FTSE 100 edges higher as oil stocks rise, Sensex trades above 52,100

Oil prices surged on Wednesday, hitting their highest point in more than a year

London stocks rise the second day of the week (PA)

London's FTSE 100 secured modest gains on Wednesday as heavyweight oil and banking stocks advanced to give an overall boost to the index.

The blue-chip index rose 27 points, or 0.4 per cent, while the domestically focused FTSE 250 was up 58 points, or 0.25 per cent.

Oil major BP was up 2.2 per cent as crude prices rise, while Bloomsbury Publishing surged 11.3 per cent with a special dividend announcement after a successful year of sales. The stock price of ITV recovered to secure its spot back on the FTSE 100 index as Renishaw dropped off.

US indices ended Wednesday’s trading positive, though posting only slim gains amid worries over inflation ahead of the release of key US data. The rise of crude oil prices helped oil companies advance, while tech firms also edged higher.

The Dow Jones Industrial Average rose 25 points, or 0.07 per cent, to 34,600, the S&P 500 gained just 6 points, or 0.14 per cent, at 4,208 and the Nasdaq Composite added 20 points, or 0.14 per cent, to 13,756.

Asia-Pacific stocks advanced after a muted opening as Japan’s Nikkei 225 is trading 100 points or 0.3 per cent up. South Korea’s Kospi also advanced further, now trading almost 1 per cent higher. Stocks at Shanghai Composite also recovered, while Hang Seng crashed a hundred points down.

Indian indices opened higher lead by banking and financial stocks. BSE Sensex was trading above 52,100, while Nifty 50 hit a new record high of 15,693, surpassing the previous high of 15,660.