MARKET REPORT

LONDON’S blue-chip index climbed back above the 7,300 mark yesterday as rising oil prices helped to push up commodity stocks.

The FTSE 100 finished the day 39.82 points, or 0.55%, higher at 7,313.4.

A barrel of Brent Crude was at one point trading above $80 on the back of investor fears that Donald Trump’s Iran sanctions could hurt production levels. Hurricane Florence’s approach towards the US also contributed for high demand for oil.

“The storm is expected to be the most powerful to target North and South Carolina in nearly 30 years,” explained David Madden, market analyst at CMC Markets.

“Traders fear supply lines will be disrupted.”

Shares in BP and Royal Dutch Shell rose by 8.9p and 24p respectively.

Mining stocks also rose higher, despite bubbling fears of a trade war. Rio Tinto and BHP Billiton were up 48.5p and 21.6p respectively.

The pound stayed flat against the dollar at $1.303, but dipped against the Euro to below €1.121.

Dunelm shares closed 60.5p higher at 582p despite posting a 6.7% fall in underlying pre-tax profits to £102m for the year to June 30. Investors were relieved not to see any downgrades after a challenging summer, while likefor-like sales ticked up 4.2%, with stores up 1% and online up 37.9%.

Energy giant SSE trailed after warning half-year profits will tumble 50% due to the effects of higher gas prices and dry, still and warm weather.

Sports Direct’s annual meeting kicked off on a dramatic note with the shock resignation of chairman Keith Hellawell. Shares in Sports Direct peaked after the announcement of Hellawell’s departure but dipped towards the end of trading, finishing the day 11.8p higher at 353.4p.

The biggest risers on the FTSE 100 were British American Tobacco up 208p to 3,763p, Imperial Brands up 83p to 2,691.5p, Glencore up 8.2p to 295.1p, and Antofagasta up 18.4p to 758.8p. The biggest fallers were SSE, down 103.5p to 1,147p, Centrica, down 5.4p to 144.35p, Ocado down 22p to 933p, and CRH down 48p to 2,437p.