The FTSE 100 advanced on Tuesday, rebounding toward a four-month high as strength in energy stocks offset broad-based weakness in the mining sector. Crude oil prices rose after new attacks on shipping vessels in the Strait of Hormuz, underscoring ongoing security risks at the key transit chokepoint and boosting heavyweight constituents Shell and BP.
Shell shares climbed more than 2% after the company said its second-quarter gas trading profits would be significantly higher than in the previous quarter, while BP gained 1.4%. In contrast, mining stocks came under pressure: Fresnillo, Anglo American, Antofagasta, and Rio Tinto all fell by more than 2%, and Endeavour Mining slipped 1.3%.
On the macroeconomic front, domestic housing data offered a modest boost to sentiment among home buyers. The Lloyds house price index, previously known as the Halifax index, showed a 0.2% rise in prices in June on a monthly basis—its first increase in four months—helped by easing mortgage rates.
