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The FTSE 100 was up 0.8% at 7,535.6 in late morning trading on Tuesday on peace talks between Russia and Ukraine, as the market held its breath for progress between the embattled states.
The price of oil fell on the back of the peace talks and China’s Covid-19 lockdown in Shanghai, with Brent Crude at $112 per barrel, after sanctions against Russia saw the price skyrocket above $120 per barrel earlier in March.
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Shell’s share price increased 1.2% and BP’s share rose 0.3% despite the decline in oil prices.
“Having tripped over on Monday afternoon amid concern about China lockdowns and the conflict in Ukraine the FTSE 100 sprang back to its feet on Tuesday on hopes the latest round of peace talks between Moscow and Kyiv might yield tangible progress,” said AJ Bell investment director Russ Mould.
“The resilience of global stocks given the cocktail of risks facing the global economy is truly impressive but this stoicism is likely to face continuing tests as the impact of mounting prices and the actions of central banks continue to feed through, not to mention the ongoing geopolitical concerns.”
Prudential shares saw an increase of 3.7% to 1,116p. It’s possible that the insurance providers refocus on Asia has started to pay off on the back of the latest Covid-19 lockdown in China, potentially sparking a wave of insurance purchases in light of the uncertainty in the region.
Coca-Cola HBC enjoyed a rise of 3.1% to 1,6397p on the back of renewed peace talks between Russia and Ukraine. Coca-Cola HBC shares are the FTSE 100’s biggest faller so far in 2022, down 34%, after its Ukraine operations were disrupted by Russia’s invasion in February.
Fresnillo saw its shares increase 2.7% to 745.2p despite gold price falling.
Royal Mail Group shares declined 3.7% to 341.5p as it continued its downward spiral of 34.1% over the year-to-date.
Barclays was down 3.6% to 154.5p as an investor sold a £900 million stake at 150p following the bank’s announcement of its intent to buy back a slew of restructured notes at a loss of £450 million after it accidentally sold too many, delaying a scheduled £1 billion share buyback scheme.
B&M fell 2.4% to 545.5p following a recall of products due to the presence of harmful bacteria and glass fragments, such as its Parson’s Pickles Pickled Mussels according to a warning issued by the Food Standards Administration (FSA).
