Energy giants fuel London indexes ahead of government white paper

London’s top indexes were boosted by investors pouring into energy stocks yesterday ahead of the UK government publishing its much-awaited energy strategy.

The capital’s premier FTSE 100 index rose 0.72 per cent to 7,613.72 points, while the domesticall-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.13 per cent higher to 21,356.98 points.

The government will release a new policy white paper tomorrow, which is expected to outline how lawmakers plan to firm up Britain’s supply and turbocharge the march to net zero.

National Grid, SSE and United Utilities were the top three stocks on the FTSE 100, all climbing more than 3.4 per cent.

In the morning, London’s indexes were dragged down by Britain’s biggest homebuilders giving up some of their gains registered at the start of the week, originally driven by reports the government had dropped demands they pay £4bn toward a cladding remediation fund.

Barratt Developments was the worst performer, closing 2.62 per cent lower.

Miners also held back gains in the City. Endeavour Mining lost 3.11 per cent.

A commodities boom driven by demand surging as economies around the world emerge from Covid-19 restrictions has sent industrials flying in recent months.

Financials were among the best performing shares on the FTSE 100.

The London Stock Exchange Group pushed toward the summit, adding 2.7 per cent, while fund manager Hargreaves Lansdown gained 2.6 per cent.

A robust services PMI for March, which came in at 62.6, up for the third month in a row, lifted market sentiment.