London stocks ride a global bounce

A rebound in energy prices boosted heavily weighted stocks in the sector, sending the London bourse higher after a sluggish start on Monday.

On Tuesday, the FTSE 100 index UKX, +0.62 percent, rose 0.4 percent to 7,478. This was after it fell 0.5 percent the day before. The pound GBPUSD was unchanged at $1.3579, down 0.08 percent.

According to the BRC-KPMG monitor, total retail sales in the United Kingdom rose 2.1 percent year on year in December. Additionally, it rose 4.6 percent year on year.

In fact, Paul Martin, KPMG’s U.K. head of retail said, “many macro factors” outside of retailers’ control could impact them in the future.

According to Martin in a press release, top priorities for retailers who are cautiously optimistic for 2022 will include re-engineering their business models, ensuring resilient supply chains, and keeping a tight grip on costs.

Retailers

On the other hand, retailers were rising, with Next NXT, +4.52 percent up 4.5 percent, and B&M European Value Retail BME, +1.76 percent up 2 percent. Associated British Foods ABF, +0.53 percent, which owns Primark, increased by 1%. Meanwhile, grocer Tesco TSCO, -0.05 percent increased by slightly more than 1%. A 1.5 percent increase in energy prices sent Royal Dutch Shell RDS shares higher. A, +3.15 percent, RDSA, +1.61 percent, and BP BP, +1.80 percent BP, and +3.32 percent increased by one percent.

AstraZeneca AZN, +0.38 percent AZN, +1.70 percent shares were up 1.2 percent. While GlaxoSmithKline GSK, was up +0.45 percent GSK, +1.25 percent stock was up 1 percent. According to the latter, the United States has ordered an additional 600,000 doses of sotrovimab, an investigational monoclonal antibody for early COVID-19 treatment. GlaxoSmithKline collaborated with Vir Biotechnology VIR, +4.04 percent, to develop the cure. Darktrace DARK, +6.89 percent shares rose 8% after the U.K. cybersecurity firm reported strong growth in the first six months of fiscal 2022. Additionally, it raised its full-year outlook.