FTSE off to a strong start as oil prices support producers; Bunzl bounces - Market Report

London's FTSE 100 opened 39 points higher at 8,366 as miners, oil companies and Bunzl lifted the index after the bank holiday. Oil prices surged on a shutdown in Libya lifting BP and Shell while BHP’s results overnight boosted the miners. Bunzl shares meanwhile jumped to a new all-time high after the distributor hiked its interim dividend 10%, launched a £250 million share buyback and raised its outlook for the year. Interim revenues dropped 0.4% to £5.7 billion but it said underlying trends are improving. Elsewhere, UK shop inflation fell for the first time in nearly three years. Prices in August were down 0.3% from a year ago, the first fall since October 2021, with non-food items the driver, according to the British Retail Consortium (BRC). More than 3,500 Next shop workers have emerged victorious after a six-year legal battle for equal pay with warehouse staff. It’s a win worth potentially over £30 million in back pay. Finally, cardboard giant DS Smith has moved one step closer to a £5.8 billion tie-up with International Paper after the US group recommended its shareholders vote for the deal. #ProactiveInvestors #marketreport #ftse #ftse100 #footsie #oil #libya #bp #shell #bhp #bunzl #shell #inflation #britishretailconsortiuj #next #dssmith #internationalpaper #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews