# London stocks climb, energy shares keep gains in check
Published: 2024-10-28
Category: Finance
Category URL: https://business.express/category/finance/
Meta Title: FTSE 100 Rises 0.2% on Travel Sector Boost
Meta Description: Trainline's upgrade boosts FTSE 100 as energy shares drag. EasyJet, BA-owner IAG surge on lower fuel costs. UK business confidence dips ahead of budget.
URL: https://business.express/london-stocks-climb-energy-shares-keep-gains-in-check/

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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)


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