UK stocks remained largely unchanged on Thursday awaiting a policy meeting by the Bank of England (BoE) later in the day.
The central bank is expected to keep its policy rate unchanged for the sixth consecutive meeting. The key points of interest are likely to be the Monetary Policy Committee's vote split, the inflation forecast, and any comments made by Andrew Bailey, the Governor.
The FTSE 100, the benchmark index, was slightly up at 8,361 following a 0.5% increase on Wednesday.
Stocks in the oil and gas sector experienced a surge as crude oil prices rose following optimistic trade data from China. BP Plc saw a 0.8% increase while Shell's stocks rose by 0.5%.
John Wood Group, an oil services firm, saw a 1% increase in stocks after confirming its financial projections for fiscal years 2024 and 2025.
Despite a decrease in first-quarter revenues, broadcaster ITV observed a 1.8% rise in stocks.
BAE Systems stocks also saw a 0.7% increase. The defense, security, and aerospace company reiterated its 2024 outlook following a robust performance in the earlier part of the year.
