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Rising commodity prices were not enough to prop up the London stock market as defense stocks plunged.
In a subdued trading day, the FTSE 100 fell 0.1 per cent, or 8.68 points, to 7,934.79 and the FTSE 250 fell 0.5 per cent, or 91.23 points, to 19,763.35 .
Brent crude oil was heading towards $91 a barrel and even after giving up its gains, it is still up more than 15 percent so far this year.
The price of oil has been raised by conflict in the Middle East and concerns about a threat to supplies.
BP rose 1.3 per cent, or 6.7 pence, to 516.6 pence and Shell added 0.5 per cent, or 14.5 pence, to 2,828.5 pence, hitting a record high.
In a subdued trading day, the FTSE 100 fell 0.1%, or 8.68 points, to 7,934.79 and the FTSE 250 fell 0.5%, or 91.23 points, to 19,763.35.
In an upbeat update for investors, BP also said it increased oil and gas production in the first three months of the year.
London mining giants also made profits as metal prices rose.
Copper hit a 14-month high before declining, while iron ore has been supported by hopes that Chinese steelmakers will lead renewed demand for the key raw material. Tin also hit a 14-month high, while zinc was at levels not seen in a year.
Anglo American rose 1.7 per cent, or 36.5 pence, to 2,191.5 pence, Antofagasta gained 2.4 per cent, or 54 pence, to 2,269 pence, Rio Tinto added 1.3 per cent, or 67p to 5,251p and Glencore jumped 1.3 per cent. or 6.2 p, to 473 p.
Gold prices hit a high, rising to $2,365, giving a boost to London-listed producer Fresnillo. His shares rose 4 per cent, or 22 pence, to 578 pence.
Private equity predators have pounced on another British company. US company STG will pay almost £150m to buy software company Gresham Technologies.
The 163 pence per share deal represents a premium of around 27 per cent to the previous day’s close. The shares soared 24.4 per cent, or 31.5p, to 160.5p.
Stock Watch – Warpaint London
Warpaint London shares closed at all-time highs after the cosmetics brand said its makeup is flying off the shelves.
Sales during the first three months of this year hit a record £23.5 million, up 28 per cent on the same period in 2023.
Warpaint London hopes to beat market forecasts for 2024 after its spectacular start to the year.
The shares, which hit a high of 432p last month, soared 14 per cent, or 52.5p, to 427.5p.
Fund manager JTC reported a stellar set of financial results as group revenue rose 28.7 per cent to £257.4 million last year, while the value of work earned hit a record high of £30.8 million, up from £24.6 million in 2022. Shares rose 1.8 percent. or 15 p, to 839 p.
Student accommodation provider Unite is rapidly filling its spaces as it capitalizes on demand from universities.
The company said 86 percent of its rooms have been reserved for the 2024-25 academic year. But this figure is still slightly below last year’s record of 90 percent. The shares fell 1.3 per cent, or 12.5p, to 937p.
Home goods brand owner Ultimate Products wants shareholders to approve plans to buy back up to a tenth of the company’s shares.
Its announcement came alongside interim results which showed revenue fell 4 per cent to £84.2m in the six months to the end of January, while profits rose 2 per cent to £9.5m. million pounds. The shares fell 1.7 per cent, or 2.5 pence, to 147.25 pence.
ProCook raised its annual profit forecast after the retailer’s fourth-quarter results showed revenue rose 4.8 per cent to £13.2m in the 12 weeks to the end of March.
The company expects its profits for the year to March 31 to be between £500,000 and £1m, above the £400,000 forecast by analysts.
ProCook added that it capitalized on sales of its new range of small electric kitchen appliances. The shares rose 2.8 per cent, or 0.7p, to 25.6p.