Investing
London stocks climb, energy shares keep gains in check
Published by Jessica Weisman-Pitts
Posted on October 28, 2024
2 min readLast updated: January 29, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on October 28, 2024
2 min readLast updated: January 29, 2026
By Shubham Batra
(Reuters) – The UK’s benchmark FTSE 100 index rose on Monday, led by travel and leisure shares as Trainline jumped following a guidance upgrade, but remained under some selling pressure from energy shares tracking lower oil prices.
The blue-chip FTSE 100 was up 0.2% by 0900 GMT, while the midcap FTSE 250 rose 0.4%.
Travel and leisure sector rose 2% after the online train ticket seller Trainline advanced 10.5%. The company raised its full-year revenue forecast and now expects annual revenue to grow 11%-13%, up from an earlier view of the top-end of 7%-11% range.
Shares of EasyJet and British Airways-owner IAG were up by 4.1% and 2.5%, respectively, boosted by the prospect of lower fuel costs.
London stocks ended the week with losses on Friday as investors assessed a mixed bag of earnings and investors awaited the first budget from the country’s new government On Oct. 30.
Energy shares tumbled 1.8% as oil prices slid more than $3 a barrel after Israel’s retaliatory strike on Iran over the weekend bypassed Tehran’s oil and nuclear facilities and did not disrupt energy supplies. [O/R]
Both BP and Shell were down nearly 1.7% each, weighing on the index.
Hurting gains further, precious metal miners were down 1.3% tracking lower gold prices against a stronger U.S. dollar.
Meanwhile, British business confidence sank to a four-month low in October ahead of the first budget plan from the country’s new government, a survey showed on Monday, echoing other signs of corporate nervousness about possible tax increases.
Investors are squarely-focussed on the budget scheduled for Oct. 30 where UK’s finance minister Rachel Reeves faces a tough task of raising the tax revenues needed to invest more in public services and new infrastructure.
(Reporting by Shubham Batra in Bengaluru; Editing by Janane Venkatraman)
The FTSE 100 is a stock market index that represents the 100 largest companies listed on the London Stock Exchange, reflecting the performance of the UK’s leading businesses.
Energy shares refer to stocks of companies involved in the production and distribution of energy, including oil, gas, and renewable energy sources.
Investor sentiment refers to the overall attitude of investors toward a particular market or asset, often influenced by news, economic indicators, and market trends.
Travel and leisure shares are stocks of companies in the travel, tourism, and hospitality sectors, which can be affected by consumer spending and economic conditions.
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