer Group (LON:MKS) had delivered 11.4-percent growth in retail revenue, in line with the online grocer’s guidance for the remainder of the year. Ocado’s shares are up by 0.44 percent at 1,355.50p in early afternoon trade, having climbed more than one percent earlier in the session.
Tesco (LON:TSCO), Sainsbury’s (LON:SBRY) and Morrisons (LON:MRW) meanwhile are all in the doldrums with investors digesting the latest industry data from Kantar Worldpanel which pointed to a rise in sales for German discounters Aldi and Lidl.
The FTSE 100 0.20 percent up at 7,336.33 points as of 12:59 BST on Tuesday, 17 September 2019.