MARKET REPORT: London left out as oil slump hits China momentum

London missed out on a global stock market rally as a drop in the price of oil took the shine off gains made thanks to China’s plans to support the economy.

President Xi Jinping yesterday vowed to unleash a new wave of stimulus just days after the central bank launched its biggest intervention since the pandemic.

That sent shares soaring, with Paris up 2.3 per cent and Frankfurt up 1.7 per cent, but the FTSE 100 gained just 0.2 per cent, or 16.21 points, to close at 8,284. 91.

The FTSE 250 rose 1.2 per cent, or 255 pence, to 21,010.44. Miners gained on hopes for demand for raw materials.

Anglo American rose 6.2 percent, or 141 pence, to 2,439.5 pence, Antofagasta gained 5.8 percent, or 111 pence, to 2,031 pence, Glencore rose 4.9 percent, or 19.7 pence, to 423.05 pence and Rio Tinto rose 3.6 per cent, or 180 pence. , at 5257p.

Asia-focused shares also rose: Prudential rose 6.1 per cent, or 39.5 pence, to 681.6 pence, while Standard Chartered rose 5.3 per cent, or 40.4 pence, to 803. 6p and Burberry rose 8.7 per cent, or 53.2p, to 663.8p.

In the luxury goods sector, Watches of Switzerland rose 11.1 per cent, or 47.4 pence, to 473.4 pence after analysts at Deutsche Numis upgraded its rating from “hold” to “buy”.

But broader gains in London were hit by a drop in oil stocks after Saudi Arabia abandoned its $100 crude target.

That sent BP down 4.1 per cent, or 16.4 pence, to 383.85 pence, while Shell lost 4.6 per cent, or 117 pence, to 2,415 pence.

Mitchells & Butlers expects results at the top end of market forecasts despite a final quarter marred by wet weather and unrest in city centres.

Group revenue rose 5.2 per cent in the 51 weeks to 21 September. The shares added 2.5 per cent, or 7.5p, to 304.5p.

Life Sciences REIT, which invests in properties in the golden triangle of Oxford, Cambridge and London, said leasing interest is at its highest level in a year.

It expects to take in £3.2m of new lettings over the next six months, rising 6.2 per cent, or 2p, to 34.2p.

Magazine publisher Future sold businesses it no longer considered essential along with others with little growth during the second half of its financial year to the end of September.

It divested its external video production unit and several print and digital brands. The shares sank 3.2 per cent, or 32.5 pence, to 993.5 pence.

Christmas cracker maker IG Design Group warned its annual results will be worse than expected as demand remains subdued in its American business, and fell 25.2 per cent, or 43p, to 128p.

Videndum also said full-year results will be lower than expected as the recovery from last year’s Hollywood strikes is taking longer than expected.

Shares in the group, which supplies equipment to the entertainment industry, fell 19.6 per cent, or 55p, to 225p.

The Zinc Media TV show creator has won two recommissions worth a combined £4 million. His TV label Red Sauce will produce 80 episodes of Bargain-Loving Brits in the Sun for Channel 5.

And it will follow the travels of Rob Rinder and Rylan Clark through India for the BBC. The shares gained 5.5 per cent, or 3.5p, to 67.5p.